Tag - NASDAQGS:XING

Small-cap stocks endured another sizable decline Monday, pulled down by tension over the health of the financial arena at a time when the economy is already struggling with rising unemployment, slumping housing markets and soaring energy costs. The Russell 2000 (NYSE:IWM) shed 10.45, or 1.55%, to 664.50, the third lowest daily close since mid-March.

The closing slide in small caps was a stark difference from this morning as the market appeared poised to begin the week with a relief rally. Stock index futures jumped some 1.6% during overnight action as investors embraced a plan by government authorities to shore up the balance sheet — and market confidence — in government-sponsored mortgage giants Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE). However, that overnight rally failed to gain traction relatively quickly once the market opened today, and a wave of selling swept through banking stocks, especially within the regional banking sector and smaller banks, which took a toll on small-cap index products. Despite opening up amid 20%-plus gains this morning, FNM and FRE eventually closed down 4.2% and 5.8%, respectively.

Elsewhere on the banking front, National City Corp. (NYSE:NCC) plunged 17% after trading was halted briefly on concerns about unusual trading activity. NCC was downgraded by analysts, and the stock dropped anchor, as the unsettling tide of selling coursed through financials a day after IndyMac Bancorp Inc. (NYSE:IMB) failed, becoming the third-largest U.S. bank failure on record.

There was some sense that investors are beginning to fret about all the special bail-out programs needed to avert systemic risk on the financial landscape. After all, there are only so many rabbits that magicians at the Federal Reserve and Treasury Department can pull out of their hats. What’s more, there are some concerns that these recovery efforts could flood the debt market with so much paper that supply issues could hamper funding, or even that the world could balk at “being the buyer of last resort for U.S. government debt,” as noted in a research report . . .

After opening higher on the government’s plan to ease going concerns surrounding Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE), small caps came under pressure 30 minutes into the session and remain submerged midday, as apprehension concerning the financial sector took the forefront.

At 1:23 p.m. ET., the Russell 2000 (NYSE:IWM) skidded 11.29, or 1.67%, to 663.66, while the Dow lost 58.54, or 0.53%, to 11,042.

In an effort to restore confidence in the nation’s largest mortgage insurers Fannie Mae and Freddie Mac, the U.S. Treasury and the Federal Reserve devised a plan over the weekend in which an increase in a treasury line of credit would be extended temporarily. Additionally, as part of the plan the Fed would take on a consultant role. After both mortgage giants saw their share prices lopped off by some 45% last week, midday, Fannie shares were off a slight 2.44% midday, while Freddie stock has reversed course to slip 4.65%. 

However, the plan constructed to pacify an otherwise panicked market soon gave way to concerns about the government’s ability to battle further financial debacles. Investors worry how many potentially more innovative or practical backstops the government has up its sleeve. 

The plan comes on the heels of IndyMac’s (NYSE:IMB) failure on Friday. IndyMac was repossessed by the federal regulators after one of the largest thrift/mortgage banks failed to cover a run by depositors, becoming the third largest banking failure in U.S. history.

In corporate news, the nation’s largest brewer Anheuser-Busch Co. (NYSE:BUD) said that it will embrace a takeover from Belgian brewer InBev NV for approximately $52 billion, one of the few positive market indicators of the day. Merger activity typically creates bullish momentum among investors, as seen in the wake of the booming deal days of 2007. If there are deals in the making among large caps, . . .

Qiao Xing Universal Telephone Inc (Nasdaq:XING), Cardiome Pharma Corp (Nasdaq:CRME) and Stewart Enterprises Inc (Nasdaq:STEI) are among the biggest percentage gainers in Monday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Canadian Solar Inc (Nasdaq:CSIQ), Berkshire Bancorp Inc (Nasdaq:BERK), Brookfield Homes Corp (Nasdaq:BHS), CSG Systems International Inc (Nasdaq:CSGS), Qiao Xing Mobile Communication Co Ltd (Nasdaq:QXM) and China Architectural Engineering Inc (Nasdaq:CAEI).

Here are the biggest percentage gainers among small caps:

Small-cap stocks dipped into the red about 30 minutes after opening solidly higher, pulled down by ongoing jitters in the financial arena despite hope stirred by a Treasury Department plan to help shore up troubled government-sponsored mortgage giants Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE). At 10:00 a.m. ET, the Russell 2000 (NYSE:IWM) was down 3.73, or 0.55%, at 671.22.

The rescue proposal for GSEs was a scenario that reminded many investors of the stock market bottom that accompanied the bailout of Bear Stearns. There was a hope among many that the government would ensure the health of FNM and FRE, a calming influence in the wake of last week’s failure at IndyMac (NYSE:IMB), which became the third largest banking failure in U.S. history when the bank could not cover a run by depositors. Shortly after the open, FNM shares were up 22%, while FRE stock was up 17%. The advance in GSEs was expected to provide a lift to the overall financial sector, but that wasn’t playing out in early trading today.

Anheuser-Busch Co. (NYSE:BUD) announced that it would embrace a takeover from Belgian brewer InBev NV for approximately $52 billion, which is yet another large M&A deal put together in recent days. Merger activity typically creates bullish momentum among investors, and if there are deals to be done in large caps, then there are also bargains to be found in the small-cap arena. BUD shares were up only 1.2% shortly after the open as this takeover has been in the news and priced into the stock for weeks now.

The overnight bounce in U.S. equities pulled the greenback along for the ride, halting a dramatic slide in the buck that hit a crescendo late last week as the GSE crisis spiked. Shortly after the open, the dollar was up 0.2% against the yen, and almost . . .

The Russell 2000 (NYSE: IWM) futures are higher and the small-cap index will open with a rise as investors focus on the U.S. retail sector.

With little business news and no major economic releases due to the Thanksgiving Day holiday, the retail sector will be grabbing headlines.  Today is the so-called “Black Friday”, the day when millions of Americans do their holiday shopping and when retailers become profitable for the year.

Black Friday is traditionally one of the busiest shopping days of the year and typically marks the beginning of the Christmas shopping season.

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


• China Precision Steel, Inc. (CPSL), up 9%.
• China Fire & Security Group, Inc. (CFSG), up 6%.
• Qiao Xing Universal Telephone, Inc. (XING), up 5%.


• City Telecom (H.K.) Ltd. (CTEL), down 16% following the release of its quarterly and annual financial results.
• Sify Technologies Ltd. (LYTS) down 4%.
• Hibbett Sports Inc. (HIBB) down 1%.

Penwest Pharmaceuticals (Nasdaq: PPCO), Qiao Xing Universal Telephone, Inc. (Nasdaq: XING) and BluePhoenix Solutions, Ltd. (Nasdaq: BPHX) are among the most actively traded companies in Tuesday pre-market trading among those with market capitalizations under $750 million:

Shares of Qiao Xing Universal Telephone, Inc. (Nasdaq: XING) are gaining ground in pre-market trading after the Chinese telecommunications company reported a sanguine first half of its fiscal year and guided for a robust second half.

For the six months ended June 30, the small cap said net sales, gross profit and income from operations increased 30.9%, 95.4% and 199.6% respectively to $244 million, $65.2 million and $48.4 million respectively.

Basic earnings per share for the first half before and after the extraordinary gain, which was due to the acquisition of minority interests in a sub-subsidiary, were $2.83 and $2.89 respectively.

Qiao Xing said growth in the first half was due to a 41% increase in the sale of its CECT-branded mobile phone handsets.

For the second half of the year the company expects to continue to record upbeat results. The company estimates that for the second half of 2007, the shipment volume of mobile phone handsets will increase over 80%, and gross margin for the mobile phone business segment will improve significantly, compared with 2006.

Qiao Xing further stated that its CECT-branded mobile phone business is expected to “remain robust in the foreseeable future with continuous launches of creative and differentiated mobile phone handsets.”

Shares of Qiao Xing (XING) edged up $0.30, or 3.02%, to $10.25 in pre-market trading. Shares of Qiao Xing have been trading in the range of $ for the past 52 weeks.

Shares of Qiao Xing Universal Telephone, Inc. (Nasdaq: XING) are gaining ahead of the opening after the telecommunications company said an investor will purchase 1.3 million shares of its common stock at $11.80 per share, for gross proceeds of $15.34 million.

Qiao also noted that the investor will receive four-year warrants to purchase up to 408,461 shares of common stock at $13 per share. The shares and warrants being offered are the last ones under the company's effective but soon-to-expire shelf registration statement previously filed with the Securities and Exchange Commission.

Shares of Qiao Xing Universal (XING) gained 6.6%, or $0.68, to $10.98 ahead of the bell. Shares of Qiao Xing Universal  have been trading in the range of $7.65 to $19.94 for the past 52 weeks.

Vanda Pharmaceuticals Inc. (Nasdaq: VNDA), Trump Entertainment Resorts, Inc. (Nasdaq: TRMP) and Smith & Wesson Holding Corp. (Nasdaq: SWHC) are among the most actively traded companies in Friday pre-market trading among those with market capitalizations under $750 million:

Qiao Xing Universal Telephone, Inc. (Nasdaq: XING), Sierra Wireless, Inc. (Nasdaq: SWIR) and Transmeta Corp. (Nasdaq: TMTA) are among the most actively traded companies in Friday pre-market trading among those with market capitalizations under $750 million:

Origin Agritech Ltd. (Nasdaq: SEED), NPS Pharmaceuticals, Inc. (Nasdaq: NPSP) and ShengdaTech, Inc. (Nasdaq: SDTH) are the most actively traded companies in Thursday pre-market trading among those with market capitalizations under $750 million:

China Sunergy Co., Ltd. (Nasdaq: CSUN), Synta Pharmaceuticals Corp. (Nasdaq: SNTA) and Origin Agritech Ltd. (Nasdaq: SEED) are the most actively traded companies in Wednesday pre-market trading among those with market capitalizations under $750 million:

Hoku Scientific, Inc. (Nasdaq: HOKU), Yucheng Technologies Ltd. (Nasdaq: YTEC) and China Technology Development Group Corp. (Nasdaq: CTDC) are the most actively traded companies in Tuesday pre-market trading among those with market capitalizations under $750 million:

China BAK Battery Inc. (Nasdaq: CBAK), China Precision Steel, Inc. (Nasdaq: CPSL) and LJ International, Inc. (Nasdaq: JADE) are the most actively traded companies in Thursday pre-market trading among those with market capitalizations under $500 million:

Oculus Innovative Sciences, Inc. (Nasdaq: OCLS), Liberty Bell Bank (Nasdaq: LBBB) and Axsys Technologies, Inc. (Nasdaq: AXYS) are among the biggest percentage gainers in Monday's trading among companies with market capitalizations under $500 million.

Here are today's biggest percentage gainers:

BluePhoenix Solutions, Ltd. (Nasdaq: BPHX), Qiao Xing Universal Telephone, Inc. (Nasdaq: XING) and Intac International Inc. (Nasdaq: INTN) are among the most actively traded companies in Wednesday pre-market trading among those with market capitalizations under $500 million:

Accredited Home Lenders Holding Co. (Nasdaq: LEND), Abatix Corp. (Nasdaq: ABIX) and Eddie Bauer Holdings, Inc. (Nasdaq: EBHI) are among the most actively traded companies in Wednesday pre-market trading among those with market capitalizations under $500 million:

Qiao Xing Universal Telephone Inc. (Nasdaq: XING), Provident Financial Holdings Inc. (Nasdaq: PROV) and Colonial Bankshares Inc. (Nasdaq: COBK) are among the biggest percentage gainers in Tuesday's trading among companies with market capitalizations under $500 million.

Here are today's biggest percentage gainers:

Beijing Med-Pharm Corp. (Nasdaq: BJGP), Accredited Home Lenders Holding Co. (Nasdaq: LEND) and Qiao Xing Universal Telephone, Inc. (Nasdaq: XING) are among the most actively traded companies in Monday pre-market trading among those with market capitalizations under $500 million:

Accredited Home Lenders Holding Co. (Nasdaq: LEND), Cumulus Media Inc. (Nasdaq: CMLS) and Hoku Scientific, Inc. (Nasdaq: HOKU) are among the most actively traded companies in Friday pre-market trading among those with market capitalizations under $500 million:

i2 Technologies, Inc. (Nasdaq: ITWO), StealthGas Inc. (Nasdaq: GASS) and Local.com Corp. (Nasdaq: LOCM) were among the most actively traded companies in Wednesday pre-market trading among those with market capitalizations under $500 million:

MEDTOX Scientific, Inc. (Nasdaq: MTOX), Qiao Xing Universal Telephone Inc. (Nasdaq: XING) and Nautilus, Inc. (NYSE: NLS) are the biggest percentage losers in Tuesday's trading among companies with market capitalizations under $500 million:

Here are today's biggest percentage losers:

Seller of telecommunication terminals and equipment Qiao Xing Universal Telephone, Inc. (Nasdaq: XING) reported sales for fiscal year 2006 below estimates and announced it will restate its financial data for 2003, 2004 and 2005.

The Chinese company booked sales for fiscal year 2006 of $412.8 million compared with sales of $356.2 million for fiscal year 2005. An analyst surveyed by Thomson Financial expected fiscal year 2006 sales of $438.8 million.

Qiao Xing filed a Form 20-F with the Securities and Exchange Commission Tuesday to release its 2006 annual report and to restate its financial data.

Shares of Qiao Xing tumbled 18.47%, or $2.64, to $11.33 in Tuesday morning trading.

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

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

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

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

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

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

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

Hearst Communications sold 243,128 of paid-search provider Local.com Corp. (Nasdaq: LOCM) at $9.07, according to Briefing.com.

Home improvement products maker Q.E.P. Co., Inc. (Nasdaq: QEPC) reported first-quarter sales of $57 million, above estimates of $54 million.

Qiao Xing Universal Telephone Inc. (Nasdaq: XING) filed with the SEC a form to release its annual report and restate its financial data from fiscal years 2003, 2004 and 2005.

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

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

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

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

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

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

 

High-definition television maker Syntax-Brillian Corp. (Nasdaq: BRLC) says it expects fourth-quarter sales between $190 million and $210 million, which is inline with Wall Street estimates. The Tempe, Ariz.-based company also raised its calendar year sales guidance to between $1.1 billion and $1.3 billion. Previously, Syntax-Brillian said it expected annual sales of between $0.9 million and $1.1 billion.

Shares of satellite imagery company GeoEye Inc. (Nasdaq: GEOY) are up more than 6% in pre-market trading. The Dulles, Va.-based company was added to the Russell 3000 index earlier this month. On Friday, CNBC pundit Jim Cramer recommended GeoEye as an “incredibly risky play.”

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

The Russell 2000 (NYSE: IWM) and the Dow Jones Industrial Average (INDU) closed at new record highs on news of better-than-expected rise in U.S. July consumer sentiment. The small-cap index added 0.59 points, or 0.07%, to a new record close of 855.77. The Dow gained 45.52 points, or 0.33%, to a record close of 13,907.25. Both indices previously set records on July 12.

The day began with news that June retail sales fell 0.9%, according to the U.S. Commerce Department. Economists were forecasting a drop of 0.1%. Retail sales added 1.5% in May.

Numbers on import prices, which also came out before the start of trading, showed a rise of 1% in June, the Labor Department reported. That’s more than economists’ forecast increase of 0.6% and a result of higher fuel costs and strong worldwide economic growth.

Troy, N.C.-based First Bancorp (Nasdaq: FBNC) announced it is buying Great Pee Dee Bancorp Inc. (Nasdaq: PEDE) for approximately $38.2 million in a stock-for-stock deal.

Qiao Xing Universal Telephone Inc. (Nasdaq: XING) announced it’s filing its FY06 report on July 16.

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

Chinese phone maker and distributor Qiao Xing Universal Telephone Inc. (Nasdaq: XING) said Wednesday that will need more time to file its 2006 annual report on account of “accounting matters.”

Franklin Bank Corp. (Nasdaq: FBTX) announced it will sell $23.3 million of its common stock at $15.70 per share to a group of investors as well as its officers, employees and directors.

Law firm Lerach Coughlin Stoia Geller Rudman & Robbins LLP filed a class action suit on behalf of an institutional investor against Neurocrine Biosciences, Inc. (Nasdaq: NBIX) today.

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

Idenix Pharmaceuticals, Inc. (Nasdaq: IDIX) announced that the Cambridge, Mass.-based company achieved its primary and secondary endpoints in the second trial phase of its hepatitis C drug valopicitabine.

Neurochem Inc. (Nasdaq: NRMX) said that no predictions or conclusions can be made regarding the outcome of the phase III trial for its Alzheimer’s treatment Alzhemed.

On lower sales, Cyberonics, Inc. (Nasdaq: CYBX) announced a fourth-quarter loss of $0.42 per share, compared to a $0.17 a share loss in the year-ago period. Analysts polled by Thomson Financial were expecting a loss of $0.35 per share.

China-based Connect Holdings Ltd. announced progress in its cash offer of $11 per share to acquire all issued shares of Pacific Internet Ltd. (Nasdaq: PCNTF). Withdrawal of acceptances is permitted until 1:00 a.m. ET on June 22.

Nastech Pharmaceutical (Nasdaq: NSTK) reported this morning it received a U.S. patent titled "Cyanocobalamin Low Viscosity Aqueous Formulations for Intranasal Delivery." Issuance of the new patent prompts an obligation by QOL Medical LLC to pay the Bothell, Wash.-based Nastech $2 million under the license agreement granting QOL Medical rights to Nascobal Nasal Spray.

Oil and gas company GMX Resources Inc. (Nasdaq: GMXR) announced successful results from the test drilling of a 20-acre plot in the area of east Texas and northern Louisiana known as Cotton Valley.

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

Wall Street opened flat this morning as U.S. and Chinese officials begin a two-day discussion of economic issues.

At 10:05 a.m. ET the Russell 2000 was up 1.93 points, or 0.23 percent, to 835.58.  Dow Jones Industrial Average was up 13.32 points, or 0.10 percent, to 13,556.20.

U.S. Treasury Secretary Henry Paulson and Chinese government officials kick off two days of talks on a range of economic issues.  The U.S. government has long complained that China keeps its currency artificially undervalued, thus contributing to the large trade deficit between the two countries.

In business news, billionaire investor Kirk Kerkorian, who owns 56% of the MGM Mirage (NYSE: MGM) casino, announced he has bid for two of the company’s properties.  MGM is the world’s second largest casino.

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

Better-than-expected economic news this morning prompted buying of stocks on the opening.

At 9:58 a.m. ET the Russell 2000 was up 1.18 points, or 0.14 percent, to 815.36.  Dow Jones Industrial Average was up 42.26 points, or 0.32 percent, to 13,426.10.

U.S. housing starts rose a greater-than-expected 2.5% in April to an annualized rate of 1.528 million, the Commerce Department reported before the opening bell.  Economists were projecting a drop of 2.2% to 1.485 million.

April’s industrial output increased 0.7%, the U.S. Federal Reserve said before the start of trading.  That’s more than twice the projected rise of 0.3%.  Industrial production has expanded 1.9% over the past 12 months.

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

Qiao Xing Universal Telephone Inc.’s (Nasdaq: XING) stock climbed this morning after the Chinese firm announced it has secured $70 million worth of orders for its Cosun-branded economy mobile phones.

The phones are being sold through Qiao Xing’s subsidiary, Huizhou Qiao Xing Communication Industry Ltd., which also recently launched 11 models of its Cosun-branded economy mobile phone handsets in certain locales in China.

Qiao Xing Universal CEO Wu Rui Lin said the potential of economically less developed markets for mobile phone handsets “is getting bigger.”

He said his firm is poised to take advantage of the market potential by developing desirable products and selling them at competitive prices while keeping operating costs down.

Qiao Xing Universal Telephone (Nasdaq: XING), one of China’s largest manufacturers and distributors of telecommunications products, announced on April 19 that its subsidiary Qiao Xing Mobile Communications has filed an F-1 registration statement with the SEC for the purpose of an initial public offering on the NYSE.

The press release notes, “Qiao Xing Mobile Communication Co., Ltd. ('QXM' or the 'Company'), a British Virgin Islands incorporated company that owns a 93.4% equity interest in CEC Telecom, Co., Ltd. (CECT), has publicly filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission ('SEC') for a proposed initial public offering of ordinary shares ('IPO') on the New York Stock Exchange ('NYSE'). The proposed offering will consist of a primary offering by the Company and a secondary offering by the selling shareholders. When the IPO is consummated, Qiao Xing Universal will still maintain a majority stake (more than 51%) in QXM. The proposed price range per ordinary share will range from USD11.00 to USD 13.00.”