Tag - BPFH

Boston Private Financial Holdings Inc. (Nasdaq:BPFH), Metabolix, Inc. (Nasdaq:MBLX) and IPC The Hospitalist Company, Inc. (Nasdaq:IPCM) were among the new 52-week lows established during Monday's trading among companies with market capitalizations or values under $750 million.

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

The Russell 2000 (NYSE:IWM) declined as news of an emergency sale of Bear Stearns spread fears of financial turmoil. The small-cap index fell 12.42 points, or 1.87%, to 650.48. The Dow Jones Industrial Average (INDU) gained 21.16 points, or 0.18%, to 11,972.25.

On a year-to-date basis, the Russell 2000 has shed 15.08%, while the Dow is down 9.74% and the S&P 500 has retreated 13.06%.

Stocks small and large opened significantly lower on news that investment bank JPMorgan Chase & Co. (NYSE:JPM) has purchased Bear Stearns (NYSE:BSC) for just $2 per share, according to an announcement on Sunday.

The buyout was unprecedented, as the U.S. Federal Reserve gave JPMorgan $30 billion in special financing to complete the deal and prevent further financial turmoil. Shares of Bear Stearns were worth over $170 a year ago, but the company was heavily involved in securities backed by subprime mortgages and was dealt a lethal blow by the housing downturn.

The Fed also lowered its discount rate, the rate at which it lends funds to commercial banks, to 3.25% from 3.50%. The central bank will hold a regularly scheduled policy meeting on Tuesday, with investors expecting a steep cut in its target federal funds rate.

Shares of Boston Private Financial Holdings, Inc. (Nasdaq: BPFH) have declined to a new 52-week low on news the bank holding company will have to increase the loan loss provisions of one of its affiliates.

After the close on Wednesday, Boston Private announced that its Los Angeles, Calif.-based affiliate, First Private Bank & Trust, will record an increase to its loan loss reserve of between $16 million and $19 million for the quarter ended Dec. 31, 2007. The action is due to weakness in First Private’s portfolio of residential construction and land loans made primarily in southern California.

The provision is expected to have an after-tax impact on Boston Private’s earnings of between $10 million and $12 million, or $0.27 per share and $0.31 per share.

“As I have reported on numerous occasions in the past, Boston Private continually examines its loan activities in all markets and takes action as necessary,” said chairman and CEO Timothy Vaill in a statement. “We are taking these steps today to reflect deteriorating conditions in one of our important markets.”

Vaill also pointed out that Boston Private has not incurred any material losses to date on the loans but plans on increasing its reserves just in case.

“I was disappointed with the announcement,” said David Long, an analyst with Chicago-based investment firm William Blair & Company, L.L.C., in a phone interview. “The company went to great lengths to describe their credit quality and show that they are well reserved at end of the [2007] year.”

The Russell 2000 (NYSE: IWM) has shed its earlier gains on news of poor regional manufacturing data.

At 11:38 a.m. ET, the small-cap index was up 0.21 points, or 0.03%, to 710.23. The Dow Jones Industrial Average (INDU) had lost 13.92 points, or 0.11%, to 12,413.34.

Small-cap stocks erased all of their earlier gains and slipped into the red shortly before 11 a.m. ET, following news that the Philadelphia Federal Reserve’s regional index of manufacturing conditions fell to -24 in February from a reading of -20.9 in January.

Economists were expecting to see a slight increase from the level in January, which was the lowest reading since 2001. A reading above zero indicates an expansion.

Companies reported that the price inputs increased while general activity, shipments and new orders remained negative.

The future general activity index turned sharply negative, declining to -16.9 from 5.2 in January.

The numbers once again raised fears of an economic recession.