Tag - NYSE:GLT

Small-cap stocks opened lower, slightly trimmed losses after the Consumer Confidence report came out at 10:00 a.m. ET, but then retreated right back to pre-release levels. The report showed an upward revision to the March report, which provided a brief bid to the market, but it was not enough to catch hold (at least immediately). At 10:01 a.m. ET, the Russell 2000 (NYSE:IWM) was down 1.84, or 0.25%, at 723.53.

The Consumer Confidence report was pegged at 62.3 in April, which was in line with the forecast of 62, but the March number was revised upward to 65.9 versus 64.5. Still, the April figure was the lowest in five years.

Next on line … President Bush is slated to hold a press conference at 10:30 a.m. ET, where he is expected to talk about the economy.

The opening action was soft in line with overnight declines on a dip in European shares as Deutsche Bank posted its first quarterly loss in five years, and French tire company Michelin tumbled 9% on sloppy earnings.

Large-cap companies influencing trade this morning included drug company Merck & Co. (NYSE:MRK), which was down 7% on news that the FDA rejected a new cholesterol drug. From an overall stock market picture, the news had a somewhat muted impact, because it lifted Merck competitor Abbott Labs (NYSE:ABT) by 4%. In addition, Visa (NYSE:V) posted decent earnings ahead of the opening, but the financial firm was down 3% in early action.

The S&P 500 stalled approaching the 1,400 level on the latest push upward, and that key figure resistance will be closely watched through the rest of the week’s major economic events. In the Russell 2000, the market yesterday climbed . . .

P.H. Glatfelter Co. (NYSE: GLT) shares are up after the maker of specialty paper and engineered products reported third-quarter net income of $7.8 million, or $0.17 per share, below analyst estimates of $0.22 per share but 45% above $5.4 million, or $0.12 per share, a year earlier.

“Our improvement plan for Chillicothe helped drive a 46% increase in operating income for the Specialty Papers business unit, and Composite Fibers delivered another solid quarter of results,” CEO George H. Glatfelter said in a statement. “We are confident that by remaining focused on our goals to further improve efficiencies and by leveraging Glatfelter’s market position, we can meet the challenges of rising input costs and continue the momentum we have created.”

The York, Penn.-based firm’s quarterly net sales grew to $291.9 million, below Wall Street projections of $301.6 million but 5% above $277.5 million during the same period of 2006.

The company’s results included a $12.3 million charge related to an environmental cleanup in Wisconsin, $0.3 million related to an acquisition and a $1.4 million gain from the sale of timberlands. Excluding one-time items, third-quarter earnings were $0.42 per share, compared with $0.23 per share a year earlier.

In today’s trading, GLT were up 6.37%, or $0.91, at $15.20. Over the last 52 weeks, shares have ranged from $12.47 to $18.05.