Tag - MCCC

Noble International (Nasdaq:NOBL), Susser Holdings Corp. (Nasdaq:SUSS) and TXCO Resources Inc. (Nasdaq:TXCO) are among the biggest percentage gainers in Thursday's trading among companies with market capitalizations under $1 billion.         

Also included among the results: McCormick & Schmick's Seafood Restaurants Inc. (Nasdaq:MSSR), Medifast Inc. (Nasdaq:MED), ENGlobal Corp. (Nasdaq:ENG), Republic Airways Holdings Inc. (Nasdaq:RJET), Mediacom Communications Corp. (Nasdaq:MCCC) and 1-800-Flowers.com Inc. (Nasdaq:FLWS). 

Here are the biggest percentage gainers among small caps:     

Despite the turbulent general economy, Mediacom Communications Corp. (Nasdaq:MCCC) CEO Rocco Commisso is confident about the cable-television company’s raised 2008 guidance. Commisso made the comments during a morning conference call.

Based on robust first-quarter results, Mediacom increased its 2008 revenue guidance to a range of $1.37 billion to $1.39 billion, from a previous range of $1.36 billion to $1.38 billion. Wall Street analysts project revenue of $1.38 billion.

“We had a solid start to 2008 and although we are headed into a seasonally slow period, we are raising our full-year guidance and plan to spend more to satisfy strong customer demands for HDTV and DVR set-top boxes,” Commisso said.

In response to an analyst’s inquiry, Commisso said the company is being careful not to put out numbers that it can’t meet. Mediacom is “very comfortable” with its guidance.

CFO Mark Stephan said the firm expects capital expenditure expenses during 2008 to total $275 million, compared with initial midpoint guidance of $260 million.

“Even at $207 per customer, we compare favorably with the industry average of more than $230,” Stephan said. “We believe we are being careful with our [capital expenditure] spending, so we are making sure we balance growth capital with network investment to keep us competitive in our markets. Moreover, this . . .

Mediacom Communications Corp. (Nasdaq: MCCC) surged after investment bank Pali Research upgraded the cable service provider’s stock to “neutral” from “sell.” Analyst Richard Greenfield said losses related to sports programming are not going to be a future problem for the Middletown, N.Y.-based company.

Greenfield said he expects the company to continue to compete with the Big Ten Network, but the “greatest damage” to Mediacom’s subscriber base is already done. Big Ten Network is a joint venture between the Big Ten Conference and Fox Cable Networks. The Network has failed to strike deals with several cable providers, leading to subscriber losses.

In today’s trading, MCCC shares were up 14.81%, or $0.68, at $5.27. Over the last 52 weeks, shares have ranged from $3.75 to $10.40.

The Russell 2000 (NYSE: IWM) lost ground today following news of an unexpected downsizing in U.S. manufacturing in November. The small-cap index fell 12.48 points, or 1.63%, to 753.55. The Dow Jones Industrial Average (INDU) dropped 220.86 points, or 1.67%, to 13,043.96.

The first session of 2008 belonged to the bears following news that U.S. manufacturing unexpectedly shrank in December.

The Institute for Supply Management reported after that its manufacturing index fell to 47.7 in December, down from 50.8 in November and well below economists’ projections for a reading of 50.5. A level above 50 indicates an expansion.

The decline, which comes after 10 months of expansion, is due to a fall in new orders, production and exports. The data tell us that tighter lending conditions and the ongoing problems in the U.S. housing sector have taken their toll.

The numbers also renew fears that the slowing U.S. economy could tip into recession. Manufacturing comprises about 14% of gross domestic product.

Small-cap stocks started just above the flat line but dropped immediately after the report’s release at 10 a.m. ET.

Equities experience a short-lived bounce in the afternoon when the U.S. Federal Reserve released its minutes from the meeting on Dec. 11, when it decided to lower the target interest rate 0.25% to 4.25%.

The Russell 2000 (NYSE: IWM) is in the red as investors respond to news of an unexpected contraction in the U.S. manufacturing sector. At 1:31 p.m. ET, the small-cap index had lost 13.87 points, or 1.81%, to 752.20. The Dow Jones Industrial Average (INDU) was down 242.40 points, or 1.83%, to 13,022.42.

The bears are dominating trading today on news that U.S. factory production unexpectedly shrank in December.

The Institute for Supply Management reported after the start of trading that its manufacturing index fell to 47.7 in December. Economists were expecting to see a reading of 50.5, down from 50.8 in November. A level above 50 indicates an expansion.

The decline tells us that tighter lending conditions and the ongoing problems in the U.S. housing sector have taken their toll. The data also renewed fears that the slowing U.S. economy could tip into recession.

Manufacturing comprises about 14% of gross domestic product.

Meanwhile, construction spending in November surprisingly increased 0.1% from the level in October, according to the U.S. Census Bureau. Economists were expecting to see a decline of 0.4%.