Tag - MIC

Stocks sharply slid at closing on Friday on news that Citigroup would likely have to allow the U.S. government to own a 36% stake in the embattled firm, and on shrinking Q4 GDP. Some of today’s small-cap gainers were Permian Basin Realty Trust (NYSE:PBT), Superior Industries (NYSE:SUP) and Aircastle (NYSE:AYR).

Other Market Watch highlights today included:

• The Russell 2000 (NYSE:IWM) closed down 3.93, or 1%, to 389.02. The S&P 500 closed down 2.36% to 735.09. The Dow Jones Industrial Average closed down 119 points, or 1.66% at 7,062, its lowest close since May 7, 1997.
• For the year, the Russell is down 22.11%, the Dow is down 19.52% and the S&P 500 is down 18.62%.
• Citigroup reported it has reached a deal that will give the U.S. government up to a 36% stake in the embattled bank.
• U.S. government: Economy has shrunken at a faster-than-expected 6.2% pace in fourth quarter -- the worst showing in 25 years 
• Eastern Europe's struggling banks will receive $31.1 billion worth of emergency help from leading international financial institutions.

Small Cap Gainers:

• Permian Basin Realty Trust climbed 20% higher after Jim Cramer recommended the stock on "Mad Money" on Thursday night. See (NYSE:PBT). 
• Superior Industries closed up 19% after being upgraded to "neutral" today. See (NYSE:SUP).
• Aircastle rises 13% after seeing its Q4 adjusted profit increase by 31.8%. See (NYSE:AYR).

Small Cap Losers:

• Macquarie Infrastructure reported a widened Q4 loss; shares head south 37%. See (NYSE:MIC).
• Union group opposes aid to Principal Financial; shares tumble 25%. See (NYSE:PFG).
• A.M. Best downgrades ratings of FBL Financial Group, Inc., sending shares 24%. See (NYSE:FFG). 

After staying positive through most of Thursday’s trading, small caps eventually tumbled at closing. Some of today’s small-cap gainers were CTC Media (Nasdaq:CTCM), Cogent Communications (Nasdaq:CCOI) and Broadpoint Securities (Nasdaq:BPSG).

Other Market Watch highlights today included:

• The Russell 2000 (NYSE:IWM) closed down 8.49, or 2.11%, to 392.95. The Down closed down 1.22% to 7,182.08, while the S&P 500 tumbled 1.58% to 752.83.
• For the year, the Russell is now down 21.32%, the Dow is down 18.17% and the S&P 500 is down 16.65%. 
• President Obama's budget proposal was sent to Congress today and projects that the government's deficit for this year will jump to $1.75 trillion
• Today the Commerce Department reported that orders for big-ticket goods plunged by a bigger-than-expected 5.2% in January as global economic troubles cut into demand from U.S., global customers. The report shows that orders have fallen for six straight months.
• New-home sales numbers fell to a record low pace — 10.2% — in Jan. to 309,000. This is the worst number on record since 1963. Prior to the release, the all-time low had been set in Sept. 1981.
• In other data out this morning, the Labor Dept. said continuing jobless claims hit a new record in the second week of Feb., increasing 114,000 to 5.113M. The forecast was for 5M. 
• In overnight news, Swiss banking giant UBS AG has announced it will replace its chief executive.
• Health care stocks led the market lower Thursday after the White House mulls cutting payments to private insurance plans.
• The Federal Deposit Insurance Corp. said today that U.S. banks lost . . .

Small-cap stocks remained sharply lower into mid-session, pressured by fresh worries about the health of the banking sector as we enter into earnings season and by dreadful retail sales numbers this morning. The Russell 2000 (NYSE:IWM) pulled off the morning lows, but was still down 17.56, or 3.71%, at 456.23, slipping to the lowest level since mid-December.

The sell-off today was broad based, with financials, commodities, retailers and manufacturer companies all taking a hit, but the slide in bank stocks clearly was the major spot of bother.

Bank stocks took a hit in European trading ahead of today’s opening and those concerns continued to play out during the U.S. session. Citigroup Inc. (NYSE:C) has been pelted today, losing nearly 19% as the embattled bank sales off assets to raise cash and announced plans to release earnings figures early. In Europe, major banks like HSBC, Commerzbank and Deutsche Bank all suffered losses of 8% or more as investors fret about the possibility for another wave of debt write-downs.

In addition, snags in the appointment of Wall Street alum Timothy Geithner to the Treasury Secretary post have worried investors about bank stocks and the bailout plans. Recently, Federal Reserve officials have pushed for the next release of TARP funds to target toxic assets, but with the Geithner appointment issues and a Congress that isn’t happy with how the first batch of money was allocated, it could hold up distribution of $350 billion in TARP funding.

This morning’s retail sales report suggested that the recession that was started by the housing crisis has now seeped into a general consumer recession as well, . . .

Small-cap stocks remained higher into midday trading, surviving a choppy response to economic data this morning that served up better-than-expected numbers on services sector activity, but slumping factory orders and sinking pending home sales. The market now can calm for a an hour or so, waiting for the FOMC minutes, which will be released at 2:00 p.m. ET. At 12:26 a.m. ET, the Russell 2000 (NYSE:IWM) was up 6.15, or 1.2% at 511.18, outpacing more modest gains in the Dow and S&P 500.

Homebuilder, energy and retailer stocks were solid performers so far today, and surprisingly, airline stocks were doing well despite a rise to five-week highs in crude oil prices. Energy futures did peel back off the morning peak, which may have served up a little relief for companies with large exposure to energy price risk. There was also some thinking that when crude oil seemingly failed above $50 dollars today that was a positive signal that even the geopolitical tension in Israel and the gas dispute in Russia weren’t enough to stoke a major explosion right now.

Looking at sector activity so far today, the best performers were health care facilities, industrial real estate investment trusts, metal and mining stocks, internet retailers, semiconductors, life insurers, coal and automobile manufacturers. Speaking of ...

The Russell 2000 (NYSE:IWM) pushed higher Friday, shrugging off dreadful data on the nation’s employment picture as investors focused on finding bargains amid oversold conditions. Today’s small-cap gainers are Landamerica Financial (NYSE:LFG), Fuel Systems Solutions (Nasdaq:FSYS) and World Fuel Services (NYSE:INT).

Other Market Watch highlights today included:

• The Russell closed up 2.01% and is now down 34% for the year. Meanwhile, the Dow is off 33% in 2008 and the S&P 500 is down 37%.
• The monthly employment report showed a decline in non-farm payrolls of 240,000, above the original forecast for a loss of 180,000. 
• The unemployment rate jumped to a five-year high of 6.5%, which was way above the forecast for a rise to 6.3%. 
• The AMEX Pharmaceutical Index rose 4.1%, the tech-laden Nasdaq 100 was up 2.3% and the Energy Select Sector SPDR Fund was up 3.3%. 
• Crude oil prices tumbled to a 19-month low ahead of today’s session, but managed a very modest bounce into the weekend.
• Agriculture product companies, aluminum and coal stocks also were solid performers today, while financials lagged the overall move.
• Homebuilders, industrial REITS, wireless telecoms and diversified banks were among the worst performers today. 

Small Cap Gainers:

• Landamerica Financial Group Inc. (NYSE:LFG) which jumped 85% on news that the firm would be purchased.
• Fuel Systems Solutions Inc. (Nasdaq:FSYS) rode out the volatile wave in energy markets to a strong third-quarter result and the market embraced their . . .

Seabridge Gold Inc. (Nasdaq:SA), Reddy Ice Holdings Inc. (Nasdaq:FRZ) and MAG Silver Corp. (Nasdaq:MVG) are among the new 52-week lows in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Affirmative Insurance Holdings Inc. (Nasdaq:AFFM), Macquarie Infrastructure Co. LLC (Nasdaq:MIC), Chindex International Inc. (Nasdaq:CHDX), Physicians Formula Holdings Inc. (Nasdaq:FACE), Trico Marine Services Inc. (Nasdaq:TRMA) and North Central Bancshares Inc. (Nasdaq:FFFD).

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