Tag - GKK

Small-cap stocks finished off one of the worst months in history with a four-day rally fueled by improving credit conditions, month-end bargain hunting and a willingness by investors to look beyond current weak economic fundamentals. The Russell 2000 (NYSE:IWM) closed up 4.53%. Today’s small-cap gainers are SM&A (Nasdaq:WINS), MGIC Investment (NYSE:MTG) and Gramercy Capital (NYSE:GKK).

Other Market Watch highlights today included:

• The Russell is now down 30% for the year. The Dow is down 30% for 2008, while the S&P 500 is off 34%. 
• Financial stocks played a key role in the rally today, after lagging on some bounce attempts earlier in the week. The Financial Select Sector SPDR Fund rose 3.3%.
• Small- and mid-cap banks and financial institutions were noted all along the top percentage movers today on various exchanges. 
• Crude oil prices rallied in the final 30 minutes of trading today, but gains in the commodity arena were hampered by a firm tone in the U.S. dollar, which gained about 1.3% against the euro.

Small Cap Gainers:

• SM&A jumped 126% on news that the firm will be purchased by Odyssey Investment Partners for $6.25 a share. See (Nasdaq:WINS).
• Wisconsin Energy to replace MGIC Investment in S&P 500. MGIC shares closed up over 60%. See (NYSE:MTG).
• Gramercy Capital reported 34% Q3 rise in funds from operations, halts dividends. Shares closed up 79%. See (NYSE:GKK).  
• Sonic Automotive reported losses in Q3 but shares closed up a whopping 41%. See (NYSE:SAH).
• China Eastern Airlines Corp. Ltd. gapped higher and soared 27%. See (NYSE:CEA).

Small Cap Losers:

• Penson Worldwide Inc. closed down 40% on news that a subsidiary has incurred a $15.5M unsecured receivable from a firm that has ceased operations. See (Nasdaq:PNSN).
• Bare Escentuals Inc. gapped lower and shed some 40% on soft earnings news. See (Nasdaq:BARE).  
• Sunrise Senior Living announces transaction has been terminated. Shares . . .

Bancorp Bank (Nasdaq:TBBK), Consolidated Graphics Inc (Nasdaq:CGX) and Gramercy Capital Corp (Nasdaq:GKK) are among the new 52-week lows in Monday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Frequency Electronics Inc (Nasdaq:FEIM), Home Inns & Hotels Management Inc (Nasdaq:HMIN), Severn Bancorp Inc (Nasdaq:SVBI), Sciele Pharma Inc (Nasdaq:SCRX), Ryland Group Inc (Nasdaq:RYL) and Provident Financial Holdings Inc (Nasdaq:PROV).

Here are the new 52-week lows among small caps:

TechTarget Inc (Nasdaq:TTGT), Great Atlantic & Pacific Tea Co Inc (Nasdaq:GAP) and Gramercy Capital Corp (Nasdaq:GKK) are among the new 52-week lows in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Sturm Ruger & Co Inc (Nasdaq:RGR), Sonic Solutions (Nasdaq:SNIC), Protherics PLC (Nasdaq:PTIL), FortuNet Inc (Nasdaq:FNET), Miller Industries Inc (Georgia) (Nasdaq:MLR) and Tortoise North American Energy Corp (Nasdaq:TYN).

Here are the new 52-week lows among small caps:

Gramercy Capital Corp. (NYSE:GKK) is off 15% in today’s trading after the real estate investment trust reported a dip in second-quarter net income after the close Wednesday. For the quarter ended June 30, net income available to common stockholders was $10.1 million, or $0.20 per share, compared with $20 million, or $0.73 a share, for the same quarter a year ago. For the quarter, generated funds from operations were $32.9 million, up from $22.5 million from the period a year earlier.

In today’s trading, shares are at $7.94 at 2:40 p.m. ET, down $1.35 from Wednesday’s close. Trading volume has soared to nearly 2 million shares, well above the average of about 600,000.

Gramercy Capital Corp. (NYSE: GKK) shares are rising after the commercial real estate finance company announced after Wednesday’s closing that third-quarter net income jumped to $94.8 million, or $3.43 per share, above analyst estimates of $2.75 per share and from $14.5 million, or $0.54 per share, a year earlier.

The New York City-based firm’s earnings include a $92.2 million gain on the sale of Gramercy’s 45% interest in a Manhattan property. The company said it expects to declare a special dividend to shareholders during the fourth quarter as a result of the sale.

This morning, the investment bank UBS AG (NYSE: UBS) initiated coverage on Gramercy with a “buy” rating and a $29 price target.

In morning trading, GKK shares are up 6.92%, or $1.75, at $27.05. Over the last 52 weeks, shares have ranged from $20.03 to $38.30.