Shares of Buckeye Technologies ( BKI) were among the NYSE's losers Monday, slumping 11% after the specialty-fibers maker warned that its fiscal third-quarter earnings would fall short of Wall Street's expectations. The company now expects earnings will be "near breakeven" for the quarter ending this month. Previously, the company projected it would earn slightly more than $1.9 million, or 5 cents a share. Analysts polled by Thomson First Call project earnings of 9 cents a share. During the year-ago period, the company earned $4.1 million, or 11 cents a share. "Manufacturing difficulties at our large wood-pulp mill in Florida related to the start-up of new equipment and transportation issues, which reduced revenue, have negatively impacted our business," Buckeye said. "While we are disappointed in our financial results, we believe the manufacturing difficulties that plagued us this quarter are behind us." Shares recently were trading down $1.17 to $9.09. CSK Auto ( CAO) fell 7% after the auto-parts retailer postponed the release of its fourth-quarter results because of accounting errors and irregularities that were found during an audit. CSK said the issues relate to inventories and vendor allowances. "Although the company has concluded that a restatement of its financial statements will be required, additional inquiry and analysis needs to be conducted by the company and the audit committee before any conclusions are reached as to the time periods and amounts involved," the company said in a press release. CSK said that it plans to file its financial statements as soon as "reasonably practicable." Shares were down $1.18 to $14.72. Shares of Cal-Maine Foods ( CALM) climbed 13% after the egg producer posted big gains in third-quarter earnings and sales. The company earned $8 million, or 34 cents a share, up from $2.4 million, or 10 cents a share, a year earlier. Revenue for the quarter ended Feb. 25 rose to $130.1 million from $101 million. "These results indicate a better egg market and reflect the good job by our management team of controlling costs and servicing our customers," Cal-Maine said. Shares recently had advanced 81 cents to $7.12.
Max Re Capital ( MXRE) fell 7% after the insurance provider announced an internal investigation into its accounting. The company said it is reviewing three finite risk retrocessional contracts that were written in 2001 and 2003. Specifically, Max Re is trying to determine whether it "properly accounted for them, principally with respect to whether they contain sufficient risk transfer to meet the requirements of Financial Accounting Standard No. 113," the company said. The company's audit and risk management committee has voluntarily notified the Securities and Exchange Commission about its investigation, Max Re said. The company hasn't yet determined whether it will be required to restate its financial results, but said it believes that the total adjustment from the contracts would reduce retained earnings for the period ended Dec. 31 by no more than $50 million, or about 4% of shareholders' equity. Shares were down $1.76 to $22.13. Shares of Walgreen ( WAG) rose 1% after the drugstore operator posted its second-quarter results. For the quarter ended Feb. 28, the company earned $523.5 million, or 51 cents a share, on sales of $12.16 billion. The results included pretax stock-based compensation costs of $27.4 million. Analysts expected earnings of 52 cents a share on sales of $12.24 billion. During the year-earlier period, the company earned $490.9 million, or 48 cents a share, on sales of $11 billion. "Pharmacy drives our business, and while this quarter saw the impact of a much milder flu season than a year ago, we continue to increase pharmacy market share and our prescription growth continues to outpace the industry," Walgreen said. During the recent period, prescription sales, which accounted for 61.5% of sales, rose about 11%. Shares were trading up 35 cents to $44.72. NYSE volume leaders included Lucent Technologies ( LU), up 8 cents to $3.14; Nortel Networks ( NT), up 2 cents to $2.95; EMC ( EMC), down 13 cents to $13.57; Coeur d'Alene ( CDE), up 27 cents to $6.64; Pfizer ( PFE), down 4 cents to $25.98; Ford ( F), up 3 cents to $8.12; AstraZeneca ( AZN), down $1.36 to $50.37; Advanced Micro Devices ( AMD), down 67 cents to $35.46; General Electric ( GE), down 16 cents to $33.79; and Time Warner ( TWX), unchanged at $17. Nasdaq volume leaders included Sun Microsystems ( SUNW), up 6 cents to $5.03; Encysive Pharmaceuticals ( ENCY), down $4.20 to $4.88; Intel ( INTC), up 20 cents to $19.80; JDSU ( JDSU), up 2 cents to $4.05; Generex Biotech ( GNBT), down 50 cents to $3.22; Level 3 Communications ( LVLT), up 17 cents to $4.41; Microsoft ( MSFT), up 14 cents to $27.15; Apple Computer ( AAPL), up 82 cents to $60.78; Sirius Satellite Radio ( SIRI), up 6 cents to $5.09; Cisco ( CSCO), up 11 cents to $21.47; and Oracle ( ORCL), up 6 cents to $13.85.