July 14th: Top Performing Small Cap Stocks (UFPI, BTH, UTEK, GLUU, JAZZ)
The stock market has remained in a holding pattern
all week, as traders wait to see what kind of a compromise Congress and the
White House can reach over federal spending as the August 2nd deadline
looms large.
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While the major small cap stock indexes don't show it, there were plenty of big moves Thursday as investors found positive signs spread among the ruins. Three of the top five performers all hit 52-week highs, and a management change helped the day's top small cap stock, Universal Forest Products, post a healthy 21 percent increase despite a 69 percent profit drop in the second quarter. The Russell 2000 Index lost 1.63 percent in value and the Standard & Poor's Small Cap 600 dropped a similar 1.64 percent. While the Nasdaq Stock Market dropped 1.22 percent, two other major U.S. stock indexes held their ground a little better - the Dow Jones Industrial Average closed 0.44 percent lower, and the Standard & Poor's 500 was off 0.67 percent.
Jazz Technologies surges on upgraded revenue guidanceJazz Technologies Inc. (Amex: JAZ) surged in after-hours trading Monday after the holding company of Jazz Semiconductor, Inc. announced it expects higher second quarter revenues than previously anticipated. For the three months ended June 29 the semi-conductor company said it now expects revenues to be in the range of $52 million to $52.5 million, compared with previous guidance of $48 million to $50 million. The consensus of two analysts surveyed by Thomson Financial was for revenue of $48.9 million for the second quarter. The Newport Beach, Calif.-based company said results were positively impacted by increased demand. "We are seeing signs that the specialty semiconductor sector and Jazz, specifically, are emerging from the inventory correction,” said Gil Ameilo, chairman and CEO of Jazz Technologies. “We expect for this momentum to continue in the second half of the year and beyond, translating into gradual sequential growth." spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer
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