Abercrombie & Fitch (NYSE:ANF): Gross margin erosion for the quarter is now expected to be approximately 750 basis points, as a result of lower than expected sales and higher markdowns driven by a more aggressive promotional environment than anticipated. The shares closed at $40.40, down $6.43 or 13.73% on the day. They have traded in a 52-week range of $43.56 to $78.25.

Casual Male Retail (NASDAQ:CMRG): Cuts FY11 sales view to $397.7M vs. consensus $397.82M. Prior EPS guidance was 35c-38c. CEO David A. Levin commented: “We experienced a negative traffic trend during the fourth quarter as a result of the sluggish economy and the unseasonable winter weather. In an effort to maintain appropriate inventory levels and improve customer traffic, we increased our promotional activity and reduced pricing on our seasonal inventory during Q4, which had a negative impact on our expected gross margin rate for FY11.” The shares closed at $2.97, down $0.27 or 8.33% on the day. They have traded in a 52-week range of $2.98 to $5.05.

Niska Gas Storage (NYSE:NKA): Niska expects to generate Cash Available for Distribution of approximately 1.06 to 1.26 times its annualized common unit distribution for the full fiscal year ending March 31, 2012. However, the outlook for natural gas storage continues to present substantial challenges to Niska, particularly because the company continues to experience a narrower difference between summer and winter prices along with conditions of reduced price volatility, and these conditions are likely to persist for some time…In the event Niska’s fixed charge coverage ratio were to fall below 1.75:1.0, Niska would be restricted in its ability to make distributions in respect of its units to a restricted payment basket, which it expects will be exhausted by June 30, 2012, plus a general basket of $75M…Even if Niska is permitted to pay distributions under Niska’s indenture and credit agreement, the board of directors may determine in future quarters that economic or natural gas market conditions make it in the long-term best interest of all unitholders to reduce or suspend the distribution in respect of the common units. The shares closed at $8.98, down $0.67 or 6.94% on the day. They have traded in a 52-week range of $8.75 to $22.21.

Panasonic Corp. (NYSE:PC): Panasonic and Samsung Electronics have separately decided to propose capital ties with Olympus Corp. (OCPNY), according to the Mainichi newspaper, reports Reuters. Fujifilm Holdings (FUJIY) has made a proposal, and Sony (NYSE:SNE) is also interested. The shares closed at $7.86, down $0.27 or 3.32% on the day. They have traded in a 52-week range of $8.00 to $13.55.

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To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com

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