The losses continue
The Russell 2000 index is down one percent as U.S. stocks add to their earlier losses. At 3:04 p.m. ET the Russell 2000 was down 9.04 points, or 1.06%, to 846.05. The Dow Jones Industrial Average had lost 106.22 points, or 0.78%, to 13,570.10.
Shares of New Frontier Media, Inc. (Nasdaq: NOOF) are down on news the Boulder, Col.-based distributor of adult entertainment programming missed profit expectations. The net income for the full year ended March 31 was $12.3 million, or $0.51 per share, compared with $11.3 million, or $0.48 per share, in the 2006 fiscal year, the company said after the opening bell. However, four analysts polled by Thomson Financial were expecting earnings of $0.55 per share. The stock is down $0.44, or 5%, to $8.79.
Shares of Sierra Wireless, Inc. (Nasdaq: SWIR) are up $2.13, or 10%, to $24.10, following news the Canadian provider of modem solutions received an analyst upgrade. Investment bank CIBC World Markets upgraded the stock to “Sector Outperformer” from “Sector Performer”, citing the company’s ability to leverage the increased penetration of third-generation mobile phone technology, according to news reports after the start of trading. Also today, British mobile services provider O2 said it will carry Sierra Wireless’ USB Modem on its network.
Kitchen cabinet maker American Woodmark Corp. (Nasdaq: AMWD) narrowed its net income for the fourth quarter ended April 30 to $6.18 million, or $0.40 per share, compared with a net income of $13.5 million, or $0.83 per share, in the prior year, the Winchester, Va.-based company reported before market open. Net sales were $166.12 million, a drop of 23%, compared with net sales of $216 million during the last three months of fiscal 2007. Wall Street was looking for earnings of $0.46 per share and revenues of $180.81 million. Shares are down $3.00, or 8%, to $34.92.
In economic news, the price of oil is hovering in the mid-$65 a barrel range, down about 60 cents, on reports that Saudi Arabia will mostly likely be unaffected by the cyclone approaching the oil-rich Persian Gulf.
