U.S. stocks slid for the fifth straight session on Wednesday amid global concern and investors are eyeing upcoming minutes from last month's Federal Reserve meeting for hints of more stimulus. At last check, The Dow Jones Industrial Average was down -45.34 (-0.36%) at 12,607.78. The S&P 500 fell -1.23 (-0.09%) to 1,340.24. The Nasdaq Composite lost -7.54 (-0.26%) to 2,894.79.
hhgregg, Inc. (NYSE:HGG) stock plunged 29.98% to $8.08 after the company lowered its fiscal 2013 outlook and also detailed its first-quarter guidance below analysts' estimates.
The company now expects full-year 2013 net income in a range of $0.90 to $1.05 per share, as compared to prior guidance of $1.12 to $1.27 per share. Analysts currently estimate earnings of $1.20 per share for the full year.
For the first quarter, the company expects to report a loss of $6.2 million to $5.7 million, or $0.17 per share to $0.16 per share. The company expects to generate revenues of about $490 million in the first quarter. Analysts currently estimate s loss of $0.04 per share and revenues of $509.19 million for the quarter.
Obagi Medical Products, Inc. (NASDAQ:OMPI) stock surged 8.43% to $18 on rumors about the company's acquisition. Cantor Fitzgerald's analyst Irina Rivkind yesterday said that the company could be attractive to "multiple suitors".
Orexigen Therapeutics, Inc. (NASDAQ:OREX) shares climbed 7.36% to $6.42 after the company announced an update to the projected timeframe for completion of enrollment of the Light Study, the Contrave cardiovascular outcomes clinical trial. The company now expects to complete enrollment of patients required for the interim analysis of the Light Study in the first quarter of 2013, potentially reducing by half the original projections.
OCZ Technology Group Inc. (NASDAQ:OCZ) shares plummeted 17.06% to $4.52after the company posted first quarter loss of $6.3 million, or $0.09 a share, as compared to a year-earlier loss of $9.1 million, or $0.20 a share. Adjusted loss was $0.17 a share. Analysts projected a loss of $0.12 a share. Revenue surged 54% to $113.6 million, while the company in May projected revenue of $110 million to $120 million.