Tag - NASDAQGM:PRXI

Shares of Premier Exhibitions, Inc. (Nasdaq:PRXI) are gaining ground ahead of the opening bell after the provider of museum quality touring exhibitions throughout the world said this morning that it has completed the composition of its management team to include Bob Sirmans as its Vice President of Business Development and Strategy, Matthew Ringel as its Vice President of Sales and Strategic Partnerships and Bud Ingalls as its Chief Financial Officer. Shares advanced 13%, or $0.83, to $7.20 in pre-market trading.

For detailed price information and recent news stories about Premier Exhibitions, click PRXI. 

The Russell 2000 (NYSE: IWM) futures are up and small caps will probably open higher on news that fourth-quarter economic growth was unchanged.

Gross domestic product increased at the previously announced annual pace of 0.6% in the last three months of 2007, the U.S. Commerce Department reported before the opening today. The data match economists’ projections.

Economic growth during the entire 2007 year was 2.2%, the slowest in five years.

Wednesday looked a lot like Tuesday, at least in terms of the trading range in the Russell 2000. The only difference was a soft close on Wednesday, with small caps dipping 3.16, or 0.45%, to 702.11. Despite the sleepy action Wednesday, daily charts show some interesting patterns, which puts a little more edge on Thursday’s action.

Look for support at 696, then at 685 and 680. Meanwhile, resistance comes in at 706, 717 and 724. The calendar is fairly quiet Thursday, with Weekly Claims data at 8:30 a.m. ET, and a few speeches by Federal Reserve officials during the session.

The Russell 2000 (NYSE:IWM) is in positive territory as the momentum from Tuesday’s jump carries over.

At 10:05 a.m. ET, the small-cap index was up 4.11 points, or 0.60%, to 686.04. The Dow Jones Industrial Average (INDU) had climbed 4.39 points, or 0.04%, to 12,397.05.

Small-cap stocks defied the futures to open higher. The index rose more than 4% on Tuesday on news that the U.S. Federal Reserve has decided to lower its target interest rate 0.75% to 2.25% and better-than-expected quarterly results at major investment banks.

Similarly, the bulls today are helped by news before the opening that Morgan Stanley (NYSE:MS) saw a decline in fiscal first-quarter profit but still beat expectations.

Premier Exhibitions, Inc. (Nasdaq: PRXI) shares are soaring after the developer of museum exhibits announced after the opening that it named a new chief financial officer.

Effective immediately, Harold W. Ingalls will take the helm as the Atlanta, Ga.-based firm’s CFO. Ingalls replaces Steven Couture, who served as CFO of LaRoche Industries Inc. and Serologicals Corp.

Premier Exhibitions shares plunged precipitously on Friday in advance of a news report on ABC’s 20/20 that questioned the sources for the firm’s “Bodies” exhibit, which displays real human bodies. The 20/20 report alleged that some of the bodies in the exhibit came from prisoners who had been executed in China. In response to the report, Premier posted sworn affidavits on its website that asserted the people in the exhibit appeared to die of natural causes.

Also on Tuesday, Premier reported that its board of directors authorized a share repurchase program to buyback up to 3 million shares of common stock. Unless the board terminates the program, the repurchase program will last until Dec. 31 or until 3 million shares have been repurchased. In a regulatory filing, Premier said it will use the cash it has or its credit facility to fund the purchases.

In midday trading, PRXI shares are climbing 23.08%, or $0.99, at $5.28. Over the last 52 weeks, shares have ranged from $4.27 to $18.62.

Premier Exhibitions, Inc. (Nasdaq: PRXI) shares are soaring after investment bank Goldman Sachs Group, Inc. (NYSE: GS) disclosed in a regulatory filing that it owns a 7.8% stage in Premier, a developer of museum exhibits.

In a 13G — a form filed with the Securities and Exchange commission to report a party’s ownership over 5% of a company — Goldman disclosed that it owns about 2.3 million shares, or approximately 7.8% of PRXI shares.

Investors on Internet message boards speculated that the Goldman announcement and subsequent spike in stock price may have cause traders to cover their shorts, which boosted PRXI shares even higher.

Calls to the Atlanta, Ga.-based company, which is responsible for the controversial Bodies exhibit, were not immediately returned.

In today’s trading, PRXI shares soared 23.03%, or $1.40, at $7.48. Over the last 52 weeks, shares have ranged from $5 to $18.62.

The Russell 2000 (NYSE: IWM) and the other major U.S. indices have fallen deep into negative territory as economic concerns take center stage. At 2:46 p.m. ET, the small-cap index was down 9.55 points, or 1.35%, to 695.31. The Dow Jones Industrial Average (INDU) had lost 27.56 points, or 0.22%, to 12,561.51.

The U.S. economy will experience a recession this year and the Federal Reserve will respond with aggressive rate cuts, according to Goldman Sachs Group Inc. (NYSE: GS). The New York-based investment bank wrote in a note to its clients that it expects gross domestic product to contract in the second and third quarters, prompting the Fed to lower the federal funds rate to 2.5%.

The federal funds rate, the rate at which commercial banks make overnight loans to each other, was lowered on Dec. 11 to 4.25% from 4.50%. On Jan. 29, the Fed begins a two-day meeting, with most economists currently expecting that it will not move to cut interest rates before then.

However, William Poole, president of the Federal Reserve Bank of St. Louis, does not see a recession.

“Will housing sector problems push the economy into recession?” Poole asked the Financial Planning Association of Missouri and Southern Illinois in a speech earlier today. “It is too early to tell right now.”

The Russell 2000 (NYSE: IWM) and the other major U.S. indices are moving up and down with no clear direction.
 
At 10:27 a.m. ET, the small-cap index was down 1.88 points, or 0.27%, to 702.98. The Dow Jones Industrial Average (INDU) was up 37.23 points, or 0.30%, to 12,626.30.

With little news on the economic front, stocks are looking for meaning and direction in today’s trading.

The Mortgage Bankers Association reported before the start of trading that mortgage loan application volume for the week ended Jan. 4 increased 32.2%. But the statistics are misleading, because the preceding included the Christmas and New Year holidays.

The four-week moving average, a more stable measure, is down 4.1% to a reading of 624.4 from 650.8.

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

Biggest percentage gainers:

• BabyUniverse, Inc. (KIDS), up 17%.
• Tredegar Corp. (TG), up 13%.
• ICF International, Inc. (ICFI), up 12% on news of an analyst upgrade.

Biggest percentage losers:

• Spectrum Control, Inc. (SPEC), down 36% an analyst has reduced the stock’s target price.
• Premier Exhibitions, Inc. (PRXI), down 22% on news it expects fiscal 2008 earnings to be below expectations.
• West Coast Bancorp (WCBO), down 13% on news it will suffer a pre-tax provision for credit losses of $30 million.

Shares of Premier Exhibitions, Inc. (Nasdaq: PRXI) are plunging to a new 52-week low after the developer and provider of tours for exhibitions worldwide lowered its guidance for its full fiscal year and announced the resignation of its CFO. The company also reported third-quarter revenues a shade lower than estimates.

Shares of Premier Exhibitions plummeted 33.68%, or $2.92, to a new 52-week low of $5.75 ahead of the opening. Shares of Premier Exhibitions have been trading in the range of $6.52 to $18.62 for the past 52 weeks.

Premier Exhibitions lowered its EPS guidance for its fiscal 2008 year ending Feb. 29, 2008, on account of increase in non-cash stock-based compensation expenses incurred in the second half of the firm’s fiscal year as part of the expansion of its management team and board of directors. Additionally, the cancellation of one of the company's exhibitions, delays in the opening of several exhibitions, and poorer performance at certain domestic human anatomy exhibitions also served to drag down bottom-line projections.

The company now expects EPS in the range of $0.38 to $0.46 on revenues in the range of $56.9 million to $61 million. This compares with EPS of $0.24 on revenues of $30 million for fiscal 2007. The Thomson mean estimates for EPS and revenue for fiscal 2008 are $0.60 per share and $66.19 million respectively.

The company also reported third-quarter results. For the three months ended Nov. 30, 2007, the small cap booked revenue of $16.7 million, below the $17.57 million four analysts polled by Thomson were on average projecting. The company earned revenue of $7.9 million in the comparable period last year.

Net income was $4.6 million, or $0.14 per share, a penny above the $0.13 four analysts polled by Thomson were on average forecasting. This compares with net income of $2.8 million, or $0.09 per share, for the third quarter last year.

The Russell 2000 (NYSE: IWM) futures are up slightly and the small-cap index will likely open in positive territory.

Today will be a quiet day, with little news on the economic or corporate front. The Mortgage Bankers Association will reveal numbers on mortgage application volume for the week ended Jan. 4, but that measure typically gets little reaction from investors.

Overseas, the United Kingdom’s FTSE 100 index fell 1.4%, while Japan’s Nikkei 225 index climbed 0.5%.

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:

• Epicor Software Corp. (EPIC), up 15% on news it forecast fourth-quarter revenue above expectations.
• Triad Guaranty Inc. (TGIC), up 12%.
• Isle of Capri Casinos, Inc. (ISLE), up 12%.

Biggest percentage losers:

• InfoSpace, Inc. (INSP), down 49%.
• Premier Exhibitions, Inc. (PRXI), down 31%.
• Spectrum Control, Inc. (SPEC), down 15% on news that fourth-quarter earnings were below analysts’ expectations.

The Russell 2000 (NYSE: IWM) opened in the red on concerns that the U.S. Federal Reserve may not move to lower interest rates.

At 10:45 a.m. ET, the small-cap index was down 1.76 points, or 0.21%, to 819.96. The Dow Jones Industrial Average (INDU) had lost 44.38 points, or 0.32%, to 13,825.88.

Investors are turning their attention to the U.S. Federal Reserve today, which begins a two-day policy meeting.

On Monday, observers were confident that the Fed will cut its target interest rate up to 0.50%, but today an article in The Wall Street Journal is casting doubt on that expectation, claiming that policy makers will likely either cut the federal funds rate 0.25% or leave it unchanged.

The federal funds rate, the rate at which commercial banks make overnight loans to each other, currently stands at 4.75%, after the Fed voted on Sept. 18 to lower it from 5.25%.

The central bank will announce its decision on Wednesday.

In economic news, U.S. consumer confidence continued to fall in October. The Conference Board reported after the start of trading that its index of consumer confidence fell to 95.6 from 99.5 in September.

The Russell 2000 (NYSE: IWM) managed a late-minute razor-thin gain while the major U.S. indices made solid advances on news of strong earnings and speculation of a rate cut. The small-cap index added 0.33 points, or 0.04%, to 821.72. The Dow Jones Industrial Average (INDU) gained 63.56 points, or 0.46%, to 13,870.26.

On a year-to-date basis, the Russell 2000 has increased 4.36%, while the Dow has added 11.19% and the S&P 500 has gained 8.78%.

The small-cap futures were pointing up before the start of trading following news that New York-based Verizon Communications Inc. (NYSE: VZ), the second largest U.S. telecommunications company, reported that revenue for the third-quarter increased 5.8% to $23.8 billion from $22.5 billion a year earlier.

Contributing to the bullish sentiment were retailers RadioShack Corp. (NYSE: RSH) and Best Buy Co. Inc. (NYSE: BBY), which reported upbeat third-quarter earnings.

Among small-cap companies, North American Galvanizing & Coatings (Nasdaq: NGA) rose on news that third-quarter profit more than doubled, while compact construction equipment maker Gehl Co. (Nasdaq: GEHL) fell on news of a decline in profit.

The major U.S. indices opened in positive territory and stayed there throughout the session.

However, small-caps were the exception. The Russell 2000 moved up initially but quickly stumbled and stayed in negative territory during the majority of the session, battling back into the green with just minutes before the close.

The Russell 2000 (NYSE: IWM) futures were higher less than an hour before the opening and the small-cap index will likely open in positive territory.

Retailers posted generally weak same-store results for September, but investors are bullish following news that Wal-Mart Stores Inc. (NYSE: WMT) raised its third-quarter profit outlook.

The Bentonville, Ark.-based giant, the world’s largest retailer, projects a net income of $0.69 per share for the third quarter, above the previous forecast of $0.65 per share.

In economic news, jobless claims for the week ended Oct. 6 fell by 12,000 to a level of 308,000, according to the U.S. Labor Department. Economists were expecting a smaller drop to a seasonally adjusted level of 315,000, following an upwardly revised reading of 320,000 a week earlier.

The numbers indicate a tight labor market.

The Russell 2000 gained but the Dow fell on a day of choppy trading following news of positive economic developments and a rise in government bond yields. The Russell 2000 added 1.93 points, or 0.23%, to finish at 850.13. The Dow Jones Industrial Average fell 11.46 points, or 0.08%, to 13,565.84.

The U.S. Labor Department reported that jobless claims for the week ended June 30 increased 2,000 to 318,000 on a seasonally adjusted basis. That met economists’ expectations.

The picture in the services industry was rosier. The Institute for Supply Management’s index of non-manufacturing businesses moved up to 60.7 in June, from 59.7 in May, the group said after the start of trading. That’s a sign that U.S. economic growth has picked up.

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

Shares of Champps Entertainment, Inc. (Nasdaq: CMPP) are gaining following news this morning that the Littleton, Colo.-based operator of dining restaurants will be acquired by F&H Acquisition Corp., the holding company for Fox and Hound Restaurant Group, for $74.8 million. The stock is up $0.77, or 17%, to $5.40.

Shares of Entrust Inc. (Nasdaq: ENTU) are falling on news on July 4 that the Addison, Texas-based provider of security software expects a net loss of $0.02 per share in the second quarter ended June 30, compared to breaking even a year earlier. Analysts were looking for a profit of $0.03 per share. The stock is down $0.25, or 6%, to $3.75.

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