Gordmans Stores, Inc. (NASDAQ:GMAN) stock plummeted 18.72% to $16.80 after the company provided weak outlook for the third quarter. The company posted second-quarter profit of $3.5 million or $0.18 per share from $2.9 million or $0.15 per share in the same quarter last year. Revenues for the quarter grew 9.6% to $128.2 million from $117.0 million in the corresponding quarter last year. Analysts expected earnings of $0.18 per share on consensus revenue estimate of $131.2 million.
Zumiez Inc. (NASDAQ:ZUMZ) shares declined 8.57% to $29.46 after the company posted second-quarter profit of $2.1 million, or $0.07 a share, from $2.6 million, or $0.08 a share, in the year-ago period. Revenue increased to $135.1 million from $112.2 million in the same quarter last year. Analysts estimated a quarterly profit of $0.13 a share on revenue of $134.9 million.
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Groupon Inc (NASDAQ:GRPN) shares climbed 0.91% to $4.23 in the early hour despite Groupon and LivingSocial Inc. were sued by a patent owner that claimed the companies are infringing protected technology for mobile-phone advertising. XcellaSave Inc. is seeking a jury trial and unspecified damages from Groupon and LivingSocial, according to two lawsuits filed yesterday in federal court in Delaware.
A123 Systems, Inc. (NASDAQ:AONE) shares declined 1.54% to $0.256. The company last week received notice from the Nasdaq that its stock price is too low for exchange standards and will be delisted if it does not recover to $1 in the next six months. The company has until February 19 to increase its share price back to $1, which it breached more than a month ago.
China Precision Steel, Inc. (NASDAQ:CPSL) stock plunged 17.75% to $2.78. The company this week announced today that it effected a reverse split of its common stock at a ratio of 1 share of common stock for every 12 shares. The reverse stock split became effective just prior to market open on Tuesday, August 28, 2012. The company’s common stock will continue to be traded on the NASDAQ Capital Market under the symbol “CPSL”. CPSL’s Board of Directors were authorized by CPSL stockholders to effect the reverse split at the annual meeting of stockholders held on June 29, 2012.