Nov 06, 2009 (MarketNewsVideo.com via COMTEX News Network) -- Geokinetics (GOK) posted a third quarter loss after the bell Thursday, of 45 cents per share, down from earnings of 2 cents in Q3 of 2008. Revenue fell 21% year over year, with weakness in demand in several of the company's markets. The disappointing results sent shares down more than 21 and a half percent in Friday trading.
CVR Energy (CVI) announced that an affiliate of Goldman, Sachs & Co. (GS) is selling a portion of its stake in the company in an underwritten public offering of just under 7.4 million common shares. The Goldman Sachs affiliate currently owns 36% of CVR, and its ownership stake will fall to 28% following the offering. Deutche Bank Securities (DB) is the sole book-running manager for the offering. Shares of CVR Energy were off about 15% on the news.
And shares of footwear company Crocs (CROX) fell more than 16 and a half percent, after the company beat analyst expectations for a loss, with earnings of 25 cents per share for the third quarter, but said it will be unable to maintain profitability in the fourth quarter. Crocs said it expects a fourth quarter loss of between 15 and 20 cents per share.
The preceeding is a transcript of the MarketNewsVideo.com video published at: http://www.marketnewsvideo.com/?id=200911BigLosers110609&mv=1.
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