Tag - CRUS

Valassis Communications Inc (Nasdaq:VCI), Trueblue Inc (Nasdaq:TBI) and Affymetrix Inc (Nasdaq:AFFX) are among the biggest percentage gainers in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Cohu Inc (Nasdaq:COHU), Spherion Corp (Nasdaq:SFN), Colony Bankcorp Inc (Nasdaq:CBAN), Cirrus Logic Inc (Nasdaq:CRUS), Tesco Corp (Nasdaq:TESO) and Skechers USA Inc (Nasdaq:SKX).

Small-cap stocks are expected to push lower on the opening, with support from a raft of rate cuts around the world overnight countered by concerns over profit outlooks and worries over monthly retailer sales tallies. Stock index futures were down about 1.5% in pre-market trading, which suggests the Russell 2000 (NYSE:IWM) will open near 447.50.

European stocks were higher after European Central Bank officials slashed 75 basis points off their benchmark lending rate, which was more aggressive than expected. However, European shares slipped into the negative after El du Pont de Nemours and Co. (NYSE:DD) revised their profit outlook downward this morning. The DuPont news added to a dreary tally of fresh profit/outlook concerns from several companies, including Merck & Co. Inc. (NYSE:MRK), Cirrus Logic Inc. (Nasdaq:CRUS), Intersil Corp. (Nasdaq:ISIL) and Jo-Ann Stores Inc. (NYSE:JAS).

Back to the rate cut news, the Bank of England, Sweden’s Riksbank, New Zealand authorities and even Indonesia cut lending rates overnight as central bank officials around the world strive to battle the economic downturn.

The weekly claims report this morning came in at 509,000, which is historically a big number, but which was actually below the forecast of 540,000. The four-week moving average on claims rose to 524,500 which was above 518,250 from . . .

Canadian Solar Inc. (Nasdaq:CSIQ), A Power Energy Generation Systems Ltd. (Nasdaq:APWR) and Solarfun Power Holdings Co Ltd. (Nasdaq:SOLF) are among the most actively traded companies in Monday's trading among companies with market capitalizations under $1 billion.

Also included among the results: UCBH Holdings Inc. (Nasdaq:UCBH), AgFeed Industries Inc. (Nasdaq:FEED), Cirrus Logic Inc. (Nasdaq:CRUS), Salix Pharmaceuticals Ltd. (Nasdaq:SLXP), China Sunergy Co Ltd. (Nasdaq:CSUN) and Clean Energy Fuels Corp. (Nasdaq:CLNE).

Here are the most actively traded companies among small caps:

Breaking a green streak this week, small caps are crumbling mid-session after weaker-than-expected existing home sales, higher weekly unemployment claims and a mixed batch of earnings zapped the market’s optimistic sentiment.

At 12:20 p.m. ET, the Russell 2000 (NYSE:IWM) was down 7.46, or 1.04%, at 711.73, while the Dow was down 133.2, or 1.15%, to 11,499.18.

The market got a dose of reality this morning when existing home sales for June reportedly fell 2.6% to an annual rate of 4.86 million units, below the forecast of 4.93 million. It marked the lowest level in 10 years and was down 15% from last year. In addition, the inventory of homes available for sale rose to 11.1 months, up from 10.8 months in the May report. The national median home price also tumbled 6.1% from last year.

Adding insult to injury, data on weekly claims came in much higher than expected, painting a somber picture on the employment front. The headline figure for weekly claims was at 406,000, far above the forecast of 380,000. Continuous claims dipped slightly, but the 4-week moving average rose. There was, however, some thought that the weekly claims report was at risk for an upside surprise amid layoffs in autos, airlines and banks.

In another negative chapter to the credit crisis saga, two units of UBS are being sued by New York Attorney General Andrew Cuomo, for allegedly misconstruing the risks associated with auction-rate securities to clients by painting such securities as safe and liquid investments.

Cirrus Logic Inc (Nasdaq:CRUS), Vital Signs Inc (Nasdaq:VITL) and GSI Commerce  (Nasdaq:GSIC) are among the biggest percentage gainers in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Penson Worldwide Inc (Nasdaq:PNSN), Vasco Data Security International Inc (Nasdaq:VDSI), Monro Muffler Brake Inc (Nasdaq:MNRO), Digi International Inc (Nasdaq:DGII), Sonesta International Hotels Corp (Nasdaq:SNSTA) and Greene County Bancorp (Nasdaq:GCBC).

Here are the biggest percentage gainers among small caps:

Small-cap stocks pushed lower, pulled down by soft economic data, mixed earnings news and a modest rise in crude oil prices. At 10:04 a.m. ET, the Russell 2000 (NYSE:IWM) was down 4.87, or 0.68%, at 714.32.

Tech stocks were strong relative to other index products, underpinned by strong earnings from Amazon.com (Nasdaq:AMZN), which rallied 9% early today after topping the Street’s forecast.

The stout results from AMZN were not a recurring theme this morning, however, with earnings from Dow Chemical (NYSE:DOW) and Ford Motor Co. (NYSE:F) both missing the forecast. DOW was off 0.4% and F down 3.2% on the opening.

Existing home sales for June fell 2.6% to an annual rate of 4.86 million units, which was below the forecast of 4.93 million. It marked the lowest level in 10 years and was down 15% from last year. In addition, the inventory of homes available for sale rose to 11.1 months, up from 10.8 months in the May report. The national median home price also tumbled 6.1% from last year.

Ahead of the open, data on weekly claims came in much higher than expected, painting a somber picture on the employment front. The headline figure for weekly claims was at 406,000, far above the forecast of 380,000. Continuous claims dipped slightly, but the 4-week moving average rose. The immediate response to the jobs data was a brief erosion in the U.S. dollar, a rise in Treasury markets and an extension of the dip in overnight stock derivatives. However, there was some thought that the weekly claims report was at risk for an upside surprise amid layoffs in autos, airlines and banks.

Crude oil prices were higher heading into the stock market open, climbing back above $125 dollars a barrel in a mild bounce after a steep $4 drop Wednesday that put an exclamation point on a recent $23 collapse. It’s interesting to see that open interest in crude oil futures is near 18-month lows, which suggests that . . .

Cirrus Logic Inc. (Nasdaq:CRUS) has gained 30% today after analysts at Needham upgraded the Austin-based company to “buy” from “hold” ahead of the opening. Cirrus reported its first-quarter earnings and provided an upbeat second-quarter outlook after the close on Wednesday. For the quarter ended June 28, revenues were $44 million, up from $41.1 million in the same quarter a year ago. Net income was $3.7 million, or $0.06 per share. Analysts had been expecting earnings per share of $0.04 on revenues of $43.63 million.

The circuit maker expects revenues for the second quarter in the range of $50 million and $54 million.

During the past year, shares of Cirrus have been between $4 and $8.47. In today’s trading, shares are at $6.29 at 9:51, up $1.46 from Wednesday’s close.

Shares of Cirrus Logic Inc. (Nasdaq:CRUS) have appreciated on news reports before the opening that the developer of integrated circuits has been upgraded. Analyst Heidi Poon with brokerage house Thomas Weisel Partners Group Inc. raised Cirrus Logic’s rating to “overweight” from “market weight”, projecting that the Austin, Texas-based company will increase its market share.

At 3:30 p.m. ET, the stock had climbed $0.38, or 6%, to $6.73.

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

Personal income rose a more-than-expected 0.5% in February, the U.S. Commerce Department reported this morning. Economists were expecting an increase of 0.3%. The same report also showed that personal spending increased 0.1%, in line with projections.

The bullish pre-market sentiment is in part in reaction to news that Citigroup Inc. (NYSE:C) recommended buying shares of financial services company Lehman Brothers Holdings Inc. (NYSE:LEH).

The Russell 2000 ended the day Thursday with a thud, closing out near the lows at 692.39, down 9.73, or 1.39%, for the day. The 10:00 a.m. ET sentiment figures could also stir some reaction in the market.

It would provide a lift for the index to close out the week above 685, to help validate the recent upward draft off the lows. In addition, a close on Monday above 686.05 would provide the first monthly close above opening levels since October, which is an astoundingly long time for any market. For short-term traders, support comes in Friday at 686, 680 and 674. Meanwhile, resistance is pegged at 700, 706 and 714.

The Russell 2000 (NYSE: IWM) futures are gaining ground on the second to last trading day of the year amid news of possible asset sales by big banks.

Citigroup Inc. (NYSE: C) and HSBC Holdings, are among U.S. and European banks that are considering major asset sales, The Wall Street Journal is reporting this morning. Citigroup could sell an 80%-held student loan, its North American auto-lending unit, its 24% stake in Brazil credit-card operation Redecard and the bank's Japanese consumer finance business. HSBC might liquidate its auto-finance business.

The Census Bureau is expected to report new home sales for the month of November at 10 a.m. ET. Economists are that forecasting new home sales slid to 715,000 from 728,000 in October.

Also due out at 10 a.m. ET, the Chicago arm of the National Association of Purchasing Managers will report Chicago-area manufacturing index. The index is forecasted to edge down to 52 from 52.9 the previous month. A reading above 50 signals factory-sector expansion, while a reading below 50 signals contraction.

In small-cap news, a judge ruled Thursday that The Finish Line, Inc. (Nasdaq: FINL) must complete its $1.5 billion acquisition of mall retailer Genesco Inc. (NYSE: GCO) because it and advisor UBS reportedly knew about risks to Genesco's earnings. Finish Line said it may appeal.

Stocks also advanced as investors increased odds that the Federal Reserve will cut interest rates, quelling concerns of a recession.

Biggest percentage gainers:

• Chordiant Software Inc. (CHRD), up 15.8% to $9.40 on news that it that it has entered into a Global Framework Agreement with a leading telecommunications company for $26.1 million.
• Telestone Technologies Corp. (TSTC), up 5.3% to $6.86.
• Allos Therapeutics, Inc. (ALTH), up 5.3% to $7.

Biggest percentage losers:

• Cirrus Logic Inc. (CRUS), down 4.9% to $5.
• American Dental Partners, Inc. (ADPI), down 2% to $10.
• China Technology Development Group Corporation (CTDC), down 1.7% to $9.76.

The Russell 2000 (NYSE: IWM) is rising despite investors’ fears of a U.S. economic slowdown.

At 10:30 a.m. ET, the small-cap index had added 1.17 points, or 0.15%, to 799.96. The Dow Jones Industrial Average (INDU) was off 36.90 points, or 0.27%, to 13,485.12.

Small futures were down and stocks across the board fell this morning as investors reacted to concerns of a slowing United States economy.

News of an economic slowdown is a major cause of the generally bearish mood this morning, with finance ministers and central bankers from the G7, the world’s top seven industrialized countries, saying over the weekend that U.S. economic growth is in for a slowdown due to tighter credit, the housing slump and the high price of oil.

Small and big caps fell hard on Friday after corporate heavyweights missed earnings expectations, spreading fears about the negative effects of the meltdown in the subprime mortgage sector and the stagnation in the U.S housing sector.

Thus far this morning small caps are faring better than their bigger brothers, with the Russell 2000 index managing to rise above the flat line shortly after 10 a.m. ET.
Overseas, Japan’s Nikkei 225 shed 2.2%, while London’s FTSE 100 fell 1.5%.

Here are the current biggest percentage gainers and losers among companies with a market cap between $100 million and $750 million:

Biggest percentage gainers:

• Radiation Therapy Services Inc. (RTSX), up 43% on news it is being purchased by a private equity firm.
• RadiSys Corp. (RSYS), up 16% on news of an analyst upgrade.
• Cirrus Logic Inc. (CRUS), up 7%.

Biggest percentage losers:

• Catalyst Semiconductor Inc. (CATS), down 14%. An analyst contacted for comment did not have an explanation for the stocks’ movement.
• Silicom Ltd. (SILC), down 16%.
• United PanAm Financial Corp. (UPFC), down 11% on news of a decline in third-quarter profit.

The Russell 2000 has lost more than one percent this morning as news of slow retail sales in April brought out the bears on Wall Street.  Among specific small cap companies, Cirrus Logic, Inc. (Nasdaq: CRUS) outpaced analysts’ expectations but lowered its profit on a year-on-year basis, while news of a net loss hurt shares of VirtualScopics, Inc. (Nasdaq: VSCP).

At 11:26 a.m. ET the Russell 2000 had shed 11.10 points, or 1.33 percent, to 823.67.  The Dow Jones Industrial Average had lost 89.47 points, or 0.67 percent, to 13,273.40.