Updated from 12:13 p.m. EDTSuperior Offshore ( DEEP) was among the Nasdaq's losers Wednesday, tumbling 11% after the provider of underwater construction services posted disappointing second-quarter results and warned that full-year revenue would be below Wall Street's forecast. The company reported a loss of $10.8 million, or 50 cents a share, on revenue of $41.8 million. Results included pretax charges that knocked earnings down by $3.9 million, or 18 cents a share. Analysts polled by Thomson Financial expected earnings of 24 cents a share on revenue of $58.8 million. During the year-earlier quarter, the company earned $12.1 million, or 82 cents a share, on revenue of $60.6 million. Looking ahead, Superior Offshore sees full-year revenue of $265 million to $285 million. Analysts project revenue of $294.3 million. Shares were down $1.48 to $11.98. Fossil ( FOSL) rose 5.7% after Piper Jaffray upped shares of the watchmaker to outperform from market perform. The broker said that international growth will allow the company to attain outsized earnings growth. The upgrade comes just a day after the company posted blowout second-quarter earnings. Shares closed up $1.69 to $31.15. Shares of Deere ( DE) rose 3% after the maker of tractor equipment posted third-quarter earnings that topped forecasts. The company earned $537.2 million, or $2.37 a share, on revenue of $6.63 billion. Analysts expected earnings of $1.99 a share on revenue of $6.65 billion. During the year-earlier period, the company earned $436 million, or $1.85 a share, on revenue of $6.27 billion. Shares closed up $3.51 to $120.60.
Walter Industries ( WLT) rose 2.5% after the coal producer announced an acquisition and stock buyback. The company said that it would buy back up to $25 million in stock as part of its buyback plan. "This share repurchase program reflects the Board's confidence in the long-term outlook for Walter Industries," the company said. As for the company's acquisition, it will purchase Tuscaloosa Resources for about $13.3 million in cash and assume some $8.4 million in debt. Shares closed up 55 cents to $22.43. Shares of Sara Lee ( SLE) traded actively after the food company posted fourth-quarter results that topped forecasts. The company reported earnings of $117 million, or 16 cents a share, on revenue of $3.2 billion. Excluding items, the company earned 17 cents a share. Analysts expected earnings of 13 cents a share on revenue of $3.16 billion. During the year-earlier quarter, the company earned $8 million, or a penny a share, on revenue of $2.97 billion. Looking ahead, Sara Lee sees fiscal 2008 adjusted earnings of 77 cents to 83 cents a share on revenue of at least $12.6 billion. Analysts project earnings of 93 cents a share on revenue of $12.7 billion. Shares were trading up 24 cents earlier in the day but closed down 7 cents to $15.93.