Tag - MRT

Small-cap stocks remained lower into mid-session, pulled down by losses in commodity, financial and technology stocks amid ongoing worries about corporate profits in one of the deepest economic recessions since the Great Depression.  Some of today’s small-cap gainers are A-Power (Nasdaq:APWR), Aladdin Knowledge Systems (Nasdaq:ALDN) and Mindray (NYSE:MR).

Other Market Watch highlights today included:

• Corn futures crashed 7%, touching limit down losses and the Gold and Silver Index slumped more than 5%, reflecting losses for mining and metals shares.  
• Commodities were hit especially hard today, with crude oil prices tumbling 7% on worries about the global demand picture.  
• Overseas markets were lower coming into today’s session, which likely weighed on the market as well. 
• The dollar was firm against the euro this morning, which could also weigh on other commodity markets and stocks with close ties to physical markets. 

Small Cap Gainers:

• GE joins with A-Power on wind turbine gearbox equipment; shares of A-Power rise 21%. See (Nasdaq:APWR)
• Aladdin Knowledge Systems agrees to buyout at 20% premium; shares rise 14%. See (Nasdaq:ALDN).  
• Mindray announces preliminary 2008 operating results; shares pop 14%. See (NYSE:MR).
• The Cooper Companies is up 8% today after declaring a half-year cash dividend last week. See (NYSE:COO).

Small Cap Losers:

• Small-cap gold stock Detour Gold Corp. is down 21%. See (Nasdaq:DRGDF). 
• Small-cap coal company Patriot Coal Corp. fell 17.3% as commodities slumped across the board today. See (NYSE:PCX).
• Small-cap eatery Morton’s Restaurant Group Inc. is down 7.8% as restaurant stocks get clobbered. See (NYSE:MRT).  
• Homebuilder shares were taking a hit today, with small-cap builders Centex Corp. down 7.7%; KB Home off 6.2% and Meritage Homes Corp. down 10.5%. See (NYSE:CTX), (NYSE:KBH) and (NYSE:MTH).  

Small-cap stocks remained lower into mid-session, pulled down by losses in commodity, financial and technology stocks amid ongoing worries about corporate profits in one of the deepest economic recessions since the Great Depression. At 12:43 p.m. ET, the Russell 2000 (NYSE:IWM) was down 5.11, or 1.06%, at 476.18.

Commodities were hit especially hard today, with crude oil prices tumbling 7% on worries about the global demand picture. Elsewhere in commodities, corn futures crashed 7%, touching limit down losses and the Gold and Silver Index slumped more than 5%, reflecting losses for mining and metals shares. Small-cap coal company Patriot Coal Corp. (NYSE:PCX) fell 17.3%. In addition to the general decline in energy and commodities, PCX announced late Friday that they would close their Jupiter mining complex. Small-cap gold stock Detour Gold Corp. (OBB:DRGDF) was down 21%.

Treasury Secretary Henry Paulson said that the U.S. economy was going through a “difficult” economic period, which isn’t exactly a fresh revelation, but which did appear to spook investors and extend the morning pullback in equities. Credit markets were higher, which pulled some money flow away from stocks.

Homebuilder shares were taking a hit today, with small-cap builders Centex Corp. (NYSE:CTX) down 7.7%; KB Home (NYSE:KBH) off 6.2% and Meritage Homes Corp. (NYSE:MTH) down 10.5%.

Looking at the financial arena, bank stocks were getting drubbed, with the KBW Banking Index off 3.6% and Citigroup Inc. (NYSE:C), down more than 10% amid analyst talk that the bank may still need more capital even after . . .

Medicis Pharmaceutical Corp. (Nasdaq:MRX), Navios Maritime Partners LP (Nasdaq:NMM) and Transition Therapeutics Inc. (Nasdaq:TTHI) are among the new 52-week lows in Wednesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Orbotech Ltd. (Nasdaq:ORBK), Mortons Restaurant Group Inc. (Nasdaq:MRT), Capella Education Co. (Nasdaq:CPLA), Bank of Granite Corp. (Nasdaq:GRAN), Oneida Financial Corp. (Nasdaq:ONFC) and CNB Financial Corp. (Nasdaq:CCNE).

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

Shares of Morton's Restaurant Group Inc. (NYSE:MRT) have edged up 13% today after the company reported its second-quarter revenues had grown and it reaffirmed its full-year earnings outlook. For the period ending June 29, net income was $1.7 million, or $0.11 per share, compared to $2.3 million, or $0.14 a share, for the same quarter a year ago. Revenues grew 3.6% to $88.7 million. Results were on par with Wall Street expectations.

“We fully believe that Morton's is well positioned for long-term growth, as the
U.S. economy rebounds. Morton's continues to work hard to aggressively manage elements that are within the company's control in light of challenging market conditions and this uncertain economic period,” said Thomas J. Baldwin, chairman and CEO, in a statement.

The company reaffirmed its full-year outlook of $0.57 to $0.62 per share on revenues of $378 million to $383 million.
 
At 3:33 p.m. ET, shares are at $6.60, up $0.75 from Wednesday’s close. The stock has ranged from $5.38 to $20.82 during the past year.

The Russell 2000 (NYSE: IWM) posted a steep decline following news of weak economic reports. The small-cap index fell 19.54 points, or 2.77%, to 686.18, its third consecutive decrease. The Dow Jones Industrial Average (INDU) lost 315.79 points, or 2.51%, to 12,266.39.

On a year-to-date basis, the Russell 2000 has let go 10.42%, while the Dow is down 7.53% and the S&P 500 is off 9.38%.

Small-cap stocks started the session down and extended their losses as the day wore on and investors digested bearish economic news.

The U.S. Commerce Department reported before the start of trading that spending increased 0.4% in January, while personal income added 0.3%. Economists were expecting smaller increases of 0.2%.

But the rise in consumption went to cover inflation. The same report showed that the price index for personal consumption expenditures rose 0.4%, while the core index, which excludes the costs of food and energy, climbed 0.3%.

In other economic news, the National Association of Purchasing Managers-Chicago reported after the opening that its index of regional business conditions fell to its lowest level since December 2001, while the University of Michigan’s final figures for February consumer confidence showed the worst result since 1992.

One of the biggest losers in today’s sell-off was general merchandise retailer Duckwall-ALCO Stores, Inc. (Nasdaq: DUCK), which slumped to a new 52-week low on news of a disappointing 2008 earnings forecast.

The Russell 2000 (NYSE: IWM) is posting heavy losses as concerns about the U.S. economy keep mounting. At 2:33 p.m. ET, the small-cap index had declined 16.90 points, or 2.39%, to 688.82. The Dow Jones Industrial Average (INDU) was missing 294.38 points, or 2.34%, to 12,287.80.

Stocks are sinking following a slew of negative economic and corporate news.

The National Association of Purchasing Managers-Chicago reported after the opening that its index of regional business conditions fell to a lower-than-expected level of 44.5 in February from 51.5 in January. A reading below 50 indicates a contraction.

Elsewhere, the University of Michigan said after the opening that its index of consumer confidence fell to a reading of 70.8 in February. That’s up from the preliminary estimate of 69.6 but still represents the worst result since 1992.

A separate report by the U.S. Commerce Department before the opening showed that spending increased 0.4% in January, above the projected 0.2%.

Investors disregarded that news as the same report also showed that year-over-year inflation is above the U.S. Federal Reserve’s preferred range. The Russell 2000 opened in the red and slid down even further in the early afternoon.

The Russell 2000 (NYSE: IWM) opened in the red on concerns that the U.S. Federal Reserve may not move to lower interest rates.

At 10:45 a.m. ET, the small-cap index was down 1.76 points, or 0.21%, to 819.96. The Dow Jones Industrial Average (INDU) had lost 44.38 points, or 0.32%, to 13,825.88.

Investors are turning their attention to the U.S. Federal Reserve today, which begins a two-day policy meeting.

On Monday, observers were confident that the Fed will cut its target interest rate up to 0.50%, but today an article in The Wall Street Journal is casting doubt on that expectation, claiming that policy makers will likely either cut the federal funds rate 0.25% or leave it unchanged.

The federal funds rate, the rate at which commercial banks make overnight loans to each other, currently stands at 4.75%, after the Fed voted on Sept. 18 to lower it from 5.25%.

The central bank will announce its decision on Wednesday.

In economic news, U.S. consumer confidence continued to fall in October. The Conference Board reported after the start of trading that its index of consumer confidence fell to 95.6 from 99.5 in September.

The Russell 2000 (NYSE: IWM) managed a late-minute razor-thin gain while the major U.S. indices made solid advances on news of strong earnings and speculation of a rate cut. The small-cap index added 0.33 points, or 0.04%, to 821.72. The Dow Jones Industrial Average (INDU) gained 63.56 points, or 0.46%, to 13,870.26.

On a year-to-date basis, the Russell 2000 has increased 4.36%, while the Dow has added 11.19% and the S&P 500 has gained 8.78%.

The small-cap futures were pointing up before the start of trading following news that New York-based Verizon Communications Inc. (NYSE: VZ), the second largest U.S. telecommunications company, reported that revenue for the third-quarter increased 5.8% to $23.8 billion from $22.5 billion a year earlier.

Contributing to the bullish sentiment were retailers RadioShack Corp. (NYSE: RSH) and Best Buy Co. Inc. (NYSE: BBY), which reported upbeat third-quarter earnings.

Among small-cap companies, North American Galvanizing & Coatings (Nasdaq: NGA) rose on news that third-quarter profit more than doubled, while compact construction equipment maker Gehl Co. (Nasdaq: GEHL) fell on news of a decline in profit.

The major U.S. indices opened in positive territory and stayed there throughout the session.

However, small-caps were the exception. The Russell 2000 moved up initially but quickly stumbled and stayed in negative territory during the majority of the session, battling back into the green with just minutes before the close.

Morton's Restaurant Group, Inc. (NYSE: MRT) shares are diving after the restaurant operator’s third-quarter loss widened to $0.74 million, or $0.04 per share, worse than analyst estimates of a $0.03 loss per share and compared with a loss of $0.1 million, or $0.01 per share, a year earlier.

"We are working hard to build our business with our Morton's genuine hospitality; one guest at a time," CEO Thomas J. Baldwin said in a statement. "Our strategic initiatives, development programs, and international expansion plans, with the August opening of our Morton's steakhouse in Macau, are moving forward.”

The Chicago-based firm’s quarterly operating results were impacted by pre-opening costs that increased $0.8 million compared with a year earlier.

Fourth quarter diluted net income per share is expected to be in the range of $0.46 to $0.48, below Wall Street expectations of $0.51 per share.

Morton’s expects fiscal 2007 income in the range of about $0.85 to $0.87 per share, below analyst projections of $0.91 per share.

In today’s trading, MRT shares lost 17.49%, or $3.01, at $14.20. Over the last 52 weeks, shares have ranged from $13.64 to $20.82.

Laboratory products maker Kewaunee Scientific Corp. (Nasdaq: KEQU) reported a profit of $0.51 million, or $0.21 per share, for the fourth quarter ended April 30, compared with a loss of $0.25 million, or $0.11 per share, in the same period ended of 2006

A group of investors – including the firm HBK Investments LP - reported a 9.5% ownership in The Steak n Shake Co. (NYSE: SNS) in an SEC document filed after Monday’s closing bell.

Hoku Scientific, Inc. (Nasdaq: HOKU) shares are up more than 133.5% since June 13. The reason for the rise is unclear, but a Cowen and Co. analyst believes institutional investors are buying shares after the company’s market capitalization broke $100 million following last Wednesday’s announcement of a seven-year deal with the German solar panel maker Solar-Fabrik AG.

American Software, Inc. (Nasdaq: AMSWA) reported revenue of $22.5 million, or $0.11 per share, for the fourth quarter ended April 30, compared with revenue of $20.46 million, or $0.05 per share, in the same quarter a year earlier.

Identification technology company Intelli-Check, Inc. (AMEX: IDN) executives tried to assuage investors concerned for the company’s wellbeing after its 73-year-old CEO Frank Mandelbaum passed away on June 7. In a press release, Intelli-Check said the management transition since Mandelbaum’s death has been “orderly and the company is positioned to pursue its growth strategy.”

These are the biggest percentage gainers in Tuesday’s trading among companies with market capitalizations under $500 million:

Morton’s Restaurant Group, Inc. (NYSE: MRT) management touted its strong brand recognition during its presentation at the 27th annual Piper Jaffray Consumer Conference in New York this afternoon.

“I like to use the analogy of Tiffanys,” Morton’s CEO, Thomas Baldwin, told onlookers. “There are lots of jewelry stores, but only one blue box.  That’s how we think of ourselves.  [There’s] only one Morton’s.”

Also at the presentation, management laid out four major growth initiatives for the restaurant, including expanding its Bar 12-21 business and its Boardroom business, as well as pursuing disciplined new restaurant growth.

“We perceive solid domestic and international demand opportunities,” Baldwin said.

Morton’s Bar 12-21, which is a bar featured in new and remodeled restaurants, presents new revenue opportunities for the restaurant, said Baldwin. Specifically, the restaurant has identified 48 opportunities across the United States to expand its bar business.

Much of Morton’s recent historical growth has stemmed from its Boardroom business.  Private dining rooms equipped with nine-foot satellite-run TVs have increased Board Room utilization to 52% from 50%.