By Eric Martin
Jan. 29 (Bloomberg) -- Shares of the following companies may have unusual fluctuations in U.S. trading. Stock symbols are in parentheses, and share prices are as of 8:45 a.m. in New York.
Allstate Corp. (ALL US) dropped 19 percent to $24. The largest publicly traded U.S. home and auto insurer said it will cut 1,000 jobs after the falling value of investments caused the company’s first annual loss as a public firm.
Black & Decker Corp. (BDK US) dropped 12 percent to $34. The largest U.S. power-tool maker forecast first-quarter profit of as little as 5 cents a share, less than the 79-cent average estimate of analysts surveyed by Bloomberg.
Citrix Systems Inc. (CTXS US) lost 9 percent to $22. The maker of computer-networking software reported revenue of $415.7 million in the fourth quarter, missing the average analyst estimate by 3.9 percent, according to Bloomberg data. Citrix said it will cut 10 percent of its workforce as the recession hurts demand.
DryShips Inc. (DRYS US) plunged 25 percent to $9.20. The commodities transporter said it has violated some financial requirements of its loans and announced plans to sell $500 million in stock, which may dilute the value of existing shares.
Eastman Kodak Co. (EK US) fell 9.5 percent to $6.40. The 129-year-old photography company reshaping itself as demand for traditional film wanes said it will eliminate 3,500 to 4,500 jobs, or as much as 18 percent of its workforce, and restructure its operations.
Flextronics International Ltd. (FLEX US) fell 9.9 percent to $2.46. The maker of Microsoft Corp.’s (MSFT US) Xbox 360 game console said that, excluding some items, it expects to earn no more than 7 cents a share in the fiscal fourth quarter. That trailed the 15-cent average estimate of analysts in a Bloomberg survey.
Fortune Brands Inc. (FO US) dropped 10 percent to $34.10. The maker of Jim Beam bourbon forecast 2009 profit of $2 to $2.50 a share, less than the $3.54 average per-share estimate of analysts surveyed by Bloomberg.
International Paper Co. (IP US): The world’s largest pulp and paper company posted a fourth-quarter net loss of $452 million as the slowing global economy reduced demand.
Qualcomm Inc. (QCOM US) declined 7.5 percent to $34.06. The world’s biggest maker of mobile-phone chips reported a 56 percent drop in first-quarter profit and cut its annual sales forecast after the recession curbed growth and hurt its investments.
Royal Caribbean Cruises Ltd. (RCL US) gained 2.1 percent to $9.25. The world’s second-largest cruise operator said fourth- quarter profit fell 98 percent after it slashed ticket prices to fill ships because of the global economic recession.
Sepracor Inc. (SEPR US) increased 11 percent to $15.15. The maker of the Lunesta sleeping pill forecast earnings excluding some items of at least $2.10 a share this year. That beat the average estimate of $1.41 by analysts in a Bloomberg survey.
Starwood Hotels & Resorts Worldwide (HOT US) fell 2.3 percent to $17. The third-largest U.S. lodging company said fourth-quarter profit fell 46 percent as the global recession and a deepening financial crisis decimated already weakened demand for travel.
Textron Inc. (TXT US) dropped 8.6 percent to $12.15. The maker of Cessna aircraft and Bell helicopters said 2009 profit will trail analysts’ estimates and posted a fourth-quarter loss as the global credit crunch hurt sales of business jets.
To contact the reporter on this story: Eric Martin in New York at emartin21@bloomberg.net.
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