Tag - DXYN

Small-cap stocks remained sharply lower into midday, down 4.05% and unable to sustain a morning rally for the third consecutive day. Market Watch highlights so far today include:

• When President Bush spoke this morning, small caps were off about 1.2% and the Dow was down about 80 points. The President made a surprisingly quick prepared remark, took no questions, and the began falling hard … within an hour after his appearance the Dow was down more than 350 points and small caps were off 4%.
• After multi-year highs a few months ago, cattle/hog prices are down on fears that meat consumption will suffer in a global recession.
• Gold/silver stocks and oil/energy stocks are the weakest sectors in today's trading. Footwear and retail home improvement are up fractionally. Gold is currently off 10%.

Small Cap Gainers:

• Audiovox (Nasdaq:VOXX) swings to Q2 loss. Shares of the electronic products distributor shoot up 16%.
• Union Bankshares (Nasdaq:UBSH) upgraded by Robert W. Baird; shares surge 17%.
• Stifel Nicolaus initiates coverage on Umpqua Holdings (Nasdaq:UMPQ) with a “hold” rating. Shares jump 21%.
• Airline small-cap UAL Corp. (Nasdaq:UAUA) announced Thursday it will lay off 414 mechanics; stock is currently up 8.4%.
• Private equity firm Prospect Capital (Nasdaq:PSEC) to repurchase up . . .

Small-cap stocks remained sharply lower into midday, unable for a third consecutive day to sustain a morning rally in positive territory as fears of an economic recession and frozen credit lines spark investor flight from equities into cash. At 12:33 p.m. ET, the Russell 2000 (NYSE:IWM) was down 20.23, or 4.05%, at 478.97, up modestly from the morning low, which marked the lowest point since August 2003.

The Russell actually was up more than 1% briefly this morning, and the Dow turned into positive territory generating a big roar of approval on trading floors in New York and Chicago, but the rally died off quickly, especially after a speech by President Bush failed to inspire confidence among investors that the worst of the storm has been weathered.

At the time Bush started speaking, small caps were off about 1.2% and the Dow was down about 80 points; the President made a surprisingly quick prepared remark, took no questions, and the market started falling hard … within an hour after his appearance the Dow was down more than 350 points and small caps were off 4%.

Today’s extension of the downside rout in stocks came on the heels of steep declines in stock markets around the world overnight as the credit contagion spreads to the banking systems of countries in every corner of the planet. Far-flung posts such as Iceland and Indonesia halted trading on stock markets overnight, a move also seen in Russia, Romania and Ukraine.

The distrust of equity markets has also spread into other asset classes, with Treasury markets sinking at the same time that commodity prices are tanking. Crude oil prices were down some 8% this morning, slipping below $80 a barrel for the first time in a year. Even meat prices were hit hard; after rising to multi-year highs a few months ago, cattle and hog prices were tumbling on fears that meat consumption . . .

PharmaNet Development Group Inc (Nasdaq:PDGI), Federal Agricultural Mortgage Corp (Nasdaq:AGM) and Chipotle Mexican Grill Inc (Nasdaq:CMG) are among the biggest percentage losers in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Starrett LS Co (Nasdaq:SCX), Cardtronics Inc (Nasdaq:CATM), Metalico Inc (Nasdaq:MEA), Diodes Inc (Nasdaq:DIOD), Seneca Foods Corp (Nasdaq:SENEB) and Dixie Group Inc (Nasdaq:DXYN).

Here are the biggest percentage losers among small caps:

Small-cap stocks put together a solid rally Tuesday, essentially recapturing the lost ground from Monday’s sharp decline. The market got an early boost from sinking crude oil prices, and extended those gains after the FOMC report failed to spark any fresh concerns. The Russell 2000 (NYSE:IWM) closed up 16.90, or 2.40% at 721.04. In the last three weeks, the market has generated one-day rallies of more than 2% on four occasions, which is an unusually large number of singular big-rally days jammed into such a short time frame.

Foreign exchange markets seemed to say that the Fed was on the right path, with the U.S. dollar jumping more than 100 basis points against the euro, and the dollar index climbing to the highest point since mid-June. In general, at this stage of the economic cycle, a strong greenback is seen as a sign of strength for the U.S. economy, and should encourage foreign asset flow into the U.S. stock market.

As for today’s big FOMC report, there was some mild intraday volatility associated with the statement, but the overall response was one of comfort. There is still a diversity of opinion about whether the Fed is in a position to fight inflation with tighter policy because of rising unemployment and soft economic conditions, but there also is a sense that the recent pullback in energy prices and other commodity markets may have provided the FOMC members with some valuable time and breathing room to combat a difficult situation...

CastlePoint Holdings (Nasdaq:CPHL), Dixie Group Inc (Nasdaq:DXYN) and athenahealth Inc (Nasdaq:ATHN) are among the biggest percentage gainers in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Chemgenex Pharm (Nasdaq:CXSP), Transcat Inc (Nasdaq:TRNS), Pilgrim's Pride Corp (Nasdaq:PPC), Cutera Inc (Nasdaq:CUTR), Maiden Holdings Ord Shs (Nasdaq:MHLD) and LandAmerica Financial Group Inc (Nasdaq:LFG).

Here are the biggest percentage gainers among small caps:

The Dixie Group Inc. (Nasdaq:DXYN) has soared 21% today after the company reported ahead of the opening that its second-quarter earnings had beat Wall Street estimates. For the quarter ended June 28, net income was $1.28 million, or $0.10 per share, compared with $2.55 million, or $0.20 per share, from the same quarter a year earlier. Sales declined 9% to $77.2 million. Despite the drops, the Chattanooga, Tenn.-based company’s results beat analysts’ earnings per share views; Wall Street was expecting earnings per share of $0.07 on revenues of $77.4 million.

The company said rising raw material and energy-related costs sliced into their margins and helped drag down second-quarter results. At 10:07 a.m. ET, shares are at $5.75, up $1 from Monday’s close. Shares have ranged from $4.61 to $12.31 during the past year.

Assured Guaranty Ltd (Nasdaq:AGO), Gencor Industries Inc (Nasdaq:GENC) and NB&T Financial Group Inc (Nasdaq:NBTF) are among the biggest percentage losers in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Photronics Inc (Nasdaq:PLAB), Sterling Bancshares Inc (Nasdaq:SBIB), BTU International Inc (Nasdaq:BTUI), Pyramid Oil Co (Nasdaq:PDO), Dixie Group Inc (Nasdaq:DXYN) and KVH Industries Inc (Nasdaq:KVHI).

Here are the biggest percentage losers among small caps:

RH Donnelley Corp (NYSE:RHD), Innophos Holdings Inc (Nasdaq:IPHS) and Dixie Group Inc (Nasdaq:DXYN) are among the biggest percentage gainers in Tuesday's trading among companies with market capitalizations under $750 million.

Hudson Highland Group Inc (Nasdaq:HHGP), China Technology Development Group Corp (Nasdaq:CTDC) and Citizens Republic Bancorp Inc (Nasdaq:CRBC) are also among the biggest percentage gainers.

Here are the biggest percentage gainers among small caps:

The Russell 2000 is in the red while the Dow is looking to yet another record close following news of mixed economic data and a lower-than-expected rise in construction spending.  Among small caps, news of a restructuring plan is hurting shares of Delta Galil Industries Ltd. (Nasdaq: DELT), while strong quarterly results lifted Datawatch Corporation (Nasdaq: DWCH).

At 11:57 a.m. ET the Russell 2000 had lost 2.15 points, or 0.26 percent, to 827.55.  The Dow Jones Industrial Average was up 11.70 points, or 0.09 percent, to 13,132.64.  That’s above Friday’s record close of 13.120.94.