Tag - MBLX

Small-cap stocks pushed lower again Monday, unable to sustain a morning bounce fueled by sinking crude oil prices and oversold conditions. A decent recovery bounce in the final hour of trading lifted the market off the lows, but in the end, the Russell 2000 (NYSE:IWM) lost 7.51, or 1.13%, to 658.26, sinking to the lowest daily close since March 17.

Losses were likely magnified by a flight-to-quality away from stocks, with the yield on the benchmark 10-year note tumbling more than 2% at one point during the session to the lowest level since late May and the yield on the long bond was at the lowest point since late April before recovering in line with an afternoon bounce off the lows in stocks.

The inability for stocks to push higher in the face of a steep morning slide in energy prices brought with it a sobering reality: there are more things wrong with the market right now than just high crude oil prices.

Financial shares continue to plumb new lows as the credit crisis remains on the front burner. Overnight, bank stocks in Europe were sold off amid talk of further debt write downs and the need to raise capital to shore up balance sheets. Those worries clearly made it across the pond today as well, with the Financial Select Sector SPDR Fund sinking to six-year lows. The financial “spider” is now off 50% from the May 2007 record peak.

Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE) were hammered today, both tumbling more than 14% amid talk that the nation’s largest provider of home mortgages will have to raise more capital to cover hefty losses. Other large-cap financial stocks taking a hit today included Lehman Bros. (NYSE:LEH), off some 7%, Merrill Lynch (NYSE:MER) down nearly 2%, Citigroup (NYSE:C), also . . .

Boston Private Financial Holdings Inc. (Nasdaq:BPFH), Metabolix, Inc. (Nasdaq:MBLX) and IPC The Hospitalist Company, Inc. (Nasdaq:IPCM) were among the new 52-week lows established during Monday's trading among companies with market capitalizations or values under $750 million.

Here are today's 52-week small-cap lows:

The Russell 2000 (NYSE: IWM) and the other major U.S. indices are falling following news of the emergency sale of Bear Stearns. At 1:55 p.m. ET, the small-cap index had dropped 13.52 points, or 2.04%, to 649.38. The Dow Jones Industrial Average (INDU) was off 84.75 points, or 0.71%, to 11,866.34.

Wall Street is in a very bearish mood on news that investment bank JPMorgan Chase & Co. (NYSE:JPM) has purchased Bear Stearns (NYSE:BSC) for just $2 per share, according to an announcement on Sunday.

The buyout was unprecedented, as the U.S. Federal Reserve gave JPMorgan $30 billion in special financing to complete the deal and prevent a domino effect that would have wreaked havoc on other major financial institutions and deepened the current turmoil.

The U.S. Central Bank also lowered its discount rate, the rate at which it lends funds to commercial banks, to 3.25% from 3.50%, on Sunday.

“It is a measure of the severity of the current financial crisis,” said Dr. Bob Webb, professor of derivatives, trading and fixed income securities at the McIntire School of Commerce at the University of Virginia, in an e-mail. “It is also an indication of how poorly past attempts by the Fed and other central banks to deal with the crisis have fared.”

Bioscience company Metabolix, Inc. (Nasdaq: MBLX), reported after Tuesday’s close that its fourth-quarter loss narrowed from a year ago, while full year 2007 revenues beat the consensus on Wall Street. Shares gained 19.7%, or $2.47, to $15.00 ahead of the opening bell.

For detailed price information and recent news stories about Metabolix, click MBLX. 

The bulls ran the show today as the Russell 2000 (NYSE: IWM) and the Dow Jones Industrial Average (INDU) posted solid gains on news of strong September U.S. retail sales. The small-cap index added 6.19 points, or 0.74%, to 841.17. The Dow advanced 77.96 points, or 0.56%, to 14,093.08.

The bears were hibernating today as investors reacted to news that retail sales for September increased 0.6% to $380.2 billion, according to the U.S. Census Bureau before the opening. That surprised economists, who were expecting a rise of 0.2%.

Retail sales excluding motor vehicles and parts also outpaced analysts’ projections, rising 0.4% instead of the expected 0.3%.

The numbers suggest that the American consumer remains resilient in the face of the ongoing housing slump.

However, Kurt Karl, head of Economic Research and Consulting for the North American operations of reinsurance company Swiss Re, cautioned against an overly optimistic interpretation of the data.

“Total retail sales were strong, but excluding autos, they were up 0.4—compensating for last month’s decline of 0.4%,” Karl said in an e-mail.  “Compared to a year ago, retail sales after-inflation are close to 2%, which is weak, but not disastrous.”

Karl explained that the weakness stems from stagnant sales of furniture and building materials, which have been affected by the problems in the housing sector.

In other economic news, a measure of consumer sentiment for October unexpectedly fell, indicating that consumers are cautious about their future spending.

Slade's Ferry Bancorp (Nasdaq: SFBC), Metabolix, Inc. (Nasdaq: MBLX) and Salary.com, Inc. (Nasdaq: SLRY) are among the biggest percentage gainers in Friday's trading among companies with market capitalizations under $750 million.

Here are today's biggest percentage gainers:

The Russell 2000 (NYSE: IWM) and the Dow Jones Industrial Average (INDU) are posting solid gains in mid-session trading, propelled by news of strong September retail sales. At 1:21 p.m. ET, the small-cap index was up 4.97 points, or 0.60%, to 839.95. The Dow had advanced 50.81 points, or 0.36%, to 14,065.93.

Stocks are climbing following news that retail sales for September increased 0.6% to $380.2 billion, according to the U.S. Census Bureau. That’s more than the projected 0.2% and a sign that consumer spending remains vibrant despite the ongoing slump in the housing sector.

Consumption comprises about 70% of gross domestic product.

Retail sales excluding motor vehicles and parts also outpaced analysts’ projections, rising 0.4%. Wall Street was expecting an increase of 0.3%.

However, a measure of consumer sentiment for October unexpectedly fell, indicating that consumers are cautious about their future spending.

The Reuters/University of Michigan consumer sentiment index declined to a reading of 82 from September’s level of 83.4. Economists were expecting to see a reading of 84.

But that was not enough to rain on the bulls’ parade. Wall Street is seeing nothing but green, with small caps among the best performers so far.