FOSL, PIKE, AHR, BLK, URI, CRI, SPPI, ESC Popular Stocks
U.S. stocks traded lower Tuesday as the Dow Jones Industrial Average fell 0.75% to 10226, the S&P 500 declined 0.17% to 1091 and the Nasdaq Composite decreased 0.30% to 2148.
Fossil Inc.’s (NASDAQ:FOSL, $31.67, +$2.76, 9.55%) third-quarter earnings fell 3.3%, coming in well above its forecast, prompting the watch and fashion-accessories retailer to boost its forecast for the rest of the year.
Pike Electric Corp. (NYSE:PIKE, $10.22, -$2.14, -17.31%) reported fiscal first-quarter results that came in below expectations. The provider of services to the electric-utility industry also announced a cost restructuring and said it will not be updating revenue and earnings guidance during that restructuring process.
Anthracite Capital Inc. (NYSE:AHR, $0.47, -$0.30, -38.96%) warned its future is in jeopardy, ending the third quarter with just $297,000 of unrestricted cash and cash equivalent and failing to meet credit-line payment requirements. If the investment company, which focuses on high-yield commercial real estate and is run by BlackRock Inc. (NYSE:BLK, $233.82, -$1.68, -0.71%), doesn’t get the figure above $1.3 million by Dec. 29, a default will be declared.
United Rentals Inc. (NYSE:URI, $9.00, -$0.87, -8.81%), the world’s largest equipment-rental company, plans to sell $150 million in convertible senior unsecured notes and a unit will sell $400 million in senior unsecured notes in separate public offerings. Moody’s Investors Service downgraded the unit’s ratings one step deeper into junk territory at B3, saying its financial performance is likely to remain weak.
Carter’s Inc. (NYSE:CRI, $21.36, -$2.68, -11.15%) said it will restate financial results for a period spanning from September 2007 into July 2009, and won’t file its most recent quarterly report on time. CL King said the possibility of major earnings revisions or future business impairments seems low, but added that with no timeline or potential range for the impact of the restatement, “investors have little to rely on beyond management’s few comments and overall credibility.”
Spectrum Pharmaceuticals Inc. (NASDAQ:SPPI, $4.94, +$0.15, 3.13%) and Nippon Kayaku Co. will collaborate on developing and selling Spectrum’s experimental apaziquone bladder-cancer treatment in Asia. Japanese drug company Nippon Kayaku will make an upfront $15 million payment to Spectrum and will make additional payments of up to $136 million based on the achievement of certain milestones.
Emeritus Corp. (NYSE:ESC, $17.60, -$3.05, -14.77%), a provider of assisted living, Alzheimer’s-care and dementia-care, reported a third-quarter loss that was wider than what analysts had expected. However, revenue came in slightly ahead of expectations as total occupancy rose.
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