Shares of Enterra Energy Trust ( ENT) were among the NYSE's losers Tuesday, tumbling 11% after the oil and gas income trust slashed its target payout ratio.

The company's new target payout ratio will range from 60% to 70% of cash flow from operations, down from a previous target range of 90% to 100%. Production volumes, the company said, remain on target and development project results remain positive. "Lowering the distribution payout increases flexibility and ensures cash is available to exploit Enterra's inventory of drilling and development opportunities for the long-term sustainability and growth of Enterra," the company said. As a result of the reduced payout ratio, the company revised its July cash distribution to 12 cents per unit, down from 18 cents per unit. Shares were trading down $1.55 to $12.01.

Pep Boys ( PBY) rose 5% after the auto-parts retailer said Chief Executive Larry Stevenson resigned, effective immediately. Stevenson will be replaced, on an interim basis, by non-executive Chairman Bill Leonard. Pep Boys said that it is conducting a search to find a full-time replacement. Shares were trading up 54 cents to $11.91.

Shares of Target ( TGT) slid 5% after the retailer lowered its July same-store sales forecast. The company now sees same-store sales growth of 3% to 4%, down from an earlier forecast of 4% to 6%. During the year-earlier period, the company posted a same-store sales increase of 5.5%. Shares were down $2.55 to $45.

Shares of BlackRock ( BLK) dropped 5% after the asset manager posted solid second-quarter earnings but gave a soft forecast for 2007. The company earned $63.4 million, or 95 cents a share, up from $53.3 million, or 80 cents a share, a year earlier. Excluding charges related to the company's pending purchase of Merrill Lynch's ( MER) investment management business and other costs, adjusted earnings were $1.19 a share. Analysts expected earnings of $1.17 a share, before items. Assets under management totaled $464.07 billion at June 30, up from $414.41 billion a year earlier and $463.06 billion at March 31.

BlackRock said it is making "steady progress" with the Merrill Lynch deal and that it expects its one-time charges on the deal will be less than original estimates, which projected costs of $200 million. BlackRock forecast 2007 net earnings of $6.10 to $6.60 a share. Excluding items, the company sees adjusted earnings of $6.45 to $7.05 a share. Analysts, on average, predict 2007 earnings of $7.11 a share. BlackRock shares were down $6.56 to $128.52.

Freeport-McMoRan ( FCX) rose 1% after the mining company's second-quarter results easily topped Wall Street's forecast. The company earned $367.3 million, or $1.74 a share, on revenue of $1.43 billion. The results included a gain of $8.6 million, or 4 cents a share, related to the disposition of land owned by Freeport-McMoRan's Spanish smelting unit. Analysts polled by Thomson First Call expected earnings of $1.45 a share and revenue of $1.3 billion. During the year-earlier period, the company earned $175.2 million, or 91 cents a share, on revenue of $902.9 million.

Freeport-McMoRan revised its five-year production forecast for gold and copper. The company now expects to produce 6.2 billion pounds of copper, down from an earlier forecast of 6.5 billion pounds. It expects to produce 9.3 million ounces of gold, below an earlier view of 9.6 million ounces. Shares recently were trading up 40 cents to $51.97.

Shares of InterContinentalExchange ( ICE) fell 3% after the energy-exchange company priced its secondary stock offering. The company priced some 8 million shares at $56 apiece. Of the 8 million shares, 7.975 million shares were offered by certain shareholders, while the remaining shares were sold by the company to cover costs of the sale. The $56 price tag represented a 4% discount to the company's closing price of $58.11 on Monday. Shares were recently trading down $2.01 to $56.10.

NYSE volume leaders included Nortel Networks ( NT), up 8 cents to $2.04; Lucent Technologies ( LU), down 3 cents to $2.01; Centene ( CNC), down $7.52 to $13.52; EMC ( EMC), down 1 cent to $10.08; Motorola ( MOT), up 7 cents to $19.15; Wal-Mart ( WMT), down 70 cents to $42.32; and Pfizer ( PFE), up 14 cents to $22.55.

Nasdaq volume leaders included Finisar ( FNSR), down 38 cents to $2.62; Microsoft ( MSFT), up 13 cents to $22.61; Cisco Systems ( CSCO), down 27 cents to $17.70; Apple Computer ( AAPL), up 46 cents to $52.83; Intel ( INTC), down 15 cents to $17.69; Oracle ( ORCL), up 9 cents to $14.51; and JDSU ( JDSU), down 1 cent to $2.04.