Tag - GRAN

One of the fastest moving sectors in the small-cap universe has been regional bank stocks. This week alone stocks like Frontier Financial (NASDAQ: FTBK), Hampton Roads Bankshares (NASDAQ: HMPR), and Bank of Granite (NASDAQ: GRAN) are moving sharply higher on high volume as traders and investors alike begin to see stabilization in the sector. Many small-cap bank stocks were priced for failure, and when the probability of bankruptcy declines, the surge in share price can be enormous.

If you dip a toe and start buying shares in stocks in this sector, be sure you do some due diligence and research the stock first. Financial stocks require their own type of analysis such as looking at reserves for loan losses, capital levels, and non-performing loans. But now is a good time to begin assembling a watch list. There will still be plenty of time to get into the best banks and those that survive are likely to see their share prices trend higher as they get back to full health.

Medicis Pharmaceutical Corp. (Nasdaq:MRX), Navios Maritime Partners LP (Nasdaq:NMM) and Transition Therapeutics Inc. (Nasdaq:TTHI) are among the new 52-week lows in Wednesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Orbotech Ltd. (Nasdaq:ORBK), Mortons Restaurant Group Inc. (Nasdaq:MRT), Capella Education Co. (Nasdaq:CPLA), Bank of Granite Corp. (Nasdaq:GRAN), Oneida Financial Corp. (Nasdaq:ONFC) and CNB Financial Corp. (Nasdaq:CCNE).

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

Bank of Granite Corporation (Nasdaq:GRAN) is down 8% today after reporting after Friday’s close it had slipped to a second-quarter loss. For the quarter ended June 30, net loss was $3.36 million, or $0.22 per share, compared to net income of $0.74 million, or $0.05 per share, for the same period a year ago. The net loss resulted from decreases in interest and fee income from loans, the Granite Falls, N.C.-based bank said.

In today’s trading, shares are at $7.61 at 11:33 a.m. ET, down $0.64 from Friday’s close. Trading volume is about 5,000 shares below the average number.