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Major Movers on June 17; TEX, RXN, ANR, DWRE, DWA, NFLX

Shares of Terex Corp. (NYSE: TEX) slumped about 9.75% by afternoon trade after the heavy equipment maker slashed its full-year earnings forecast even as it provided weak outlook for the fiscal second quarter amid falling sales trends.

Commenting over the downward revision of full-year fiscal earnings, Terex Corp Chief Executive and Chairman said “We are experiencing a softer marketplace for our Construction, Material Handling & Port Solutions, and, to a lesser degree, our cranes operations. However, the CEO added that the Company sees encouraging demand for its aerial work platform products and strong performance for its materials processing. For the fiscal 2013, Terex Corp expects non-GAAP earnings of $1.90 to $2.10 a share down from earlier projection of $2.40 to $2.70 a share. The Wall Street was expecting adjusted earnings of $2.55 a share.

Shares Rexnord Corp. (RXN) plunged about 5% by afternoon trade. The Company filed for a public offering of 11 million shares on behalf of its largest stakeholder, Apollo Global Management LLC. Rexnord Corp, which makes industrial parts, said earlier this month it would remain as a separate public company following a strategic evaluation in February. The Company is controlled by Apollo Global, which is a buyout firm. Rexnord is in a business of bearings, gears and chains manufacturing. The Company’s water-management segment makes faucet, drainage and other products used for plumbing. The Company sells its products through wholesalers and distributors. A data provided by FactSet showed that Apollo Global holds a stake of about 64% in Rexnord. Rexnord which went public in March 2012 has about 97.3 million shares.

Alpha Natural Resources Inc. (NYSE: ANR) plunged about 4.50% by afternoon trade. U.S. coal stocks took a hit after China Iron ore and Steel Association said that steel output declined 4.7% in the period between May 21 and May 31.

Shares of Demandware Inc. (NYSE: DWRE) rallied about 7% by afternoon trade. The enterprise cloud computing solutions provider announced the opening of its new European headquarters in Munich, Germany and an appointment of Jamus Driscoll as the General Manager of EMEA region.  Through its new European headquarter; the Company would carry its sales and marketing in the EMEA region. Driscoll, who previously served as the senior vice president of global marketing, will now look after the European field operations based out of Munich. The Company increased its operations in London and Lyngby Denmaark, recently by opening new offices. Already, the Company had offices in Paris and Jena, Germany.

Shares of both DreamWorks Animation Skg Inc. (NASDAQ: DWA) and Netflix Inc. (NASDAQ: NFLX) gained sharply on Monday. DreamWorks signed a multi-year deal with Netflix. According to the deal, DreamWorks will produce more than 300 hours of programming of the internet streaming video company. Based on past and forthcoming feature films, DreamWoorks would develop first-run shows for Netflix. The multi-year agreement is a biggest ever for Netflix for first -run content while for DreamWorks, it provides an opportunity to expand its traction in worldwide distribution and television production thereby lowering dependence on animated features films.

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