Shares of Bunge ( BG - Get Report) were among the NYSE's losers Monday, falling 8% after the oilseed processor slashed its 2006 earnings forecast and warned that second-quarter results would be disappointing. The company now sees 2006 earnings of $425 million to $445 million, or $3.50 to $3.67 a share. Bunge had earlier predicted a profit of $495 million to $515 million, or $4.08 to $4.25 a share. Analysts polled by Thomson First Call project earnings of $4.12 a share. For the second quarter, the company sees "poor results," which should be about breakeven, it said. Analysts are looking for earnings of 77 cents a share. "Business conditions in the second quarter have been more challenging than expected. Farmer protests in Brazil, with the objective of increasing government assistance to the farm sector, resulted in supply chain disruptions, plant shortages and slow sales of agribusiness, fertilizer and edible oil products," Bunge said. The company that much of the protest activity has ended, but its effects on the second quarter won't be made up during the second half of the year. Shares were trading down $3.94 to $48.50. Steelcase ( SCS - Get Report) fell 3% after the maker of office furniture posted in-line first-quarter earnings and disappointing revenue. For the three months ended May 26, the company reported earnings of $18.2 million, or 12 cents a share, on revenue of $727.3 million. Results included restructuring charges of $2.7 million, or 2 cents a share. Analysts expected earnings of 14 cents a share on revenue of $735.2 million. During the year-earlier period, the company earned $6.7 million, or 5 cents a share, on revenue of $676 million. Results last year included restructuring charges of $6.8 million. Looking ahead, Steelcase sees second-quarter earnings of 13 cents to 18 cents a share, including $3 million to $7 million in restructuring costs. Analysts project earnings of 19 cents a share. Shares were trading down 52 cents to $17.15.
Valassis Communications ( VCI) fell 2% after the marketing company cut its second-quarter earnings guidance. The company now sees earnings of 38 cents to 42 cents a share, down from an earlier forecast of 49 cents to 55 cents a share. Analysts project earnings of 51 cents a share. For the full year, the company now sees earnings of $1.60 to $1.80 a share, down from an earlier view of $1.95 to $2.15 a share. Analysts project earnings of $1.99 a share. "While we are disappointed to lower our guidance, we continue to see momentum build toward the second half of the year," the company said. Valassis blamed the shortfall on softness in its free-standing insert and neighborhood-targeted page volumes. The company also said that earnings would be hurt by the voluntary suspension of its share buyback plan as it reviews strategic alternatives aimed at enhancing shareholder value. Shares were trading down 46 cents to $26.09. Lennar ( LEN - Get Report) rose 4% after the homebuilder posted better-than-expected second-quarter earnings and forecast in-line results for the year. The company earned $324.7 million, or $2 a share, on revenue of $4.58 billion. Analysts expected earnings of $1.85 a share on revenue of $3.87 billion. During the year-earlier period, the company earned $243.5 million, or $1.48 a share, on revenue of $2.93 billion. Looking ahead, Lennar now sees full-year earnings of $8 to $8.25 a share, down from an earlier forecast of $9.25 a share, but in-line with the $8.15 a share that analysts project. Shares were trading up $1.79 to $46.33. Shares of Walgreen ( WAG) rose 1% after the drugstore operator posted third-quarter results that were ahead of expectations. For the period ended May 31, the company earned $469.2 million, or 46 cents a share, on revenue of $12.18 billion. Analysts expected earnings of 44 cents a share on revenue of $12.14 billion. During the year-earlier period, the company earned $411 million, or 40 cents a share, on revenue of $10.83 billion.
"We turned the corner in May on the impact of a mild flu season and are seeing more patients filling prescriptions under the Medicare drug benefit program," the company said. Shares were trading up 31 cents to $43.92. NYSE volume leaders included Phelps Dodge ( PD), down $7.39 to $75.56; Boston Scientific ( BSX), down 96 cents to $17.30; Pfizer ( PFE), up 39 cents to $23.03; Johnson & Johnson ( JNJ), down $1.30 to $60.02; Kerr-McGee ( KMG), up 52 cents to $69.13; Zimmer Holdings ( ZMH), down $5.49 to $57.54; Tribune ( TRB), down 62 cents to $30.72; and General Electric ( GE), down 1 cent to $33.15. Nasdaq volume leaders included Sirius Satellite Radio ( SIRI - Get Report), down 1 cent to $4.46; Microsoft ( MSFT), up 28 cents to $22.78; Intel ( INTC), up 29 cents to $18.29; Oracle ( ORCL), down 17 cents to $14.73; Finisar ( FNSR), up 13 cents to $3.42; Sun Microsystems ( SUNW), down 5 cents to $4.13; and Qualcomm ( QCOM), up $1.04 to $40.54.