Tag - IBNK

Stocks continued Thursday's rally as investors reacted to news about the second quarter GDP number with the Nasdaq the exception.

 

The Dow closed up 16.93 to finish the week at 9,171.39; the Nasdaq finished down at 1,978.50, losing 5.80 points after showing gains for most of the day; and the S&P 500 close up 0.72 points to finish at 987.47.

 

Stocks in the Russell 2000 closed down 0.09 points to end at 557.71. 
 

Leading small-cap gainers include VirnetX Holding (AMEX:VHC) up 112%; Anadys Pharmaceuticals (Nasdaq:ANDS) up 44%; Inovio Biomedical (AMEX:INO) up 38%; and Integra Bank (Nasdaq:IBNK) up 34%.

 

Small-cap decliners were lead by notebook computer parts maker Synaptics (Nasdaq:SYNA) down 33% on news that the firm had disclosed fiscal 2010 growth will be slower than expected. Analysts immediately downgraded the stock driving prices down immediately at the open.

 

Other small-cap decliners include iStar Financial (NYSE:SFI) down 19%; Ariad Pharmaceuticals (Nasdaq:ARIA) down 18%; and YRC Worldwide (Nasdaq:YRCW) down 17%.

*****Today was the big one. Say what you want about yesterday's rally, the reaction to this morning's 2Q GDP number should be expected to influence trading going forward.  

Now, I'm going to let TradeMaster Jason Cimpl's morning commentary to his traders provide the in-depth analysis to the GDP number:  

Second quarter annualized rate GDP was reported at -1.0%, compared to the consensus of -1.5%.  

First quarter GDP was revised lower to a 6.4% decline from the previous reading of a decline of 5.5%. Personal consumption fell 1.2% (the consensus had been 0.5%). 
This market might be crazy enough to ignore the downward revision from the previous quarter, but how can they possibly brush off that personal consumption reading? 
Personal consumption is the largest portion of GDP. This number should have investors concerned. 

Volume numbers today will be a big tell if the street really likes the GDP figures. At the end of the day, GDP is a lagging indicator, so don't expect that today is the game changer. 

Thanks, Jason. 

He's got his Friday video online where he'll do a quick recap of the market for the week and more importantly, provide guidance on market direction and action for the coming week. Click here to watch Jason's video analysis.

*****Deutsche Bank (NYSE:DB) CEO Josef Ackerman says "The crisis is not over." He told Bloomberg that "[b]ad loans are the next wave. Banks that have fared relatively well so far will also be affected by this." 

As evidence, problem loans at Deutsche Bank rose 44% on the last quarter. Deutsche Banks has raised its loss reserves to $1.4 billion and also reduced its balance sheet and risk-taking.  

*****I continue to view oil as a critical leading indicator for global economic recovery. So long as oil prices remain strong, investors are clearly ignoring current demand statistics and focusing instead on future demand and slack production growth.  
For instance, Europe's third largest oil company, Total SA (NYSE:TOT) reported that production fell 7.3% in its 2nd quarter. That puts Total's production back to year 2000 levels.  

The reason is obvious: demand is down, and Total, like most oil companies, is cutting back on investment in new production because prices are down.  

Despite a slight rise in production, Chevron (NYSE:CVX) reported a 51% drop in revenues. It would seem likely that the revenue shortfall will affect Chevron's investments in new production, too.

The big question, though, is if investors will shift their focus to current demand numbers. At some point, declining profitability and continuing economic weakness should bring oil prices down.

*****It's pretty clear now that trends like weak GDP, weak demand for oil, rising unemployment we've seen emerging from the financial crisis and recovery will be with us for a long time.

Clearly, these conditions will have a profound effect on your investments in the months and years ahead.

And because many of these conditions are a direct result of government bailouts, I'm calling the condition Managed America.

We're hosting a video conference to look forward to investing strategies for the remainder of 2009 and beyond, and to explore my concept of Managed America and how you can still make profitable investments. The U.S. economy has changed and investors need to understand the changes in order to make the best investments.

The Managed America video conference will air on August 10, 2009 at 6:00 P.M. You can register for this important event when you click HERE.

Best Regards,

Ian Wyatt
Editor
Daily Profit

 

 

China East Air (Nasdaq:CEA), Fushi Copperweld Inc. (Nasdaq:FSIN) and Wavecom (Nasdaq:WVCM) are among the new 52-week lows in Monday's trading among companies with market capitalizations under $1 billion.           
         
Here are the new 52-week lows among small caps:   

Integra Bank Corporation (Nasdaq:IBNK) has fallen more than 34% today after announcing a second-quarter loss after Thursday’s close. For the 2008 second quarter, Integra posted a net loss of $0.89 million, or $0.04 per share, compared with net income of $8.3 million, or $0.41 per share, for the same quarter a year ago. Wall Street was expecting net income of $0.29 per share. Provision for loan losses soared to $6 million from $0.45 million a year earlier. The Evansville, Ind.-based bank said its earnings were hit hard by the slump in the economy.

In today’s trading, shares are off $3.45 at $6.68. The shares reached a 52-week low of $6.64 earlier in the trading day.

Cepheid (Nasdaq:CPHD), Integra Bank Corp (Nasdaq:IBNK) and Affymetrix Inc (Nasdaq:AFFX) are among the biggest percentage losers in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Ultratech Inc (Nasdaq:UTEK), Oneida Financial Corp (Nasdaq:ONFC), Abaxis Inc (Nasdaq:ABAX), South Finl Group (Nasdaq:TSFG), Standard Register Co (Nasdaq:SR) and Gencor Industries Inc (Nasdaq:GENC).

Here are the biggest percentage losers among small caps:

Dollar Thrifty Automotive Group Inc (Nasdaq:DTG), Avis Budget Group (Nasdaq:CAR) and Famous Daves of America Inc (Nasdaq:DAVE) are among the new 52-week lows in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: First M&F Corp (Nasdaq:FMFC), First Citizens Bancorp Cleveland (Nasdaq:FCZA), Integra Bank Corp (Nasdaq:IBNK), Bridge Capital Holdings (Nasdaq:BBNK), MTS Medication Technologies Inc (Nasdaq:MPP) and Mercantile Bank Corp (Nasdaq:MBWM).

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

Shares of Peoples Community Bancorp, Inc. (Nasdaq: PCBI) are higher following news before the opening bell that the West Chester, Ohio-based savings and loan holding company is being purchased by Integra Bank Corp. (Nasdaq: IBNK) for $85.6 million.

The agreement, which has been approved by both boards, stipulates that each share of Peoples stock be converted into 0.6175 shares of Integra common stock and $6.30 in cash.

The purchase will allow Evansville, Ind.-based Integra, the parent of Integra Bank N.A., to expand its reach by absorbing the 19 offices that Peoples has in the Cincinnati metropolitan area. Integra currently operates 80 full-service banking centers throughout Indiana, Illinois, Kentucky and Ohio.

“We are pleased to have the opportunity to accelerate the expansion of our Greater Cincinnati presence and have Peoples Community Bank become part of our team,” said Integra CEO and president Mike Vea in a press release.

The merger is expected to close in the first quarter of 2008, after which the combined company will have total assets of about $4.2 billion, $3.2 billion in deposits and $2.9 billion in loans, based on financial data as of June 30, 2007.

At 12:09 p.m. ET shares of Peoples had added $0.90, or 6%, to $17, while Integra was down $0.36, or 2%, to $18.09.