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.
D.R. Horton expects to post third-quarter earnings of 93 cents a share, well below analysts' average estimate of $1.30. The company's forecast includes about 11 cents a share in write-offs related to land option contracts. For the full fiscal year, D.R. Horton anticipates earnings of at least $3.65 a share, compared with its earlier forecast of $5.25 to $5.35. Analysts target full-year earnings of $4.92 a share. "The current home sales environment is characterized by an increase in both existing and new homes available for sale, higher-than-normal cancellation rates and an increase in the use of sales incentives in many of our markets," said Chairman Donald R. Horton in a statement. Shares lost $2.26, or 10%, to $20.60 after hours. CalAmp ( CAMP) shares sank after the wireless equipment company said it swung to a first-quarter loss. The company reported a loss of $34.1 million, or $1.47 a share, compared with income of $1.98 million, or 9 cents a share, a year ago. Excluding items, the company earned 9 cents a share. Revenue fell to $46.3 million from $47.6 million a year ago. Looking ahead, CalAmp sees second-quarter revenue of $55 million to $60 million, with income of 5 cents to 9 cents a share. Shares fell $1.02, or 13%, to $6.90 after hours. Blackbaud ( BLKB) said it expects second-quarter adjusted income to come in slightly higher than its earlier guidance. In May, the software company forecast earnings of $13.2 million to $13.6 million, excluding stock-based compensation and amortization of intangibles. The company also said it expects revenue to come in near the high end of its projection of $47 million to $48.5 million. Blackbaud is scheduled to announce its full second-quarter results Aug. 7. Shares gained 27 cents, or 1.4%, to $20.30 in late trading.