Tag - CFNB

California First National Bancorp (Nasdaq:CFNB), Gibraltar Industries Inc (Nasdaq:ROCK) and Horizon Financial Corp (Wash) (Nasdaq:HRZB) are among the biggest percentage gainers in Monday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Palm Harbor Homes Inc (Nasdaq:PHHM), Orbitz Worldwide Inc (Nasdaq:OWW), Southwest Bancorp Inc (Nasdaq:OKSB), Horizon Bancorp (Indiana) (Nasdaq:HBNC), Peoples Bancorp of North Carolina Inc (Nasdaq:PEBK) and Firstbank Corp (Alma, Michigan) (Nasdaq:FBMI).

Here are the biggest percentage gainers among small caps:

NutriSystem Inc. (Nasdaq:NTRI), TRC Companies, Inc. (NYSE:TRR) and Income Opportunity Realty Investors, Inc. (AMEX:IOT) are among the biggest percentage gainers in Tuesday's trading among companies with market capitalizations under $750 million.

California First National Bancorp (Nasdaq:CFNB), Dynacq Healthcare, Inc. (Nasdaq:DYII) and Syms Corp. (Nasdaq:SYMS) are also among the top small-cap percentage gainers.

Here are Tuesday's biggest percentage gainers among small caps:

Shares of California First National Bancorp (Nasdaq: CFNB) are rallying in light of the Federal Reserve’s interest rate cut, despite posting a 40% decline in its fiscal second-quarter earnings.

For the three months ended Dec.31, 2007, the Irvine, Calif.-based bank recorded earnings of $0.16 per share, down from $0.27 per share for the second quarter of last year. No analysts’ estimates were available.

For the first six months of fiscal 2008, the small cap reported earnings per share were $0.34, down 24% from $0.44 per share for the same period of fiscal 2007.

California First National attributed the large percentage decline in second quarter and six-month net earnings to prior-period results, which included the contribution of $1.4 million in pre-tax income from the recovery and resolution of problem accounts and the recognition of accelerated income on early terminations. Excluding these, the bank said that for the six months, the decline in net income would have been less than 10%.

Total direct finance, loan and interest income for the second quarter decreased 2.5% to $7 million from $7.2 million in the second fiscal quarter of 2007.

California First National Bancorp is a holding company for California First Leasing Corporation, Amplicon, Inc. and California First National Bank, which engage in leasing and banking activities in the United States.

Shares of California First National Bancorp (CFNB) gained $1.56, or 15.76%, to $11.46 at 12:29 p.m. ET. Shares of California First National Bancorp have been trading in the range of $8.30 to $15.44 for the past 52 weeks.

No analysts were available for comment.

The Russell 2000 (NYSE: IWM) and the other major U.S. indices have fallen deep into negative territory as economic concerns take center stage. At 2:46 p.m. ET, the small-cap index was down 9.55 points, or 1.35%, to 695.31. The Dow Jones Industrial Average (INDU) had lost 27.56 points, or 0.22%, to 12,561.51.

The U.S. economy will experience a recession this year and the Federal Reserve will respond with aggressive rate cuts, according to Goldman Sachs Group Inc. (NYSE: GS). The New York-based investment bank wrote in a note to its clients that it expects gross domestic product to contract in the second and third quarters, prompting the Fed to lower the federal funds rate to 2.5%.

The federal funds rate, the rate at which commercial banks make overnight loans to each other, was lowered on Dec. 11 to 4.25% from 4.50%. On Jan. 29, the Fed begins a two-day meeting, with most economists currently expecting that it will not move to cut interest rates before then.

However, William Poole, president of the Federal Reserve Bank of St. Louis, does not see a recession.

“Will housing sector problems push the economy into recession?” Poole asked the Financial Planning Association of Missouri and Southern Illinois in a speech earlier today. “It is too early to tell right now.”

The Russell 2000 (NYSE: IWM) and the Dow Jones Industrial Average (INDU) are continuing to careen for the first session in four trading days after news of weaker-than-expected holiday retail sales and a bleak report on housing prices.

At 1:10 p.m. ET, the small-cap index had shed 0.36 points, or 0.05%, to 794.03. The Dow was down 17.07 points, or 0.13%, to 13,532.23.

As the holiday shopping season draws to a close, the latest retail sales suggest the housing debacle and continued high oil prices are claiming the consumer and roiling retailers. News out from Target Corporation (NYSE: TGT) and MasterCard Incorporated (NYSE: MA) in particular are weighing on the indices today.

Discount retailer Target warned on Tuesday that its sales may have declined in the month of December since the Thanksgiving holiday and lowered its same-store sales outlook for the month to a 1% decrease from a 1% increase. This compares with the retailers previous forecast of a gain of 3% to 5%.

MasterCard added to the glum retail report after it reported that holiday spending, which includes credit, cash and checks, only rose 2.4% due to softer sales of women's apparel.

The International Council of Shopping Centers-UBS added a broader gauge when it reported its Retail Chain Store Sales Index rose by 2.8% for the week of Dec. 22 from the previous week. The ICSC, however, warned that retail industry sales might not meet its original guidance. Actual December sales figures will not be disclosed until mid-January.

The Russell 2000 (NYSE: IWM) is down on fears that the U.S. economy is slowing down despite news of a jump in third-quarter GDP. At 2:13 p.m. ET, the small-cap index had lost 5.38 points, or 0.70%, to 764.66. The Dow Jones Industrial Average (INDU) had added 6.34 points, or 0.05%, to 13,295.79.

The U.S. economy grew at an impressive 4.9% annual rate during the third quarter of 2007, the Commerce Department reported before the opening. That’s an upward revision from the preliminary figure of 3.9% and above economists’ projections of 4.8%.

Although that’s the highest quarterly growth rate in four years, investors are worried that slower growth lies ahead.

That’s in part because jobless claims for the week ended Nov. 24 rose 23,000 to 352,000, the highest number since February, according to the U.S. Labor Department before the start of trading. The revised figure for a week earlier is 329,000.

Also feeding the bears’ appetite is news that sales of new one-family houses in October came in below economists’ forecasts.

The U.S. Census Bureau reported that new home sales increased 1.7% to 728,000, but the total from September was revised down sharply to 716,000 from 770,000 previously. Economists were calling for sales of 750,000.

The numbers tell us that the slump in the housing sector is continuing and showing no signs of letting up.

Gevity HR, Inc. (Nasdaq: GVHR), Somaxon Pharmaceuticals, Inc. (Nasdaq: SOMX) and Glu Mobile Inc. (Nasdaq: GLUU) 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: