NEW YORK (CNNfn) - Factory 2-U Stores, a bargain retailer, saw its shares discounted by 36 percent Tuesday after saying its profits will fall well short of forecasts. But shares of Triton Energy jumped nearly 50 percent, becoming the biggest gainer on the New York Stock Exchange, after Amerada Hess offered to buy the global exploration and production company.|
Factory 2-U Stores (FTUS: down $10.74 to $20.00, Research, Estimates). The apparel chain store operator warned that fiscal second-quarter net income will be 3 cents to 5 cents per share, less than current earnings estimates of 19 cents per share.†† †††
Guitar Center (GTRC: down $3.80 to $16.00, Research, Estimates). The musical instrument retailer warned that second-quarter earnings will be 17 cents to 18 cents per share, less than the current earnings per share estimate of 20 cents.
Linens 'N Things (LIN: down $3.00 to $23.20, Research, Estimates). The housewares and home textiles retailer said it expects its earnings for its second quarter and fiscal year to come in below estimates.
Genentech (DNA: down $8.26 to $43.85, Research, Estimates). Swiss healthcare company Novartis said that the Xolair asthma treatment it is developing with Genentech faced a delay after the U.S. Food and Drug Administration requested more data on the drug.
USinternetworking (USIX: down $0.17 to $1.01, Research, Estimates). Prudential downgraded the stock to "sell" from "hold," saying that the funding and business environment continues to deteriorate for Internet infrastructure and services companies.
Amerada Hess (AHC: down $2.01 to $77.35, Research, Estimates). The oil and gas refining company has agreed to buy Triton Energy in a $3.2 billion deal.
Corning (GLW: down $0.98 to $14.12, Research, Estimates). The fiber-optic cable maker said Monday it will record more than $5 billion in charges against its second-quarter earnings as it shuts three manufacturing plants and lays off 1,000 more employees.
Blue Martini Software (BLUE: down $0.36 to $2.04, Research, Estimates). The marketing software company said it is cutting 25 percent of its work force and warned that second-quarter revenue will be between $15 million and $16 million, below the First Call consensus estimates of $18.5 million. The company said it will report a net loss per share of 31 or 32 cents, wider than the consensus estimate of 27 cents per share.
Triton Energy (OIL: up $14.53 to $44.43, Research, Estimates). The oil and gas exploration company has agreed to be acquired by Amerada Hess (AHC: Research, Estimates) for $45 per share in cash. The $3.2 billion deal includes $500 million in debt.
Oakley (OO: up $1.55 to $21.45, Research, Estimates). The maker of sunglasses said it remains comfortable with its previous earnings guidance for the second quarter and full year.
Tivo (TIVO: up $1.81 to $6.88, Research, Estimates). †The provider of personal video recording services for television viewers said it will meet second-quarter and fiscal year 2002 financial guidance.
McLeodUSA (MCLD: up $0.39 to $3.12, Research, Estimates). †The company, which runs a fiber-optic network, expressed confidence in its long-term outlook and said it has $90 million from the sale of certain licenses.
Freeport-McMoRan Copper & Gold (FCX: up $0.82 to $11.54, Research, Estimates). The mining company, which specializes in copper, gold and silver, said second-quarter profit will top forecasts.
Shaw Group (SGR: up $1.73 to $43.52, Research, Estimates). The maker of piping for the power industry said its fiscal third-quarter earnings more than doubled.
Mutual Risk Management (MM: up $1.05 to $10.54, Research, Estimates). The insurer said it will sell its 20 percent stake in Tremont Advisers, an investment services firm.
VeriSign (VRSN: up $1.65 to $52.95, Research, Estimates). Microsoft has entered into a relationship with VeriSign to use the company's digital authentication technology in an effort to deal with security concerns regarding its new Internet-based software.
Global Crossing (GX: up $0.01 to $8.69, Research, Estimates). The telecommunications company rose on news that it has been awarded a contract valued at up to $400 million to provide advanced wide area network services to the U.S. Department of Defense.
Raindance Communications (RNDC: up $0.14 to $1.34, Research, Estimates). The provider of Web and phone conferencing services that enhance productivity has expanded its relationship with Oracle. It will deliver audio conferencing to Oracle's 43,000 employees, providing at least 2 million conferencing minutes a month.
Newport (NEWP: down $0.49 to $23.56, Research, Estimates). The semiconductor and fiber optic component-maker said it will cut 180 to 200 jobs, or about 10 percent of its work force, to save costs due to a downturn in key markets. But the company affirmed second-quarter guidance of $95 million to $100 million in revenue on diluted earnings per share of 32 cents.
--from staff and wire reports