Tag - NASDAQGM:SGMO

Matrixx Initiatives (Nasdaq:MTXX), Reddy Ice Holdings Inc. (Nasdaq:FRZ) and LCA Vision Inc. (Nasdaq:LCAV) are among the biggest percentage gainers in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Alaska Air Group Inc. (Nasdaq:ALK), Sangamo Biosciences Inc. (Nasdaq:SGMO), Perry Ellis International Inc. (Nasdaq:PERY), SmartHeat Inc. (Nasdaq:HEAT), Media General Inc. (Nasdaq:MEG) and Aristotle Corp. (Nasdaq:ARTL).

The Russell 2000 (NYSE:IWM) dove again Tuesday, closing down over 2% and rejecting a brief afternoon bounce into positive territory. Today’s small-cap gainers are Optimer Pharmaceuticals (Nasdaq:OPTR), Clear Channel Outdoor Holdings (NYSE:CCO) and Hospitality Properties Trust (NYSE:HPT).

Other Market Watch highlights today included:

• For the year, small caps are off 37%, while the Dow is down 34% and the S&P 500 is down 39%.
• Energy, insurance, retail, technology and financial stocks were major sources of weakness today.
• Homebuilders, drug stocks, agriculture products and home entertainment software companies lagged the overall market downdraft.
• Russia is the second-largest oil producer in the world and in addition to the commodity woes right now, had to raise interest rates today to fight off capital outflow and inflation.
• Crude oil prices tumbled to 20-month lows, slipping below $59 a barrel as concerns about demand continue to chip away at commodity valuation.
• Data from China overnight showed that import growth was slowing and that inflation was at a 17-month low.
• The slide in physical markets gained momentum as the dollar rallied against the euro, with the greenback up 1.5% as the day progressed.
• The Commodity Research Bureau Index of 19 commodity markets tumbled some 3%, sinking to the lowest point since December 2003.

Small Cap Gainers:

• Optimer Pharmaceuticals Inc. jumped 87% on news that the firm’s antibiotic drug met late-stage trial goals. See (Nasdaq:OPTR).
• Clear Channel Outdoor Holdings closed up 27% despite being downgraded . . .

Small-cap stocks took a dive again Tuesday, rejecting a brief afternoon bounce into positive territory as concerns about the economy, tumbling corporate profits and slumping commodity markets continue to take a toll. The Russell 2000 (NYSE:IWM) closed down 10.81, or 2.19% at 482.29, the third-lowest daily close in more than five years (all of which have taken place since late October). For the year, small caps are off 37%, while the Dow is down 34% and the S&P 500 is down 39%.

Energy, insurance, retail, technology and financial stocks were major sources of weakness today. Homebuilders, drug stocks, agriculture products and home entertainment software companies lagged the overall market downdraft and some real estate investment trusts (REITS) had a bounce after getting clobbered Tuesday.

The Russell actually pulled into the green around 2:30 p.m. ET, when BlackRock president Robert Kapito said that a $30 billion Bear Stearns mortgage portfolio could be worth more than market expectations. The bounce got additional fuel when housing agencies Fannie Mae and Freddie Mac said that homeowners facing foreclosure who were paying more than 38% of their income on mortgage payments could have those payments reduced. On Monday, Citigroup Inc. (NYSE:C) launched a program that could result in $20 billion worth of refinancing in an effort to keep people in their homes. JP Morgan Chase and Co. (NYSE:JPM), who recently took over Washington Mutual’s massive mortgage portfolio also announced measures in recent days to help out stem the heavy flow of foreclosures. Just a couple of weeks ago, RealtyTrac estimated foreclosure filings at a record number of more than three quarter of a million homes, up a startling 71% in the third quarter.

U.S. equities got a sour start to the day when markets in Asia and Europe were reeling from sinking financial, energy and commodity shares. The European market shed about 4% on the day, while markets in Japan lost 3%, Australia was off 3.5% and India was down 6.6%. But the worst news came from Russia, where the Micex Stock Exchange halted trading for two days when the market tumbled 12%. Russia is the second-largest oil producer in the world and in addition to the commodity woes right now, had to raise interest rates today to fight off capital outflow and inflation at a time when the rest of the world has been slashing rates to battle sluggish economic . . .

Small-cap stocks remained in negative territory into mid-session, pressured by worries about corporate profitability in a sluggish economic environment around the world. At 12:21 p.m. ET, the Russell 2000 (NYSE:IWM) was off 10.23, or 2.07%, at 482.87; meanwhile, losses in the Dow and S&P 500 were running about 1% deeper than what was seen in small caps.

European shares tumbled about 4% for the day, following step with steep declines on many Asian bourses, which clearly sent a chill through American equities as well. Declines in Russia got so bad that they halted trading until Thursday with a 12% loss in tow. Central bank officials in Russia actually raised rates today, hoping to fight capital flight and inflation. Credit futures are near contract highs, with European bond futures making contract highs today, which shows that money flow is into credit instruments, not equities.

Meanwhile, crude oil prices tumbled to 20-month lows today, slipping below $59 a barrel, which kept energy and commodity stocks on the defensive. Looking at S&P sector activity so far today, the only area showing decent strength is agriculture products. Meanwhile, real estate services are getting hammered; tire and rubber and automobile manufacturers are hurting, wireless telecoms are getting clobbered, insurance stocks are down hard, metals and mining shares are down, life insurers are taking a hit and coal stocks are getting smoked.

As for the insurers, analysts at Goldman Sachs lowered ratings on the group . . .

Small-cap stocks tumbled on the open, pulled down by spillover selling from a decline in overseas markets fueled by a weak tone in financial and commodity shares. Today’s small-cap gainers are Optimer Pharmaceuticals (Nasdaq:OPTR), Crucell (NYSE:CRXL) and Great Lakes Dredge & Dock Corporation (Nasdaq:GLDD).

Other Market Watch highlights today included:

• Ernst & Young survey: 52% of CEOs of Russell 2000 companies expect no real economic upswing until 2010.  
• As for the crude oil, the market for black gold was down about $2 a barrel into the U.S. stock market opening and briefly printed below $60.  
• Small caps tumbled on the open, pulled down by spillover selling from a decline in overseas markets fueled by a weak tone in financial and commodity shares.  
• Emerging markets were taking a hit this morning, with stock markets in Russia slipping 9% at times overnight, while shares in Dubai off 7%.  

Small Cap Gainers:

• Optimer Pharmaceuticals soaring 75% in pre-market on Phase 3 news. See (Nasdaq:OPTR).  
• Biotech firm Crucell swings to profit in Q3; shares up over 10% in pre-market. See (Nasdaq:CRXL).  
• Morgan Joseph upgrades Great Lakes Dredge & Dock Corporation to "buy" from "hold;" shares up 8%. See (Nasdaq:GLDD).  


Small Cap Losers:

• Browne & Co. Inc. is off 36% as the marketing communication company took a hit after reporting earnings. See (NYSE:BNE).  
•  Taleo down 29% ahead of the bell after filing notification with SEC for late filing of Q3 report. See (Nasdaq:TLEO).  
• Focus Media Q3 earnings trail Street; Q4 outlook weak. Shares are slumping 35% in pre-market. See (Nasdaq:FMCN).  
• Sangamo Biosciences nerve drug fails a mid-stage trial, shares sink 60% in pre-market. See (Nasdaq:SGMO).  

Small-cap stocks tumbled on the open, pulled down by spillover selling from a decline in overseas markets fueled by a weak tone in financial and commodity shares. At 10:00 a.m. ET, the Russell 2000 (NYSE:IWM) was down 11.42, or 2.32%, at 481.69.

Slumping energy and commodity values already took a toll on overseas equities heading toward this morning’s opening. Shares in emerging market countries that are heavily dependent on energy exports — such as Russia and Dubai — were down as much as 9% overnight. Around the world, stock were off 3% in Japan, Hong Kong was down 4.7%, China off 1.1%, Taiwan down 2.1%, Australia off 3.5%, Singapore down 4.1%, South Korea off 2.1% and India down a whopping 6.6%.

As for the crude oil, the market for black gold was down about $2 a barrel into the U.S. stock market opening and briefly printed below $60. Copper, which is considered a key economic indicator, slipped 3% in London and aluminum producer and Dow component Alcoa Inc. (NYSE:AA) said that they were slashing output in this difficult demand environment.

This morning’s soft tone on commodities certainly is a quick turnabout from Monday morning, when commodity markets were in rally mode in Asia and Europe. If you’re wondering why Monday’s “great news” rally out of Asia on China’s announcement to implement a $586 billion stimulus plan, Northern Trust’s James Pressler penned a great piece on the news, questioning how much of the plan was actually “new” stimulus and just how the money to pay for the plan would be raised.

“Given the vagaries of how much real spending was in yesterday’s announcement, we are hesitant to significantly modify China’s growth forecasts upward or downplay the many risks facing the country’s struggling export economy and encumbered financial system,” Pressler said in an email. “However, we do feel that the uncertainties regarding how China will pay this bill will haunt global markets. If Beijing simply issues 4 trillion (yuan) in debt to cover its tab, then the long-term impact would be a manageable domestic issue. However, if it considers liquidating any of its many U.S.-backed assets or no longer buying as much of our debt, this New Deal . . .

Sangamo Biosciences Inc. (Nasdaq:SGMO), DryShips Inc. (Nasdaq:DRYS) and Bidz com Inc, (Nasdaq:BIDZ) are among the most actively traded companies in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Taleo Corp. (Nasdaq:TLEO), Centennial Communications Corp. (Nasdaq:CYCL), Solarfun Power Holdings Co Ltd. (Nasdaq:SOLF), Eagle Test Systems Inc. (Nasdaq:EGLT), Crucell NV ADR (Nasdaq:CRXL) and Canadian Solar Inc. (Nasdaq:CSIQ).

Here are the most actively traded companies among small caps:

Small-cap stocks reversed course Friday, erasing much of the steep gains from Thursday as monthly employment data served up a shocking rise in the jobless rate and crude oil prices exploded to new record highs. The Russell 2000 (NYSE:IWM) shed 22.90, or 3%, to 740.37, ending a volatile week in dizzying fashion. The abrupt decline Friday registered the largest one-day percentage loss since March 6, and marked just the fourth time this year that small caps tumbled 3% in one day.

One could argue that today’s morning setup brewed up a “perfect storm” for stock market declines. Equities came into the session ripe for a bad news surprise following an overdone rally Thursday, and when the unemployment rate shockingly rose to 3½-year highs, it triggered a rout on the U.S. dollar, which in turn fueled a dramatic surge in crude oil prices.

“I think today’s decline was a combination of negative factors: we took out the short base during Thursday’s rally, the jump in oil is negative for the economy via poor growth and inflation, there are rumors of Israel attacking Iran and the labor market is weak,” said Nick Kalivas, vice president of financial research with MF Global, in an email interview with SmallCapInvestor.com.

Today’s monthly employment report showed a baffling jump in unemployment to 5.5%, way beyond the median forecast for a mild rise to 5.1% from 5% the previous month. In fact, the last time the unemployment rate jumped 0.5% in one month took place 22 years ago. Data spin doctors explained away the rise as a sudden surge in college and high school students out looking for summer jobs, or as the number series simply “catching up” with the weak job picture. While the summer job explanation plays well, it’s worth noting that this data is seasonally adjusted, and it’s not as if we’ve never had college kids looking for work in May before. However, some economists cautioned that collection time-frame quirks this go around may have moved a bunch of the summer job crowd up into the May report from June. If so, then a dip in the jobless rate should be seen in next month’s employment data.

“The labor market is under severe stress, firms have stopped expanding payrolls, (there is) no ambiguity here,” Asha Bangalore, economist with Northern Trust, said in an email.  “The National Bureau of Economic Research could take several more months to declare an official onset of a recession, but there is no doubt the U.S. economy is experiencing one. The Fed will not raise the federal funds rate until the unemployment rate falls, [but] the unemployment rate has not even peaked yet, so considerations of a higher federal funds rate by year-end appear far-fetched,” Bangalore . . .

After opening sharply lower, small-cap stocks are continuing to get pummeled mid-session by the worst jobs data this economic cycle has seen yet, rekindling concerns about the state of the U.S. economy. Crude oil gushed back to near record highs, also dragging the market lower.

At 1:18 p.m. ET, the Russell 2000 (NYSE:IWM) had plummeted 15.5, or 2.03%, to 747.77, while the Dow plunged 298.65, or 2.37%, to 12,305.80

Wall Street got a reality check this morning after the Labor Department reported that the unemployment rate jumped a shocking 0.5% to 5.5% in the month of May, the highest since October 2004 and the largest month-to-month increase since February 1986. Economists had forecast a much lower uptick in the unemployment rate to 5.1% from 5%. Non-farm payrolls clocked in at minus 49,000, which was better than the forecast for a slide of 58,000.

“In the post World War II period, every time the unemployment rate has jumped by a full percentage point in the course of a year, the economy has slipped into recession,” Steven Wood, chief economist with Insight Economics, said in an email report. “The bottom line is that jobs declined in May and the economy has clearly slipped into a mild jobs recession because the housing meltdown and credit market turmoil has spread to the broader economy. Persistent job losses will eventually pull the overall economy into recession.” 

BMO Capital Markets foreign exchange strategist Andy Busch says the question is whether the survey week of May 12th captured skewed data or if the seasonal adjustment was somehow unable to correct for a surge, which accounted for two-thirds of the increase in the move from 5.1% to 5.5%.

“This month underscores that volatility and disconnect with a massive increase in job seekers as the labor force rose 577,000 and the participation rate rose to 66.2% from 66%,” Busch said in an email. “Without it, we see employment at only 5.2%. Also, the data toward the end of the month is showing that the economy is not . . .

Small-cap stocks opened lower, pulled down by a surprising jump in the unemployment rate, which climbed to 5.5%, the highest rate in 3 ½ years. At 9:53 a.m. ET, the Russell 2000 (NYSE:IWM) was down 7.37, or 0.97%, at 755.90.

The headline non-farm payroll figure came in at minus 49,000, which was better than the forecast for a slide of 58,000, but the payroll figure was upstaged by the stunning jobless rate number. Economists had forecast a rise in the unemployment rate to 5.1% from 5%, and a jump of 0.5% is extraordinarily rare. In fact, this marked the biggest monthly jump in the unemployment rate in 22 years.

“The unemployment rate soared in May because of huge surge in the labor force, perhaps because of seasonal adjustment difficulties associated with the ending of the school year,” Steven Wood, chief economist with Insight Economics, said in an email report. “However, this big increase may also have been a catch-up from its slow rise in the past few months. In any event, the number of unemployed has increased by 1.6 million to 8.5 million and the unemployment rate has increased by 1 percentage point to 5.5%. In the post World War II period, every time the unemployment rate has jumped by a full percentage point in the course of a year, the economy has slipped into recession.”

Even the headline figure, which might have been embraced by equity bulls if not for the unemployment rate surge, wasn’t exactly a sign of great things. According to Wood, “The bottom line is that jobs declined in May and the economy has clearly slipped into a mild jobs recession because the housing meltdown and credit market turmoil has spread to the broader economy. Persistent job losses will eventually pull the overall economy into recession.”

This was the kind of head-scratching, out-of-leftfield numbers surprise that can hatch an entire cottage industry of data conspiracy theorists. For now, traders and analysts tilted toward the bullish side of things were explaining away the sudden jump . . .

KMG Chemicals Inc (Nasdaq:KMGB), Community Valley Bancorp (Nasdaq:CVLL) and Community Bankers Acquistion (Nasdaq:BTC) are among the biggest percentage losers in Thursday's trading among companies with market capitalizations under $1 billion.

Sangamo Biosciences Inc (Nasdaq:SGMO), Jinpan International Ltd (Nasdaq:JST) and Encore Wire Corp (Nasdaq:WIRE) are also among the biggest percentage losers.

Here are the biggest percentage losers among small caps:

The Russell 2000 (NYSE:IWM) futures are lower but have been moving up following mixed economic and financial news.

The bears and the bulls are doing battle in pre-market trading. The bears are reacting to news this morning that Wachovia Corp. (NYSE:WB) swung to a first-quarter loss. The Charlotte, N.C.-based bank will sell common and preferred stock to raise money.

Futures fell but started improving on news before the opening that U.S. retail sales unexpectedly rose 0.2% in March, according to the U.S. Census Bureau. Economists were expecting sales to stay flat.

The Russell 2000 came under heavy selling pressure Friday, sinking 19.26, or 2.72%, to 688.16. Look for key support Monday at 681, then down at 672. On the upside, resistance is at 696, then at 705 and 712.

This week is full of big economic releases and the Retail Sales data could set the tone for the week ahead. The 10:00 a.m. ET Business Inventories report doesn’t carry the kind of volatility of the Retail Sales release, but could spark a mild bobble in equities.

The Russell 2000 (NYSE:IWM) futures are down and the small-cap index will open lower on news of a rise in weekly jobless claims.

Jobless claims for the week ended March 29 increased 38,000 to 407,000, from an upwardly revised 369,000 the preceding week. The new level is the highest reading in more than two years.

The Russell 2000 closed near opening levels, up slightly to 712.27, a gain of 1.62, or 0.23%. Look for support Thursday at 704, 700 and 695. Meanwhile, resistance comes in at 717, with the big test up at 725.

The Institute for Supply Management Non-Manufacturing survey this morning at 10:00 a.m. ET could spark a little volatility into the morning action, but most traders are already looking ahead to Friday’s big employment data, which could lead to uneven position-squaring type of action Thursday.

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.

Q.E.P. Co., Inc. (Nasdaq: QEPC), Gyrodyne Company of America, Inc. (Nasdaq: GYRO) and Tufco Technologies, Inc. (Nasdaq: TFCO) are among the biggest percentage gainers in Friday's trading among companies with market capitalizations under $500 million.

Here are today's biggest percentage gainers:

Computer hardware maker SBE, Inc. (Nasdaq: SBEI) is rising on heavy trading. Swedish mobile device developer Neonode received a large order from the Norwegian telecommunications company Telenor on Wednesday. SBE announced it’s merging with Neonode earlier in the year. The merger awaits shareholder approval until Aug. 10.

New Brunswick Scientific Co., Inc. (Nasdaq: NBSC) announced it is being taken private by the German laboratory products maker Eppendorf in a $110 million deal.

Solar cell products maker Amtech Systems, Inc. (Nasdaq: ASYS) said it’s booked $4.4 million in new orders.

These are the biggest percentage gainers in Wednesday's trading among companies 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:

The following small-cap companies were making news in after-hours trading Wednesday:

New York-based G-III Apparel Group, Ltd. (Nasdaq: GIII) said for the first quarter of fiscal 2008 ended April 30 that net sales were $35.1 million, compared with $14.4 million in the same quarter the previous year and above analysts' estimates at $28.17 million. The apparel manufacturer and distributor lost $0.42 per share, better than the loss of $0.72 in the same period last year and better than analysts' estimates for a loss of $0.51. The company also said its bookings were strong for the upcoming fall and holiday season, with the exception of a decline in outerwear private label programs. Shares were down $0.90, or about 4%, to $19.80 in after-hours trading. The 52-week range is $8.21 to $26.74.

Sangamo BioSciences, Inc. (Nasdaq: SGMO) said it expects to start a Phase 1 clinical trial on its HIV ZFP Therapeutic. The Richmond-Calif.-based bioscience company said it would hold the trial after it presented data on its efforts to develop a zinc finger DNA-binding protein (ZFP) Therapeutic(TM) for HIV/AIDS. Its program showed that ZFN-modified T-cells are protected from HIV infection. Sangamo was up 6% at $7.75 in after-hours trading.

SeaChange International, Inc. (Nasdaq: SEAC) said it had a 17% increase in revenues to $38.8 million for the first quarter of 2008 ended April 30, compared with the prior year period, but those sales were below analysts' forecasts for $41.42 million. Net loss for the quarter was $0.12 per share, compared with a net loss of $0.15 per share a year ago and worse than the $0.10-per-share loss expected by analysts. Shares of SeaChange were down 10.5% at $8.15 in after-hours trading. The Acton, Mass.-based software company also guided investors to expect less from it than previously indicated. SeaChange said it was now unlikely that first-half fiscal 2008 revenue would exceed revenue for the second half of fiscal 2007.

Shares of Durham, N.C.-based Inspire Pharmaceuticals, Inc. (Nasdaq: ISPH) are trading higher following news after Friday’s close that the U.S. Food and Drug Administration has approved the company’s treatment of bacterial conjunctivitis, a type of eye infection.  Shares are up $0.53, or 7.74%, to $7.38.

The following are the most actively traded companies in pre-market trading among those with market capitalizations under $500 million at 8:44 ET: