Wednesday's Winners & Losers: Brunswick

Shares of Brunswick ( BC) were among the NYSE's losers Wednesday, sliding 7% after the maker of boats and recreational products narrowed its second-quarter earnings estimate and slashed its full-year earnings forecast.

The company now sees second-quarter earnings from continuing operations of 93 cents to 94 cents a share. Previously, Brunswick forecast earnings of 90 cents to 97 cents a share. Analysts polled by Thomson First Call project earnings of 96 cents a share. The company sees revenue of about $1.55 billion, in line with forecasts.

"Throughout the key second-quarter selling season for 2006-model-year marine products, however, we have experienced significant declines in retail demand, which has resulted in an increase in pipeline inventories," the company said. As a result, the company is lowering production levels for the offseason.

For the full year, Brunswick now sees earnings of $2.40 to $2.55 a share, down significantly from its earlier forecast of $3 to $3.15 a share. Analysts project earnings of $3.06 a share. Brunswick plans to issue second-quarter results on July 27. Shares were trading down $2.08 to $29.75.

Fastenal ( FAST) fell 6% after the industrial and construction supplies company posted second-quarter earnings that fell short of expectations. The company earned $51.5 million, or 34 cents a share, on revenue of $458.8 million. Analysts expected earnings of 36 cents a share and revenue of $458.7 million. A year earlier, Fastenal earned $44.6 million, or 30 cents a share, on revenue of $383.3 million. Shares were trading down $2.12 to $36.43.

Shares of Yankee Candle ( YCC) fell 9% after the candle maker lowered its second-quarter earnings estimate. The company expects to post earnings of 11 cents to 12 cents a share, down from an earlier view of 18 cents to 20 cents a share. Analysts project earnings of 20 cents a share. Yankee Candle projects that wholesale division sales fell about 3%, worse than its previous estimate calling for an increase of 6% to 8%.

Retail division sales growth, meanwhile, was above expectations, increasing 18%. Total sales growth for the second quarter is now expected to be about 7%, in line with the company's previous guidance of 6% to 8%. "The core gift channel marketplace is being fundamentally challenged by both macroeconomic conditions and competitive pressures, and the continued weakness in this channel clearly impacted our mix and margins," Yankee Candle said.

Looking ahead, Yankee Candle now sees 2006 earnings of $1.88 to $1.98 a share, down from its previous guidance of $2.01 to $2.07. The forecast excludes a one-time tax benefit. Analysts project earnings of $2.04 a share. The company plans to issue second-quarter results on July 26. Shares were trading at $22.12, down $2.30.

Cleveland-Cliffs ( CLF) rose 6% after the producer of iron-ore pellets boosted its stock buyback plan. The new plan authorizes the company to buy up to an additional 2 million shares. The repurchase plan replaces a 1.25 million share repurchase plan, which was announced on May 9 and completed before a 2-for-1 stock split on June 30.

"As we continue to seek growth opportunities for our business, we maintain our view that repurchasing our own shares is an attractive means of enhancing shareholder value," the company said. "Given the company's positive business outlook and strong cash flow expectations, the board believes it is appropriate to return a meaningful portion of profits to shareholders." Shares were up $2.14 to $39.17.

Shares of AAR ( AIR) rose 6% after the aviation-parts supplier posted better-than-expected fourth-quarter earnings. For the period ended May 31, the company posted earnings from continuing operations of $12.9 million, or 31 cents a share, on revenue of $253.5 million. Analysts expected earnings of 30 cents a share. During the year-earlier quarter, the company earned $5.8 million, or 17 cents a share, on revenue of $209.9 million. Shares recently tacked on $1.30 to $24.85.

NYSE volume leaders included Lucent Technologies ( LU), up 4 cents to $2.23; Genentech ( DNA), down $3.16 to $80.90; Home Depot ( HD), down 21 cents to $34.17; AT&T ( T), up 15 cents to $27.39; Nortel Networks ( NT), down 1 cent to $2.09; and EMC ( EMC), down 5 cents to $10.45.

Nasdaq volume leaders included Sun Microsystems ( SUNW), up 11 cents to $4.01; Microsoft ( MSFT), down 34 cents to $22.76; JDSU ( JDSU), up 10 cents to $2.21; Intel ( INTC), down 30 cents to $18.37; Cisco Systems ( CSCO), down 20 cents to $18.49; and Ciena ( CIEN), up 17 cents to $4.33.

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