Tag - NASDAQGM:BLDP

Small-cap stocks opened lower, slightly trimmed losses after the Consumer Confidence report came out at 10:00 a.m. ET, but then retreated right back to pre-release levels. The report showed an upward revision to the March report, which provided a brief bid to the market, but it was not enough to catch hold (at least immediately). At 10:01 a.m. ET, the Russell 2000 (NYSE:IWM) was down 1.84, or 0.25%, at 723.53.

The Consumer Confidence report was pegged at 62.3 in April, which was in line with the forecast of 62, but the March number was revised upward to 65.9 versus 64.5. Still, the April figure was the lowest in five years.

Next on line … President Bush is slated to hold a press conference at 10:30 a.m. ET, where he is expected to talk about the economy.

The opening action was soft in line with overnight declines on a dip in European shares as Deutsche Bank posted its first quarterly loss in five years, and French tire company Michelin tumbled 9% on sloppy earnings.

Large-cap companies influencing trade this morning included drug company Merck & Co. (NYSE:MRK), which was down 7% on news that the FDA rejected a new cholesterol drug. From an overall stock market picture, the news had a somewhat muted impact, because it lifted Merck competitor Abbott Labs (NYSE:ABT) by 4%. In addition, Visa (NYSE:V) posted decent earnings ahead of the opening, but the financial firm was down 3% in early action.

The S&P 500 stalled approaching the 1,400 level on the latest push upward, and that key figure resistance will be closely watched through the rest of the week’s major economic events. In the Russell 2000, the market yesterday climbed . . .

The Russell 2000 (NYSE: IWM) futures are a little higher and the small-cap index will likely open with a small rise.

There is no major economic news scheduled for today, but the Dallas Federal Reserve President’s speech at 1:30 p.m. ET is likely to make headlines.

Among small-cap companies, Ballard Power Systems Inc. (Nasdaq: BLDP), which makes fuel cells, said that it expects to ship twice as many units in 2008, bringing in total revenues of between $65 million and $75 million.

Small-cap stocks staged a dramatic bearish reversal Thursday, as the Russell 2000 rejected a promising morning rise to shed 13.74, or 1.94% to 696.28 by the close. The market continues to reflect indecision within the recent range – unwilling to sustain a dynamic move in either direction.

The market will be able to navigate through today's session unencumbered by outside economic news. It will be interesting to see if the Russell starts to falter below the 700 swing line after four sessions of see-saw action along that point so far this week. Look for support Friday at 694, 688 and 680; resistance comes in at 703.50, 712 and 717.

 

ShengdaTech, Inc. (Nasdaq: SDTH), Ascent Solar Technologies, Inc. (Nasdaq: ASTI) and GPC Biotech AG (Nasdaq: GPCB) are among the most actively traded companies in Monday pre-market trading among those with market capitalizations under $750 million:

Ceragon Networks Ltd. (Nasdaq: CRNT), ABX Air, Inc. (Nasdaq: ABXA) and China Sunergy Co., Ltd. (Nasdaq: CSUN) are among the most actively traded companies in Thursday pre-market trading among those with market capitalizations under $750 million:

The Russell 2000 (NYSE: IWM) and the other major U.S. indices are in negative territory as credit fears return to Wall Street. At 1:46 p.m. ET, the small-cap index had shed 9.67 points, or 1.21%, to 788.11. The Dow Jones Industrial Average (INDU) was down 108.44 points, or 0.80%, to 13,486.66.

Financial stocks are leading the way down after Citigroup Inc. (NYSE: C) announced before the start of trading that it expects additional losses of up to $11 billion after already suffering $6.5 billion in credit-related losses in the third quarter.

Analysts are estimating that the credit problems will negatively affect Citibank in the fourth-quarter and lead to a net loss.

The news brought out the bears and spooked investors, who were hoping that this summer’s credit problems were in the past, but recent events have revived the issue. Investors will also want to see if other banks and brokerages report additional losses.

Many financial institutions bought securities backed by subprime mortgages that have become worthless in the wake of the recession in the U.S. housing market and the wave of foreclosures by cash-strapped homeowners.

Small-cap stocks are also sagging this afternoon, with Sanders Morris Harris Group Inc. (Nasdaq: SMHG) down 2% while Stifel Financial Corp. (Nasdaq: SF) has dropped 6%.

The Russell 2000 (NYSE: IWM) is down more than the other major U.S. indices as credit fears spread on Wall Street.

At 10:38 a.m. ET, the small-cap index had shed 6.28 points, or 0.79%, to 791.50. The Dow Jones Industrial Average (INDU) had lost 52.11 points, or 0.38%, to 13,542.99.

Citigroup Inc. (NYSE: C) announced this morning that it expects additional losses up to $11 billion after already suffering $6.5 billion in credit-related losses in the third quarter. The New York-based bank, the largest in the United States, also said that CEO Charles Prince has left. He is to be replaced by Robert Rubin, a former Treasury secretary and economic advisor to President Clinton.

Analysts are estimating that the credit problems will negatively affect Citi’s fourth-quarter results and are expecting to see a loss. The bank said that its write-offs may increase if markets worsen. It has $55 billion of securities backed by subprime mortgages in its pocket.

Investors had been hoping that this summer’s credit problems were in the past, but recent events put the issue on center stage.

In economic news, growth in the U.S. services industry slowed in October, according to the Institute for Supply Management. Its index of non- manufacturing businesses fell to 54 from 54.8 in September, the group said after the start of trading. The decline was expected by economists. A reading over 50 indicates growth.

Here are the current biggest percentage gainers and losers among companies with a market cap between $100 million and $750 million:

Biggest percentage gainers:

• Multi-Fineline Electronix Inc. (MFLX), up 27% on news of a higher fourth-quarter profit.
• BioSphere Medical, Inc. (BSMD), up 20%. A company representative could not be reached for comment.
• Ballard Power Systems Inc. (BLDP), up 15% on news it is reviewing strategic options.

Biggest percentage losers:

• Gevity HR Inc. (GVHR), down 28% on news of a lower third-quarter profit and a disappointing fourth-quarter guidance.
• Orbotech Ltd. (ORBK), down 9% on news of a decline in third-quarter profit.
• T-3 Energy Services Inc. (TTES) down 9%. A company representative could not be reached for comment.

The Russell 2000 (NYSE: IWM) futures are lower and the small-cap index will open in negative territory on news of more credit fears.

Citigroup Inc. (NYSE: C) announced this morning that it expects additional losses of $8 billion to $11 billion after already suffering $6.5 billion in credit-related losses in the third quarter. The New York-based bank, the largest in the United States, also said that CEO Charles Prince has left. He is to be replaced by Robert Rubin, a former Treasury secretary and economic advisor to President Clinton.

Analysts are estimating that the credit problems will negatively affect Citi’s fourth-quarter results and are expecting to see a loss.

There will be little in the way of major economic news today, but a monthly national non-manufacturing index will be released at 10 a.m. ET, by the Institute for Supply Management. Economists are expecting to see a slowdown in growth.

Here are the biggest percentage gainers and losers in pre-market trading among companies with a market cap between $100 million and $750 million:

Biggest percentage gainers:

• Multi-Fineline Electronix Inc. (MFLX), up 32% on news of a higher fourth-quarter profit.
• iRobot Corp. (IRBT), up 14% on news that a court has partially granted its
request for a preliminary injunction in a lawsuit against former employees.
• Ballard Power Systems Inc. (BLDP), up 12% on news it is reviewing strategic options.

Biggest percentage losers:

• Novacea Inc. (NOVC), down 60% on news its prostate cancer drug did not meet expectations.
• Orbotech Ltd. (ORBK), down 13% on news of a decline in third-quarter profit decline.
• Presstek Inc. (PRST) down 11%.

Even with fears of global warming and a worst-case-scenario of a shutdown of oil from the Middle East, it’s not easy being a green company.

The concept of non-polluting fuel cells powering our cars and trucks seemed too good to be true when it first exploded on the scene nearly two decades ago. Investors in one of the leading hydrogen-cell developers, Ballard Power Systems Inc. (Nasdaq: BLDP, TSX: BLD) might be left wondering if commercializing the technology is just a lot of hot air.