Today's Big Losers: OCR,FBP,LEE,LVLT,ICAD Thursday, July 30, 7:57 PM ET
Fortune 500 company Omnicare (OCR), provider of pharmaceutical care for the elderly, posted second quarter earnings from continuing operations of 36 cents per share; that's down from 28 cents in the same quarter last year, but in-line with the company's expectations. Citing a challenging environment in the contract research business and lower reimbursements on certain drugs, Omnicare refined its earnings guidance to the lower end of its prior range, and now expects to earn betwen 2.50 to 2.55 per share in 2009. Omnicare shares off about 16% in early trading Thursday.
First BanCorp (NYSE:FBP), parent company of FirstBank Puerto Rico, disappointed investors on Thursday, reporting a net loss of a dollar and 3 cents per share, and announcing the suspension of both the common and preferred dividend. The loss was driven by a substantial increase in loan loss provisions, as real estate values South Florida and Puerto Rico continued to be hit especially hard. First BanCorp shares plunged over 19 and a half percent in early trading Thursday.
Local newspaper company Lee Enterprises (NASDAQ:LEE) posted a quarterly loss of 55 cents per share. That's down from earnings of 6 cents in the same quarter last year, driven by a decline of over 20% in operating revenue. Despite encouraging remarks by CEO Mary Junck suggesting a rebound in advertising rates, and assurance that Lee can "emerge strong when the recession ends," investors were exiting the stock today, sending shares down 16%.
Level 3 Communications (LVLT) reported a second quarter loss of 8 cents per share. That's compared to a 3 cent loss in the same quarter last year, driven by a revenue decline of about 13 and a half percent. CEO James Crowe said the economy continued to be challenging for wireline service providers, and sales did not improve as much as expected in the second quarter, as many customers deferred purchases. As a result, the company lowered its guidance for the year. Level 3 shares fell 13 and a half percent in early trading Thursday.
iCAD (NASDAQ:ICAD), provider of image analysis solutions for the identification of cancer, reported its second quarter results after the bell Wednesday. The company's revenue plunged over 45%, driving a loss of 3 cents per share. That's compared to earnings of 6 cents per share in the same quarter last year. iCAD said healthcare organizations are delaying capital purchases due to the struggling economy, choosing to use existing equipment instead of upgrading to new technologies. As a result, the company decided not to give guidance for the second half of 2009. The news sent shares nearly 23% lower in early trading Thursday.
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