Stocks to Watch: RIM, Constellation Brands, Nike (Update 1)
NEW YORK --
Research In Motion
The BlackBerry maker reported a much wider-than-anticipated loss , pushed back the launch of the BlackBerry 10 until the first calendar quarter of 2013 and announced plans to lay off 5,000 employees, roughly 30% of its work force.
Shares of Research in Motion fell 15.12% in premarket trading Friday to $7.72.
The sneaker maker reported a profit of $549 million, or $1.17 a share, on revenue of $6.47 billion for the three months ended in May; analysts were expecting earnings of $1.37 a share on revenue of $6.51 billion.
The company attributed the year-over-year decline in earnings to lower gross margin, higher SG&A spending, a higher effective tax rate and costs related to restructuring operations in western Europe.
Shares of Nike fell 11.56% in premarket trading Friday to $85.69.
Meanwhile, Constellation Brands
Constellation and Modelo owned Crown as a joint venture.
Constellation Brands' stock was climbing 4.46% in premarket trading Friday to $22.73.
Retailer Finish Line
Analysts, on average, anticipated earnings of 23 cents a share.
The company forecast an increase in earnings per share for the next fiscal year of about 7; it earned $1.53 a share in fiscal 2012. Previously, Finish Line projected earnings per share growth would be in the mid-single digits.
-- Written by Joseph Woelfel
>To contact the writer of this article, click here: Joseph Woelfel
>To submit a news tip, send an email to: firstname.lastname@example.org.