Tag - GSIG

DineEquity Inc (Nasdaq:DIN), GSI Group Inc (Nasdaq:GSIG) and Norwood Financial Corp (Nasdaq:NWFL) are among the new 52-week lows in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Gateway Financial Holdings Inc (Nasdaq:GBTS), Webster Financial Corp (Nasdaq:WBS), Continental Airlines Inc (Nasdaq:CAL), Alaska Air Group Inc (Nasdaq:ALK), BGC Partners Inc (Nasdaq:BGCP) and LSB Corp (Nasdaq:LSBX).

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

Small-cap stocks weathered several storms today to punch out a higher close as investors were able to look past a sudden reversal higher in crude oil futures, renewed credit crunch worries amid a collapse in mortgage finance stocks and safe-haven money flow into short-dated treasury products. Oversold conditions and bargain hunting spurred by merger activity were enough to pull small-cap stocks into the green. The Russell 2000 (NYSE:IWM) rose 6.68, or 1.01%, to 670.44.

Heading through midday trading, the market tried to carve out a modest recovery rally in the wake of Wednesday’s big collapse, but a sudden afternoon surge in crude oil prices stomped out bullish sentiment in equities — at least for a while. Crude oil prices charged more than $5 a barrel higher, climbing back above $141 on supply concerns out of Africa and Brazil and amid ongoing tension in the Middle East.

Workers in Brazil threatened to initiate a five-day strike next week, while a ceasefire in Nigeria threatened supply from Africa. Meanwhile, Iran said it has been test-firing more missiles, as a “lesson for enemies;” U.S. officials warned Iran that it would defend its allies. The potential for supply disruption and geopolitical tension was enough to spark the sudden resurgence in crude oil prices, which had tumbled some $10 a barrel off recent record highs.

S&P 500 futures actually made their daily high this morning before the regular market even opened, rising to highs in conjunction with a better-than-expected headline figure on the weekly jobless claims report. The report showed a decline in claims to 346,000 which was much better than the 395,000 forecast and a big improvement on last week’s 404,000 figure. However, there were some “devils in the details” of the data, which hinted that all is not well in the labor market.

“Continuing claims, which lag initial claims by one week, rose 91,000 to 3.202 million. The insured unemployment rate moved up to 2.4% from 2.3% in the prior week. The insured unemployment rate has held at 2.4% in three out of the last five weeks. The noticeable decline in initial claims is a distortion and is not an indicator of a market improvement in labor market conditions,” Asha Bangalore, economist . . .

Columbia Banking System Inc (Nasdaq:COLB), Taylor Capital Group Inc (Nasdaq:TAYC) and Entercom Communications Corp (Nasdaq:ETM) are among the new 52-week lows in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: GSI Group Inc (Nasdaq:GSIG), LandAmerica Financial Group Inc (Nasdaq:LFG), Penford Corp (Nasdaq:PENX), Century Bancorp Inc (Nasdaq:CNBKA), Indiana Community Bancorp (Nasdaq:INCB) and Red Robin Gourmet Burgers Inc (Nasdaq:RRGB).

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

Excel Technology Inc. (Nasdaq:XLTC) is up more than 34% in today’s pre-market trading after the company announced earlier this morning that GSI Group Inc. (Nasdaq:GSIG) would buy it for $32 per share or $360 million cash. Billerica, Mass.-based GSI Group develops and manufactures lasers and laser systems. East Setauket, N.Y-based Excel Technology produces photonics-based solutions, including lasers, for industrial and scientific applications. The offer is a more than 30% premium to the average Excel closing share price during the past 30 trading days, the companies said in a statement. The offer is expected to commence on or about July 23, they added.

Ahead of today’s opening, shares of Excel Technology are at $30.50, up $7.84 from Wednesday’s close. Shares of GSI Group are mostly unchanged in pre-market trading.

The following small-cap companies are making news in after-hours trading:

Mitcham Industries Inc. (Nasdaq: MIND) said it earned $3.9 million, or $0.39 per diluted share, in the first quarter of fiscal 2008, compared with net income of $3.4 million, or $0.33 per diluted share in the year-ago period; the earnings beat analysts' expectations for $0.30. Total revenues were $23.0 million, up from $14.1 million in the first quarter of fiscal 2007; there were no analyst estimates for revenues. The Houston, Tex.-based geophysical equipment supplier said it generated record revenues in its core business of equipment leasing; it also saw strong demand for equipment manufacturing and sales. Equipment leasing revenue, excluding equipment sales, rose 44% to a record $10.1 million, up from $7.0 million in the same period last year, driven in part by increased demand for seismic equipment. Shares of Mitcham Industries were up 3.2%% at $18.64 in after-hours trading, surpassing the 52-week high. The 52-week low, set last fall, is $9.58.

North American Scientific, Inc. (Nasdaq: NASI) said its revenues were $6.2 million in the second quarter ended April 30, down from revenues of $8.1 million in the second quarter of 2006. The Chatsworth, Calif.-based company, which makes cancer radiation therapy products, said it lost $0.11 per share, compared with a net loss in the year-ago period of $0.22 per share. There are no analyst estimates available for the company. Shares were down $0.15, or 10%, to $1.35 in after-hours trading.

GSI Group Inc., (Nasdaq: GSIG), said it received an order for multiple M550 infrared laser based wafer repair systems from a new customer, Rexchip Electronics Corporation. GSI Group is a Bellerica, Mass.-based supplier of precision technology and semiconductors, and Rexchip is a joint venture between Elpida Memory and Powerchip Inc.; Rexchip is based in Taiwan. Shares of GSI Group were slightly higher in after-hours trading, trading at $10.51, up $0.03.

The Russell 2000 small cap index has remained below the flat line this afternoon. At 2:38 p.m. ET the Russell 2000 had lost 1.08 points, or 0.13%, to 852.33. The Dow Jones Industrial Average was down 16.58 points, or 0.12%, to 13,651.53.

Shares of GSI Group, Inc. (Nasdaq: GSIG) are trading lower following news after the opening bell that the Billerica, Mass.-based supplier of precision technology components has purchased British beryllium mirrors maker Thales Optronics for an undisclosed amount. Additional information was not released.