Tag - AVCI

The Russell 2000 (NYSE: IWM) futures are lower and the small-cap index will open with a drop on weak economic news.

The U.S. Commerce Department did not change its initial estimate for fourth-quarter economic growth, reaffirming its preliminary projection for a 0.6% annual rate. The economy grew 4.9% during the third quarter.

More worrying than the preliminary GDP number, today’s estimate revised upward inflation gauges.

Separately, the U.S. Labor Department said that jobless claims for the week ended Feb. 23 increased.

The Russell 2000 was basically flat at the close Wednesday, after stalling near Tuesday’s highs, leaving yet another double-top formation on daily studies. The index finished at 716.44, down 0.88 point, or 0.12%, and traded in a relatively tame range given the potential volatility that could have flared up around Federal Reserve Chairman Ben Bernanke’s testimony.

Bernanke's back on the docket today at 10:00 a.m. ET, testifying on the economy before the Senate Banking Committee. Although much of the tilt may be a repeat of Wednesday’s Congressional presentation, there could be fresh bits that filter through and have an impact on stocks. Look for resistance Thursday at 723.50 and 731, while support looms down at 712, 704 and 694.

The Russell 2000 (NYSE: IWM) edged out a gain while the Dow Jones Industrial Average (INDU) fell after news of weak earnings from Bank of America (NYSE: BAC) and Pfizer (NYSE: PPE) reminded investors that the subprime crisis is negatively impacting corporate earnings. The small-cap index added 0.14 points, or 0.02%, to 825.03. The Dow shed 3.58 points, or 0.03%, to 13,888.96.

Bank of America Corp.’s third-quarter net income plunged 32% due to write-downs on leveraged buyout loans and higher credit loss provisions. The firm’s third-quarter profit was $3.7 billion, or $0.82 per share, below analyst expectations of $1.06 per share and from $5.4 billion, or $1.18 per share, during the same period of 2006.

In other bearish news, Pfizer Inc.’s third-quarter net income plummeted 77%, due to a $2.8 billion charge related to the company exiting its insulin product Exubera. The company made the decision to exit Exubera because of intense competition from generic competitors. Pfizer’s third-quarter net income totaled $0.76 billion, or $0.11 per share, below Wall Street projections of $0.52 per share and from $3.36 billion, or $0.46 per share, a year earlier.

At 8:30 a.m., the U.S. Department of Labor said the number of Americans filing first-time applications for state unemployment benefits increased beyond economists’ expectations. For the week ended Oct. 13, the number of initial jobless claims rose to 337,000, above a forecast 315,000 and compared with 309,000 during the prior week.

Triad Guaranty Inc. (Nasdaq: TGIC), NovaStar Financial Inc. (NYSE: NFI) and Avici Systems Inc. (Nasdaq: AVCI) are among the biggest percentage losers in Thursday's trading among companies with market capitalizations under $750 million.

Here are today's biggest percentage losers:

The Russell 2000 (NYSE: IWM), along with the other major U.S. indices, is treading lower this morning after disappointing earnings from Bank of America Corp. (NYSE: BAC) refreshed investors’ concerns that the subprime mortgage debacle is materially cutting into corporate earnings and the economy.

At 10:37 a.m. ET, the small-cap index had shed 1.33 points, or 0.16%, to 823.56. The Dow Jones Industrial Average (INDU) was down 25.61 points, or 0.18%, to 13,866.93.

Bank of America’s third-quarter net income plunged 32% on account of write-downs on leveraged buyout loans and higher credit loss provisions. The firm’s third-quarter profit was $3.7 billion, or $0.82 per share, below analyst expectations of $1.06 per share and from $5.4 billion, or $1.18 per share, during the same period of 2006.

Adding to bearish earnings news, Pfizer Inc.’s (NYSE: PFE) third-quarter net income plummeted 77%, due to a $2.8 billion charge related to the company exiting its insulin product, Exubera. The company made the decision to exit Exubera because of intense competition from generic competitors. Pfizer’s third-quarter net income totaled $0.76 billion, or $0.11 per share, below Wall Street projections of $0.52 per share and from $3.36 billion, or $0.46 per share, a year earlier.

Earnings from Bank of America and Pfizer overshadowed Nokia Corp.’s (NYSE: NOK) strong third-quarter results. The mobile device maker reported an 85% increase in third-quarter profit, on a 26% increase in the number of phones shipped in the quarter.

As stocks sold off, treasuries rose for the fourth straight trading session for the first time since August, as the effects of the credit crisis reared its ugly head on reducing earnings at some of the largest U.S. banks. The yield on the two-year note fell to 3.92% at 10:06 a.m.

The odds for a quarter-percentage point Fed rate cut at the Oct. 31 meeting rose to 68% odds from a 54% chance Wednesday. The increased odds of a Fed rate cut sent the dollar tumbling to a record low against the euro. The dollar fell to $1.42 against the euro at 11 a.m. ET.

NovaStar Financial Inc. (NYSE: NFI), Servotronics, Inc. (AMEX: SVT) and Idaho General Mines Inc. (AMEX: GMO) are among the biggest percentage gainers in Wednesday's trading among companies with market capitalizations under $500 million.

Here are today's biggest percentage gainers:

The Russell 2000 (NYSE: IWM) and the Dow Jones Industrial Average (INDU) are dropping on news of weak earnings reports.

At 10:03 a.m. ET the Russell 2000 was down 11.09 points, or 1.30%, to 840.76. The Dow Jones Industrial Average was down 113.40 points, or 0.81%, to 13,887.01.

Peoria, Ill.-based maker of earthmoving machines Caterpillar Inc. (NYSE: CAT) became the latest casualty of the sagging U.S. housing sector, reporting before the opening bell that its second-quarter income declined 21%.

Google Inc. (Nasdaq: GOOG) also fell short of analysts’ expectations, announcing that its quarterly profit fell due to research spending costs that shot up 88% and costs associated with the Mountain View, Calif.-based company’ aggressive hiring policy.

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

Packeteer, Inc. (NASDAQ: PKTR), Local.com Corp. (Nasdaq: LOCM) and Avici Systems Inc. (Nasdaq: AVCI) were among the most actively traded companies in Friday pre-market trading among those with market capitalizations under $500 million:

Shares of Avici Systems Inc. (Nasdaq: AVCI) continue to skyrocket after the high-speed core Internet infrastructure equipment provider laid out its business for future revenue streams on a conference call this morning. The call followed the release of higher-than-expected results for the second quarter ended June 30, as well as increased revenue guidance.

On the conference call, Avici Systems’ management laid out the company’s product strategy for its latest product, Soapstone Networks. Company officials specifically said that Avici Systems’ strategy going forward has been shaped by several industry trends.

These trends include the transformation of carrier networks along next generation network (NGN) software frameworks and carrier recognition that today’s networks need significant reduction in complexity and expense.

On the call, Avici Systems’ CEO Bill Leighton said that he believes that automated frameworks should herald construction of new services and bolster top lines.

“Carriers recognize that today’s networks require significant reduction in complexity and expense,” Leighton said.

Avici Systems Inc. (Nasdaq: AVCI), AMCON Distributing Co. (AMEX: DIT) and Core Molding Technologies, Inc. (AMEX: CMT) were among the biggest percentage gainers in Thursday's trading among companies with market capitalizations under $500 million.

Here are today's biggest percentage gainers:

Shares of Avici Systems Inc. (Nasdaq: AVCI) jumped in pre-market trading this morning after the high-speed core Internet infrastructure equipment provider reported results for its second quarter above estimates and raised revenue guidance.

For the three months ended June 30, the North Billerica, Mass.-company recorded net income of $12.7 million, or $0.86 per share compared with net income of $8.5 million, or $0.62 per share in the second quarter of 2006. One analyst surveyed by Thomson Financial expected earnings of $0.21 per share for the second quarter.

The small-cap company also raised revenue guidance for the full year to between $110 and $125 million. Avici Systems raised guidance based on final orders received for its router products, which include network expansion and customer last time purchases.

Shares of Avici Systems soared 22.92%, or $1.93, to $10.39 in pre-market trading this morning. 

Avici Systems Inc. (Nasdaq: AVCI), Synalloy Corp. (Nasdaq: SYNL) and Local.com Corp. (Nasdaq: LOCM) were among the most actively traded companies in Thursday pre-market trading among those with market capitalizations under $500 million:

A Brean Murray, Carret & Co. analyst said Neurochem Inc.’s (Nasdaq: NRMX)’s drug candidate Alzhemed will likely fail in a late-stage clinical trial and Kiacta won't receive FDA approval.

Hooker Furniture Corp. (Nasdaq: HOFT) reported double-digit declines in sales and earnings in its first quarter. The Martinsville, Virginia-based furniture manufacturer reported net income of $4.3 million or $0.33 per share, for the first quarter ended April 29, down from $5.8 million or $0.49 per share in the year-ago period.

James River Coal Co. (Nasdaq: JRCC) said it may periodically sell up to $150 million in debt securities, common and preferred stock, warrants and units. The Richmond, Va.-based coal producer said it intends to use the money for working capital and general corporate purposes.

G-III Apparel Group, Ltd. (Nasdaq: GIII) said it expects to report a wider second quarter loss. The company, which makes and licenses apparel under brand names including Calvin Klein, Kenneth Cole and Sean Jean, expects a loss of between $0.19 and $0.24 per share on revenue of about $75 million. In the year-ago quarter, the company recorded a $0.14 loss on $69.1 million in sales. Analysts polled by Thomson Financial expected a second-quarter loss of $0.12 per share on revenue of $82.3 million.

Acton, Mass.-based SeaChange International (Nasdaq: SEAC) reported a first quarter loss of $0.12 per share, which was $0.02 worse than Wall Street estimates.

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

Neurochem Inc. (Nasdaq: NRMX) says a “landmark” New England Journal of Medicine study shows the benefits of the Canadian company’s eprodisate treatment for secondary amyloidosis.

PNC Financial Services Group Inc. (NYSE: PNC) said it agreed to acquire Yardville National Bancorp (Nasdaq: YANB) for $403 million. For each of their shares, Yardville shareholders will receive about $0.29 of a PNC share and $14 in cash.

Acton, Mass.-based SeaChange International (Nasdaq: SEAC) reported a first quarter loss of $0.12 per share, which was $0.02 worse than Wall Street estimates.

Books-A-Million, Inc. (Nasdaq: BAMM) announced that the Board of Director’s has declared a special one-time dividend of $3 per share. The dividend will be paid on July 5. About $50.4 million will be paid on the Birmingham, Ala.-based company’s 16.8 million outstanding shares.

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

Volterra Semiconductor Corp. (Nasdaq: VLTR) expects net revenue for the second quarter ending June 30, 2007 to be lower than previously forecasted, between $18.5 million to $19.5 million, and a net loss of between $0.04 per share and $0.07, the Fremont, Calif.-based company said after Tuesday’s close.  Analysts were looking for earnings of $0.11 per share.  The stock is down $1.33, or 9%, to $14.07.

Shares of Super Micro Computer, Inc. (Nasdaq: SMCI) are rising following news after Tuesday’s close that the San Jose-based server solutions company has launched a new product line called SuperBlade at an expo in Taipei, Taiwan.

Acorda Therapeutics Inc. (Nasdaq: ACOR) announced it is beginning the third clinical trial phase of its multiple sclerosis drug Fampridine-SR.

ACADIA Pharmaceuticals Inc. (Nasdaq: ACAD) received a bullish mention from MSNBC pundit Jim Cramer Tuesday night.

Taleo Corp. (Nasdaq: TLEO) announced an offering of about 3.1 million shares of common stock priced at $19.85 per share.

After Tuesday’s closing bell, Volterra Semiconductor Corp. (Nasdaq: VLTR) warned second quarter sales are going to be between $18.5 million and $19.5 million, which is lower than its previous guidance.

Neurochem Inc. (Nasdaq: NRMX) announced it obtained written consent from shareholders for the private placement of $80 million in notes.

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

These companies were the biggest percentage loserat 10:42 ET among companies with market capitalizations under $500 million: 

Shares of Waukegan, Ill.-based biopharmaceutical firm NeoPharm, Inc. (Nasdaq: NEOL) are in positive territory after news the company will reduce its workforce by 42% and make management changes.  The stock is up $0.03, or 1.82%, to $1.68.

These are the most actively traded stocks in pre-market trading among companies with market capitalizations under $500 million (at 8:40 ET):

Avici Systems Inc.’s (Nasdaq: AVCI) stock plunged in after-hours trading today after the routing systems provider announced plans to transition away from core router development to focus on its new product initiative, Soapstone Networks.

The North Billerica, Mass.-based company’s stock fell $3.67, or 27%, to $9.87 in unusually heavy volume late today. Shares have traded between $4.25 (one year ago today) and $13.90 (on April 12) in the past year.

By 6:30 ET, more than 1.8 million shares had changed hands compared with a three-month average volume of 585,125 shares.

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

Avici Systems Inc. (Nasdaq: AVCI) plunged $3.04, or 22.5%, to $10.50 on unusually heavy volume after the routing systems provider announced plans to transition away from core router development to focus on its new product initiative, Soapstone Networks. The company also announced a special dividend of $2 per share and released its first quarter financial results, which included a profit of $6 million, or $0.42 a share.