II-VI lowers sights, shares tumble 20%

II-VI Inc., citing the drop in demand for its products from its nonmilitary markets, lowered the estimates on fiscal second-quarter earnings and sales. The Saxonburg-based maker of engineered materials and parts cut earnings-per-share estimates to a range of 27 cents to 33 cents, vs. a previous estimate of 38 cents to 42 cents. Revenue is expected to be from $71 million to $76 million, down from a previous estimate of $82 million to $86 million. II-VI shares tumbled $3.88, or 20 percent, to $15.32.

StarKist tuna deal gives Del Monte profit boost

The sale of the StarKist tuna operation boosted profits at San Francisco-based Del Monte Foods Co., which saw second-quarter net income rise to $50.4 million from $25.9 million last year. From continuing operations, the canned produce and pet food company earned 14 cents per share vs. 13 cents last year, 2 cents above analyst estimates provided by Thomson Financial Network. StarKist, sold to a Korean company, is now headquartered in the North Shore building occupied by Del Monte's 400-employee administrative services.

"Cyber Monday" sales outpace year-ago tally

Consumers responded to the raft of "Cyber Monday" deals that retailers offered by spending $846 million online on the Monday after Thanksgiving, a 15 percent increase over the corresponding day last year, according to Web tracking firm comScore, of Reston, Va. Traffic to online shopping sites that day was up 10 percent, said New York-based Nielsen Online.

Nova Chemicals sees tough times for sales

Nova Chemicals Co. said fourth-quarter sales may drop as much as 25 percent because of price declines and weak demand for plastics. Sales may fall 20 percent to 25 percent from the third quarter because customers are waiting to rebuild inventories amid declining prices for polyethylene, Chief Operating Officer Chris Pappas said Tuesday in a New York presentation. Calgary-based Nova has executive offices in Moon.

Bally Total Fitness back in Chapter 11

Bally Total Fitness Corp. filed for Chapter 11 bankruptcy protection yesterday for the second time in less than two years, hindered by debt and limited refinancing options amid the credit crunch. Bally plans to sell itself or reorganize under Chapter 11. Bally operates 347 facilities nationwide.

Also in business ...

Nancy Wolcott has been promoted to president of PNC Global Investment Servicing, a unit of PNC Financial Services Group ... Michael Baker Corp. named James M. Kempton vice president and corporate controller ... Walgreens has completed its acquisition of McKesson Corp.'s specialty pharmacy. The deal includes McKesson Specialty Pharmacy in Pittsburgh, and IVPCARE, a Texas-based specialty pharmacy ... United Refining Co., Warren, reported a net loss of $49.9 million on net sales of $3.21 billion, for the fiscal year ended Aug. 31, vs. net income of $85.7 million on sales of $2.41 billion in fiscal year 2007.