Tag - LAYN

Superior Well Services Inc. (Nasdaq:SWSI), Petroleum Development Corp.(Nasdaq:PETD) and WNS Holdings Ltd. (Nasdaq:WNS) are among the biggest percentage losers in Monday's trading among companies with market capitalizations under $1 billion.

Also included among the results: ATP Oil & Gas Corporation (Nasdaq:ATPG), Smith & Wesson Holding Corp.(Nasdaq:SWHC), Dycom Industries Inc.(Nasdaq:DY), BPZ Resources Inc.(Nasdaq:BPZ), Layne Christensen Co.(Nasdaq:LAYN) and CTS Corp.(Nasdaq:CTS).

Heritage Commerce Corp. (Nasdaq:HTBK), Protective Life Corp. (Nasdaq:PL) and PHI Inc. (Nasdaq:PHIIK) are among the biggest percentage losers in Monday's trading among companies with market capitalizations under $1 billion.

Also included among the results: First Financial Holdings Inc. (Nasdaq:FFCH), M I Homes Inc. (Nasdaq:MHO), Layne Christensen Co. (Nasdaq:LAYN), Terex Corp. (Nasdaq:TEX), Seaspan Corp. (Nasdaq:SSW) and Old Second Bancorp Inc. (Nasdaq:OSBC).

Berry Petroleum Co. (Nasdaq:BRY), GMX Resources Inc. (Nasdaq:GMXR) and Sierra Wireless Inc. (Nasdaq:SWIR) are among the new 52-week lows in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Layne Christensen Co. (Nasdaq:LAYN), Movado Group Inc. (Nasdaq:MOV), Swift Energy Co. (Nasdaq:SFY), Corus Entertainment Inc. (Nasdaq:CJR), Atwood Oceanics Inc. (Nasdaq:ATW) and Mariner Energy Inc. (Nasdaq:ME).

The Russell 2000 (NYSE:IWM) unraveled in the final hour of trading as the weight of crumbling commodity stocks, a raft of sloppy profit reports and another batch of dreary economic data countered a sturdy performance in retail, homebuilder and bank stocks. Some of today’s small-cap gainers are ParkerVision (Nasdaq:PRKR), Tidelands Bancshares (Nasdaq:TDBK) and Insulet Corp. (Nasdaq:PODD).

Other Market Watch highlights today included:

• The weekly claims report this morning came in at 509,000, historically a big number but below the forecast of 540,000. 
• The four-week moving average on claims rose to 524,500 which was above 518,250 from last week and is at the highest point in 26 years.
• Today investors juggled a raft of disappointing profit reports against the bullish scenario from a fresh batch of global rate cuts.
• For 2008, the Russell is off 43%, while the Dow is down 37% and the S&P 500 is down 42%.
• Energy shares were a major drag on the market today, with crude oil prices tumbling to the lowest level in nearly four years. The Energy Select Sector SPDR Fund tumbled nearly 7%.
• Copper prices slumped to the lowest closing price in more than three years, losing 5% during U.S. trading.
• The Commodity Research Bureau Index of 19 physical markets slipped 3.7% and made new bear market lows. 
• Several firms today announced plans for sizable layoffs, a chilling thought heading into Friday’s monthly employment report.
• Homebuilder stocks, retailers and financial issues staged solid rallies . . .

Small-cap stocks unraveled in the final hour of trading as the weight of crumbling commodity stocks, a raft of sloppy profit reports and another batch of dreary economic data countered a sturdy performance in retail, homebuilder and bank stocks. The Russell 2000 (NYSE:IWM) closed down 14.23, or 3.14%, at 439.53, the sixth lowest daily close in more than five years. For 2008, the Russell is off 43%, while the Dow is down 37% and the S&P 500 is down 42%.

Energy shares were a major drag on the market today, with crude oil prices tumbling to the lowest level in nearly four years as energy traders fretted about a global recession which would continue to destroy the demand side of the equation. The Energy Select Sector SPDR Fund tumbled nearly 7%.

The story in commodities ran deeper than just the energy market, however. Copper prices – which are considered a key industrial metal and a proxy for economic health – slumped to the lowest closing price in more than three years, losing 5% during U.S. trading. The Commodity Research Bureau Index of 19 physical markets slipped 3.7% and made new bear market lows, a troubling development when stock market watchers are eagerly trying to find a bottom in equities. The CRB Index is now down 54% from the July peak and is at the lowest point in more than six years.

The market started out the day on shaky footing, as several prominent companies either missed profit projections or lowered guidance. In addition, several firms announced plans for sizable layoffs, a chilling thought heading into Friday’s monthly employment report. DuPont (NYSE:DD) missed the forecast badly, and said it would cut 2,500 jobs, while AT&T (NYSE:T) said it would slash 12,000 jobs. Those sobering jobs reductions came into the teeth of today’s weekly report on unemployment claims. Even though the weekly figure was below projections, the number of Americans who are out of work and forced to file for extended unemployment benefits rose to the highest point in 26 years.

Despite all the dreary news afloat, small-cap stocks actually spent much of the session in positive territory before the final hour meltdown. Homebuilder stocks, retailers and financial issues staged solid rallies most of the day, which . . .

Microsemi Corp (Nasdaq:MSCC), Dynamex Inc (Nasdaq:DDMX) and Layne Christensen Co (Nasdaq:LAYN) are among the new 52-week lows in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Breeze Eastern Corporation (Nasdaq:BZC), Hawkins Inc (Nasdaq:HWKN), GMX Resources Inc (Nasdaq:GMXR), T 3 Energy Services Inc (Nasdaq:TTES), i2 Technologies Inc (Nasdaq:ITWO) and Berry Petroleum Co (Nasdaq:BRY).

Gaylord Entertainment Co. (Nasdaq:GET), Live Nation Inc. (Nasdaq:LYV) and Symmetry Medical Inc. (Nasdaq:SMA) are among the biggest percentage losers in Wednesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Layne Christensen Co. (Nasdaq:LAYN), US Airways Group Inc. (Nasdaq:LCC), Diana Shipping Inc. (Nasdaq:DSX), VIST Financial Corp. (Nasdaq:VIST), Callon Petroleum Co. (Nasdaq:CPE) and AK Steel Holding Corp. (Nasdaq:AKS).

Small-cap stocks shot higher on the opening, extending Monday’s rise on news that the U.S. government will plow some $250 billion in taxpayer funds directly toward stock purchases of major banks. At 9:55 a.m. ET, the Russell 2000 (NYSE:IWM) was up 1.79, or 0.31%, at 572.68. Tech stocks were lagging the early rally, as were small caps, as the focal point of the move was on big banks.

The U.S. announcement follows news from the United Kingdom, France and Germany of similar plans to buy equity in banking institutions and the U.S. plan includes a three-year guarantee on bank loans. Financial firms took flight early today on the news, with Citigroup Inc. (NYSE:C) up 18% and Bank of America Corp. (NYSE:BAC) up 18%.

Looking at money flow this morning, Treasury markets were falling hard as the safe-haven push dulled amid strong gains in equities. The yield on benchmark 10-year notes (which moves inversely to price) was up some 3.3%. The market has been fixated on interbank lending rates, which were stuck at extreme levels despite central bank rate cuts, but those rates posted their biggest decline of the year overnight in response to the steps taken around the world to restore confidence to banks — including measures to guarantee interbank loans.

Crude oil prices were higher this morning, which should help support energy shares. The energy market continues to track movement in stocks, gaining hope that the recent recovery rally will soften the demand blow to crude from difficult economic conditions. Although the focus is firmly on stocks and the financial sector early this week, the market will receive data on inflation figures Wednesday and Thursday.

Outside of the financial sector, earnings came out this morning for Johnson and Johnson (NYSE:JNJ) and the consumer products firm topped the forecast, helping to generate a 5% rally in JNJ shares on the open. Pepsico Inc. (NYSE:PEP) also released results today, but missed the estimate and the stock was off 10% early . . .

The growth strategy of Layne Christensen Company (Nasdaq:LAYN) is all wet, and that may be a good thing for investors in this century-old Kansas-based drilling and mining company.

Wet as in water, which has seen its demand rising in tandem with that for fossil fuels. Management reminded investors in the fiscal 2008 annual report that “Layne Christensen continues to be anchored by its water infrastructure division.”

Layne Christensen operates in four segments: mineral exploration, energy, water resources and a smaller geo construction operation — the latter helps give projects a solid base. Should Layne post revenue growth at the 20% rate of fiscal 2008, it could be a billion-dollar company next year. Last September, Layne ranked 78th among Fortune magazine’s fastest-growing companies.

For the three months ended April 30, Layne Christensen’s revenue grew 21.3% to $244.5 million, with earnings per share increasing $0.03 to $0.55, in line with expectations. While its three primary business segments had double-digit revenue growth, mineral exploration was the biggest contributor to net income in fiscal 2009’s first quarter.

But water is where it’s at for Layne Christensen, and the prospect of where that will take the stock has whet the appetite of analysts — at least a little. Four of six analysts surveyed by Thomson Reuters rate Layne a “hold,” with the others calling it a “buy” or “strong buy.” They’re apparently thirsting for more from water, which Layne Christensen finds, pipes and treats — both water and wastewater.

Shares of Layne Christensen hit a 52-week high of $59.19 on Oct. 26, but slid as low as $32.08 on March 17, following a December reality check. From Dec. 4, when shares hit an intraday high of $55.28, to its low point, Layne dropped 42%. The . . .

Small-cap stocks closed lower in a topsy-turvy session that saw a morning rally snuffed out in favor of a steep midday slide, then an abrupt afternoon recovery move that must have left day traders dizzy from the volatility. In the end, the market was unable to recapture the morning bid as financial stocks were beat down by renewed fears on the credit crunch front and by safe haven money flow from stocks to bonds. The Russell 2000 (NYSE:IWM) dipped 2.01, or 0.27%, to 739.00.

For the second day in a row, the spotlight moved back to banking, brokerage and the financial sector. The poster child for today’s action was Lehman Bros. (NYSE:LEH), whose stock was hammered some 14% at one point, sinking to the lowest point since March 17 on reports that the firm might seek to raise capital. The company said it did not access the Fed’s discount window today, which helped lift the stock off the lows in the afternoon. Although there was some debate about whether or not Lehman indeed would seek to bolster their balance sheet by raising capital, some investors appeared to adopt a “sell now, ask questions later” approach to the news, remembering the fallout from the Bear Stearns collapse.

Despite lingering concerns about debt write downs tied to the credit crisis, the market actually started out on a strong note today, with the Russell climbing nearly 0.75% to the highs before stalling. At first blush, there appeared to be plenty of bullish fodder to fuel a recovery move after Monday’s big decline, as investors embraced comments from Federal Reserve Chairman Ben Bernanke, crude oil prices took a nosedive and the dollar strengthened. However, the market could not shake the credit crunch jitters that triggered the selling push both Monday and again today, and before long all the green prints in equity products had turned to a sea of red.

Bernanke addressed the dollar in a much greater scope than what the market tends to see from the head of the Federal Reserve, which got the attention of foreign exchange traders and sparked a big rally in the greenback. The dollar was trading lower against the euro ahead of the Bernanke comments, but tumbled some 200 basis points from high to low, which in turn triggered a slide in crude oil and a host of other commodity markets. This was the first public policy appearance by Bernanke in weeks, and he also said that until the housing market stabilizes that growth risk was to the downside. The rare Fed attention on the dollar left an impression with market watchers that Bernanke was focused on inflation and that rate cuts are on . . .

Macrovision Solutions Corp (Nasdaq:MVSN), Mitcham Industries Inc (Nasdaq:MIND) and Layne Christensen Co (Nasdaq:LAYN) are among the biggest percentage losers in Tuesday's trading among companies with market capitalizations under $1 billion.

Caraco Pharmaceutical Laboratories Ltd (Nasdaq:CPD), Brigham Exploration Co (Nasdaq:BEXP) and Approach Resources Inc (Nasdaq:AREX) are also among the biggest percentage losers.

Here are the biggest percentage losers among small caps:

The Russell 2000 (NYSE:IWM) closed lower as fears of a slowing economy and its ripple effects spooked investors. The small-cap index fell 0.76 points, or 0.11%, to 711.92. The Dow Jones Industrial Average let go 35.99 points, or 0.29%, to 12,576.44.

On a year-to-date basis, the Russell 2000 has shed 7.06%, while the Dow has declined 5.19% and the S&P 500 is down 7.00%.

“Some believed that a prolonged and severe economic downturn could not be ruled out given the further restriction of credit availability and ongoing weakness in the housing market,” thought members of the U.S. Federal Reserve, according to minutes from its March 18 meeting released after the opening.

The Fed then decided to lower its target interest rate 0.75% to 2.25%. The minutes tell us that the majority of officials considered a deep . . .

Layne Christensen Co. (Nasdaq:LAYN) CEO Andrew B. Schmitt said weather has delayed the water services and minerals exploration company’s operations, but energy prices and other factors have helped offset expenses. He said the firm does not expect a drilling slowdown during the year and will make decisions on some of its oil properties. Schmitt made the comments during a midday conference call.

“No matter how you cut it, it’s going to be a busy year for us and we’ll have to see if we can successfully manage whatever this U.S. economy brings us,” Schmitt said. “Layne Energy will eventually get a break on the weather and production should continue to steadily move up as we get wells online.”

Layne will begin a five-year test program on its 37,000-acre Indiana gas exploration property this summer. The firm will also make a decision on its test wells in Chili, he said.

Before Tuesday’s opening, Layne Christensen reported that its fourth-quarter earnings rocketed 44% to $9.6 million, or $0.50 per share, from $6.7 million, or $0.42 per share, a year earlier. Wall Street analysts, on average, projected earnings of $0.37 per share.

Quarterly revenue for the three months ended Jan. 31 rose 16% to $223.6 million from $193.1 million during the year-ago period. Analysts expected $214.5 million in revenue.

“From an operating standpoint, it was a good year with all three business units moving the needle on revenue,” Schmitt said. “Clearly, the . . .

The Russell 2000 (NYSE: IWM) and the other major U.S. indices have extended their losses on news of sales declines at U.S. carmakers. At 3:34 p.m. ET, the small-cap index was missing 4.95 points, or 0.72%, to 681.23. The Dow Jones Industrial Average (INDU) had let go 32.48 points, or 0.26%, to 12,233.91.

Stocks extended their slide following news after the start of the trading that General Motors Corp. (NYSE: GM) saw its sales dropped 13% in February, while rival Ford Motor Co. (NYSE: F) reported a 6.6% decline.

The numbers show a shift away from large gas-guzzling automobiles and toward smaller and more fuel efficient cars.

Before that, small-cap stocks were also lower but trading closer to the flat line following news of government reports indicating declines in January construction spending and February factory activity.

Shares of Irwin Financial Corp. (NYSE: IFC) are down on news before the start of trading that the Columbus, Ind.-based financial services company announced before Monday’s opening that it plans to suspend quarterly dividends.

Layne Christensen Co. (Nasdaq: LAYN) is trading higher on news before the opening of record second-quarter numbers that beat Wall Street’s expectations.

Revenues for the three months ended July 31 rose 16.4% to $217.84 million, while two analysts polled by Thomson Financial had projected $215.04 million. The Mission Woods, Calif.-based provider of drilling and construction services brought in $187.15 million a year earlier.

Net income rose 27.7% to $9.57 million, or $0.60 per share, outpacing the Wall Street’s projected earnings of $0.49 per share. A year ago Layne Christensen booked a profit of $7.19 million, or $0.47 per share.

U.S. stocks are trading in positive territory, poised for a second consecutive day of record high closes.  At 14:26 p.m. ET the Russell 2000 was up 3.69 points, or 0.44%, to 847.04.  The Dow Jones Industrial Average had gained 17.39 points, or 0.13%, to 13,650.47.

Shares of Layne Christensen Co. (Nasdaq: LAYN), which provides drilling and construction services, are trading above their 52-week high on news of a record first quarter.