Shares of Regis ( RGS) were among the NYSE's losers Wednesday, sliding 10% after the hair services company cut its third-quarter and full-year guidance, noting a challenging salon retail and service environment. The company now sees earnings of 45 cents to 48 cents a share for the third quarter ending March 31, down from an earlier view of 56 cents to 60 cents a share. Analysts polled by Thomson First Call project earnings of 58 cents a share. The company expects sales of about $607 million, below analysts' projection of $612.6 million. For the fourth quarter, Regis expects earnings of 58 cents to 62 cents a share and sales of $640 million to $645 million. Analysts project earnings of 70 cents a share, with sales of $645.5 million. Regis shares were trading down $3.88 to $33.54. Shares of Alberto-Culver ( ACV), which is involved in a merger with Regis, fell $1.85, or 4%, to $44.10. Chaparral Steel ( CHAP) vaulted 14% after the steel-beam maker reported a big jump in third-quarter earnings. The company earned $49.2 million, or $2.06 a share, on sales of $374.6 million. During the year-earlier period, Chaparral earned $14.2 million, or 62 cents a share, on sales of $259.1 million. "Improved global demand, industry consolidation and low cost production are the primary factors contributing to strong industry results," the company said. Looking ahead, Chaparral said fourth-quarter results should be strong, as demand for the company's products remains high. Shares were trading up $6.97 to $56.31. Shares of Transmontaigne ( TMG) surged 23% after Morgan Stanley ( MS) disclosed a proposal to buy the company for $8.50 a share. The bid represents a 15% premium over Transmontaigne's closing price of $7.42 Tuesday. In a letter to Transmontaingne's CEO, disclosed in an SEC filing, Morgan Stanley said the proposal is a non-binding indication of interest that comes after ongoing discussions about the companies' strategic relationship. Transmontaigne shares jumped $1.76 to $9.18.
Separately, Morgan Stanley posted better-than-expected first-quarter results. The brokerage earned $1.64 billion, or $1.54 a share, on revenue of $8.48 billion. Analysts expected earnings of $1.21 a share on revenue of $7.55 billion. During the year-earlier quarter, the company posted earnings of $1.4 billion, or $1.29 a share, on revenue of $6.84 billion. Shares were up $1.01 to $61.42. Shares of Nike ( NKE) rose 1% after the maker of athletic shoes and apparel posted third-quarter results that easily topped forecasts. The company earned $325.8 million, or $1.24 a share, on sales of $3.61 billion. Analysts expected earnings of $1.10 a share on sales of $3.51 billion. During the year-earlier quarter, Nike earned $273.4 million, or $1.01 a share, on sales of $3.3 billion. "The strength of our product pipeline, brand portfolio and global reach is enabling us to balance continued challenges in markets such as Western Europe and Japan with strong momentum in other key markets and regions," the company said. Shares recently traded at $85.97, up $1.02. AAR ( AIR) rose modestly after the aviation services and products company posted better-than-expected third-quarter earnings. For the quarter ended Feb. 28, the company earned $9.1 million, or 24 cents a share, on sales of $226 million. Excluding items, the company earned 27 cents a share. Analysts expected earnings of 23 cents a share on sales of $228.6 million. Last year, the company posted earnings from continuing operations of $5.2 million, or 15 cents a share, on sales of $197.7 million. Shares were trading up 5 cents to $28. NYSE volume leaders included Bristol-Myers Squibb ( BMY), up $2.74 to $25.57; Lucent Technologies ( LU), unchanged at $2.80; Elan ( ELN), down 74 cents to $13.61; Ford ( F), up 5 cents to $8.10; Qwest ( Q), up 12 cents to $6.74; Advanced Micro Devices ( AMD), down 46 cents to $33.98; General Motors ( GM), up 38 cents to $22.38; Pfizer ( PFE), up 13 cents to $26.44; and Micron Technology ( MU), down 47 cents to $14.53.
Nasdaq volume leaders included Microsoft ( MSFT), down 77 cents to $26.97; Intel ( INTC), down 7 cents to $19.72; Sirius Satellite Radio ( SIRI), down 13 cents to $4.99; Generex Biotech ( GNBT), up 50 cents to $4.73; Oracle ( ORCL), up 14 cents to $13.76; JDSU ( JDSU), up 5 cents to $4.03; Apple Computer ( AAPL), up 24 cents to $62.05; Cephalon ( CEPH), down $4.16 to $67.70; Sun Microsystems ( SUNW), up 5 cents to $4.77; and Cisco ( CSCO), down 2 cents to $21.39.