Tag - CENT

Female Health Co. (Nasdaq:FHCO), Books-A-Million Inc. (Nasdaq:BAMM) and Universal Forest Products Inc. (Nasdaq:UFPI) are among the new 52-week highs in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: ArcSight Inc. (Nasdaq:ARST), Citi Trends Inc. (Nasdaq:CTRN), Travelzoo Inc. (Nasdaq:TZOO), Clearwater Paper Corp. (Nasdaq:CLW), Rentrak Corp. (Nasdaq:RENT) and Central Garden & Pet Co. (Nasdaq:CENT).

Optimer Pharmaceuticals Inc. (Nasdaq:OPTR), Hot Topic Inc. (Nasdaq:HOTT) and SIGA Technologies Inc. (Nasdaq:SIGA) are among the new 52-week highs in Wednesday's trading among companies with market capitalizations under $1 billion.

Small-cap stocks extended the recent slide Wednesday, as rising crude oil prices, ongoing credit crunch worries and a soft “Beige Book” report on economic activity took a toll. The Russell 2000 (NYSE:IWM) shed 14.74, or 2.01%, to 717.88, the lowest daily close since May 7 and the fourth consecutive close below opening levels, which shows that the bears are winning all the intraday skirmishes lately.

The Russell also closed below the 20-day moving average for the third consecutive session on lower closes, something that has not happened since March. The 20-day moving average is often watched as a short-term trend proxy and the last two times we saw the market below that line three consecutive periods, it presaged a nasty move lower. In addition, late in the day the Russell popped through key chart support at 720.50. Decisive action below that support would suggest a technical breakdown of the recent recovery move, and carries a downside target to 690, which makes action Thursday even more important to gauge the power of this pullback.

Crude oil prices shot $7 dollars a barrel higher Wednesday as the weekly stocks report reflected a drop in U.S. inventories for the fourth consecutive week. Crude oil prices jumped to more than $138 dollars, closing in on last week’s record high that approached $140. Elsewhere in the commodities arena, corn, soybeans and wheat soared up their daily trading limits today amid flooding in the heartland. Corn prices have been making record highs, which means that consumers’ wallets are taking a hit at the gas pump and then again at the grocery store. The iPath GSCI Total Return structured note fund reversed two days of losses to notch new record highs today, reflecting the broad advance in the price of physical goods. The Commodity Research Bureau Index of 19 markets also made new record highs today. A slide in the U.S. dollar also contributed to the rise in crude oil and other commodities, with the greenback down 0.4% against the yen, and off about 0.6% versus the . . .

Small caps are in a steady downward slide as crude oil prices gushed higher, keeping inflation concerns forefront in investors’ minds. At 2:16 p.m. ET, the Russell 2000 (NYSE:IWM) was down 7.96, or 1.09%, at 724.66.

In recent trading, crude oil futures were up to $136.90 a barrel. The U.S. dollar was down against both the yen and the euro.

“Yesterday, the International Energy Agency or IEA said growth in global oil demand is heading toward a six-year low and may go lower with record prices still filtering through the markets,” Andy Busch, foreign exchange strategist for BMO Capital Markets, wrote in an email. “In its monthly oil-market report, they said they see world oil demand growing 0.9%, or 800,000 barrels a day, this year in a market of 86 million barrels a day. Clearly, the higher price for gasoline and diesel is showing up in several places: less petrol tax revenue in France, less fuel sales for retailers in the U.K. (maybe as much as 20% year over year), and less miles driven in the United States (lowest in March since 1979).”

The surging price of oil has prompted Fed Chairman Ben Bernanke to suggest in recent speeches that the Federal Reserve may raise interest rates to combat inflation.

In acquisition news, Staples Inc. (Nasdaq:SPLS) reportedly finalized a deal to purchase Dutch company Corporate Express; any large-cap M&A activity tends to be embraced by the overall stock market.

The weekly MBA mortgage application index rose 10.9% and the purchase index climbed 12.8% to a four-week high. This data series is volatile and has been on the decline in line with the slumping housing market, but the rise in the latest . . .

Small-cap stocks edged lower, with support from acquisition news and an uptick in the latest mortgage application survey offset by a jump in crude oil prices and lingering jitters about tough talk on inflation at a time of sluggish economic growth. At 9:56 a.m. ET, the Russell 2000 (NYSE:IWM) was down 4.59, or 0.63%, at 728.03.

In acquisition news, Staples Inc. (Nasdaq:SPLS) reportedly finalized a deal to purchase Dutch company Corporate Express, and any large-cap M&A activity tends to be embraced by the overall stock market.

The weekly MBA mortgage application index rose 10.9% and the purchase index climbed 12.8% to a four-week high. This data series is volatile and has been on the decline in line with the slumping housing market, but the rise in the latest week was surprising given a lift on interest rates.

Crude oil prices remain a thorn for stock market bulls, rebounding overnight to rise back above $134 dollars a barrel. In addition, the dollar was soft into the stock market opening, slipping about 0.2% versus the euro and about 0.3% against the yen. Other commodities were also on firm footing this morning, with gold trading higher and grains markets called higher.

The market will look toward this afternoon’s Beige Book report, which is a roundup of business conditions in the 12 Federal Reserve districts that is prepared before each FOMC meeting. Steven Wood, chief economist with Insight Economics, said in an email that the Beige Book is expected to show that the economy grew at a sluggish rate since late April. Wood said that consumer spending has slowed while motor vehicle sales have collapsed, and home building continued to sink. In addition, manufacturing activity was weak, supported by exports, not domestic demand. What’s more, labor markets appear to be quickly softening and price pressures are rising because of rapid gains in food, energy and commodity prices.

Investors and market strategists continue to grapple with the renewed focus on inflation jawboning and what it might mean for stocks after various central bank officials around the world have ramped up the anti-inflation rhetoric in recent days.

In a research report, Goldman Sachs analysts said that “the main risk that rising inflation poses to equities in the current environment is that it hampers the ability of central banks to pursue accommodative monetary policies at a time . . .

After a brief opening bounce, small-cap stocks are down slightly from Wednesday, but have been mostly steady in Thursday’s session. At 12:03 p.m. ET, the Russell 2000 (NYSE:IWM) was down 0.02, or 0.17%, at 716.04.

After skyrocketing crude oil sent stocks earthward during Wednesday’s action, sturdy results from Wal-Mart (NYSE:WMT) and Costco (Nasdaq:COST) offered early encouragement to traders. In the midday session, Wal-Mart is up 1.3% while Costco is down 0.1%. Also supporting bullish sentiments was footwear maker Crocs Inc.’s (Nasdaq:CROX) offered a solid outlook for the remainder of the year. CROX is up more than 16% shortly before noon.

Soaring crude oil futures eased somewhat to $122.53 a barrel after touching a record-high of $123.93. The dollar is stronger against the euro at $1.5395 after . . .

Central Garden & Pet Co. (Nasdaq:CENT), Gibraltar Industries Inc (Nasdaq:ROCK) and Overhill Farms Inc (Nasdaq:OFI) are among the biggest percentage gainers in Thursday's trading among companies with market capitalizations under $750 million.

RH Donnelley Corp (Nasdaq:RHD), China Technology Development Group Corp (Nasdaq:CTDC) and Colfax Corp (Nasdaq:CFX) are also among the biggest percentage gainers.

Here are the biggest percentage gainers among small caps:

The Russell 2000 (NYSE: IWM) futures are slightly above their close level on Friday on news of corporate deal-making.

Search engine Yahoo! Inc. (Nasdaq: YHOO) will reject a $45 billion bid from Microsoft Corp. (MSFT), according to news reports over the weekend. The Redmond, Wash.-based software giant will in turn take its offer directly to shareholders.

More mergers and acquisitions news is coming from networking solutions provider Nortel Networks Corp. and telecommunications heavyweight Motorola Inc. (NYSE: MOT), which are in talks to merge their wireless infrastructure divisions, according to The Wall Street Journal.

There are no economic report releases to navigate on Monday, and outside volatility looks calm until we get to Wednesday morning’s Retail Sales report. Look for support Monday at 688 and 680, while resistance is at 712 and 721.

The Russell 2000 (NYSE: IWM) and the Dow Jones Industrial Average (INDU) are big gainers as investors see signs of a future rate cut. At 1:54 p.m. ET, the small-cap index had added 23.64 points, or 3.18%, to 766.91. The Dow was up 316.54 points, or 2.44%, to 13,274.98.

“Uncertainties about the economic outlook are unusually high right now,” U.S. Federal Reserve vice chairman Donald Kohn told an audience in New York earlier today. “In my view, these uncertainties require flexible and pragmatic policymaking—nimble is the adjective I used a few weeks ago.”

The bulls are on a tear because that remark is being interpreted as a hint that the central bank is considering a cut in its target interest rate when it next meets on Dec. 11.

On Oct. 31, the Fed lowered the federal funds rate, the rate at which commercial banks make overnight loans to each other, to 4.50% from 4.75% to prevent a sharp economic downturn and ease the credit crunch.

Speaking of the economy, the numbers that came out today were not pretty.

The U.S. Census Bureau reported before the opening that orders for durable goods, which are goods intended to last at least three years, unexpectedly declined 0.4% in October to $214.45 billion.

New orders for non-defense capital goods, an important measure of business spending, also fell.

Business spending is about 20% of U.S. gross domestic product.

More bad economic news came after the opening when the National Association of Realtors reported a 1.2% drop in U.S. existing home sales.

Shares of Central Garden & Pet Co. (Nasdaq: CENT) have fallen to a new 52-week low on news after the close on Tuesday that the maker of lawn and garden products and pet supplies swung to a net loss in its fiscal fourth quarter.

The Walnut Creek, Calif.-based company reported that its net loss for the fourth quarter ended Sept. 29 was $1.7 million, or $0.02 per share, compared with a net income of $6 million, or $0.08 per share, a year earlier. Nine analysts polled by Thomson Financial were looking for a net income of $0.03 per share.

Net sales slipped 5% to $401 million from $421 million during the last three months of fiscal 2006.

Leading the way down were sales of pet products, which suffered a decline of 7% to $221 million, from $237 million a year earlier. Sales of garden products decreased 2% to $180 million, from $184 million.

The company estimates that over 62% of U.S. households own a pet, up from 57% in the late 1990s, while about 50% own either a cat or a dog.

For the entire fiscal 2007, Central Garden & Pet Co. reported a net income of $32.3 million, 51% lower than the $65.5 million in profit in fiscal 2006. Net sales for the year increased 3% to $1.67 billion from $1.62 billion in fiscal 2006.

At 1:10 p.m. ET, shares of Central Garden & Pet Co. (CENT) had shed $1.32, or 21%, to $5.11. The previous 52-week low of $5.97 was set on Nov. 20. The 52-week high of $18.26 was reached on Dec. 5.

The Russell 2000 (NYSE: IWM) is posting strong gains despite news of worse-than-expected durable goods orders and a drop in existing home sales.

At 10:44 a.m. ET, the small-cap index had advanced 20.49 points, or 2.76%, to 763.76. The Dow Jones Industrial Average (INDU) was up 230.87 points, or 1.78%, to 13,189.31.

The U.S. Census Bureau reported before the opening that orders for durable goods, which are goods intended to last at least three years, declined 0.4% in October to $214.45 billion. Economists were expecting orders to stay flat after falling a downwardly revised 1.4% in September.

New orders for non-defense capital goods, an important measure of business spending, fell 3.1% to $72.5 billion.

That tells us that businesses are growing cautious, another sign of a pending slowdown in economic growth.

Investors will also have their eyes on the U.S. Federal Reserve, which will release its “beige book” of information about regional economic conditions at 2 p.m. ET.

More bad economic news came in the form of a 1.2% drop in U.S. existing home sales.

The National Association of Realtors reported after the start of trading that existing home sales for October fell to an annual pace of 4.97 million from revised 5.03 million in September. Economists were expecting a more modest decline to an annual rate of five million.

The Russell 2000 (NYSE: IWM) futures are higher and the small-cap index will likely open in positive territory.

The bulls look poised for action this morning despite news of a third consecutive monthly decline in orders for durable goods.

The U.S. Census Bureau reported that orders for durable goods, which are supposed to last at least three years, declined 0.4% in October to $214.45 billion. Economists were expecting orders to stay flat after falling a downwardly revised 1.4% in September.

That tells us that businesses are reining in spending, which feeds fears of a coming slowdown in economic growth.

Investors will also have their eyes on other economic data set to be released later today. The National Association of Realtors will announce home sales for October at 10 a.m. ET, while the U.S. Federal Reserve will release its “beige book” of information about regional economic conditions at 2 p.m. ET.

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:

• China Finance Online Co. Ltd. (JRJC), up 15% on news it has completed the acquisition of 85% equity interest of a licensed securities brokerage firm in Hong Kong.
• City Telecom (H.K.) Ltd. (CTEL), up 9%.
• Neutral Tandem, Inc. (TNDM), up 6%.

Biggest percentage losers:

• BIDZ.com, Inc. (BIDZ), down 16% on news the CEO has denied a report claiming the company engages in shill bidding, holds excessive inventory.
• Central Garden & Pet Co. (CENT) down 15% on news of a fiscal fourth-quarter net loss.
• Tercica Inc. (TRCA) down 8%.

Central Garden & Pet Co. (Nasdaq: CENT) shares are down on news that the maker of pet, lawn and garden supplies is withdrawing its fourth-quarter outlook and postponing a public offering and a sale of shares to its chairman.

The Walnut Creek, Calif.-based firm said trends that had contributed to earlier market softness had not eased during August and September. Accordingly, the company withdrew its stated guidance. On September 10, Central Garden & Pet announced in a press release that it expected earnings for the fourth quarter in the range of $0.07 to $0.09 per share and earnings for fiscal 2007 ending September 29 to be in the range of $0.54 to $0.56 a share. Wall Street analysts are looking for earnings of $0.09 per share in the fourth quarter and $0.59 per share for fiscal 2007. The company earned $0.25 per share in the fourth quarter of 2006 and $2.85 per share in fiscal 2006.

The company also previously stated in a press release that it expects fiscal 2008 “to be a substantial improvement over expected fiscal 2007 results but not to the level of fiscal 2006 results, assuming that the adverse weather conditions and volatile grain prices, which adversely affected fiscal 2007 results, do not recur.”

“As we have discussed previously, in fiscal 2007 we have experienced the perfect storm in terms of weather, grain pricing and other factors,” CEO Glenn Novotny said in a statement. “We remain focused on improved performance in fiscal 2008 and believe it is best for our shareholders to withdraw our guidance and postpone the proposed offering at this time.”

The company also previously announced on September 10 that it was offering 10 million shares of Class A common stock to the public. Also among the canceled plans, William Brown, Central Garden & Pet’s chairman, said he intended to purchase an additional 500,000 shares.
 
In late afternoon trading, CENT shares are nearing a year low of 9.69%, or $1.02, at $9.51. Over the last 52 weeks, shares have ranged from $9.26 to $55.11.

Trio-Tech International (AMEX: TRT), iRobot Corp. (Nasdaq: IRBT) and HireRight, Inc. (Nasdaq: HIRE) are among the biggest percentage losers in Monday's trading among companies with market capitalizations under $500 million.

Here are today's biggest percentage losers:

Cardica, Inc. (Nasdaq: CRDC), Elecsys Corp. (AMEX: ASY) and Sonesta International Hotels Corp. (Nasdaq: SNSTA) are among the biggest percentage losers in Monday's trading among companies with market capitalizations under $500 million.

Here are today's biggest percentage gainers:

The Russell 2000 index is falling along with the other major American indices as a U.S. Federal Reserve official reiterates concerns of inflation.

At 10:16 a.m. ET the Russell 2000 was down 8.23 points, or 0.97 percent, to 840.02. Dow Jones Industrial Average had lost 83.97 points, or 0.62 percent, to 13,511.67.

Sandra Pianalto, President of the Fed Bank of Cleveland, said that the U.S. central bank must not be “complacent” about inflation, according to news reports this morning. Fed Chairman Ben Bernanke said on Tuesday that inflation remains a primary concern even though it’s expected to moderate in the coming months.

Investors interpret both remarks as an indication that a cut in the federal funds rate, which currently stands at 5.25%, is unlikely.

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