Tag - BBSI

Small-cap stocks had an up and down session, grappling with the promise of an upbeat private employment survey versus the reality of a sudden updraft in energy prices. In the end, the Russell 2000 (NYSE:IWM) closed up 4.31, or 0.60%, at 718.86.

Small-cap stocks and tech stocks noticeably lagged the Dow and S&P 500, both of which benefited more from a jump in financial and consumer product large caps as well as money moving into big energy names. Exxon Mobil Corp. (NYSE:XOM) rallied 4% as energy markets staged a sharp recovery rally.

Crude oil prices shot some $4 dollars a barrel higher today, reversing course from recent sharp declines. The buying frenzy was set off when the weekly inventory tally showed a surprising drop in gasoline stocks. While a boon to some energy stocks, the jump in crude prices sent a chill through the overall stock market.

On the financial side of things, large caps embraced news that the Federal Reserve would extend access to its primary dealer credit facility window through Jan. 30, which helps to access cheap money needed to combat the credit crunch and raise low-cost capital amid debt write-downs. In addition, President Bush inked the rescue plan for mortgage financing firms, which will support Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE), as the two firms own or guarantee nearly 50% of the country’s $12 billion in home mortgage debt. While both FNM and FRE posted solid gains today, they finished well off the morning highs. The SEC also extended a short-selling curb through Aug. 12, so when you combine that with the Fed extending the credit facility and the White House stamping approval on GSE funding measures, it sends a pretty clear message that government officials want to stabilize the financial landscape. Investors could easily see through that message and as a result, several large-cap financial firms were attractive to buyers today. Merrill Lynch (NYSE:MER) was up 2%, Bank of America (NYSE:BAC) up 3% and Citigroup (NYSE:C) up nearly 2%.

The day started off with an unexpected bullish surprise as the ADP Employment Report showed a stunning increase in non-farm payrolls of 9,000 jobs in July, which . . .

Better-than-expected payrolls data and the Federal Reserve’s extension of credit to Wall Street banks buoyed small caps for the morning and early afternoon; however, they have since succumbed to the red tide, as oil has reversed course and marched higher.

At 1:40 p.m. ET, the Russell 2000 (NYSE:IWM) had slipped 3.19, or 0.45%, to 711.36. While the Dow remained in green territory, up 68.64, or 0.60%, to 11, 466, it is sliding from intra-session highs.

A positive surprise from the ADP Employment Report this morning bolstered investors’ expectations for the Labor Department’s monthly employment report due out Friday.

The ADP report showed an uptick of 9,000 in non-farm payroll jobs, substantially above the forecast for a decline of 58,000 non-farm payroll jobs. Historically, the ADP report carried muster, as it used to correlate with the Labor Department’s employment report; however that correlation has broken down over the last year and the ADP figure has tended to only be a good predictor when it falls near the consensus estimate. “It seems to be too optimistic in relation to the data coming from the BLS,” Bill Greiner, chief investment officer for UMB Asset Management and UMB Bank, and chief economist for Scout Investment Advisors, said. “This has been the case for some time.” Economists are expecting a slide of 75,000 jobs in Friday’s employment report from the Labor Department.

In other economic news, the weekly MBA Mortgage Applications Survey clocked in this morning at minus 14.1, the lowest level since December 2001. The combination of weak home sales and slumping home equity continue to take a toll on mortgage applications, despite moderating mortgage rates.

Better-than-expected payrolls data and the Federal Reserve’s extension of credit to Wall Street banks buoyed investors’ moods, boosting small caps on the open and keeping them afloat in the green midday.

At 12:34 p.m. ET, the Russell 2000 (NYSE:IWM) was up 2.28, or 0.32%, at 716.83, while the Dow was up 81.5, or 0.72%, at 11,479.06.

A positive surprise from the ADP Employment Report this morning bolstered investors’ expectations for the Labor Department’s monthly employment report due out Friday.

The ADP report showed an uptick of 9,000 in non-farm payroll jobs, substantially above the forecast for a decline of 58,000 non-farm payroll jobs. Historically, the ADP report has carried muster, as it used to correlation with the Labor Department’s employment report; however that correlation has broken down over the last year and the ADP figure has tended to only be a good predictor when it falls near the consensus estimate. Economists are expecting a slide of 75,000 jobs in Friday’s employment report and were skeptical about the ADP data this morning.

In other economic news, the weekly MBA Mortgage Applications Survey clocked in this morning at minus 14.1, the lowest level since December 2001. The combination of weak home sales and slumping home equity continue to take a toll on mortgage applications, despite moderating mortgage rates.

Barrett Business Services Inc (Nasdaq:BBSI), Trex Co In (Nasdaq:TWP) and American Commercial Lines Inc (Nasdaq:ACLI) are among the biggest percentage gainers in Wednesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Image Sensing Systems Inc (Nasdaq:ISNS), SAVVIS Inc (Nasdaq:SVVS), Starent Networks Corp (Nasdaq:STAR), Wright Express Corp (Nasdaq:WXS), Hutchinson Technology Inc (Nasdaq:HTCH) and Eagle Test Systems Inc (Nasdaq:EGLT).

Here are the biggest percentage gainers among small caps:

Small-cap stocks pushed higher this morning, buoyed by a positive surprise on the ADP Employment Report, which heightened investor expectations for a bullish number on this Friday’s big Labor Department monthly employment release. At 9:56 a.m. ET, the Russell 2000 (NYSE:IWM) was up 5.91, or 0.83%, at 720.46.

The headline figure on the ADP report was at plus 9,000, which was well above the forecast for a decline of 58,000 non-farm payroll jobs. The ADP report used to have a fairly nice correlation to the more extensive Labor Department release, but that correlation has broken down over the last year and the ADP figure has tended to only be a good predictor when it falls near the consensus estimate. Given that the market is looking for a slide of 75,000 jobs in Friday’s employment report, most economists viewed the ADP data this morning with skepticism. Still, it did spark a bounce in the U.S. dollar and stock index futures this morning while generating a slide in Treasuries. The yield on the benchmark 10-year note was up about 1.6% this morning, suggesting money flow away from “safe-haven” products and toward stocks.

Lost in the positive glow of the ADP report was this morning’s MBA Mortgage Applications Survey, which was pegged at minus 14.1, the lowest level since December 2001. The combination of weak home sales and slumping home equity continue to take a toll on mortgage applications, despite moderating mortgage rates.

The greenback was up about 0.3% against the euro, rising to the highest point in four weeks. At the same time, crude oil prices were hovering near three-month lows and gold prices were near four-week lows, so the inflation picture was projecting a better tone this morning, and a strong dollar can attract foreign investors into U.S. assets.

Speaking of crude oil, the market was down about $1 dollar a barrel, slipping below $122, awaiting the weekly inventory data, which is expected to show a build in crude oil stocks. Rhetoric surrounding the direction of crude oil prices later this year is all over the map, with some pundits saying that crude oil could slide below $100 dollars, while some research firms are still calling for $150 dollars. Given recent stock market behavior, when prices get above $135 dollars, the stock market becomes . . .

Shares of Barrett Business Services, Inc. (Nasdaq:BBSI) spiked this morning after the provider of human resource management services posted second-quarter earnings after Tuesday’s close that trumped the consensus on Wall Street.  Barrett also issued third-quarter earnings and revenue guidance above the mean analysts’ estimates.

Adding to the good news on Barrett, Roth Capital upgraded the stock to “buy” from “hold.”

Shares bolted 40%, or $4.65, to $16.21 at 10 a.m. ET. For detailed price information and recent news stories about Barrett Business, click BBSI.  

AmericanWest Bancorp. (Nasdaq:AWBC), Insight Enterprises, Inc. (Nasdaq:NSIT) and Barrett Business Services, Inc. (Nasdaq:BBSI) were among the new 52-week lows established during Thursday's trading among companies with market capitalizations or values under $750 million.

Monarch Casino & Resort, Inc. (Nasdaq:MCRI), The South Financial Group (Nasdaq:TSFG) and Virginia Commerce Bancorp, Inc. (Nasdaq:VCBI) were also among the 52-week small-cap lows.

Here are today's 52-week small-cap lows:

AmericanWest Bancorp. (Nasdaq:AWBC), Monarch Casino & Resort, Inc. (Nasdaq:MCRI) and Vasco Data Security International, Inc. (Nasdaq:VDSI) are among the biggest percentage losers in Thursday's trading among companies with market capitalizations under $750 million.

L.B. Foster Co. (Nasdaq:FSTR), Taser International, Inc. (Nasdaq:TASR) and Barrett Business Services, Inc. (Nasdaq:BBSI) are also among the top small-cap percentage losers.

Here are Thursday's biggest percentage losers among small caps:

Small-cap shares pushed lower early Thursday, unable to sustain a mild opening bump when weekly claims numbers came in better than expected. At 10:03 a.m. ET, the Russell 2000 (NYSE:IWM) was down 6.46, or 0.91%, at 701.65.

The New Home Sales report, which came out at 10:00 a.m. ET were weak, which was no surprise, and took some of the supportive edge off the weekly claims data. New home sales were at an annual rate of 526,000 last month, which was below the forecast of 585,000, and was the lowest rate since October 1991.

It should be noted that durable goods orders, which also came out ahead of the opening this morning, were softer than expected. In addition, the weekly claims figures are often volatile, and even though today’s headline number was better than the forecast, the claims numbers still point to extensive layoffs and a rise in the unemployment rate.

Even though the market was able to sink its teeth into some fresh economic data this morning for the first time since Tuesday, the focus point remains fixed on earnings, which served up mixed signals into today’s action.

Among large-cap headline companies, Starbucks Corp. (Nasdaq:SBUX) missed the forecast and was pummeled early today, trading down 10% just after the cash U.S. opening. In addition, Amazon.com Inc. (Nasdaq:AMZN) had sloppy results and was down 4% early today. On the upside, Ford Motor Co. (NYSE:F) had a surprising . . .

The Russell 2000 (NYSE: IWM) futures are a hair below the close level on Thursday and the small-cap index will probably open lower.

There is little in the way of economic news today, so stocks will probably be looking for direction. Officials from the U.S. Federal Reserve are set to speak later today and investors will be looking for clues about future monetary policy.

The buyers emerged again on Thursday, lifting the Russell 2000 10.29 to 702.78, just above the 20-day moving average. Key support remains at 688 and 680, but if the latter is breached, the market could slide quickly toward 671. On the upside, resistance comes in today at 712 and 721.

The release of the wholesale inventories data at 10:00 a.m. ET shouldn’t generate much of a response from the stock market, leaving traders time to focus on fundamentals, technicals and election issues into the weekend.

The small-cap index (NYSE: IWM) closed in the red on news of generally negative economic reports. The Russell 2000 lost 4.74 points, or 0.58%, to 806.11. The Dow Jones Industrial Average (INDU) dropped 3.33 points, or 0.02%, to 13,671.92.

On a year-to-date basis, the Russell 2000 has increased 2.37%, while the Dow has added 9.60% and the S&P 500 has gained 6.90%.

A volatile day of trading saw small-cap stocks switching from positive to negative territory as investors digested news of the latest economic reports and some earnings news.

The Russell 2000 futures were pointing to a moderately bullish opening following Motorola Inc.’s (NYSE: MOT) announcement that it swung to a third-quarter profit and released a better-than-expected outlook for the fourth quarter.

But small caps spent only a few minutes in the green after the opening, weighed down by news that orders for durable goods fell 1.7% in September, according to the U.S. Commerce Department. Economists were expecting a rise of 1.5% following a downwardly revised drop of 5.3% in August.

However, orders for non-defense capital goods excluding aircraft, a key measure of business investment, added 0.4% after a rise of 1.8% in August.

The major U.S. indices were down but started climbing when the Census Bureau announced that sales of new homes increased 4.8% to an annual pace of 770,000 in September, defying projections of a drop.

Sturm, Ruger & Co. (NYSE: RGR), Triad Guaranty Inc. (Nasdaq: TGIC) and Barrett Business Services, Inc. (Nasdaq: BBSI) 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) is in the green as news of a surprisingly bullish housing report offset generally negative economic reports.

At 10:42 a.m. ET, the small-cap index had gained 2.41 points, or 0.30%, to 813.26. The Dow Jones Industrial Average (INDU) had added 16.67 points, or 0.12%, to 13,691.92.

The small-cap futures were higher before the opening on news that Motorola Inc. (NYSE: MOT) reported its first profit in 2007. The Schaumburg, Ill.-based telecommunications giant also announced a better-than-expected outlook for the fourth quarter.

In economic news, orders for durable goods, which are intended to last at least three years, fell 1.7% in September, according to the U.S. Commerce Department. Economists were expecting a rise of 1.5% following a downwardly revised decline of 5.3% in August.

On the plus side, orders for non-defense capital goods excluding aircraft increased 0.4% after a rise of 1.8% in August. That measure is a key barometer of business spending and today’s reading is a sign that businesses are continuing to spend money on capital equipment despite the uncertain U.S. economic environment.

Elsewhere, the number of U.S. workers applying for jobless benefits fell less than expected for the week ended Oct. 20, the U.S. Labor Department said before the start of trading. Unemployment claims declined 8,000 to 331,000, while economists were calling for a much larger drop of 17,000.