Tag - GRRF

Simcere Pharmaceutical Group (Nasdaq:SCR), Geron Corp. (Nasdaq:GERN) and Delphi Financial Group Inc. (Nasdaq:DFG) are among the biggest percentage losers in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Presidential Life Corp. (Nasdaq:PLFE), China Grentech Corp Ltd. (Nasdaq:GRRF), AirMedia Group Inc. (Nasdaq:AMCN), Universal Travel Group (Nasdaq:UTA), ATA Inc (Nasdaq:ATAI) and Hi Shear Technology Corp. (Nasdaq:HSR).

China Grentech Corp Ltd. (Nasdaq:GRRF), Lifeway Foods Inc. (Nasdaq:LWAY) and United Security Bancshares (Nasdaq:UBFO) are among the biggest percentage gainers in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Republic Airways Holdings Inc. (Nasdaq:RJET), Bank of Commerce Holdings (Nasdaq:BOCH), VanceInfo Technologies Inc. (Nasdaq:VIT), Delta Apparel Inc. (Nasdaq:DLA), KMG Chemicals Inc. (Nasdaq:KMGB) and Ampco Pittsburgh Corp. (Nasdaq:AP).

Stocks were trading lower today as of press time, 3:35 P.M. eastern, with investors worried about consumer numbers. Stocks dropped almost immediately after the open as consumer confidence numbers, as measured by the University of Michigan, dropped to 63.2 for August from 66.0 for July. Consumers biggest fears continue to be job losses, shorter working hours, and smaller wages. These fears have dragged on consumer spend and put pressure on retailer and manufacturer earnings.

The Dow as trading at 9,274, down 124 points; the Nasdaq had shaved 31 points from the open, at 1,978; and the S&P 500 was below the 1,000 mark at 999, down 13 points.

A few stand-out small-cap price gainers include...

Small-cap stocks opened in the red and stayed there all day, as concerns about soaring crude oil prices, a sharp slump in the U.S. dollar, soft economic numbers and the credit crunch on financial institutions kept the sellers energized throughout the session and spurred safe haven flows away from equities toward credit markets. In the end, the Russell 2000 (NYSE:IWM) closed down 2.81, or 0.38%, at 735.64. It was the third-consecutive lower daily close for small caps, something that hasn’t happened since early April.

The tone for a gloomy session was established overnight when equity index markets around the world took it in the chin. European shares notched their largest one-day decline in two months, while China tumbled 5.1%, Hong Kong lost 2.2%, Taiwan was down 2.4%, Singapore down 1.2%, Bombay off 1.1% and Japan down 0.7%.

Money appeared to flow freely away from equities and into commodities and bonds. Speaking of commodities, the No. 1 physical market in the world — crude oil — shot to new record highs yet again, and is now on the doorstep of $130 dollars a barrel. Joining in the chorus of higher commodities was gold, which climbed 1.6%. Grains also pushed higher, benefiting from the slide in the U.S. dollar. As for the greenback, it was hammered against the euro, sinking about 150 basis points, or nearly 1%, all of which feeds into the short dollar/long commodities mindset.

A sobering reality of the seemingly never-ending rise in gasoline and food prices is that consumer discretionary spending funds dry up, which slows the U.S. economy and hurts corporations — especially those with hefty commodity price inputs. Even stepping outside of the food and energy sector, the news wasn’t good today. The Producer Price Index report was released this morning, and although the headline figure came in below the forecast, the “core” reading, which excludes food and energy prices, was well above the forecast, meaning businesses are facing rising . . .

First Bancshares Inc (Nasdaq:FBMS), China Techfaith Wireless Communication Technology Ltd (Nasdaq:CNTF) and SMART Modular Technologies Inc (Nasdaq:SMOD) are among the biggest percentage losers in Tuesday's trading among companies with market capitalizations under $750 million.

China Grentech Corp Ltd (Nasdaq:GRRF), Electro-Optical Sciences Inc (Nasdaq:MELA) and Tecumseh Products Co (Nasdaq:TECUA) are also among the biggest percentage losers.

Here are the biggest percentage losers among small caps:

Small-cap stocks charged higher Friday, giving beleaguered bulls a happy weekend sendoff. The Russell 2000 (NYSE:IWM) rose 13.07, or 1.85% to 721.07, the highest daily close since mid-February as investors embraced the latest batch of earnings numbers with open arms.

In a sense, it was a perfect storm of broad-based earnings reactions Friday, with Citigroup Inc. (NYSE:C) lifting financials, Google Inc. (Nasdaq:GOOG) fueling technology issues, and Caterpillar Inc. (NYSE:CAT) sparking buying interest in the manufacturing sector.

It perhaps took a little creativity on the part of investors to “spin” the Citigroup story into a positive one, as the company still reported massive debt write-downs and missed the earnings estimate. In essence, investors looked through the headline numbers and decided the story on Citigroup was headed toward happier times.

However, no such rose-colored glasses were needed for Google or Caterpillar. Google shot 20% — or about $90 bucks a share — as earnings topped estimates, and Caterpillar, which climbed about 8%, also beat their forecast despite sluggish economic conditions in the manufacturing sector in recent months. Just to add a little extra good vibes into the mix, another manufacturing giant, Honeywell International Inc. (NYSE:HON) also reported strong earnings and rose nearly 6% on the day.

April options expirations came into play today, and the market appeared to be out of position on the short side, which likely fueled the rally, said Nick Kalivas, vice president of financial research with MF Global, in a phone interview. In addition, “there . . .

Small-cap stocks kicked off Friday’s session with a bang, with the Russell 2000 (NYSE:IWM) leaping 1.49% in early trading in line with overnight gains fueled by investor response to the latest batch of corporate earnings releases. The Russell shot to a morning high of 719.90, just shy of key chart resistance in the 720.50 zone.

The headline earnings reports came from Citigroup Inc. (NYSE:C), Google Inc. (Nasdaq:GOOG) and Caterpillar Inc. (NYSE:CAT), which provided a “good news” feel to the morning’s action from the financial, technology and manufacturing sectors. Peoria, Ill.-based Caterpillar might not have been rocked much by last night’s 5.2-Richter earthquake in southeast Illinois, but strength in the manufacturing arena is a positive signal given sluggish economic conditions. Also on the manufacturing front, Honeywell International Inc. (NYSE:HON) beat the forecast on its earnings release and was up 4% in early trading this morning.

Some of the headline figures from Citigroup were suspect — for instance, earnings were below the forecast, but write-downs from the credit crunch were not as bad as feared, and investors embraced the news from the standpoint that the worst had already been priced into Citigroup’s valuation. It’s a risky leap of faith, . . .

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


• iGATE Corp. (Nasdaq:IGTE), up 11% on news of a rise in fourth-quarter revenue.
• Ceragon Networks Ltd. (Nasdaq:CRNT), up 8% on news that first-quarter earnings met analysts’ projections.
• SiRF Technology Holdings, Inc. (Nasdaq:SIRF), up 5%


• Chemotherapy Inc. (Nasdaq:TOMO), down 32% on news it expects a first-quarter loss.
• China GrenTech Corp. (Nasdaq:GRRF), down 14% on news of a decline in fourth-quarter earnings.
• comScore Inc. (Nasdaq:SCOR), down 5%.

The Russell 2000 (NYSE: IWM) futures are down and the small-cap index will probably open with a drop.

The bears are ready to go on news that an analyst with JPMorgan Chase & Co. (NYSE: JPM) downgraded Bear Stearns (NYSE: BSC), Goldman Sachs Group, Inc. (NYSE: GS) and Lehman Brothers Holdings Inc. (NYSE: LEH) to “sell” from “market perform.”

All three New York-based financial services companies have invested in securities backed by subprime mortgages and have been negatively affected by the slump in the U.S. housing sector.

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

Biggest percentage gainers:

• America’s Car-Mart, Inc. (CRMT), up 17% on news it swung to a fiscal second-quarter profit.
• U.S Auto Parts Network (PRTS), up 5%.
• Cache Inc. (CACH), up 5%.

Biggest percentage losers:

• China GrenTech Corporation Ltd. (GRRF), down 7%.
• Paragon Shipping Inc. (PRGN) down 6%.
• Parallel Petroleum Corp. (PLLL) down 5% on news it has raised its credit facility to $200 million from $150 million.

With just nine months until the Olympic Games in Beijing, the Chinese government is pouring billions of dollars into infrastructure build-outs in preparation for China's big step onto the global stage. Electric with ambition and awed by its own progress, China is eager to flaunt its emergence as a legitimate 21st-century economic power and to show off its modern, high-tech face to the world.

One of the less outwardly obvious signs of China's growing technological sophistication is the wireless revolution that is sweeping the nation at a breakneck pace. Leading the charge is China GrenTech Co. Ltd. (Nasdaq: GRRF), a top-tier provider of customized wireless communications equipment and radio frequency (RF) technology solutions. Serving major telecommunications companies like China Mobile Ltd. (NYSE: CHL), the world's largest mobile phone operator, and China Unicom Ltd. (NYSE: CHU), GrenTech’s products enable clients to utilize wireless communications and to expand network access to places known for weak coverage, including buildings, highways, railways, tunnels and rural areas.

GrenTech was cautiously rated a "sector perform" in new coverage by analyst Ittai Kidron at CIBC World Markets on Aug. 10. But given the company's recent successes and future potential, a more bullish outlook may be warranted.

In June, executives announced GrenTech won a bid to supply wireless network equipment for next year's Olympic Games and to help China Mobile design and build the wireless local-area network that will provide high-speed Internet connectivity in the stadiums, gymnasiums and surrounding areas in six cities, including Beijing, Shanghai and Tianjin. GrenTech did not disclose the size of the contract, but analyst Adele Mao with Susquehanna Financial Group estimated it to be in the $1 million to $3.5 million range.

Ceragon Networks Ltd. (Nasdaq: CRNT), ABX Air, Inc. (Nasdaq: ABXA) and China Sunergy Co., Ltd. (Nasdaq: CSUN) are among the most actively traded companies in Thursday pre-market trading among those with market capitalizations under $750 million:

China GrenTech Corp. Ltd. (Nasdaq: GRRF) reported this morning that it secured orders from a well-known large domestic base station equipment manufacturer for RF modules.

The small cap, which manufactures and sells wireless coverage products and services to telecommunication operators in China, said it obtained shares of the overall allocation including GSM, CDMA and WCDMA filters, and secured about a 60% share of GSM filters. GrenTech’s wireless coverage products support various transmission protocols, including CDMA, GSM, PHS and digital trunk communications. 

“Developing a base station RF business is an important stage in the company's strategic development,” GrenTech’s Chairman and Chief Executive Officer Yingjie Gao commented in a press release. “As more global base station equipment manufacturers start to secure base station RF parts and components in China, and leading domestic base station equipment manufacturers expand their businesses, the landscape for base station RF parts and components in China demonstrates increasing promise.”

The orders, which are valued at over RMB100 million, are expected to be delivered by the end of the year.

Shares of China GrenTech (GRRF) gained 8.98%, or $0.83, to $10.07 at 11:45 a.m. ET. Shares of China GrenTech have been trading in the range of $6.89 to $19.81 for the past 52 weeks.

The Russell 2000 (NYSE: IWM) futures are higher and the small-cap index will open in positive territory on news of good earnings from major players.

Wall Street is in a bullish mood this morning, following news after the close on Monday that Apple Inc. (Nasdaq: AAPL) saw a sharp increase in third-quarter revenue, easily beating analysts’ projections.

Also contributing is credit card issuer American Express Co. (NYSE: AXP), which reported this morning that third-quarter profit rose 10% while revenue added 11%.

Among small-cap companies, Cambridge, Mass.-based Art Technology Group, Inc. (Nasdaq: ARTG) announced quarterly revenue results just a hair above Wall Street’s forecast.

With little on the economic front, earnings news is set to dominate the headlines this morning.

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

Biggest percentage gainers:

• China GrenTech Corporation Ltd. (GRRF), up 16% on news of a new order.
• Phoenix Technologies Ltd. (PTEC), up 12% on news of a solid fourth quarter.
• China Precision Steel Inc. (CPSL), up 3%.

Biggest percentage losers:

• Ultra Clean Holdings Inc. (UCTT), down 8% on news third-quarter profit missed expectations.
• LSI Industries Inc. (LYTS), down 7%.
• Volterra Semiconductor Corp. (VLTR) down 9% on news of a decline in third-quarter earnings.

Rackable Systems, Inc. (Nasdaq: RACK), China Sunergy Co., Ltd. (Nasdaq: CSUN) and China BAK Battery Inc. (Nasdaq: CBAK) are among the most actively traded companies in Tuesday pre-market trading among those with market capitalizations under $750 million:

The Russell 2000 (NYSE: IWM) futures are slightly higher but the small-cap index will be weighed down by a spike in the price of oil and unimpressive economic news.

The price of oil has continued climbing to record highs, up more than $0.50 and approaching $87 a barrel. Investors are pointing to tight inventories as winter approaches and tensions along the border between Iraq and Turkey.

Overseas, the major indices in Europe fell after Swedish maker of wireless infrastructure equipment Ericsson warned that its third-quarter profit will decline 36% due to lower demand.

Contributing to the bearish mood before the start of trading is news after the close on Monday that U.S. Federal Reserve chairman Ben Bernanke told the Economic Club of New York that the stagnation in the housing sector will be a drag on economic growth going into 2008.

Investors will be waiting to see an index an index on September industrial production, scheduled to be released at 9:15 a.m. ET. The measure is expected to show a slowdown.

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

Biggest percentage gainers:

• China Precision Steel, Inc. (CPSL), up 9%.
• Anesiva Inc. (ANSV), up 9% on news of a successful drug trial.
• China GrenTech Corporation Ltd. (GRRF), up 7%.

Biggest percentage losers:

• BioScrip Inc. (BIOS), down 9%.
• City Telecom (H.K.) Ltd. (CTEL), down 8%.
• IXYS Corp. (IXYS), down 8%.

When people in China talk to each other, they use cell phones—a lot. According to the Chinese Ministry of Information Industry (MII), 487 million people were using mobile phones by April of this year, 100 million more than the number of people using fixed lines. The market is growing by 60 million new subscribers a year; 20% of owners replace their phones each year.

That has given a huge boost to Comtech Group, Inc. (Nasdaq: COGO), a Shenzen-based electronics module supplier to cell phone makers and other Chinese electronic equipment makers. In the second quarter, the company’s pro-forma net income was up 53% from a year earlier to $6.06 million, on revenues up 22% to $50.6 million.

As a result, the company’s stock has been hotter than Fergie ringtone downloads in the last couple months. From a 52-week low of $13.45 in early August, it hit a high of $21.85 on Oct. 11. The market cap of this company is now pushing the definition of “small,” having recently risen to just over $800 million.

Six out of seven analysts following the company have “buy” recommendations. One reason for continued optimism is that in 2008, China plans to begin rolling out a 3rd-generation wireless system and Comtech has been developing modules to feed the appetite of this fast, internet-enabled system. A May report by Roth Capital Partners notes that the company is “well-positioned to benefit from China’s 3G rollout and continued strength in China’s core electronics markets.”

A word of caution: do not confuse Comtech Group with U.S.-based Comtech Telecomm. Corp. (Nasdaq: CMTL). Google searches on Comtech Group bring up news of multi-million dollar deals signed by Comtech Telecomm. Despite similar names and markets, the companies are not related.

eFuture Information Technology Inc. (Nasdaq: EFUT), China Natural Resources Inc. (Nasdaq: CHNR) and China Shenghuo Pharmaceutical Hldg, Inc. (AMEX: KUN) are among the biggest percentage gainers in Wednesday's trading among companies with market capitalizations under $750 million.

Here are today's biggest percentage gainers:

eFuture Information Technology Inc. (Nasdaq: EFUT), China Sunergy Co., Ltd. (Nasdaq: CSUN) and China Technology Development Group Corp. (Nasdaq: CTDC) are the most actively traded companies in Wednesday pre-market trading among those with market capitalizations under $750 million:

China GrenTech Corp. Ltd (Nasdaq: GRRF), a China-based wireless coverage products and services provider and radio frequency technology developer, reported this morning that it will commence a share repurchase program for up to $8 million worth of its issued and outstanding American Depositary Shares.

China GrenTech said it plans to fund the share repurchases from available working capital.

Shares of China GrenTech (GRRF) gained $0.71, or 8.71%, to $8.86 late Friday morning.

Accredited Home Lenders Holding Co. (Nasdaq: LEND), Physicians Formula Holdings, Inc. (Nasdaq: FACE) and STEC, Inc. (Nasdaq: STEC) are among the most actively traded companies in Tuesday pre-market trading among those with market capitalizations under $500 million:

China GrenTech Corp. Ltd. (Nasdaq: GRRF) was downgraded to a “hold” from a “buy” by WR Hambrecht Monday.

WR Hambrecht analyst Daniel Amir wrote in a research note, “While over the past few months we believed that the risk-reward was compelling to own GRRF, we now believe at current levels, with the stock having surpassed our $14 price target, that this is no longer the case.”

Amir says that the risk reward profile at current levels is not convincing because the company has “poor visibility into margin structure,” which could be eroded further considering continued pricing pressure in the passive component market in China.

Amir said he believes the current quarter is in line with expectations, but that margins are at risk. He estimates a loss of $0.01 per share for the current quarter, which ends this week. This compares with a profit of $0.20 per share in the same period last year.

Amir estimates earnings per share of $0.59 for fiscal year 2007 on revenues of $143.5 million. The consensus of five analysts polled by Thompson Financial is $0.56 per share for fiscal year 2007 and $0.85 per share for fiscal year 2008.

The major U.S. indices are on pace to recover some of their losses from three consecutive days of sell-offs. At 2:45 ET the Russell 2000 had added 7.08 points, or 0.86%, to 832.40. The Dow Jones Industrial Average had lost 83.22 points, or 0.63%, to 13,349.95.

Shares of China GrenTech Corp. (Nasdaq: GRRF) are trading higher following news the maker of wireless coverage products has won two bids to supply equipment.