Tag - APPY

The Obama reign got off to a rocky start today – at least as far as the market was concerned – with small-caps generating the largest one-day slide of the New Year, the worst inauguration day decline ever and the worst overall decline in some two months as bank stocks continued to reel and the profit picture retained storm clouds.  Some of today’s small-cap gainers were UDR (NYSE:UDR), GTx (Nasdaq:GTXI) and TiVo  (Nasdaq:TIVO).

Other Market Watch highlights today included:

• Crude oil rose some 6% into the expiration of the February futures contract, but energy stocks were down about 5% in sympathy with the decline in overall equities.  
• U.S. Investors are now worried that banks simply will not survive without in essence being “nationalized” at the expense of shareholders.  
• Royal Bank of Scotland posts the largest annual loss of any corporation in U.K. history.  
• Small-caps generating the largest one-day slide of the New Year, the worst inauguration day decline ever and the worst overall decline in some two months as bank stocks continued to reel and the profit picture retained storm clouds.  

Small Cap Gainers:

• UDR Inc, GTx Inc, and TiVo Inc open as lead gainers on Tuesday's session.  See:(NYSE:UDR), See: (Nasdaq:GTXI), See: (Nasdaq:TIVO).

Small Cap Losers:

• Natus Medical Inc. fell 25% as the maker of baby care products revised their outlook downward. See: (Nasdaq:BABY).  
• Aspen BioPharma Inc. tumbles 82% amid disappointment over a trial for a drug tied to appendicitis and abdominal pain. See: (Nasdaq:APPY).  
• VSE Corp. slumped 45% on the news that the Army rejected a new contract bid from the firm. See: (Nasdaq:VSEC).

 

 

 

The Obama reign got off to a rocky start today – at least as far as the market was concerned – with small-caps generating the largest one-day slide of the New Year, the worst inauguration day decline ever and the worst overall decline in some two months as bank stocks continued to reel and the profit picture retained storm clouds. The Russell 2000 (NYSE:IWM) closed down 32.80, or 7.03% at 433.65 and is now down 13.1% for the year. Meanwhile, the Dow is off 9.4% for 2009 and the S&P 500 is off 10.8%.
 
The market was already coming off an extended holiday weekend, and today’s action was considered another “partial” day for investors with so much attention diverted to the historic inauguration ceremonies.

Even before the inauguration the market was backpedaling amid another bout of worries over the health of the world’s banking system. And the selling fury picked up steam when Obama declined to divulge much in the way of specifics about his fiscal stimulus plans.

Coming in to this morning’s stock market open, investors had to deal with news that the Royal Bank of Scotland would post the largest annual loss of any corporation in U.K. history, which only served to heighten the ongoing panic tied to banks here in the U.S. Investors are now worried that banks simply will not survive without in essence being “nationalized” at the expense of shareholders, ala the fate of American International Group a few months ago.

The KBW Banking Index fell a jaw-dropping 19% today, a stunning move for an index product. The nation’s #1 bank, Bank of America Corp. (NYSE:BAC) tumbled 26%, while Wells Fargo & Co. (NYSE:WFC) shed 23% and Citigroup Inc. (NYSE:C) fell 18% and slipped below $3 dollars a share. Within the financial spectrum, money management firm State Street Corp. (NYSE:STT) collapsed 58% after reporting disappointing profit news.

The selling mood was so prevailing today that a recovery bounce in crude oil prices failed to drum up buying interest for energy or other commodity stocks. Crude oil rose some 6% into the expiration of the February futures contract, but energy stocks were down about 5% in sympathy with the decline in overall equities. Even the dramatic slide in stocks failed to lift credit markets, which are worried about overcoming a mountain of supply that will be issued to fund various stimulus projects and the ongoing rescue/bailout plans.

Small-caps on the move today included Aspen BioPharma Inc. (Nasdaq:APPY), which tumbled 82% amid disappointment over a trial for a drug tied to appendicitis and abdominal pain. VSE Corp. (Nasdaq:VSEC) slumped 45% on news that the U.S. Army had rejected a new contract bid from the firm Natus Medical Inc. (Nasdaq:BABY) fell 25% as the maker of baby care products revised their outlook downward.

The chart picture for small-caps deteriorated in a big way today, sinking through important short-term support at 453, which obliterated the hope for last week’s late recovery move. Once through 453 support, the market also made short work of the recent lows along 439, which makes a retest of key support at 416 more likely in the days to come. After the close today, various corporate profit reports were coming in mixed, but tech bellwether IBM did beat the forecast and was up about 3% in extended trading, which might foster some goodwill moving into Wednesday’s session.

Selling interest in small-cap stocks picked up momentum in mid-session, stoked by investor concerns that President Obama’s inauguration speech did not provide details of his fiscal stimulus plans. Those concerns simply added to a market already bludgeoned by steep declines in the banking sector. Some of today’s small-cap gainers were UDR (NYSE:UDR), GTx (Nasdaq:GTXI) and TiVo (Nasdaq:TIVO).

Other Market Watch highlights today included:

• Energy shares were lower so far today, but the selling fury trailed that in other sectors as crude oil prices bounced some 3% as cold weather draped a large portion of the Northern and Eastern U.S. and on signs that OPEC is serious about production cutbacks.  
• The only S&P sector groups on the rise were gold, insurance stocks and tobacco companies.  
• The biggest losses were seen for asset management firms, regional banks, diversified financial services companies, diversified banks and real estate services firms.

Small Cap Gainers:

• UDR Inc, GTx Inc, and TiVo Inc open as lead gainers on Tuesday's session.  See:(NYSE:UDR), See: (Nasdaq:GTXI), See: (Nasdaq:TIVO)

Small Cap Losers:

• VSE Corp. lowers 43% on news that the Army rejected a new contract bid from the firm. See: (Nasdaq:VSEC)  
• Small-cap company AspenBio Pharma Inc,which gapped lower and collapsed some 84% on unusually heavy volume as investors did not embrace news of preliminary results on the firm’s pain drug test. See: (Nasdaq:APPY)  
• Money management firm State Street Corp. was tumbles around 48% on huge volume after reporting disappointing results. See:(NYSE:STT)  
• The KBW Banking Index takes a beating, falling some 13% at midday as steep losses were posted for many of the nation’s most prominent banks. 

 

 

 

AspenBio Pharma, Inc. (Nasdaq:APPY) announced Thursday it had begun independent clinical trials for its AppyScore appendicitis diagnostic test. The biopharmaceutical company’s stock moved up 11% Thursday to $6.28 with volume well above 580,000 shares. The Castle Rock, Colo.-based company said it expects the Food and Drug Administration trial to be finished within four to six months. If approved, AppyScore will be the first blood-based diagnostic test for human appendicitis, CEO Richard Donnelly said in a statement.

Community Bankshares, Inc. (AMEX:SCB), Photon Dynamics, Inc. (Nasdaq:PHTN) and AspenBio Pharmaceuticals (Nasdaq:APPY) are among the biggest percentage gainers in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Targanta Therapeutics Corp. (Nasdaq:TARG), America's Car-Mart, Inc. (Nasdaq:CRMT), Oneida Financial Corp. (Nasdaq:ONFC), Ener1, Inc. (AMEX:HEV), and Advanced Battery Technologies, Inc. (Nasdaq:ABAT).

Here are the biggest percentage gainers among small caps:

AspenBio Pharma Inc. (Nasdaq:APPY) is trading heavier than usual after Lazard Capital Markets started coverage of the medical and biotech company with a “buy” rating. In midday trading Tuesday, AspenBio shares rose 13.82% to $5.27 per share. The Castle Rock, Colo.-based company has long anticipated the FDA approval of the its new appendicitis screening test, and Lazard set a price target of $15 per share for AspenBio based on that approval.
 
For detailed price information and recent news stories about AspenBio Pharma, click APPY.

Royale Energy Inc (Nasdaq:ROYL), Jazz Pharmaceuticals Inc (Nasdaq:JAZZ) and Manitex International Inc (Nasdaq:MNTX) are among the biggest percentage gainers in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Pzena Investment Management Inc (Nasdaq:PZN), AspenBio Pharma Inc (Nasdaq:APPY), Cytori Therapeutics Inc (Nasdaq:CYTX), IXYS Corp (Nasdaq:IXYS), FieldPoint Petroleum Corp (Nasdaq:FPP) and Torch Energy Royalty Trust (Nasdaq:TRU).

Here are the biggest percentage gainers among small caps:

Small-cap stocks edged lower on the open, pulled down by overseas equities declines and an on-going rout in the financial arena. At 10:02 a.m. ET, the Russell 2000 (NYSE:IWM) was down 12.36, or 1.72%, at 707.45, sinking to the lowest level since April 24.

Into the U.S. stock market opening, prices for “black gold” were off from the overnight highs quite a bit, which helped trim opening losses for equities. In overnight action, crude oil prices climbed near $139 dollars a barrel amid rumors of an attack on Iran. The rumors were denied by Iranian officials and crude oil prices gradually pulled back off the highs. By the opening, crude oil prices actually slipped into the red a tad and were bouncing back and forth around steady levels.

The consumer confidence report came out at 50.4, which was well below the forecast of 56 and down from a revised 58.1 reading last month. The figure was a fresh 16-year low and equity markets and the U.S. dollar extended losses after the soft data on confidence.

The FOMC started a two-day policy meeting today, and some traders may go into hibernation waiting for the official rate news Wednesday afternoon. Fed funds futures have priced out any chance for a rate hike from this meeting, and the market is expecting interest rate policy to move into a hold mode.

The Case-Shiller U.S. home price index came out at minus 1.4% versus minus 2.2% in March. The year-over-year decline was a whopping minus 15.3%; although the numbers are numbingly bad on face value, they were actually a touch better than feared, sparking hope that housing market declines are nearing some kind of . . .

Shares of AspenBio Pharma, Inc. (Nasdaq:APPY) are advancing ahead of the bell after the bio-pharmaceutical company said this morning that it secured a long-term exclusive license and commercialization agreement with Novartis Animal Health, Inc. to develop its recombinant single-chain bovine products, BoviPure LH and BoviPure FSH.

Shares gained 12.3%, or $0.74, to $6.74 in ahead of the opening bell. For detailed price information and recent news stories about AspenBio Pharma, click APPY. 

The Russell 2000 (NYSE: IWM) futures have risen sharply and the small-cap index will likely open higher.

With no major economic releases scheduled for today, investors are focused on news from the corporate sector.

Bullish news came out of IT giant International Business Machines Corp. (NYSE: IBM), which reported better-than-expected preliminary quarterly results this morning. The Armonk, New York-based company said that it expects earnings from continuing operations for the quarter ended Dec. 31 to be $2.80 per share, above Wall Street’s consensus estimate of $2.60 per share.

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:

• A.S.V., Inc. (ASVI), up 44% on news it is being purchased by Terex Corp. (TEX) for about $488 million.
• DRDGOLD Ltd. (DROOY), up 14%.
• Titan Machinery Inc. (TITN), up 10%.

Biggest percentage losers:

• AspenBio Pharma, Inc. (APPY), down 5%.
• Netscout Systems, Inc. (NTCT), down 3%.
• Steven Madden, Ltd. (SHOO), down 1%.

The Russell 2000 (NYSE: IWM) and the Dow Jones Industrial Average (INDU) are posting solid gains despite news of worse-than-expected declines in consumer confidence and home prices. At 2:27 p.m. ET, the small-cap index was up 5.84 points, or 0.79%, to 740.91. The Dow had added 184.12 points, or 1.44%, to 12,927.56.

Stocks are bullish this afternoon as investors react to news after Monday’s close that Citigroup Inc. (NYSE: C) has sold 4.9% of itself to the Abu Dhabi Investment Authority for $7.5 billion. That’s the investment arm of the emirate of Abu Dhabi, one of the seven emirates in the United Arab Emirates.

News that the largest U.S. bank appears to be returning to solid ground after posting a loss in the third quarter unleashed the bulls. The cash infusion will help the bank get a better handle on billions of dollars on losses from subprime mortgages, which resulted in the recent departure of the CEO.

The bulls briefly slowed down and the Russell 2000 dipped into negative territory after 10 a.m. ET, when the Conference Board announced that its index of consumer confidence for November fell to a two-year low of 87.3 from a downwardly revised level of 95.2 in October. That’s the fourth consecutive drop and a sign that Americans are less willing to spend money.

That’s a problem for the economy because consumption comprises about 70% of gross domestic product. Most economists expect a slowdown in growth in the fourth quarter of 2007 and the first half of 2008, with some even forecasting a recession.

Investors looked saddened for a moment, but the mood didn’t last. The bears also failed to gain traction following a report that U.S. home prices fell 4.5% in the third quarter from a year earlier. That’s the steepest decline since the Standard & Poor’s Case-Shiller housing index was introduced in 1987.

AspenBio Pharma, Inc. (Nasdaq: APPY), Datawatch Corp. (Nasdaq: DWCH) and WCA Waste Corp. (Nasdaq: WCAA) are among the biggest percentage gainers in Tuesday's trading among companies with market capitalizations under $750 million.

Here are today's biggest percentage gainers:

The Russell 2000 (NYSE: IWM) is in the green even though news of a sharp decline in November consumer confidence shaved earlier gains.

At 10:37 a.m. ET, the small-cap index had added 4.24 points, or 0.58%, to 739.31. The Dow Jones Industrial Average (INDU) had advanced 115.34 points, or 0.91%, to 12,858.78.

Wall Street was bullish before the start of trading on news that Citigroup Inc. (NYSE: C) has sold 4.9% of itself to the Abu Dhabi Investment Authority for $7.5 billion. The cash infusion will allow the largest U.S. bank to better deal with losses accumulated through bets on securities backed by subprime mortgages.

New York-based Citigroup posted a loss during the third quarter, hurt by more than $6 billion in writedowns. The bank could face even larger losses in the fourth quarter.

Futures were pointing higher and small and large-cap stocks rose out of the gate.

But the rally quickly lost steam after 10 a.m. ET, when the Conference Board announced a larger-than-expected drop in consumer confidence for November.

AspenBio Pharma, Inc. (Nasdaq: APPY) shares are soaring after the biotechnology company reported that it expects to complete the FDA requirements to receive regulatory clearance for its AppyScore medical device before the end of 2008. AppyScore is a blood-based screening test for appendicitis.

“This represents another major milestone in the advancement of our breakthrough screen test for appendicitis and demonstrates the strength of our initial clinical results and particularly the high sensitivity of AppyScore,” CEO Richard Donnelly said in a statement. “We expect the FDA 510(k) to be a faster and easier path for regulatory clearance and introduction of this product. Most importantly, it creates the possibility of being able to begin marketing the first version of this test in the United States and certain international markets in 2008.”

In morning trading, APPY shares are soaring 22.8%, or $2.20, at $11.85. Over the last 52 weeks, shares have ranged from $2.50 to $15.16.

KongZhong Corp. (Nasdaq: KONG), China BAK Battery Inc. (Nasdaq: CBAK) and China Techfaith Wireless Comm. Tech. Ltd (Nasdaq: CNTF) are the most actively traded companies in Friday pre-market trading among those with market capitalizations under $500 million:

New Oriental Energy & Chemical Corp. (Nasdaq: NOEC), China Precision Steel, Inc.  (Nasdaq: CPSL) and Superconductor Technologies, Inc. (Nasdaq: SCON) 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:

Superconductor Technologies, Inc. (Nasdaq: SCON), China Precision Steel, Inc. (Nasdaq: CPSL) and Kreisler Manufacturing (Nasdaq: KRSL) are the most actively traded companies in Tuesday pre-market trading among those with market capitalizations under $500 million: