Tag - NASDAQGM:MAPP

Map Pharmaceuticals Inc (Nasdaq:MAPP), K Tron International (Nasdaq:KTII), Colonial Bankshares (Nasdaq:COBK) and Amag Pharmaceuticals(Nasdaq:AMAG) are among the biggest percentage Gainers in Monday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Origin Agritech (Nasdaq:SEED), Marlin Business Services Corp (Nasdaq:MRLN), China Natural Resources (Nasdaq:CHNR), CKX Lands Inc (Nasdaq:CKX) and Argon St Inc (Nasdaq:STST).

Pricesmart Inc. (Nasdaq:PSMT), Franklin Covey Co. (Nasdaq:FC) and Cornerstone Therapeutics Inc. (Nasdaq:CRTX) are among the biggest percentage losers in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Investors Title Co. (Nasdaq:ITIC), Rubicon Technology Inc. (Nasdaq:RBCN), M I Homes Inc. (Nasdaq:MHO), MAP Pharmaceuticals Inc. (Nasdaq:MAPP), Trina Solar Ltd. (Nasdaq:TSL) and EZchip Semiconductor Ltd. (Nasdaq:EZCH).

Rigel Pharmaceuticals Inc. (Nasdaq:RIGL), MSC Software Corp. (Nasdaq:MSCS) and Blue Nile Inc. (Nasdaq:NILE) are among the most actively traded companies in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: World Acceptance Corp. (Nasdaq:WRLD), MAP Pharmaceuticals Inc. (Nasdaq:MAPP), Century Aluminum Co. (Nasdaq:CENX), Ciena Corp. (Nasdaq:CIEN), Helen of Troy Ltd. (Nasdaq:HELE) and Solarfun Power Holdings Co Ltd. (Nasdaq:SOLF).

Investors saw lots of red in today’s trading session as regional manufacturing data suggested that economy is not picking up as much as had been hoped. Most economists had expected gains in the New York Fed’s manufacturing index but were instead treated to numbers indicating that the factory sector shrank at a more severe rate than expected.

A stronger U.S. dollar pulled oil below $70 away from its eight month high.

As of press time, 3:30 P.M. Eastern, the Dow was down -194.75 to 8,604.50; the Nasdaq was down -46.29 to 1,812.51, and the S&P 500 was down -23.25 at 922.96.

The Russell 2000 Index, comprised of the top 2,000 small-cap stocks, was down 16.77 at 510.06.

Bucking the downward trend today was pharma and financials. Two of the top percentage gainers were JazzPharma (Nasdaq:JAZZ) up 69.7% on positive news about it fibromyalgia drug and MAP Pharma (Nasdaq:MAPP) up 11.89%. MAPP has been on a tear since late May when it shot up to $11.39 from $3.15.

Other small-caps showing leadership today include QEP (Nasdaq:QEPC) up 39.07%, Tongxin Intl (Nasdaq:TXICU) up 24.75%, and two financials, American Capital (Nasdaq:ACAS) up 14.67% and New Century Bancorp (Nasdaq:NCBC) up 14.83%.

Small-cap decliners were lead by Oil-Dri Corp. of America (NYSE:ODC) down 23.24% following Friday’s news that it will lose its largest customer in the cat litter retail segment. Other leading decliners include Virgin Mobile USA (NYSE:VM) down 16.98%, book retailer Borders Group (NYSE:BGP) down 13.16%, and Integrated Electrical Services (Nasdaq:IESC) down 17.64%.

*****Summer doesn’t officially start for a few more days. Tell that to the parents who are now getting their kids off to camp or getting ready for vacation. For the standard two-income household, living easy in summertime is just a memory.

Including today, we have just 12 more trading days until the end of June and the end of the second quarter. I suspect we will have seen the highs for stock prices by then. That is, if we haven’t seen them already.

Oil backed off recent highs on Friday. And that’s likely to continue. Oil was too cheap at $33 a barrel. But $73 is too high, at least for now while much of the developed world is still mired in an economic downturn. We know demand is still weak. And we know there are looming supply issues when demand picks back up. However, the issue right now is the economy.

*****Oil has been rallying as the news cycle has been relentlessly optimistic about an imminent economic recovery. In fact, many leading economists expect U.S. GDP to actually grow in the third quarter.

Oil stocks that we’ve been following have been on a tear the market bottom, including Graham Corp. (AMEX:GHM) up 81%; Brigham Exploration (Nasdaq:BEXP) up 239%; Gulfport Energy Corp. (Nasdaq:GPOR) up 326%. Even the majors like ExxonMobil (NYSE:XOM), Chevron (NYSE:CVX), BP (NYSE:BP), and ConocoPhillips (NYSE:COP) are bringing investors some decent returns, though not as great as small-cap stocks in the same sector.

Investors have bought the rumor of economic recovery. We’ll see how they respond to the news. I’ll be watching oil as the leading indicator for economic expectations.

Right now, it seems like stock prices have priced in a modest recovery. And if investors perceive that there’s not much upside left for stock prices, it would makes sense to trim exposure, take profits, or however you want to put it.

*****We’ve seen anecdotal evidence that investors are moving funds out of the stocks that have led the market higher. Technology has been having trouble making headway. And we’ve seen strength in healthcare and consumer staple stocks. Plus, the Volatility Index (VIX), which measures the cost of put options (which rise in value as stocks or indices fall, thereby giving investors downside protection) has been on the rise.

This suggests that investors are preparing for a downside move for stock prices, or, at the very least, protecting gains they have made.

*****On Mondays, I’m going to start offering a look at the economic data coming out during the week ahead. This week is a bit unusual as all the economic data is out on Tuesday. Tomorrow we get Housing Starts, Building Permits and the Producer Price Index (PPI).

Of course, consumers will focus on the housing numbers. But I’d expect any numbers will be interpreted with optimism. Investors seem to understand that the bottoming process for the housing market will be volatile and that wild swings in the data should be expected.

In my opinion, the PPI is the one to watch. The U.S. dollar rallied a bit last week, but there’s no doubt that massive Treasury bond sales have investors worried about a weaker dollar the potential for inflation to pick up. Add to that improving retail sales numbers, helped by higher gasoline prices, and you have the potential for a higher-than-expected PPI reading. Needless to say, that would not be good for stocks.

I’ll talk to you tomorrow.

Ian Wyatt

P.S. You’ll recall from Friday’s issue we start sharing charting analysis from TradeMaster’s technical analyst, Jason Cimpl. If you didn’t have a chance to catch, here’s the link. You’ll get his take on this week’s market direction. Since this is a new feature for Daily Profit I’d greatly appreciate receiving any feedback from you on it.

Syms Corp. (Nasdaq:SYMS), MAP Pharmaceuticals Inc. (Nasdaq:MAPP) and Rome Bancorp Inc. (Nasdaq:ROME) are among the biggest percentage gainers in Monday's trading among companies with market capitalizations under $1 billion.

Also included among the results: CAI International Inc. (Nasdaq:CAP), Arena Pharmaceuticals Inc. (Nasdaq:ARNA), Vitran Corp Inc. (Nasdaq:VTNC), Yadkin Valley Financial Corp. (Nasdaq:YAVY), Northern Technologies International Corp. (Nasdaq:NTIC) and Kohlberg Capital Corp. (Nasdaq:KCAP).

UAL Corp. (Nasdaq:UAUA), Solarfun Power Holdings Co Ltd. (Nasdaq:SOLF) and Union Drilling Inc. (Nasdaq:UDRL) are among the most actively traded companies in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Canadian Solar Inc. (Nasdaq:CSIQ), A Power Energy Generation Systems Ltd. (Nasdaq:APWR), MAP Pharmaceuticals Inc. (Nasdaq:MAPP), Century Aluminum Co. (Nasdaq:CENX), AgFeed Industries Inc. (Nasdaq:FEED) and Eagle Bulk Shipping Inc. (Nasdaq:EGLE).

OncoGenex Pharmaceuticals Inc. (Nasdaq:OGXI), Colony Bankcorp Inc. (Nasdaq:CBAN) and Isramco Inc. (Nasdaq:ISRL) are among the biggest percentage losers in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Mentor Graphics Corp. (Nasdaq:MENT), MAP Pharmaceuticals Inc. (Nasdaq:MAPP), Conn's Inc. (Nasdaq:CONN), NL Industries Inc. (Nasdaq:NL), Vicor Corp. (Nasdaq:VICR) and RXi Pharmaceuticals Corp. (Nasdaq:RXII).

If you had a chance to catch the article on page C5 in yesterday's The Wall Street Journal you probably found affirmation of what you already know about small cap stocks. It seems that Russell Investments (as in the folks from the Russell 2000 index, among others) have recently re-examined the stock market's performance coming out of recessions and they indicate there's strong evidence to suggest that small cap value stocks outperform all other coming up from the bottom.

Recent experience since the market bottom on March 9, 2009 further corroborates this thesis. We've already seen that the majority of gainers on any particular day have been small caps. Just look at some of the big gainers from just this past week: MAP Pharmaceuticals (Nasdaq:MAPP), SYMS Corp. (Nasdaq:SYMS), AgFeed Industries (Nasdaq:FEED), Central Jersey Bancorp (Nasdaq:CJBK), FreeSeas, Inc. (Nasdaq:FREE), Exelixis (Nasdaq:EXEL) and Dynacq Healthcare (Nasdaq:DYII), just to name a few.

And recently an analyst from Morningstar, Bradley Kay, looked back even further to 1931 and noticed that there was a big performance difference between large cap and small cap stocks during recessions and recoveries. He further stated, "small cap stocks very much lead out of a recession."

This was my strategy in 2001 through 2003 when I started my first small cap service, Growth Report, and continues to be my focus with my SmallCapInvestor PRO service (you can get more information HERE) as we've already put in 12 out of 13 winners for the year.

The time is now to load up on small cap stocks.

In today's trading news, as of 12:00 p.m. Eastern today, the DJIA and Nasdaq are posting minor losses while the S&P 500 is just barely above even from the opening bell.

Russell 2000 Index stocks are up 0.02% at 492.32, a 43.4% increase since the March 9, 2009 lows.

Small caps leading the market today include Green Plains Renewable Energy (Nasdaq:GPRE) up 30.6% in today's trading, Penson Worldwide (Nasdaq:PNSN) up 16.5%, and J Crew Group (NYSE:JCG) up 23.9% on beating analysts' Q1 EPS expectations: JCG reported earnings per share of $0.32 while analysts called for $0.10. Analysts are now revising their full-year 2010 EPS estimate to $1.15 versus an earlier estimate of $0.54.

*****The high close for the Nasdaq since the rally began was 1,763. Yesterday's close was 1,751. For the S&P 500, the high close was 929 and it closed at 906 yesterday.

I mention these levels because they are what traders are watching. Some believe that, since the indices haven't taken out prior highs, the recovery rally is overdone and that a sharp sell-off is coming. Others say the recession is ending, the economy is improving, and there's more upside coming. To them, any weakness in stock prices is consolidation for the next move higher.

It should be remembered that the Nasdaq is still around 800 points, or 32% of its 2008 highs. The S&P 500 is 660 points, or 42% off its 2008 highs. So it's not like the indices are anywhere near prior levels. Who's to say what should be a decent target for a recovering stock market?

*****We can always check price-to-earnings ratios. (I'll use numbers from the Wall St. Journal's Market Data Center. This is one of my secret weapons, but, since I'm here to help, I'll share the link so you can bookmark it --  http://online.wsj.com/mdc/public/page/marketsdata.html#calandeco )

For the S&P 500, the trailing P/E is 15, and the forward number, based on estimates, is 15.75. For the Nasdaq, the trailing P/E is 13 and the forward number is 18.

Neither index seems extended on a price-to-earnings basis.

Oil hit a new high at $65, and inventories in the U.S. have dropped 3 weeks running. Traders believe increased demand as a result of increased economic activity is coming sooner rather than later. And bond prices have been falling, which is what you expect to see when stocks offer a more attractive risk/reward scenario.

Of course, one could also say prices fall when traders know there is a virtually unlimited supply of Treasuries hitting the market as the government needs to raise a lot of cash.

But explaining away numbers can be a bad idea. Because when we do that, we're letting our own bias creep in. That's exactly what happened last year when the drumbeat of a coming crisis started. So many pundits explained the numbers away with rosy talk.

*****The unemployment rate is nearly at 9%. Most believe double digits are inevitable. And what's worse, some are saying that high unemployment of 6%-7% may persist for years. But that doesn't necessarily mean that corporate profits will get worse from where they are now. Perhaps the current P/E ratios for the Nasdaq and the S&P 500 are appropriate. Maybe there's even some upside.

In my opinion, what's worrisome is that the next shoe to drop is still the first shoe - banks. There's no doubt that the rally for financials has come on the government's dime (that would be your tax dollars and debt to be paid by your children and grandchildren, of course). Refinances, mortgage and consumer debt modifications, investment gains from TARP money - these are all one-off windfalls. They blew in, and they will very likely blow right back out. What then?

Bank of America (NYSE:BAC) currently has a forward P/E of 10. Compound annual growth for the next 5 years is 7.6%. BAC also has $225 billion more debt than cash. Quite frankly, I don't see any upside to BAC. And that makes me worry about the downside.

*****As you know, I've pointed out moments where it looked as though stocks were about to head lower with comments like "cracks are showing" or "the news cycle is turning negative." So far, no significant downside has occurred. Of course, that doesn't mean it won't.

Consumer confidence has been steadily rising, and stock prices show it. We're also moving into the summer months, which are traditionally the worst months for stocks. 

For now, the best advice is an observation - a trend is in place until it turns. There's no reason to simply sell or take downside positions now. But keep your eye in things, apply stop losses to your positions and we'll see what happens.

If you want to get a clearer idea of what's going to be happening in the markets, be sure to check out TradeMaster's Jason Cimpl sharing his thoughts on the SPX, which tracks the S&P 500. He's calling for the near term for a bullish trend. You can view the video HERE (no registration or sign up required).

Medivation Inc. (Nasdaq:MDVN), Blue Coat Systems Inc. (Nasdaq:BCSI) and Star Bulk Carriers Corp. (Nasdaq:SBLK) are among the most actively traded companies in Wednesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: MAP Pharmaceuticals Inc. (Nasdaq:MAPP), Solarfun Power Holdings Co Ltd. (Nasdaq:SOLF), Take Two Interactive Software Inc. (Nasdaq:TTWO), Eagle Bulk Shipping Inc. (Nasdaq:EGLE), CardioNet Inc. (Nasdaq:BEAT) and A Power Energy Generation Systems Ltd. (Nasdaq:APWR).

MAP Pharmaceuticals Inc. (Nasdaq:MAPP), Geokinetics Inc. (Nasdaq:GOK) and Duckwall Alco Stores Inc. (Nasdaq:DUCK) are among the biggest percentage gainers in Wednesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: A Power Energy Generation Systems Ltd. (Nasdaq:APWR), Solarfun Power Holdings Co Ltd. (Nasdaq:SOLF), Ocean Power Technologies Inc. (Nasdaq:OPTT), Polypore International Inc. (Nasdaq:PPO), Federal Mogul Corp. (Nasdaq:FDML) and Greene County Bancorp (Nasdaq:GCBC).

MAP Pharmaceuticals Inc. (Nasdaq:MAPP), Origin Agritech Ltd. (Nasdaq:SEED) and AgFeed Industries Inc. (Nasdaq:FEED) are among the most actively traded companies in Wednesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Star Bulk Carriers Corp. (Nasdaq:SBLK), Take Two Interactive Software Inc. (Nasdaq:TTWO), Tessera Technologies Inc. (Nasdaq:TSRA), Century Aluminum Co. (Nasdaq:CENX), Canadian Solar Inc. (Nasdaq:CSIQ) and Vanda Pharmaceuticals Inc. (Nasdaq:VNDA).

Small caps lead today’s market (as of 2:30 p.m. Eastern) with the Russell up 4.62%, the Nasdaq up 3.27%, and the Dow Jones Industrial Index up 2.43%. Select small cap stocks leading the market include MAP Pharmaceuticals (Nasdaq:MAPP) up 173.02%, SYMS Corporation (Nasdaq:SYMS) up 20.1%, and with AgFeed Industries (Nasdaq:FEED) a 17.5% one day gain.

*****I hope every one had a fun and relaxing Memorial Day weekend. Pools are open, school is winding down, and summer is almost here.

There were some fireworks over the weekend, but the not the fun kind. North Korea’s Kim Jong Il staged a nuclear bomb test and fired a couple short-range missiles. It’s reported that stocks in Asia were lower after the tests, but I think we need to be more clear about the risk that North Korea poses to the financial markets.

Kim Jong Il has a long history of provocative actions that are usually designed to give him leverage. In essence, he’ll stop the tests if the world gives him money. Sure, it’s blackmail. But it’s been the easiest way to deal with the pest, especially if you’re South Korea or Japan as his primary targets, or the U.S. as the first line of defense for those nations.

I expect we are moving toward a situation where blackmail money isn’t enough. There will probably be a UN Security Council resolution and more pressure on North Korea to cease and desist.

But is North Korea’s nuclear testing really a market moving event? I’d have to say no, it is not.

*****Investors have already ramped stock prices in the face of significant economic problems. Of course, there are some pretty strong signs that the economic free-fall has stopped and the financial sector has stabilized. In this environment, corporate earnings can be expected to stabilize and that means it’s once again possible to make somewhat reliable valuation estimates for individual stocks.

In other words, a measure of uncertainty has been removed from corporate earnings. That’s what’s fueled the rally since March 10th. There’s less risk of massive earnings revisions, and that’s showed up in the VIX.

*****The VIX is the Volatility Index kept by the Chicago Board Option Exchange (CBOE). The VIX measures how much it costs to hedge a portfolio with put options against a 10% drop in the S&P 500.

The specifics of hedging with put options aren’t important here. The point is that the VIX has dropped to its lowest levels since September 12, when Lehman Bros. declared bankruptcy.

The VIX is low because institutional investors are not using put options to hedge their stock holdings. This can mean two things: investors believe stock prices are heading higher; or, as Bloomberg suggests, many investors don’t have enough profits to justify the expense of hedging. Each has very different implications.

*****If institutional investors believe there’s more upside, great. We can expect the rally to continue, or at worst, stabilize. But if investors don’t have enough profits to justify the hedging expense, it suggests they’ll simply sell at the first sign of trouble to lock in what gains they have. That’s not as good because that could send stock prices sharply lower.

*****Contrarian investment wisdom says that “When the VIX is low, it’s time to go.” This means that when investors ignore market risk, and send the VIX to low levels, a situation of “irrational exuberance” is created and it’s time to keep an eye on the exits.

But the VIX has a ways to go before it starts to indicate that investors are overly optimistic. For now, I think we’re better off interpreting the relatively low levels on the VIX as an indication that much of the systemic risk to stocks has been removed.  

Now, we have to get through the summer months, which is traditionally the worst period of the year for stocks…

How do you interpret the VIX and the numbers we’re seeing? Are you planning to load up on shares or take profits at the first sign of market weakness?

MAP Pharmaceuticals Inc. (Nasdaq:MAPP), Syms Corp. (Nasdaq:SYMS) and AgFeed Industries Inc. (Nasdaq:FEED) are among the biggest percentage gainers in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Oxford Industries Inc. (Nasdaq:OXM), Tween Brands Inc. (Nasdaq:TWB), iPCS Inc. (Nasdaq:IPCS), Origin Agritech Ltd. (Nasdaq:SEED), Cedar Income Fund REIT (Nasdaq:CDR) and Monotype Imaging Holdings Inc. (Nasdaq:TYPE).

Stocks slid sharply today on weak housing data released this morning and on further stress in the financial sector as investors remain doubtful about the U.S. government’s bank plans. Some of today’s small-cap gainers were Radiant Systems (Nasdaq:RADS), SeaBright Insurance Holdings (NYSE:SBX) and The Spectranetics Corporation (Nasdaq:SPNC).

Other Market Watch highlights today included:

• The Russell 2000 (NYSE:IWM) was down 11.04, or 2.68%, to 401.44 at closing.
• The Dow fell 1.09%, and the S&P 500 was down 1.07% at closing.
• For the year, the Russell is now down 19.62%, while the Dow is down 17.15% and the S&P 500 is down 15.32%.
• New data out this morning showed January existing home sales fell by 5.3%, to an annual rate of 4.49M last month from 4.74M in December. This is the lowest level in nearly 12 years.
• The Mortgage Bankers Association released today that U.S. mortgage applications fell last week, reflecting a sharp drop in demand for refinancing as mortgage rates ticked higher.
• The Obama administration has begun making the 20 largest U.S. banks — including Bank of America (NYSE:BAC) and Citigroup (NYSE:C) — undergo "stress tests" today to see if any can weather further recessionary pressure.
• An industry association said this morning that China plans to build up a "Big 10" group of globally competitive automakers, led by General Motors partner Shanghai Automotive Industrial Corp.
• A new report out says that American International Group may scrap its plan to repay a $60 billion U.S. government loan by selling businesses, according to Bloomberg. 

Small Cap Gainers:

• Radiant System shares rose 20% on a better-than-expected Q4 profit. See (Nasdaq:RADS).
• SeaBright Insurance Holdings closed up over 15% on an FBR upgrade and a Q4 EPS that beat estimates. See (NYSE:SBX).
• The Spectranetics Corporation climbed 11% and pared some major losses seen Tuesday when the small cap reported a widened Q4 loss. See . . .

Rambus Inc. (Nasdaq:RMBS), Zhongpin Inc. (Nasdaq:HOGS) and Cracker Barrel Old Country Store Inc. (Nasdaq:CBRL) are among the most actively traded companies in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Central European Media Enterprises Ltd. (Nasdaq:CETV), MAP Pharmaceuticals Inc. (Nasdaq:MAPP), Geron Corp. (Nasdaq:GERN), Bucyrus International Inc. (Nasdaq:BUCY), DrdGold ADR (Nasdaq:DROOY) and Huron Consulting Group Inc. (Nasdaq:HURN).

Although today usually marks one of the quietest trading weeks of the year, stocks ended overwhelmingly lower at closing, pulled down by shares of retailer, tech, automotive and energy companies. Some of today’s small-cap gainers are MAP Pharmaceuticals (Nasdaq:MAPP), Palm (Nasdaq:PALM) and Colony Bankcorp (Nasdaq:CBAN).

Other Market Watch highlights today included:

• Automakers were finding out that the glow from Friday’s $13.4 billion dollar White House bailout had a short shelf-life among investors.
• Credit Suisse analysts lowered its rating on GM to “underperform” and cut their price target to $1.
• Despite the soft tone in equities, Treasury markets were relatively tame and actually were lower into the final hour of trading.
• Risk appetite on the equity side of things was also an issue today, with small caps noticeably underperforming large caps most of the day.
• Crude oil prices tumbled again today, pulled down by worries not just about the demand picture from the United States, but also from China.
• Crude oil prices lost almost 6% in U.S. trading, slipping back below $40 a barrel on the close. 

Small Cap Gainers:

• MAP Pharmaceuticals (Nasdaq:MAPP) closed up over 20% after announcing a worldwide collaboration with AstraZeneca to develop and commercialize a new drug.
• Palm (Nasdaq:PALM) gets $100 million investement, shares rallied . . .

Small-cap stocks extended the morning decline into midday trading, with retailer stocks leading the way down. Additional pressure came from sinking energy stocks, a weak tone in some commodity names, tumbling automakers and modest declines in financial shares as well. Some of today’s small-cap gainers are MAP Pharmaceuticals (Nasdaq:MAPP), Palm (Nasdaq:PALM) and Colony Bankcorp (Nasdaq:CBAN).

Other Market Watch highlights today included:

• Restaurants were a hot item on Friday, but were a little cool this morning, perhaps tied to profit-taking and also from the ongoing worries about the economy.  
• Credit Suisse analysts lowered its rating on GM to “underperform” and cut their price target to $1.  
• Automakers were finding out that the glow from Friday’s $13.4 billion dollar White House bailout had a short shelf-life among investors. 
• Crude oil was off more than 3%, slipping back below $41 a barrel as Chinese imports tumbled to the lowest level of the year in November. 

Small Cap Gainers:

• MAP Pharmaceuticals up 30% after announcing a worldwide collaboration with AstraZeneca to develop and commercialize a new drug. See (Nasdaq:MAPP).
• Palm gets $100 million investement, shares rally 20%. See (Nasdaq:PALM).  
• Colony Bankcorp up 28% after declaring a fourth quarter dividend on Friday. See (Nasdaq:CBAN).  
• Benihana awarded Xanadu liquor permit by state; shares pop 12%. See (Nasdaq:BNHNA).  

Small Gainers:

• Maguire Properties down 22% after suspending dividend on Friday. See (NYSE:MPG).
• Among small-cap movers, eatery chain Lubys Inc. is down 17%. See (NYSE:LUB).
• Browne & Co. Inc. is down 15% as the marketing communications firm gave back a huge chunk of Friday’s rally. See (NYSE:BNE).  
• Oxford Industries Inc. is down 14% as the apparel maker turned south along with other apparel and retail names after a strong performance last week. See (NYSE:OXM).  

Colony Bankcorp Inc. (Nasdaq:CBAN), MAP Pharmaceuticals Inc. (Nasdaq:MAPP) and PAM Transportation Services Inc. (Nasdaq:PTSI) are among the biggest percentage gainers in Monday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Transcat Inc. (Nasdaq:TRNS), iPCS Inc. (Nasdaq:IPCS), Seneca Foods Corp. (Nasdaq:SENEB), Palm Harbor Homes Inc. (Nasdaq:PHHM), Auburn National Bancorp Inc (Nasdaq:AUBN) and MetroCorp Bancshares Inc. (Nasdaq:MCBI).

Here are the biggest percentage gainers among small caps:

Small-cap stocks extended the morning decline into midday trading, with retailer stocks leading the way down. Additional pressure came from sinking energy stocks, a weak tone in some commodity names, tumbling automakers and modest declines in financial shares as well. At 12:31 p.m. ET, the Russell 2000 (NYSE:IWM) was down 15.82, or 3.25%, at 470.44.

Last weekend was supposed to serve up one final heroic shopping push into the Christmas holiday, but awful weather in several key markets around the country didn’t exactly help save the day. Analysts at DA Davidson today said that this shopping season could be the poorest in some 25 years, since the recession back in the early 1980s. The S&P Retail Index was off some 4% at mid-session.

Crude oil prices resumed the downward path after showing some upside potential earlier this morning. Crude oil was off more than 3%, slipping back below $41 a barrel as Chinese imports tumbled to the lowest level of the year in November. Energy stocks were off about 2.5%.

Automakers were finding out that the glow from Friday’s $13.4 billion dollar White House bailout had a short shelf-life among investors. General Motors Corp. (NYSE:GM) was down 16% at midday, while Ford Motor Co. (NYSE:F) was off 11%. Credit Suisse analysts lowered its rating on GM to “underperform” and cut their price target to $1, saying that GM’s credit could be entirely wiped out if it complies with restructuring mandates in the bailout fine print.

Restaurants were a hot item on Friday, but were a little cool this morning, perhaps tied to profit-taking and also from the ongoing worries about the economy. Among small-cap movers, eatery chain Lubys Inc. (NYSE:LUB) was down 17%. Other small caps on the decline included Jones Apparel Group Inc. (NYSE:JNY) off 15% and Browne & Co. Inc. (NYSE:BNE), down 15% as the marketing communications firm gave back a huge chunk of Friday’s rally. Oxford Industries Inc. (NYSE:OXM) was down 14% as the apparel maker turned south along with other apparel and retail names after a strong performance last week. On the upside, MAP Pharmaceuticals Inc. (Nadsaq:MAPP) remains a popular small-cap share on the rise after . . .

The Russell 2000 (NYSE:IWM) pushed higher Friday, gaining a boost from merger activity in the banking sector, a jump in restaurant shares and a lift from news of a rescue plan for automakers. All of those factors help offset sloppy action in commodities, and worries about retailer sales into a key shopping weekend. Some of today’s small-cap gainers are Provident Bankshares (Nasdaq:PBKS), MAP Pharmaceuticals (Nasdaq:MAPP) and Rubicon Technology (Nasdaq:RBCN).

Other Market Watch highlights today included:

• Tech stocks were a noteworthy source of strength Friday.
• Energy and commodity physical markets struggled today, weighed down by concerns about demand amid slumping economic conditions.
• Crude oil futures eventually closed down $2.35 a barrel, or 6%, at $33.87, the lowest close for a nearby contract since February 2004.
• Retailer shares were a source of weakness for stocks today, a gloomy note into what has been billed as the busiest shopping weekend of the entire year.
• Looking ahead to next week’s action, the market will be facing what is historically one of the slowest weeks of the year. 

Small Cap Gainers:

• M&T Bank Corporation will qcquire Provident Bankshares Corp. (Nasdaq:PBKS); shares of PBKS closed up a whopping 60% on the news.
• MAP Pharmaceuticals Inc. (Nasdaq:MAPP) soared 36% on unusually . . .

Small-cap stocks pushed higher Friday, gaining a boost from merger activity in the banking sector, a jump in restaurant shares and a lift from news of a rescue plan for automakers. All of those factors help offset sloppy action in commodities, and worries about retailer sales into a key shopping weekend. The Russell 2000 (NYSE:IWM) closed up 7.09, or 1.48%, at 486.26 and is now down 37% for the year. Meanwhile, the Dow is off 35% for 2088 and the S&P 500 is down 40%.

Small caps were noticeably strong relative to large caps, fueled by M&A activity in the banking area. “I think that the M&T Bank Corp. (NYSE:MTB) purchase of Provident Bankshares Corp. (Nasdaq:PBKS) has caused investors to see value in small-cap banks and the purchase came at a nice premium,” Nick Kalivas, vice president of financial research with MF Global, said in an email interview. PBKS shares jumped 60% on the news.

Kalivas also said that positive profit news from restaurant operator Darden Restaurants Inc. (NYSE:DRI) provided a lift to the restaurant sector, which was reflected through impressive positive breadth in small-cap eateries. Small-cap restaurants on the move today included Cheesecake Factory Inc. (Nasdaq:CAKE) which jumped 12%; Brinker International Inc. (NYSE:EAT) up 29% as the firm completed a sale of the Macaroni Grill; The Steak n Shake Co. (NYSE:SNS), up 12%; and Papa Johns International Inc. (Nasdaq:PZZA) up 8%.

In addition, Kalivas said that the general atmosphere of cheaper gasoline and a mini-wave of refinancing activity provides a supportive element to the small-cap universe.

As for today’s quadruple witching expirations of stock index futures, options and single stock futures, Kalivas said that “pinning” action (which refers to . . .

Small-cap stocks remained higher into the midday time frame, but the market did pull back well off the morning highs. A White House lifeline to automakers lifted market sentiment, and tech stocks were solid performers, helping to counter declines in retail and some commodity names, but the morning rise appeared to be on precarious footing heading into afternoon trading. Some of today’s small-cap gainers are MAP Pharmaceuticals (Nasdaq:MAPP), AbitibiBowater (NYSE:ABH) and China Eastern Airlines Corp.  (NYSE:CEA).

Other Market Watch highlights today included:

• The poorest performers so far included forest products, steel companies, home improvement retailers, footwear manufacturers and dept stores 
• The market could be vulnerable to a “buy-the-rumor, sell-the-fact” response to the automaker bailout now that the package is a known event.
• Energy stocks are up about 1% even though crude oil prices are down about $0.70 a barrel and tumbled to fresh 4 ½-year lows earlier today.  
• The best performers are industrial REITs, automobile manufacturers, IT consulting firms, gas utilities companies, managed healthcare firms.  
• Small-cap stocks remained higher into the midday time frame, but the market did pull back well off the morning highs. 

Small Cap Gainers:

• Midas Inc. jumped 24% as the Canadian life sciences company appears to be breaking out to the upside after an extended bottoming process. See (NYSE:MDS).  
• Alamo Group Inc. jumped 22% as the snow removal and tractor equipment product maker has seen unusually wide price swings this week. See (NYSE:ALG).  
• Bottomline Technologies rises 18% after announcing a partnership with QAD earlier this week. See (Nasdaq:EPAY)


Small Cap Losers:

• W Holding Company down 28% on lower-than-average volume. See (NYSE:WHI).
• FirstFed Financial is down 15% on heavy short interest. See (NYSE:FED).  
• Gushan Environmental Energy down 12% as energy stocks are on the slide today. See (NYSE:GU).  
• Gabelli & Co. downgrades Tennant to "sell;" shares fall 10%. See (NYSE:TNC). 

Provident Bankshares Corp (Nasdaq:PBKS), MAP Pharmaceuticals Inc (Nasdaq:MAPP) and Midas Inc (Nasdaq:MDS) are among the biggest percentage gainers in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: RHI Entertainment Inc (Nasdaq:RHIE), Alamo Inc (Nasdaq:ALG), Bottomline Technologies  Inc (Nasdaq:EPAY), Neenah Paper Inc (Nasdaq:NP), Multi Color Corp (Nasdaq:LABL) and Columbia Banking System Inc (Nasdaq:COLB).

Small-cap stocks opened higher, bolstered by news that the White House extended a rescue loan to beleaguered automakers, which sparked money flow into stocks and away from credit markets. Commodities are on weak footing this morning and credit ratings for a bevy of financial firms were lowered overnight, which could limit some buying enthusiasm. Investors will be on the lookout for pockets of unexpected volatility today as “quadruple witching” expirations take place.  Some of today’s small-cap gainers are MAP Pharmaceuticals (Nasdaq:MAPP), AbitibiBowater (NYSE:ABH) and China Eastern Airlines Corp.  (NYSE:CEA).

Other Market Watch highlights today included:

• Obscured by this morning’s auto enthusiasm was news that credit ratings agencies were downgrading financial and bank companies overnight .
• As for crude oil, the market on “black gold” was down $1.50 a barrel into the stock market open, which could weigh on energy shares again.  
• With the U.S. dollar in rally mode this morning (up about 2% against the euro), it’s likely that commodity markets in general will struggle.  
• Heading into today’s action, stock markets overseas were on the defensive, with Asian equities slipping about 0.6%.

Small Cap Gainers:

• MAP Pharmaceuticals gapped higher and gained 47% on news of a deal with AstraZeneca to develop a pediatric asthma drug. See (Nasdaq:MAPP).  
• AbitibiBowater addresses NYSE listing standards; shares rise 27%. See (NYSE:ABH).
• China Eastern Airlines Corp. Ltd. rose 12%, jumping in response to news out of China overnight that jet fuel prices were cut by the Chinese government. See (NYSE:CEA).  
• GeoMet up 12% on lower-than-average volume. See (Nasdaq:GMET).  

Small Cap Losers:

• PDL spins off biotech assets, moves headquarters to Tahoe; shares plummet 26%. See (Nasdaq:PDLI).  
• Ceradyne down 20% in pre-market on very light volume, giving back some of the immense gains the stock saw over the last week. See (Nasdaq:CRDN). 
• Intrepid Potash, Inc. falls over 12% after lowering FY 2008 production guidance. See (NYSE:IPI).  
• Gardner Denver to cut 9% of salaried workforce; slashes forecast. Shares fall 5.3%. See (NYSE:GDI).  

Hallwood Group Inc. (Nasdaq:HWG), Quixote Corp. (Nasdaq:QUIX) and Penns Woods Bancorp Inc. (Nasdaq:PWOD) are among the new 52-week lows in Monday's trading among companies with market capitalizations under $1 billion.

Also included among the results: KMG Chemicals Inc. (Nasdaq:KMGB), TF Financial Corp. (Nasdaq:THRD), Johnson Outdoors Inc. (Nasdaq:JOUT), Federal Mogul Corp. (Nasdaq:FDML), MAP Pharmaceuticals Inc. (Nasdaq:MAPP) and LeCroy Corp. (Nasdaq:LCRY).

Here are the new 52-week lows among small caps:

Kenexa Corp. (Nasdaq:KNXA), InterDigital Inc. (Nasdaq:IDCC) and US Global Investors Inc. (Nasdaq:GROW) are among the biggest percentage losers in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Eagle Rock Energy Partners L.P (Nasdaq:EROC), Sunrise Senior Living Inc. (Nasdaq:SRZ), Internet Initiative Japan Depository Receipt (Nasdaq:IIJI), WNS Holdings Ltd. (Nasdaq:WNS), MAP Pharmaceuticals Inc. (Nasdaq:MAPP) and MAXXAM Inc. (Nasdaq:MXM).

Here are the biggest percentage losers among small caps:

Small-cap stocks pushed higher early Wednesday, trying to recapture some of the huge losses from Tuesday’s collapse, which was powered by sinking financial, homebuilder and commodity shares. Financial shares were still on wobbly footing this morning, but commodity stocks were rising nicely. At 9:56 a.m. ET, the Russell 2000 (NYSE:IWM) was up 9.23, or 1.30%, at 716.52.

In the wake of Tuesday’s collapse, which marked the largest one-day swoon of 2008, traders were keeping a close eye on trading in Lehman Brothers Holdings Inc. (NYSE:LEH), which released earnings under fire ahead of the opening after sinking more than 40% Tuesday. LEH, then nation’s fourth-largest investment bank, confirmed they were shopping prized assets in an effort to raise capital. The swirl of fear encompassing LEH seemed to calm somewhat this morning, with LEH shares bouncing back and forth near steady levels shortly after the open.

Well ahead of the opening, the MBA mortgage applications index jumped 9.5%, boosted by a decline in the 30-year fixed mortgage rate, which dipped to 6.06% from 6.39% the previous week. The market is basically economic indicator free today, ahead of Thursday’s weekly claims report and Friday’s PPI/retail sales tandem, which could set the tone for the finish to what has already been a wild week for stocks. Speaking of economic indicators, in a research report this morning, Goldman Sachs said that last Friday’s weak employment report “Closes the argument when it comes to whether or not the economy is in recession — it is.”

As recession talk in America picks up steam once again, it coincides with concerns that the global economy is also slowing, which has been blamed for some of the recent downdraft in commodity prices. In addition, some hedge funds that were long commodity stocks have been unraveling those trades, exacerbating the move. On the commodity front this morning, crude oil prices climbed back into positive territory into the stock market opening, rising about 90 cents a barrel back above $104. OPEC leaders surprised energy market watchers by deciding to trim output by 500,000 barrels a day at their meeting in Vienna Tuesday, which provides some support to energy prices. Stabilizing energy values however, represents a double-edged sword for equities; while it might support falling commodity names, it also thwarts . . .

SI Financial Group Inc. (Nasdaq:SIFI), National Coal Corp. (Nasdaq:NCOC) and MAP Pharmaceuticals Inc. (Nasdaq:MAPP) are among the biggest percentage losers in Wednesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Griffon Corp. (Nasdaq:GFF), General Steel Holdings Inc. (Nasdaq:GSI), Metalico Inc. (Nasdaq:MEA), Titan Machinery Inc. (Nasdaq:TITN), Cal-Maine Foods Inc. (Nasdaq:CALM) and Exide Technologies (Nasdaq:XIDE).

Here are the biggest percentage losers among small caps:

Small-cap stocks pushed lower Monday as credit crunch fears resurfaced, igniting a flurry of selling in the financial sector that spread into several other arenas as well. The Russell 2000 (NYSE:IWM) tumbled 7.25, or 0.97%, to 741.03. For much of the day, small caps appeared set to generate the largest one-day percentage decline in nearly a month, but some late buying in the final half-hour lifted the market well off the intraday lows.

Renewed concerns about the credit crisis originated overseas in the United Kingdom when Bradford & Bingley (LON:BB), a large mortgage provider for residential rental units said that housing market woes are deepening. Shares in Bradford & Bingley tumbled 24% and sparked selling enthusiasm in various European banks.

Selling in financial shares picked up additional momentum when Standard & Poor’s lowered credit ratings on some key U.S. securities firms. Lehman Bros. (NYSE:LEH) shed over 7% on the ratings news, while Morgan Stanley (NYSE:MS) and Merrill Lynch (NYSE:MER) both lost over 3%.

In addition to the concerns over mortgage houses, brokerage firms and other financial shares, a couple of major American banks changed up top management leaders, which also shook up the market. Wachovia Corp. (NYSE:WB) ousted its CEO and the stock slid about 2%. Meanwhile, Washington Mutual (NYSE:WM), said it would strip away the title of chairman from its chief executive next month. Washington Mutual shares dipped to their lowest level since mid-March on the news, but bounced back to close near steady levels.

Even though the credit crunch concerns dominated investor psychology today, a reversal in crude oil from overnight losses probably didn’t help matters for the bulls. Crude oil climbed back to nearly $128 dollars a barrel, while gold pushed higher. In addition, wheat futures jumped 2.7% and corn rallied about 2.6%. The Commodity Research Bureau Index climbed 0.85% and is just slightly below the record . . .

Palm Harbor Homes Inc (Nasdaq:PHHM), Kohlberg Capital Corp (Nasdaq:KCAP) and Transcat Inc (Nasdaq:TRNS) are among the biggest percentage losers in Monday's trading among companies with market capitalizations under $1 billion.

MAP Pharmaceuticals Inc (Nasdaq:MAPP), Simcere Pharmaceutical Group (Nasdaq:SCR) and Nexstar Broadcasting Group Inc (Nasdaq:NXST) are also among the biggest percentage losers.

Here are the biggest percentage losers among small caps:

Small-cap stocks were treading water near steady levels, unable to sustain an opening bounce that was tied to short profit-taking from traders who caught the slide yesterday and by decent weekly chain store sales. At 10:02 a.m. ET, the Russell 2000 (NYSE:IWM) was up 0.19, or 0.03%, at 716.40.

The weekly chain store sales report was up 1.4% versus the same week last year and reflected a solid showing by Wal-Mart (NYSE:WMT) and Costco (Nasdaq:COST), which could provide a lift throughout retailer shares this morning. However, Wal-Mart was basically flat early on, and Costco was down about 1.5%. On the plus side on the retail front, plastic shoe maker Crocs Inc. (Nasdaq:CROX) jumped 24% on the opening after investors embraced the company’s outlook for the rest of the year. Crocs has been sinking like a rock since February, which puts today’s rally in a different perspective.

On the economic data front, the weekly claims data came in slightly better than the median forecast at 365,000 versus 375,000, but the report had very little impact on the market. The 10:00 a.m. ET wholesale inventories report came in soft at down 0.1% compared with the forecast for a gain of 0.5%. However, the wholesale inventory report is for March data, is considered dated by many traders and had almost no impact on prices when released.

Price action for small caps was bleak yesterday, with the Russell 2000 generating a bearish outside reversal on daily charts and faltering near a familiar zone that stopped the recovery back in early February. Some of the short-term players . . .

Small-cap stocks pushed higher in early trading action, lifted by a surge in the U.S. dollar, and by yet another economic report that surprised on the upside. At 9:54 a.m. ET, the Russell 2000 (NYSE:IWM) was up 1.52, or 0.21%, at 731.31.

The greenback was on a roll this morning, gaining about 0.9% versus the euro, which would put the buck on a pace to close at the highest level since late March. Dollar strength also was noted against the yen, with dollar/yen rates up nearly 0.7% into the U.S. stock market opening.

Equities markets were lower in after-hours trading, but started to move toward the green after the monthly productivity report beat expectations. The headline figure for productivity came in at a gain of 2.2%, which was above the forecast for a rise of 1.6%. Typically, the productivity report has only a modest impact on stocks, but it did appear to move the S&P 500 about four handles. Perhaps of greater significance is that the productivity report was yet another economic release that topped the forecast, feeding good news to a market that might need it with small caps closing at 13-week highs Tuesday. There’s an old saying in the market that “you have to feed a bull, not necessarily a bear.”

Despite the jump in the U.S. dollar, crude oil prices were still hovering in rare air after setting record intraday and closing price values Tuesday. Amid supply concerns out of Africa, geopolitical strife in the Middle East and analyst forecasts calling for sharp gains in crude oil in coming months, “black gold” remains strong and . . .

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 . . .

Shares of MAP Pharmaceuticals, Inc. (Nasdaq:MAPP) are slightly higher on news after the close on Monday that a stage 2 clinical trial of a drug for the treatment of asthma and chronic obstructive pulmonary disease showed positive results.

“The results…demonstrate our ability to apply our proprietary technologies to combine two drugs within a single particle in a pre-specified ratio and deliver them to the lung,” CEO Timothy Nelson said in a statement.

At 2:29 p.m. ET, the stock had advanced $0.20, or 1%, to $13.70.

MAP Pharmaceuticals’ (Nasdaq: MAPP) stock is looking solid following news before the start of trading that the underwriters of the company’s IPO have purchased an additional 750,000 shares.

The underwriters for the Oct. 5 public offering were Merrill Lynch & Co. (NYSE: MER) and Morgan Stanley & Co. (NYSE: MS), while Deutsche Bank Securities Inc. was co-lead manager. Mountain View, Calif.-based MAP Pharmaceuticals said that the three financial services giants have exercised their over-allotment option in full to purchase an additional 750,000 shares of common stock at the initial public offering price of $12 per share. That increases the total number of shares sold during the offering to 5.75 million, resulting in gross proceeds of $69 million.

At 11:43 a.m. ET, shares MAP Pharmaceuticals (MAPP) had advanced $2.02, or 13%, to $18.11.