The top after-market NASDAQ stock market losers are: SmartHeat, A-Power Energy Generation Systems, Legacy Reserves, Nxstage Medical, Popular, Career Education, Mattel, PetSmart, Sears Holdings, and BE Aerospace.
SmartHeat Inc. (HEAT) lost 7.08 percent to $5.25 in the after-market session. The company said it is offering 5 million shares of its common stock in an underwritten public offering pursuant to an effective shelf registration statement.
SmartHeat plans to use the net proceeds from the sale of the common stock for general corporate purposes and potential acquisitions, although no specific acquisition candidate has been identified to date.
A-Power Energy Generation Systems, Ltd. (APWR) plunged 5.64 percent to $6.19 in the after-hours trading. The company said it postponed its third quarter conference call from Nov. 18 to later in 2010. The company said the postponement was not due to any accounting irregularities.
A-Power Energy also said it adjourned its 2010 annual general meeting of shareholders in Shenyang, China from Nov. 17 to Dec. 16, as it needs additional time to solicit proxies from its shareholders to establish the requisite quorum for the conduct of business.
Legacy Reserves Lp (LGCY) plummeted 4.57 percent to $25.25 in the after-market session. The company said it intends to sell 3 million units in an underwritten public offering.
Legacy Reserves intends to use the net proceeds to fund a portion of the purchase price of an acquisition of working interests in properties in the Permian Basin. Pending the use of the proceeds for such purpose, the company plans to use net proceeds for general partnership purposes, including to reduce outstanding borrowings under its revolving credit facility.
Nxstage Medical, Inc. (NXTM) fell 4.12 percent to $20.50 in the after-hours trading. The company said it plans to sell 3.2 million shares of its common stock. Closing of the offering is expected to occur on or about Nov. 23. Nxstage expects to use the proceeds for working capital and general corporate purposes.
Popular Inc. (BPOP) dropped 2.47 percent to $2.76 in the after-market session.
Career Education Corp. (CECO) tumbled 2.39 percent to $18.41 in the after-hours trading.
Mattel Inc. (MAT) declined 2.37 percent to $24.33 in the after-market session. Brokerage firm Caris & Co. downgraded rating of Mattel to 'above average' from 'buy' given the stock's strength even though sales were below expectations in third quarter of 2010.
PetSmart, Inc. (PETM) decreased 2.04 percent to $37.50 in the after-hours trading. The company's third quarter profit was $45.6 million or 38 cents a share, up from $38.1 million or 31 cents a share last year. Sales rose 7.2 percent to $1.39 billion. Analysts had expected profit of 38 cents a share on revenue of $1.38 billion. Comparable store sales grew 5.6 percent.
PetSmart expects fourth quarter earnings of 71 cents to 75 cents a share, while analysts forecast 73 cents a share. The company increased fiscal 2010 earnings guidance to range of $1.96 to $2.00 a share from previous forecast of $1.91 to $1.99 a share, while analysts estimate $1.98 a share.
Sears Holdings Corp. (SHLD) moved down 1.98 percent to $64.89 in the after-market session. Brokerage firm Credit Suisse lowered its price target on shares of Sears Holdings to $55 from $60, while maintaining its 'underperform' rating, citing to weak trends in Canada from a combination of a tax change in Canada and a weaker macro cut EBITDA in half this quarter.
The brokerage lowered its 2011 EPS estimate for Sears Holdings to $1.43 from $1.73 and its 2012 estimate to $1.23 from $1.41, to reflect weaker Sears Canada results and to a lesser degree Sears Domestic, partially offset by modest improvements at Kmart. Sears Holdings is scheduled to report third quarter results on Nov. 18, where Wall Street expects a loss of $1.07 a share on revenue of $9.95 billion.
BE Aerospace Inc. (BEAV) fell 1.89 percent to $34.24 in the after-hours trading.