Updated from 12:05 p.m. EDTShares of Shaw Group ( SGR) were among the NYSE's losers Monday, tumbling 14% after the engineering and construction-services company posted third-quarter results that fell well short of expectations and also announced an earnings restatement. For the period ended May 31, the company reported a loss of $16.7 million, or 21 cents a share, on revenue of $1.23 billion. Excluding items, the company reported a profit of $12.5 million, or 16 cents a share. Analysts polled by Thomson First Call expected earnings of 37 cents a share, before items, on revenue of $1.2 billion. Last year, Shaw reported a third-quarter loss of $21.7 million, or 31 cents a share, on revenue of $891 million. "Our financial results for the third quarter of fiscal 2006 reflected higher activity compared to the prior year in each of our business units," the company said. "However, revenues from emergency response and disaster relief work were less than anticipated, as certain task orders totaling in excess of $100 million were cancelled." Meanwhile, Shaw Group said that accounting errors would force it to restate second-quarter earnings lower. Second-quarter earnings will be restated to $21.8 million, or 27 cents a share, down from a previously reported $25.3 million, or 31 cents a share. "Management has determined that the errors leading to the restatement are the result of material weaknesses in our internal controls over financial reporting," Shaw said. Shares closed down $3.67 to $22.08. Cash America International ( CSH) rose 9% after the operator of pawn shops lifted its second-quarter earnings projection. The company expects to report earnings of 30 cents to 31 cents a share, up from an earlier forecast of 26 cents to 28 cents a share. Analysts project earnings of 28 cents a share. "Greater revenue growth and profit margins from the retail disposition of merchandise and higher margins on the sale of refined gold combined with an increase in service charges on pawn loans to drive the higher than expected earnings for the quarter," the company said. Cash America plans to issue second-quarter results on July 27. Separately, the company said it will buy online lender CashNetUSA for about $35 million. The acquisition is expected to close within 60 days. "By expanding our product delivery platform to include internet access, we believe that we are positioned to serve a new customer segment beyond the reach of our current bricks and mortar lending locations," Cash America said. Shares advanced $2.78 to $33.59.
Shares of Cascade Natural Gas ( CGC) jumped 18% after the gas utility agreed to be acquired by MDU Resources Group ( MDU) for $475 million in cash and debt. MDU will pay $26.50 a share, a 23% premium to Cascade's closing price of $21.46 on Friday. The acquisition, which is expected to be accretive to MDU's earnings, should close during the middle of 2007. Shares of Cascade rose $3.86 to $25.32, while shares of MDU fell 14 cents to $35.88. The Andersons ( ANDE) climbed 13% after the agribusiness company signed a letter of intent to form a 50/50 joint venture with Marathon Oil ( MRO) to construct and operate a number of ethanol plants. "We are pleased to be partnering with Marathon in the pursuit of ethanol as an alternative fuel source," The Andersons said. As part of the joint venture, The Andersons will operate the ethanol plants on a day-to-day basis as well as provide corn origination, risk management, and dry distillers grain and ethanol marketing services. Shares were trading up $5.23 to $45.83. Shares of Helen of Troy ( HELE) rose 2% after the personal care products company posted mixed first-quarter results. For the period ended May 31, the company earned $6.7 million, or 21 cents a share, down from $10.5 million, or 33 cents a share, a year earlier. Analysts predicted earnings of 26 cents a share for the latest quarter. Revenue rose to $130.4 million from $127.4 million, exceeding analysts' expectation of $127.2 million. Helen of Troy continues to forecast full-year earnings of $1.70 to $1.80 a share, with revenue of $600 million to $620 million. Analysts project earnings of $1.78 a share and revenue of $610.8 million. Shares rose 45 cents to $18.72. Shares of Rite Aid ( RAD) jumped 4% after investment firm Tudor Investment disclosed a 4.9% stake in the drugstore chain operator. According to a Securities and Exchange Commission filing Friday, the firm has purchased 25.9 million Rite Aid shares. The company's stock advanced 17 cents to $4.40 Monday. Shares of KB Home ( KBH) fell 1.4% after the homebuilder reiterated caution in its quarterly report that it expects negative trends in the housing market to continue through 2006 and possibly into 2007. Meanwhile, Dominion Homes ( DHOM), a small-cap builder focused on the Ohio and Kentucky markets, said late Friday that its second-quarter home sales dropped to 356 homes from 655 a year earlier. Dominion's shares dropped 45 cents, or 5%, to $8.28 Monday. NYSE volume leaders included EMC ( EMC), down 44 cents to $10.74; Lucent Technologies ( LU), down 2 cents to $2.35; Ford ( F), up 21 cents to $6.94; Nortel Networks ( NT), up 1 cent to $2.25; General Electric ( GE), up 3 cents to $33.33; AT&T ( T), up 14 cents to $27.88; Exxon Mobil ( XOM), up 59 cents to $63.43; Corning ( GLW), down 68 cents to $21.47; and Advanced Micro Devices ( AMD) down 54 cents to $23.02. Nasdaq volume leaders included Sun Microsystems ( SUNW), down 10 cents to $3.81; Intel ( INTC), down 18 cents to $18.38; Microsoft ( MSFT), up 19 cents to $23.49; Oracle ( ORCL), up 12 cents to $14.90; Cisco Systems ( CSCO), up 17 cents to $19.22; JDSU ( JDSU), down 6 cents to $2.25; Sirius Satellite Radio ( SIRI), down 9 cents to $4.32; and Level 3 Communications ( LVLT), down 1 cent to $4.39.