Shares of American Power Conversion ( APCC) were among Nasdaq's losers Thursday, falling 9% after the maker of power protection systems posted third-quarter results that fell below Wall Street forecasts. The company earned $48.7 million, or 24 cents a share, on sales of $512.3 million. Analysts polled by Thomson First Call were expecting earnings of 28 cents a share on sales of $526.1 million. A year earlier, the company earned $67.2 million, or 34 cents a share, on sales of $441.7 million. Excluding a tax benefit and a charge, the company would have earned $55 million, or 28 cents a share, a year ago. Shares were trading down $2.19 to $22.08. Kanbay International ( KBAY) fell 25% after the information technology services company posted in-line third-quarter earnings, but warned that fourth-quarter results would fall short of expectations. For the third quarter, the company earned $8.7 million, or 23 cents a share, on sales of $59 million. Analysts had forecast of 23 cents a share on sales of $60.7 million. A year ago the company earned $7.6 million, or 22 cents a share, on sales of $50 million. Looking ahead, Kanbay forecast fourth-quarter earnings of 22 cents a share on sales of $58 million. Analysts had been expecting earnings of 26 cents a share on sales of $64.4 million. Shares were trading down $4.96 to $14.99. Shares of ASV ( ASVI) rose 14% after the maker of track-driven all-season vehicles posted better-than-expected third-quarter earnings and lifted its full-year forecast. The company earned $8 million, or 29 cents a share, on sales of $69.2 million. Analysts projected earnings of 23 cents a share on sales of $59.3 million. A year earlier, the company earned $4.4 million, or 17 cents a share, on sales of $40.6 million. ASV now expects 2005 earnings of 94 cents to 96 cents a share, up from a prior forecast of 85 cents to 89 cents. The company boosted its full-year sales estimate to $237 million to $242 million from $220 million to $230 million. Analysts had projected earnings of 88 cents a share on sales of $227.8 million. ASV shares gained $2.82 to $22.74.
Cummins ( CMI) rose 3% after the engine maker reported better-than-expected third-quarter earnings and predicted fourth-quarter earnings above current estimates. The company earned $145 million, or $2.90 a share, on sales of $2.47 billion, in the third quarter. Analysts predicted earnings of $2.60 a share and sales of $2.49 billion. A year ago, the company earned $116 million, or $2.40 a share, on sales of $2.19 billion. Looking ahead, Cummins forecast fourth-quarter earnings of $3 to $3.10 a share. Analysts had been expecting earnings of $2.95 a share. For the full year, the company now expects earnings of $10.70 to $10.80 a share, up from an earlier guidance of $10.10 to $10.30 a share. Analysts had been expecting earnings $10.36 a share. Shares rose $2.22 to $83.23. Shares of FreightCar America ( RAIL) rose 9% after the company posted third-quarter results that easily beat expectations. The company reported earnings of $17 million, or $1.35 a share. The results included a one-time gain of 25 cents a share. Without the gain, the company would have earned $1.10 a share, above analysts' expectation of 96 cents. Sales came in at $263.4 million, compared with Wall Street's target of $238.9 million. Last year, the company reported a third-quarter loss of $7.7 million, or $1.12 a share, on sales of $118.6 million. "Our performance in the third quarter reflects our ability to execute the orders on hand by focusing on raising the output rates at our facilities to increase the deliveries of new railcars," the company said. "We continue to achieve higher levels of productivity at all our facilities." Shares were trading up $3.31 to $40.96. West Marine ( WMAR) tumbled after the boat-equipment retailer reported a sharp drop in third-quarter profits and slashed its 2005 outlook. The company's earnings fell to $2 million, or 9 cents a share, from $6.9 million, or 32 cents a share, a year earlier. Analysts, on average, expected earnings of 15 cents a share. Sales rose to $188.6 million from $183.1 million a year earlier, missing analysts' estimate of $189 million. Same-store sales fell 1.2% The company, citing the lingering effects of Hurricane Katrina and higher fuel costs the prevent consumers from boating, cut its 2005 earnings forecast to 35 cents to 40 cents a share from 70 cents to 75 cents. West Marine shares plummeted 17%, or $2.68, to $13.07.
NYSE volume leaders included Lucent Technologies ( LU), down 23 cents to $2.70; Texas Instruments ( TXN), down 86 cents to $27.34; Corning ( GLW), up $1.01 to $18.97; Pfizer ( PFE), up 9 cents to $21.15; Nortel Networks ( NT), down 7 cents to $3.28; Exxon Mobil ( XOM), down 14 cents to $56.06; and Sprint Nextel ( S), down 27 cents to $22.73. Nasdaq volume leaders included Sirius Satellite Radio ( SIRI), up 13 cents to $6.31; Microsoft ( MSFT), up 18 cents to $25.21; JDSU ( JDSU), down 8 cents to $1.95; Cisco Systems ( CSCO), up 4 cents to $17.16; Intel ( INTC), up 15 cents $23.26; and Oracle ( ORCL), down 4 cents to $12.62.