Shares of Too ( TOO) were among the NYSE's winners Tuesday, rising 7% after the girls' clothing retailer lifted its first-quarter earnings guidance. The company expects to report earnings of 28 cents to 30 cents a share, up from an earlier view of 22 cents to 24 cents a share. Analysts polled by Thomson First Call project earnings of 24 cents a share. Too attributed the better-than-expected projection to a 6% to 7% increase in same-store sales. Previously, the company said it would post a same-store sales increase of 3%. "Following strong sales in February, March sales for Limited Too and Justice were well above our original expectations, despite the calendar shift of Easter to April this year," the company said. Too plans to release its full first-quarter results on May 17. Shares were trading up $2.21 to $35.47. International Paper ( IP) rose 2% after the paper and forest products company said it plans to sell 5.1 million acres of forestland for about $6.1 billion. Under one of the agreements, IP will sell about 4.2 million acres for roughly $5 billion to an investor group led by Resource Management Service, a timberland investment management firm. An investor group led by timberland company TimberStar will buy another 900,000 acres for roughly $1.1 billion. "These agreements for the sale of forestlands at very attractive valuations are important steps forward in our plan to increase focus and improve returns to shareholders," International Paper said. Shares were up 69 cents to $35.41. Shares of Delta and Pine Land ( DLP) fell 3% after the producer of cottonseed posted second-quarter earnings that missed Wall Street expectations. For the quarter ended Feb. 28, the company earned $14.7 million, or 40 cents a share, on revenue of $115 million. Two analysts had an average estimate for earnings of 46 cents a share, while a single analyst expected revenue of $133.5 million. During the year-earlier quarter, the company earned $19 million, or 48 cents a share, including a litigation charge of 2 cents a share. Revenue totaled $119.9 million.
Looking ahead, Delta and Pine Land sees fiscal third-quarter earnings of $1.28 to $1.38 a share. The single-analyst third-quarter forecast calls for earnings of $1.17 a share. For the full year, the company raised its earnings forecast to $1.15 to $1.25 a share, including a 10-cent charge. Previously, the company said it would post full-year earnings of $1.10 to $1.20 a share, including the charge. Three analysts project full-year earnings of $1.22 a share. Shares were trading down 86 cents to $30.04. AES ( AES) rose 4% after the power producer posted better-than-expected fourth-quarter results. The company earned $177 million, or 27 cents a share, on revenue of $2.97 billion. Excluding items, the company earned 28 cents a share. Analysts expected earnings of 19 cents a share. During the year-earlier period, AES earned $101 million, or 16 cents a share, on revenue of $2.52 billion. Excluding items, earnings were 10 cents a share. Looking ahead, AES sees 2006 earnings from continuing operations of 90 cents a share and adjusted earnings of 95 cents a share. "Our 2006 earnings guidance is fully consistent with our 2008 financial targets, which remain on track," the company said. Analysts project earnings of $1.02 a share. Shares were trading up 59 cents to $17.27. Shares of Computer Sciences ( CSC) rose 5% after the company said it is exploring a sale and announced a restructuring plan that would cut 5,000 jobs by fiscal 2008. The company said that it has received recent "expressions of interest," leading it to explore alternatives that include the possible sale of the company. The company has hired Goldman Sachs to act as its financial adviser. Computer Sciences' restructuring plan, meanwhile, will involve 4,300 job cuts during fiscal 2007 and 700 job cuts in fiscal 2008. The cuts are expected to result in pretax savings of about $150 million in fiscal 2007 and about $300 million in fiscal 2008. The majority of the job cuts will take place in Europe. "This action is designed to enhance shareholder value regardless of any strategic alternatives we may explore," the company said. Shares were trading up $2.64 to $59.93.
NYSE volume leaders included Lucent Technologies ( LU), down 3 cents to $3.05; Pfizer ( PFE), down 8 cents to $25.04; Ford ( F), down 9 cents to $7.68; General Motors ( GM), down 33 cents to $19.81; General Electric ( GE), down 25 cents to $34.44; Time Warner ( TWX), down 2 cents to $16.73; and EMC ( EMC), up 15 cents to $13.50. Nasdaq volume leaders included JDSU ( JDSU), down 19 cents to $3.98; Intel ( INTC), down 3 cents to $19.32; Powerwave ( PWAV), down $2.53 to $10.75; Conexant ( CNXT), up 9 cents to $3.67; Ciena ( CIEN), down 16 cents to $5.06; Sun Microsystems ( SUNW), up 3 cents to $5.12; Generex Biotechnology ( GNBT), down 21 cents to $2.49; Apple Computer ( AAPL), down $1.34 to $61.31; Cisco ( CSCO), down 17 cents to $21.42; Level 3 Communications ( LVLT), up 11 cents to $4.98; and Microsoft ( MSFT), up 8 cents to $27.64.