Tag - NASDAQGM:IMMR

Small-cap stocks staged a solid recovery rally Tuesday, climbing more than 4% off the morning low as investors turned off the panic switch on financial worries, while bargain hunters took a dive back into the market and short-sellers took profits. While that might not be the optimal scenario for stock market stability, it was still a welcome sign for a market that seemed to be teetering on the edge. For the day, the Russell 2000 (NYSE:IWM) was up 20.89, or 3.03%, at 710.65. Just one day after the worst performance of the year, the Russell mounted the best one-day gain since July 16, which underscores the manic volatility in play in equities right now.

After posting the largest one-day slide since the 9/11 attacks, the Dow pushed higher Tuesday, rising 1.30% and the S&P 500 was up 1.75%. For the year, the Dow is down 16.6%, the S&P 500 off 17.3% and the Russell down 7.2%.

The Federal Reserve decided not to cut short-term interest rates, even though the market gave the policy makers a green light to do so, pricing in overwhelming odds for a rate cut (via Fed funds futures) ahead of today’s FOMC policy meeting. Even though some might have been disappointed that the Fed didn’t come charging to the rescue with easier money, the market overall seemed satisfied that the policy body was ready to keep bullets in the holster for later should they be needed.

“The FOMC’s decision reflected their belief that it is not the cost of credit that is causing the current financial turmoil, but the availability of credit and liquidity,” Steven Wood, chief economist with Insight Economics, said in an email. “The Fed is trying to address this availability problem through the variety of liquidity facilities that they have put in place over the past 10 months. The Committee is clearly keeping a watchful eye on both the current financial turmoil and the increased downside risks to economic growth. Although inflation remains uncomfortably high, it has moved to the back burner given the immediacy of the financial and growth concerns. With inflation beginning to ease, and the economy in some difficulty, the Fed is now more likely to cut rates than raise them. We expect at least one rate reduction before . . .

Small-cap stocks began Monday in the red and have continued slipping in afternoon trading. The wave of selling was partially staved off by a better-than-expected non-manufacturing survey, but has not been able to break the 725 mark since about half-past 10 a.m. ET. At 1:40 p.m. ET, the Russell 2000 (NYSE:IWM) was down 2.35, or 0.32%, at 723.39.

The ISM Non-Manufacturing Survey came out at 52%, which was well above the median forecast of 49.5%, and the highest point since December. The reading also snapped three consecutive months of contractions, which is a plus for the economic outlook.

News that Microsoft (Nasdaq:MSFT) abandoned its takeover bid for Yahoo! (Nasdaq:YHOO) kept investors gloomy during the first session of the week. Yahoo shares dipped on the news, sinking as much as 18% in early trading, but down about 13% in afternoon trading. Several reports over the weekend suggested the deal might go through and Wall Street was evidently disappointed with the end result.

The dollar/commodities inflation front was a source of concern for equity bulls this morning. Crude oil prices jumped back above $117 dollars a barrel overnight . . .

Small-cap stocks started out the week in the red, but the early dip in equities did not live up to the selling interest suggested by overnight trends and a surprisingly stout ISM Non-Manufacturing Survey sparked a bout of buying that lifted stocks back toward steady levels. At 10:01 a.m. ET, the Russell 2000 (NYSE:IWM) was down 1.05, or 0.1%, at 724.69.

The ISM Non-Manufacturing Survey came out at 52%, which was well above the median forecast of 49.5%, and the highest point since December. The reading also snapped three consecutive months of contractions, which is a plus for the economic outlook.

The market had a bit of the merger blues this morning after weekend news that Microsoft (Nasdaq:MSFT) pulled out of negotiations for a takeover bid of internet services company Yahoo! Inc. (Nasdaq:YHOO). Yahoo shares took it in the chin on the news, sinking 18% in early trading Monday. The deal was reportedly close to fruition and the failure to close might take some excitement out of the M&A picture — at least in the short run. That said, wireless phone company Sprint (NYSE:S) was up 7% on news that the firm could be a takeover target.

Marvel Entertainment Inc. (NYSE:MVL) shot up nearly 8% this morning . . .

Here are the biggest percentage gainers and losers in pre-market trading among companies with a market cap between $50 million and $750 million:

Biggest percentage gainers:

• STEC, Inc. (Nasdaq:STEC), up 10% after the provider of flash memory products posted first-quarter results that trumped analysts’ estimates and issued rosy second-quarter guidance above the consensus on Wall Street.
• Eagle Test Systems Inc. (Nasdaq:EGLT), up 9%.
• Approach Resources, Inc. (Nasdaq:AREX), up 9%.

Biggest percentage losers:

• RRsat Global Communications Network Ltd. (Nasdaq: RRST), down 4.3%, despite reporting first-quarter results that met Wall Street’s expectations. The provider of content management and global distribution services also issued second-quarter revenue guidance that was inline with the Street.
• Immersion Corp. (Nasdaq:IMMR), down 3.3%.
• PeopleSupport Inc. (Nasdaq:PSPT), down 2.3%.

Here are the biggest percentage gainers and losers in pre-market trading among companies with a market cap between $50 million and $750 million:

Biggest percentage gainers:

• Hansen Medical, Inc. (Nasdaq:HNSN), up 63%.
• Immersion Corp. (Nasdaq:IMMR), up 10%.
• Momenta Pharmaceuticals Inc. (Nasdaq:MNTA), up 8%.

Biggest percentage losers:

• Radware Ltd. (Nasdaq:RDWR), down 11%, after reporting a wider-than-expected first-quarter loss and lower revenues.
• BioMimetic Therapeutics Inc. (Nasdaq:BMTI), down 9%.
• Novogen Ltd. (Nasdaq:NVGN), down 8%.

Small-cap stocks pushed higher Friday, with the Russell 2000 (NYSE:IWM) rising 4.81, or 0.67%, to 721.88, which marked the highest daily close since Feb. 13. The market had a teeter-totter session, opening higher on earnings news and a firm dollar, then slumping on consumer sentiment jitters and soaring crude oil before staging the afternoon recovery.

Crude oil futures climbed to a record intraday peak Friday at $119.90 per barrel, lifted by supply concerns tied to worker strikes in Nigeria and the North Sea. The supply side concerns were complemented by news of warning shots fired on boats in the Gulf thought to be Iranian, underscoring tensions right now between the United States and Iran.

The market appeared set for a comfortable morning rise early today, but then the University of Michigan consumer sentiment survey cast a pall over buyer enthusiasm. The Michigan headline report came out at 62.6, down from 69.5 the previous month, and at the lowest April reading in 26 years. The dour consumer mood sparked a wave of selling across equity products, but the slide never really took hold and stocks were able to recover in the afternoon despite the Michigan survey and spiking crude values.

Speaking of economic data, this week’s report front was the quiet before next week’s storm. Not only will investors have to navigate a frothy sea of economic data risk —  highlighted by Friday’s employment report — but the FOMC meeting Tuesday afternoon could trigger a dramatic market response as everyone struggles to read the Federal Reserve “tea leaves” to see if the end of the easing cycle is nigh.

Back to today’s action, equities likely found some support tied to a solid performance in the U.S. dollar, which climbed about 0.6% against the euro, and was up nearly 0.3% against the yen. The fact that the greenback held onto gains versus the euro despite the jump in crude oil was impressive, as most of the time in recent . . .

Progenics Pharmaceuticals, Inc. (Nasdaq:PGNX), Income Opportunity Realty Investors, Inc. (AMEX:IOT) and Wilshire Bancorp, Inc. (Nasdaq:WIBC) are among the biggest percentage gainers in Friday's trading among companies with market capitalizations under $750 million.

Pyramid Oil Co. (AMEX:PDO), Gencor Industries, Inc. (Nasdaq:GENC) and Immersion Corp. (Nasdaq:IMMR) are also among the top small-cap percentage gainers.

Here are Friday's biggest percentage gainers among small caps:

The Russell 2000 (NYSE:IWM) closed lower as fears of a slowing economy and its ripple effects spooked investors. The small-cap index fell 0.76 points, or 0.11%, to 711.92. The Dow Jones Industrial Average let go 35.99 points, or 0.29%, to 12,576.44.

On a year-to-date basis, the Russell 2000 has shed 7.06%, while the Dow has declined 5.19% and the S&P 500 is down 7.00%.

“Some believed that a prolonged and severe economic downturn could not be ruled out given the further restriction of credit availability and ongoing weakness in the housing market,” thought members of the U.S. Federal Reserve, according to minutes from its March 18 meeting released after the opening.

The Fed then decided to lower its target interest rate 0.75% to 2.25%. The minutes tell us that the majority of officials considered a deep . . .

The Russell 2000 (NYSE: IWM) is in negative territory despite news of an unexpectedly strong rise in consumer spending.

At 10:10 a.m. ET, the small-cap index had declined 8.95 points, or 1.27%, to 696.77. The Dow Jones Industrial Average (INDU) was down 179.26 points, or 1.42%, to 12,402.92.

The U.S. Commerce Department reported before the start of trading that spending increased 0.4% in January, while personal income added 0.3%. Economists were expecting smaller increases of 0.2%.

The same report showed that the price index for personal consumption expenditures rose 0.4%, while the core index, which excludes the costs of food and energy, climbed 0.3%.

That makes a year-over-year increase of 3.7%, while the core index is at 2.2%. The U.S. Federal Reserve prefers the annual core index to stay within the range of between 1% and 2%.

The good news on consumption, though, was overshadowed by news that insurance giant American International Group, Inc. (NYSE: AIG) suffered the biggest quarterly loss in its history, largely due to losses related to subprime mortgages.

Shares of Immersion Corp. (Nasdaq: IMMR) are popping in pre-market trading after the developer and licensor of touch feedback technology reported after Thursday’s close that it swung to a profit for the third quarter and beat analysts’ estimates.

For the three months ended Sept. 30, the small cap recorded net income of $0.49 million, or $0.02 per share, compared with a net loss of $3.2 million, or $0.13 per share for the third quarter of 2006. Two analysts polled by Thomson Financial were on average expecting a loss of $0.02 per share.

Revenues were $9.8 million, compared with revenue of $6.6 million for the third quarter of 2006, and the mean estimate of $9 million forecasted by two analysts polled by Thomson Financial.

Shares of Immersion (IMMR) climbed 9.4%, or $1.46, to $17 in pre-market trading. Shares of Immersion have been trading in the range of $6.50 to $20.68 for the past 52 weeks.

BioCryst Pharmaceuticals, Inc. (Nasdaq: BCRX), Immersion Corp. (Nasdaq: IMMR) and DayStar Technologies Inc. (Nasdaq: DSTI) are among the most actively traded companies in Thursday pre-market trading among those with market capitalizations under $500 million:

Superconductor Technologies, Inc. (Nasdaq: SCON), QLT Inc. (Nasdaq: QLTI) and China Sunergy Co., Ltd. (Nasdaq: CSUN) are among the most actively traded companies in Tuesday pre-market trading among those with market capitalizations under $500 million:

The Russell 2000 (NYSE: IWM) is gaining and the Dow Jones Industrial Average (INDU) is looking for another record close following economic news that eases inflation concerns.

At 10:05 a.m. ET the Russell 2000 had added 3.39 points, or 0.40%, to 851.86. The Dow Jones Industrial Average was up 34.06 points, or 0.24%, to 13,985.04.

The U.S. producer price index, which tracks the price of domestically produced goods, fell at a seasonally adjusted rate of 0.2% in June, the Labor Department announced before the start of trading. Economists were calling for a rise of 0.1%.

Energy products fell 1.1%, while the index for finished goods other than foods and energy increased 0.3% in June.

That’s an indication that inflation has not picked up despite a tight labor market and the rising price of oil.

In other economic news, industrial production in June added 0.5%, above the projected rise of 0.3%, the U.S. Federal Reserve said before the opening bell.

Total industrial production for the second quarter of 2007 has advanced at an annual rate of 2.9%, more than twice the rate of 1.1% during the first three months of the year.

Staffing and management company Hudson Highland Group, Inc. (Nasdaq: HHGP) cut its second-quarter revenue guidance to between $348 million and $350 million, from between $355 million and $370 million. Wall Street analysts are expecting revenue of $363.2 million for the three-month period.

Touch-technology company Immersion Corp. (Nasdaq: IMMR) was downgraded by Thomas Weisel Partners to “underweight” from “market weight.”

These are the biggest percentage losers in Monday's trading among companies with market capitalizations under $500 million:

The Russell 2000 (NYSE: IWM) has dipped into negative territory but the Dow Jones Industrial Average (INDU) is up as stocks are trending lower after news of deal-making.

At 10:12 a.m. ET the Russell 2000 had lost 3.18 points, or 0.37%, to 852.59. The Dow Jones Industrial Average was up 22.27 points, or 0.16%, to 13,929.52.

In corporate news, Glendale, Calif.-based pancake restaurant operator IHOP Corp. (NYSE: IHP) will buy casual diner Applebee’s International, Inc. (Nasdaq: APPB) for about $2.1 billion in cash, which includes the assumption of debt. Applebee’s shareholders will get $25.50 a share.

IHOP plans on selling most of Overland Park, Kan.-based Applebee’s 521 company-owned restaurants to franchisees. Applebee’s has more than 1,900 system-wide restaurants, while IHOP has about 1,300. The acquisition is expected to close in the fourth quarter.

The following were the most actively traded companies in Monday’s trading among those with market capitalizations under $500 million:

 

Ariad Pharmaceuticals, Inc. (Nasdaq: ARIA) reported it is entering a joint development deal worth more than $1 billion with Merck & Co. (NYSE: MRK).

Sify Limited (Nasdaq: SIFY) reported it is partnering with Microsoft (Nasdaq: MSFT) to bring Internet and information technology services to India.

The following are the most actively traded companies in Thursday pre-market trading among those with market capitalizations under $500 million:

Medical imaging company Vital Images, Inc. (Nasdaq: VTAL) revealed disappointing second-quarter preliminary results and cut its annual revenue guidance.

Biopharmaceutical company Novacea, Inc. (Nasdaq: NOVC) reported a $60 million deal with healthcare company Schering-Plough Corp. (NYSE: SGP) for the development and commercialization for Novacea’s cancer drug Asentar.

The following are the most actively traded companies in Wednesday pre-market trading among those with market capitalizations under $500 million:

Wellness solution provider Mannatech Inc.’s (Nasdaq: MTEX) chief executive is being accused of operating an illegal marketing scheme by the Texas Attorney General, according to news reports after Thursday’s close. Investigators allege that Coppell, Texas-based Mannatech exaggerated claims about the therapeutic benefits of its dietary supplements and nutritional products for people with cancer. The stock is down $0.90, or 6%, to $15.10.

Shares of Inter-Tel (Delaware) Inc. (Nasdaq: INTL) are slightly higher following news this morning that the Tempe, Ariz.-based provider of Internet communications products forecasts net sales for the quarter ended June 30 between $113.5 million and $115.5 million, compared with net sales of $115.9 million a year earlier.

Restaurant chain Ruth's Chris Steak House, Inc. (Nasdaq: RUTH) expects revenue between $76.9 million and $77.1 million for the three months ended June 24 – below Wall Street expectations of $78.1 million.

After Thursday’s closing bell, Texas Attorney General Greg Abbott sued Mannatech, Inc. (Nasdaq: MTEX), accusing the nutritional supplements maker of an illegal marketing scheme. Abbott’s claim, which could cost Mannatech at least $20,000 for each violation, alleges that the Coppell, Texas-based company inflated claims about the therapeutic benefits of its products for people with cancer, Down syndrome, cystic fibrosis and other illnesses to boost profits.

The following are the most actively traded companies in Friday pre-market trading among those with market capitalizations under $500 million:

The following are the most actively traded companies in Thursday pre-market trading among those with market capitalizations under $500 million:

The following are the most actively traded companies in Tuesday pre-market trading among those with market capitalizations under $500 million:

The Russell 2000 index and the Dow have opened in the green following news of the latest in corporate deal-making.

At 10:00 a.m. ET the Russell 2000 had added 6.35 points, or 0.76 percent, to 840.05. Dow Jones Industrial Average was up 79.99 points, or 0.60 percent, to 13,488.61.

Oklahoma City-based wireless communications company Dobson Communications Corp. (Nasdaq: DCEL) will be purchased by giant AT&T. Inc. for $2.8 billion, or $13 a share, according to an announcement after Friday’s close.

Elsewhere, the Carlyle Group announced this morning that it’s paying $6.3 billion for Toledo, Ohio-based nursing home operator Manor Care Inc. (NYSE: HCR).

The following were the most actively traded companies in Monday's trading among those with market capitalizations under $500 million:

Local.com Corp. (Nasdaq: LOCM) reported that it was granted a patent for cell phone-enabled local search. The patent also covers several advertising models associated with the search format.

Biotechnology business Viacell, Inc. (Nasdaq: VIAC) named John Thero as the Cambridge, Mass.-based company’s new CFO.

The following are the most actively traded companies in Monday pre-market trading among those with market capitalizations under $500 million:

The Russell 2000 index has moved up whole the Dow is spinning its wheels following news of mixed economic data.

At 10:12 a.m. ET the Russell 2000 had added 3.37 points, or 0.40 percent, to 841.83. Dow Jones Industrial Average was up 11.62 points, or 0.09 percent, to 13,439.35.

Gross domestic product increased 0.7% during the first quarter of 2007, according to revised figures reported by the U.S. Commerce Department before the opening bell. That’s above the previously estimated growth rate of 0.6%.

However, economists were forecasting a bigger upward adjustment, expecting GDP to rise 0.8%. The U.S. economy expanded 2.5% in the final three months of 2006.

The picture on the jobs front was rosier.

Jobless claims for the week ended June 23 fell 13,000 to 313,000 on a seasonally-adjusted basis, the Labor Department reported before the opening. Observers were expecting a decline of 9,000.

The following were the most actively traded companies in Thursday's trading among those with market capitalizations under $500 million:

The Russell 2000 index and the Dow managed a tiny gain despite early losses following news of a fall in U.S. housing starts during May. The Russell 2000 added 2.06 points, or 0.24%, to finish at 848.34. The Dow Jones Industrial Average moved up 22.44 points, or 0.16%, to 13,635.42.

U.S. housing starts fell 2.1% in May to a seasonally adjusted annual rate of 1.474 million, the Commerce Department reported before the opening bell.

Economists were projecting a decline of 3.5% to an annualized rate of 1.474, following April’s rise of 1% to 1.506 million units. On a year-over year basis, housing starts are 24% lower compared with May of 2006.

Microsoft Corp. (Nasdaq: MSFT) filed a lawsuit against touch screen technology maker and licensor Immersion Corp. (Nasdaq: IMMR) Tuesday morning.

Microsoft purports that Immersion breached its sublicense agreement with Microsoft, and is seeking damages, specific performance, declaratory judgment and attorney fees and costs.

Under Immersion’s sublicense agreement with Microsoft, in the event of a settlement with Sony Computer Entertainment, Immersion is obligated to pay Microsoft a minimum of $15 million for any amounts received from Sony up to $100 million, plus 25% of any amounts over $100 million up to $150 million, and 17.5% of any amounts over $150 million.

Immersion believes it is not obligated to pay Microsoft relating to the conclusion of its litigation with Sony Computer Entertainment under the sublicense agreement.

The Russell 2000 index is gaining after two days of declines on news that retail sales in May increased more than expected.
 
At 10:06 a.m. ET the Russell 2000 was up 2.85 points, or 0.35 percent, to 824.57. Dow Jones Industrial Average had added 56.87 points, or 0.43 percent, to 13,351.88.

U.S. retail sales rose 1.4% in May, the Commerce Department reported before the opening bell. That’s more than twice the expected increase of 0.6% and a sign that the economy may be shifting into higher gear. Retail sales fell 0.1% in April.

However, May import prices also outpaced projections, rising 0.9%, the U.S. Labor Department.

The following were the most actively traded companies in Wednesday's trading among those with market capitalizations under $500 million: