Cummins ( CMI) was among the NYSE's losers Thursday, with shares plunging 20% after the engine and components maker missed Wall Street's third-quarter earnings targets.Cummins earned $184 million, or $1.84 a share, for the quarter, up 7.6% from a year earlier. Analysts polled by Thomson Financial expected earnings of $1.95 a share. Sales rose 20% to $3.37 billion, topping analysts' target of $3.22 billion. The company said it is on pace to meet its full-year profit forecast of $7.15 to $7.65 a share, which is slightly below analysts' target of $7.70 a share. Shares were sliding $26.96 to $106.77. Shares of Big Lots ( BIG) sank 15% after the discount retailer cut its third-quarter sales forecast, even though it backed its profit guidance. Big Lots said it now expects a slight drop in same-store sales, or sales open at least a year, for the quarter. Previously, it projected a 1% to 3% rise. Big Lots said it has seen significant operating improvement due to inventory management and cost controls, so it expects earnings for the period to be at the high end of its prior guidance of 9 cents to 13 cents a share. Nonetheless, shares were losing $4.18 to $23.34. Terex ( TEX) shares dropped 9% after the industrial manufacturer posted third-quarter results below Wall Street's expectations. Terex earned $151.5 million, or $1.45 a share, on sales of $2.20 billion. Analysts, on average, expected earnings of $1.47 a share and sales of $2.21 billion. For the full year, Terex backed its prior view for earnings of $5.50 to $5.70 a share and sales of $8.8 billion to $9 billion. Shares were falling $7.33 to $75.60.
Gaining ground was Black & Decker ( BDK), which topped earnings forecasts and boosted its guidance. The toolmaker reported third-quarter earnings of $104.6 million, or $1.59 a share, above its forecast of $1.40 to $1.45 a share. Analysts, on average, expected a profit of $1.44 a share. Sales inched up 1% to $1.63 billion, exceeding Wall Street's forecast of $1.59 billion. Black & Decker now sees full-year earnings of $6.50 to $6.60 a share, up from its prior projection of $6.35 to $6.50. Analysts anticipate 2007 earnings of $6.39 a share. Shares of Black and Decker were up $3.17, or 3.8%, to $86.17 in recent trading. Estee Lauder ( EL) climbed 4% after the cosmetics company's first-quarter earnings topped expectations. For the quarter ended Sept. 30, Estee Lauder reported earnings of $39.1 million, or 20 cents a share, down 27% from a year earlier but double Thomson Financial's analyst estimate of 10 cents a share. Sales rose 7.3% to $1.71 billion, roughly in line with Wall Street's target of $1.70 billion. For the second quarter, Estee Lauder forecast earnings of $1.10 to $1.17 a share, above analysts' forecast of $1.05. The company backed its prior guidance for fiscal-year earnings per share of $2.28 to $2.40. Shares were adding $1.73 to $45.05. Outside of earnings, Suntech Power Holdings ( STP) jumped 14% after the maker of solar cells said it signed a contract with China's Asia Silicon to buy high-purity polysilicon. Suntech said the seven-year deal will substantially cut its costs and give it grid parity pricing. Shares were up $6.74 to $53.68.