Tag - MRTN

Although record fuel costs have hurt transportation stocks for the most part, Marten Transport (Nasdaq:MRTN) and Dynamex (Nasdaq:DDMX) are faring better than most due to their focus on niche markets and should be among the first to recover when the economy strengthens.

Marten Transport is a leading transporter of food and other goods that require a temperature-controlled environment. Approximately 80% of the $560 million in revenues Marten generated in 2007 were from deliveries of temperature-controlled products. The company’s main transport routes are between the midwest and west coast, southwest, southeast and the east coast. Average haul length is around 900 miles.

Marten’s fleet includes over 2,400 company and independent contractor tractors. Its track record of 99% on-time delivery is a major selling point to customers shipping perishable goods. 

During the first six months of 2008, Martin boosted truckload revenues 5.5% year over year to $255.2 million from $241.9 million and logistic revenues, which consisted of brokerage and intermodal operations, logistics revenue increased 69.7% year over year to $48.2 million from $28.4 million. However, net income fell to $6.1 million, or $0.28 per share, for the six-month 2008 period from $8.9 million, or $0.41 per share, one year earlier due to soaring fuel costs, Marten is addressing fuel cost challenges by expanding its asset-light logistics business, reducing fuel consumption per load through shorter hauls and regional routes, and installing auxiliary power units on rigs that provide heat, air conditioning and electricity to its drivers without running . . .

Axsys Technologies Inc (Nasdaq:AXYS), Citizens & Northern Corp (Nasdaq:CZNC) and Marten Transport Ltd (Nasdaq:MRTN) are among the new 52-week highs in Wednesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Ezcorp Inc (Nasdaq:EZPW), OceanFirst Financial Corp (Nasdaq:OCFC), First Bancorp Inc (ME) (Nasdaq:FNLC), CryoLife Inc (Nasdaq:CRY), American CareSource Holdings Inc (Nasdaq:XSI) and Hawaiian Holdings Inc (Nasdaq:HA).

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

Marten Transport Ltd. (Nasdaq:MRTN) is up 5% to a 52-week high today after announcing after Tuesday’s close its second-quarter operating revenue is up 15%. For the quarter ended June 30, revenue was $160 million, up from $138.8 for the quarter a year ago. Net income was $3.5 million, or $0.16 per share, versus $4.3 million, or $0.20 a share, for the year-ago period.

“During the second quarter we continued the disciplined execution of our business model by focusing on freight selection in our asset-based truckload operations and increasing the scope and penetration of our asset-light logistics and intermodal operations,” said Randolph L. Marten, chairman and CEO, in a statement.

In today’s trading, shares of Marten are at $20.03 at 3:08 p.m. ET, up $0.99 to a 52-week high.

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 . . .

Internet Gold-Golden Lines Ltd (Nasdaq:IGLD), Community Valley Bancorp (CA) (Nasdaq:CVLL) and Maguire Properties Inc (Nasdaq:MPG) are among the biggest percentage gainers in Monday's trading among companies with market capitalizations under $1 billion.

Also included among the results: ARYx Therapeutics Inc (Nasdaq:ARYX), Spectrum Control Inc (Nasdaq:SPEC), Park View Federal Savings Bank (Nasdaq:PVFC), Cash America International Inc (Nasdaq:CSH), Marten Transport Ltd (Nasdaq:MRTN) and Waccamaw Bankshares Inc (Nasdaq:WBNK).

Here are the biggest percentage gainers among small caps:

After opening higher, small caps have cascaded into the red midday, despite a continued sell off in crude from its record levels throughout the session and ahead of second-quarter earnings.

At 12:51 p.m. ET, the Russell 2000 (NYSE:IWM) was down 8.35, or 1.25%, at 657.43, while the Dow was down 63.67, or 0.56%, at 11,224.87.

After breaching a new record level of above $145 a barrel ahead of the July 4th weekend, crude oil futures pulled back sharply today. Crude is off $5.12 to approximately $140 a barrel midday. The commodity is still up some 50% for the year.

Oil prices are seeing downward pressure, as tensions in the Middle East are deflating in the minds of oil traders. Iran's foreign minister Manouchehr Mottaki said in an interview with CNN on Sunday that Iran is now assessing western governments with a new point of view. The Iranian foreign minister also suggested Iran might entertain the idea of a compromise with its nuclear program. Also, the country is expected to meet with the European Union's head of foreign policy surrounding the country’s nuclear program.

Oil also sold off as the dollar rallied. The greenback was buoyed by weak output numbers in Germany and the United Kingdom as well as resistance to sell the dollar in the midst of the G-8 leaders open summit meeting today in Japan.

“For the U.S. dollar, it's a question of a global economic race to the bottom between Japan, Europe and the United States,” Andy Busch, global foreign exchange strategist for BMO Capital Markets, wrote in an email. “Whoever hits first and bounces wins.”  

Bottom fishers were prowling the Street earlier in the session, as valuations have been knocked down to the cheapest level since April. However, probable jitters that prelude second-quarter earnings results seemed to have superseded the low valuations that had clouded investors’ actions earlier today. Quarterly earnings results are expected to begin trickling in Tuesday, as Alcoa kicks off the season. Analysts expect this to be the fourth consecutive quarter of negative earnings. Analysts expect . . .

Marten Transport Ltd. (Nasdaq:MRTN) is up more than 13% today as the price of crude oil falls from record highs. Crude oil soared last week ahead of the July 4 holiday, but it has fallen below $142 per barrel today. Marten Transport is a temperature-sensitive truckload carrier and, like many other trucking companies, has felt the squeeze from gas prices soaring above $4 per gallon. The company is down 2.3% from a year ago. But the Mondovi, Wis.-based company is trading at $17.71 today, up $2.11 from Friday’s close.

Ambassadors Group, Inc. (Nasdaq: EPAX), Rocky Brands, Inc. (Nasdaq: RCKY) and hi/fn, inc. (Nasdaq: HIFN) are among the biggest percentage losers in Tuesday's trading among companies with market capitalizations under $750 million.

Here are today's biggest percentage losers:

The Russell 2000 (NYSE: IWM) and the Dow Jones Industrial Average (INDU) are posting solid gains this morning on news of better-than-expected third-quarter earnings.

At 10:33 a.m. ET, the small-cap index rose 3.79 points, or 0.47%, to 813.87. The Dow was up 75.28 points, or 0.55%, to 13,642.25.

The bulls are roaming Wall Street this morning in reaction to upbeat earnings news from major corporate players.

Apple Inc. (Nasdaq: AAPL) got the party started after the close on Monday when it reported a 67% increase in third-quarter revenue, partially driven by strong demand for Macintosh computers.

Helping set the positive tone is AT&T Inc. (NYSE: T), the largest U.S. telecommunications company, which announced that its third-quarter net income increased 41%, mostly due to its acquisition of BellSouth Corp.

Also contributing is credit card issuer American Express Co. (NYSE: AXP), which reported this morning that third-quarter profit rose 10% while revenue added 11%.

PLX Technology, Inc. (Nasdaq: PLXT), Accredited Home Lenders Holding Co. (Nasdaq: LEND) and Marten Transport, Ltd (Nasdaq: MRTN) are the biggest percentage losers in Tuesday's trading among companies with market capitalizations under $500 million.

Here are today's biggest percentage losers:

The trucking industry is a drag. Hauling tonnages are down, diesel fuel prices are up and good drivers have been hard to find. Contrary outlooks are what makes a market, though, and the bad times now may pull Marten Transport, Ltd (Nasdaq: MRTN) out of its rut.

Truth to be told on Monday, when the trucker of food and other consumer-packaged goods reports second-quarter results after the close. In a seasonably strong time of year for truck transportation, the conditions in the second quarter through June will be key to mapping the company’s route for the rest of the year.

Marten Transport is one of the country’s largest temperature-sensitive truckload carriers, using temperature-controlled and insulated vehicles for long haul transportation. It makes its money from freight revenue on a per-mile basis, mainly from transporting but also from other activities, such as loading and unloading; it also has logistical operations, which include brokerage and intermodal services. The $400-million trucker, headquartered in Mondovi, Wis.,serves customers--mainly food shippers--in 48 states.

So far this year, operating revenue has risen 9.9% to $131.4 million in the first quarter ended March 31, compared with the previous year--largely on the emergent strength of the logistics services. Truckload revenue was up 4.7% to $118.2 million, while Marten’s logistics business, introduced in 2005, contributed $13.3 million in revenue, virtually doubling from last year’s $6.7 million.

But earnings haven’t kept pace, crunched by fuel expenses and other costs, new regulatory standards and sluggish tonnages. EPS for the first quarter were $0.21 per share, down from $0.23 the previous year. In fiscal 2006, during which operating revenue gained 12.8%, Marten broke a string of earnings gains. From 2002’s EPS of 42c, EPS rose to $1.16 in 2005 before jackknifing to $1.13 in 2006.