Shares of La-Z-Boy (LZB) were falling nearly 13% in afternoon trading on Wednesday following the release of the furniture maker's latest quarterly results. The company reported revenue of $340.8 million, short of Wall Street's $358.8 million estimates. Earnings of $0.28 per share for the period also missed estimates by a penny.
"We experienced flat sales for the quarter due to weaker demand at wholesale and inconsistent traffic throughout the La-Z-Boy Furniture Galleries store system," CEO Kurt Darrow said in a statement.
Craft Brew Alliance (BREW) shares were up nearly 20% on Wednesday after the company announced an enhanced commercial agreement with Anheuser-Busch (BUD) that will provide Craft Brew with support to strengthen its portfolio of beers and tap into Anheuser-Busch's distribution network for an additional 10 years, through 2028.
"We are proud of our long-standing relationship with AB and have always been candid about the competitive advantage of our distribution arrangement, which allows CBA to independently manage our brands and still enjoy the benefits of being a valued part of AB's exceptional wholesaler network," Craft Brew CEO Andy Thomas said in a press release.
Express (EXPR) shares were falling sharply after the company reported second-quarter revenues of $504.8 million, falling short of analyst estimates of $521 million. The company also reported earnings of $0.13 per share, short of consensus $0.17 per share expectations. Comparable-store sales fell by 8% year over year.
Uranium Resources (URRE) was up more than 20% after the company acquired its first lithium property in Nevada. The property spans 4,600 acres and is approximately 27 miles from the only other operating lithium brine recovery operation in the country.