Tag - NASDAQGS:BOLT

Small-cap stocks tumbled to fresh move lows early Monday, slipping to the lowest point on intraday charts since August 2003, but mounted a nice recovery rally on a stronger-than-forecast new home sales release. The early decline was fueled by steep losses in global equity trading overnight, which underscored fear of a global growth slowdown. Today’s small-cap gainers are Penn National Gaming (Nasdaq:PENN), Pilgrim’s Pride (NYSE:PPC) and ATP Oil & Gas (Nasdaq:ATPG).

Other Market Watch highlights today included:

• Commodities in general were taking a hit this morning, pulled down by a strong tone in the U.S. dollar, which rose to the highest point versus the euro since April 2006.  
• Small caps tumbled to fresh move lows early Monday, slipping to the lowest point on intraday charts since August 2003, but mounted a nice recovery on a stronger-than-forecast new home sales release.
• Looking at the chart picture, if the Russell quickly cascades through Friday’s low this morning, then it opens the door to another leg down.  
• The strong dollar and fears of a global recession took a toll on commodities, with crude oil down more than $2 a barrel.  
• Global stock markets were on fire sale, with Japan’s Nikkei sinking 6% to the lowest close since 1982, while Hong Kong’s Hang Seng index collapsed 12.7%, the largest 1-day drop in 9 years.

Small Cap Gainers:

• Penn National Gaming up 12% after Q3 EPS vaulted on settlement payment, raises 2008 earnings guidance. See (Nasdaq:PENN).  
• Pilgrim's Pride gets extension on temporary waiver under its credit facilities through November 26, up 11%. See (NYSE:PPC).
• ATP Oil & Gas to buyback 10% of shares outstanding, shares gain 11%.
See (Nasdaq:ATPG).
• Sohu.com posts Q3 above the Street, guides Q4 above estimates, initiates $150M share repurchase program. See (Nasdaq:SOHU).  

Small Cap Losers:

• Natures Sunshine Products Inc. is down 36%, gapping lower, but on light volume. See (Nasdaq:NATR).  
• Timken sinks 30% on no fresh news. See (NYSE:TKR).
• Bolt Technology skids 28% on no fresh news. See (Nasdaq:BOLT)
• Seanergy Maritime Corp. is off about 27%, also on a light volume opening slide. See (Nasdaq:SHIP).  
• Ariba slides 20% despite an upgrade by Cowen and actions to streamline its sourcing and contract management processes. (Nasdaq:ARBA).   

Hooker Furniture Corp. (Nasdaq:HOFT), Bolt Technology Corp. (Nasdaq:BOLT) and Ariba Inc. (Nasdaq:ARBA) are among the biggest percentage losers in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Brookfield Homes Corp. (Nasdaq:BHS), Transcat Inc. (Nasdaq:TRNS), Gulf Island Fabrication Inc. (Nasdaq:GIFI), Hutchinson Technology Inc. (Nasdaq:HTCH), Hercules Offshore Inc. (Nasdaq:HERO) and VisionChina Media Inc. (Nasdaq:VISN).

Here are the biggest percentage losers among small caps:

You hear that? It’s a collective moan heard from drivers across the country, after oil hit another record high of $129 on Tuesday, no doubt translating to yet another price hike at the pump.

Oil prices are expected to remain at high levels for the foreseeable future; some experts are even predicting $150 per barrel oil before year-end. While recording-setting oil prices are disgruntling to many, they are supporting strong exploration trends and feeding nicely into the demand for the tools and services of Bolt Technology (Nasdaq:BOLT) and WSP Holdings (NYSE:WH).

Bolt Technology develops, manufactures and markets marine seismic tools such as air guns and hydrophones used to locate energy reservoirs on the ocean’s floor. The company also operates an industrial products segment that develops, manufactures and sells miniature industrial clutches, brakes and sub-fractional horsepower electric motors.

Bolt Technology should benefit from an 11% increase in worldwide exploration spending forecasted to reach $369 billion in 2008. Deepwater spending will be a major growth area, with 85% of over 200 oil and gas exploration and production companies surveyed indicating a heightened focus on deepwater drilling in 2008. These companies also identified 3-D/4-D seismic as the most important technology influencing their E&P business.

Bolt Technology derives approximately 90% of revenues from sales of marine seismic tools. Drillers use the company’s marine air guns to create acoustic waves that travel to great depths in the earth. Portions of the wave, reflected back by the underlying rock layers, are received as signals by hydrophone devices. Using these tools, drillers can identify formations likely to contain oil. A seismic exploration vessel can tow as many as 60 to 70 air guns along with multiple hydrophone streamers. The air guns are fired simultaneously every 75 feet . . .

The Russell 2000 (NYSE:IWM) has surprisingly zoomed ahead. At 1:19 p.m. ET, the small-cap index had added 3.57 points, or 0.52%, to 691.73. The Dow Jones Industrial Average was up 19.22 points, or 0.16%, to 12,344.64.

Small-cap stocks abruptly moved into the green at around 12:30 p.m. ET, with no apparent reason explaining the sudden spike. The index was in negative territory for most of the morning.

The major bearish news came before the start of trading when Wachovia Corp. (NYSE:WB) reported that it swung to a first-quarter loss, adding that it will sell common and preferred stock to raise capital.

There was also bullish news, coming in the form of a report by the U.S. Census Bureau before the opening that retail sales unexpectedly rose 0.2% in March. However, investors were not impressed because the increase was largely due to a jump in sales at gasoline stations.

Shares of Bolt Technologies (Nasdaq: BOLT) are careening 34.9%, or $9.67, to $18 in pre-market trading due to a 3-for-2 stock split, according to investment bank Dahlman Rose. Over the last 52 weeks, shares have ranged between $22 and $37.

The Russell 2000 (NYSE: IWM) has returned to negative territory after a brief foray in the green. At 11:14 p.m. ET, the small-cap index had lost 4.49 points, or 0.67%, to 667.08. The Dow Jones Industrial Average (INDU) had surrendered 116.08 points, or 0.97%, to 11,855.11.

The bears are dominant on Wall Street following news before the start of trading that Apple Inc. (Nasdaq: AAPL) forecasted a slower sales growth for the second quarter and a forecast by Motorola Inc. (NYSE: MOT) that it will swing to a loss in the current quarter due to a decline in sales of its mobile devices.

Among small-cap companies, Bolt Technology Corp. (Nasdaq: BOLT) reported second-quarter fiscal 2008 earnings that missed analysts’ projections. The Norwalk, Conn.-based developer of seismic energy sources and underwater connectors announced earnings of $3.6 million, or $0.42 per share, below the expected $0.68 per share.

However, the result represents a 52% year-over-year increase.

In economic news, the Mortgage Bankers Association reported that its weekly index of mortgage application volume rose 8.3% for the seven days ended Jan. 18, its third consecutive increase. The Washington, D.C.-based trade association’s index hit a level of 981.5, compared with 906.4 one week earlier.

“Refinance applications are up 92% since the beginning of November and purchase applications are up 7%,” said Jay Brinkmann, vice president of Research and Economics, in a statement. “With tighter credit conditions we do not know how many of these applications will become loans, but it is clear that borrowers are responding to the 40 to 80 basis point drop in rates we have seen since Nov. 2 across products.”

Bolt Technology Corp. (Nasdaq: BOLT) reported second-quarter fiscal 2008 earnings below the consensus on Wall Street, but noted that the outlook for the remaining six months of the fiscal year remains positive.

For the three months ended Dec. 31, 2007, the developer of seismic energy sources and underwater connectors used in offshore seismic exploration for oil and gas recorded net income of $3.6 million, or $0.42 per share, a 52% increase over net income of $2.37 million, or $0.28 per share, earned in the second quarter last year.

The company also issued a 3-for-2 stock split which will be distributed on Jan. 30 and was incorporated into the firm’s earnings release.

The company's current quarter earnings were below the $0.68 per share estimate an analyst polled by Thomson Financial was projecting; however, the analyst's estimate does not incorporate the stock split. Adjusting for the stock split, the analyst's estimate is $0.45 per share, still above the $0.42 the company recorded.

Sales were $17.43 million, roughly in line with the $17.13 million that two analysts polled by Thomson Financial were on average forecasting. The current quarter’s sales represented a 42% increase over the $12.27 million booked in last year’s second quarter.

Sales of Bolt’s geophysical products during the first six months of fiscal 2008 increased 50% compared with the first six months of fiscal 2007; however, sales of Real Time Systems Inc., which the company acquired at the beginning of its fiscal 2008 first quarter accounted for over 26% of the increase.

Shares of Bolt Technology (BOLT) edged down 1.92%, or $0.50, to $25.50 ahead of the opening. Shares of Bolt Technology have been trading in the range of $19.39 to $59.35 for the past 52 weeks.