Oakley Stock Falls On Share Sale News

Shares of sunglass maker Oakley Inc. retreated on Tuesday after the company released higher quarterly earnings projections late Monday, causing its stock to jump nearly 17% in after-hours trading.

After Monday’s market close, Foothill Ranch-based Oakley said it expects earnings of at least 21 cents per share, compared to 15 cents last year. Analysts surveyed by First Call Corp. had forecast earnings of 18 cents per share for the quarter. The company said it expects sales in excess of $100 million, compared with sales of $70.8 million a year earlier.

Eric Beder, an analyst with Ladenburg Thalmann & Co., said the euphoria sparked by Monday’s revised earnings outlook waned Tuesday on news that three Oakley officers had sold about 30,000 shares. That in turn sparked a sell-off, despite the fact that the officers had filed to sell their stock some time earlier.

Oakley stock fell 81 cents, or 4.01%, to close at $19.4375 on the New York Stock Exchange.