Updated from 11:55 a.m. ESTShares of Sirva ( SIR) were among the NYSE's losers Wednesday, sliding 15% after the relocation company slashed its 2006 earnings outlook. The company expects pretax earnings of $45 million to $55 million, down significantly from its earlier view of $65 million to $80 million. Sirva said the weak U.S. real estate market has resulted in higher-than-expected levels of home inventory, as well as losses on homes sold out of inventory. The company expects these trends to hurt earnings within its global relocation business by approximately $15 million. Shares of Sirva were trading down 56 cents to $3.16. Blyth ( BTH) fell 7% after the candle maker's third-quarter results missed Wall Street estimates. The company reported a loss of $221,000, or less than a penny a share. Excluding certain items, Blyth earned $5.2 million, or 13 cents a share. Analysts polled by Thomson First Call expected a profit of 33 cents a share on this basis. Blyth recorded revenue of $297.9 million, short of analysts' forecast of $316.3 million. A year earlier, the company posted adjusted earnings of $11.4 million, or 27 cents a share, on revenue of $328.5 million. For fiscal 2007, Blyth projected adjusted earnings of $1.20 to $1.25 a share. The single analyst estimate calls for earnings of $1.33 a share. For fiscal 2008, the company sees adjusted earnings of $1.35 to $1.40 a share. Three analysts have an average forecast for a profit of $1.44 a share. Shares were down $1.85 to $23.06. International Coal ( ICO) shares surged on speculation that the company may be bought out, but the company refuted the rumor. In a statement, International Coal said that it became aware of a newswire report of rumors of a management leveraged buyout, and it denies those rumors. Shares, which had climbed as much as 14%, recently were up 27 cents, or 5%, to $5.29.
Shares of R.H. Donnelley ( RHD) fell 4% after the yellow-pages company gave a 2007 sales guidance that was slightly below expectations. The company expects sales of about $2.67 billion, compared with analysts' forecast of $2.69 billion. R.H. Donnelley forecast free cash flow of $615 million. The company also predicts earnings before interest, taxes, depreciation and amortization of $1.44 billion, before stock-option costs. Shares were trading down $2.29 to $61.76. Panera Bread ( PNRA) shares sank 4% after the restaurant company cut its earnings forecast. The company said that last week's storms in the Midwest, where over 40% of its stores are located, will hurt its December same-store sales by 1% or more. The company now sees fourth-quarter earnings of 62 cents to 65 cents a share, down from a prior forecast of 67 cents to 68 cents. Wall Street expects earnings of 66 cents. As a result of the weaker fourth-quarter numbers, Panera cut its full-year earnings projection to $1.87 to $1.90 a share. Previously, the company predicted earnings of $1.92 to $1.93 a share. The stock recently was losing $2.30 to $56.49. Vornado Realty Trust ( VNO) fell 3% after the company priced a public stock offering of 8.1 million shares. The company expects net proceeds of about $1 billion. Vornado also granted underwriters a 30-day option to buy an additional 1.2 million shares to cover over-allotments. Shares were down $3.64 to $125.20. Shares of Barnes & Noble ( BKS) rose 5% after Credit Suisse upgraded shares to outperform from underperform. The firm said the bookseller is well positioned to get acquired through a leveraged buyout. Shares were trading up $1.88 to $41.87.
NYSE volume leaders included Ford ( F), down 12 cents to $7.56; Pfizer ( PFE), up 1 cent to $24.83; Boston Scientific ( BSX), up 43 cents to $16.99; Exxon Mobil ( XOM), down 54 cents to $77.52; EMC ( EMC), up 5 cents to $13.59; General Electric ( GE), up 12 cents to $35.39; Qwest ( Q), down 14 cents to $7.64; Corning ( GLW), up 28 cents to $22.22; and AT&T ( T), down 9 cents to $34.59. Nasdaq volume leaders included Oracle ( ORCL), down 88 cents to $17.98; Charter Communications ( CHTR), up 18 cents to $3.27; Sun Microsystems ( SUNW), up 2 cents to $5.51; Intel ( INTC), down 13 cents to $20.99; Microsoft ( MSFT), down 5 cents to $29.08; Yahoo! ( YHOO), down 46 cents to $26.97; Sirius Satellite Radio ( SIRI), up 1 cent to $3.86; Cisco Systems ( CSCO), up 5 cents to $27.09; and Novell ( NOVL), down 37 cents to $5.96.