Borders Group ( BGP) shares dropped 16% in late trading Thursday after the book-store operator said its second-quarter loss will be much worse than expected. The company expects to report a loss of 28 cents to 32 cents a share for the quarter ending July 29. It previously forecast a loss of 10 cents to 20 cents a share, while analysts polled by Thomson First Call expected a loss of 17 cents. The company attributed the worsened forecast to lower-than-expected sales, as well as new charges. Separately, Borders said it named former Saks ( SKS) executive George L. Jones CEO. Jones will replace Greg Josefowicz, who said in January that he planned to retire. Director Larry Pollock will take over as chairman. Borders shares tumbled $2.93 to $15.35 late Thursday. Shares of Rocky Brands ( RCKY) tumbled in late trading after the footwear and apparel maker said it expects to post a loss for the second quarter. Rocky Brands projected a second-quarter loss of 5 cents to 10 cents a share, sharply worse than Wall Street's estimate of 45 cents a share. A year earlier, the company recorded earnings of 50 cents a share. The company estimated sales of about $57 million, down from $65.5 million a year ago. Rocky Brands said sales were hurt by weak results in its outdoor business. "We continue to experience softness in our traditional camouflage hunting apparel, coupled with challenges in our outdoor footwear, including increased competition and a shift in retail buying patterns," the company said. Rocky Brands is scheduled to report its second-quarter results July 27. Shares fell $5.84, or 26%, to $16.45 after hours. D.R. Horton ( DHI) posted a drop in third-quarter orders and predicted worse-than-expected earnings for the quarter and full year, sending shares sliding. The homebuilder said that its orders for the quarter ended June 30 fell to 14,316 homes from 14,980 a year earlier. The value of the homes sold dropped to $3.8 billion from $4.1 billion.