Tag - ORBC

Small-cap stocks collapsed again Wednesday, unable to escape the glare of soaring energy prices that crimp consumer spending, raise business input costs and slice away corporate margins. The Russell 2000 (NYSE:IWM) shed 19.25, or 2.78%, to 672.34. This marked the fourth largest one-day decline of the year and the 15th decline in 2008 of 2% or more. In the end, small caps posted the lowest daily close since March 19.

Crude oil prices shot to new record highs after the weekly inventory report showed that crude stocks slipped below 300 million barrels for the first time since January. The prospect of tight stocks into a holiday weekend amid saber rattling between Israel and Iran ensured that a risk premium be priced into energy markets. In addition, spot gas prices jumped to a 30-month high, and it appears no commodity market will go without its turn in the sun. The Commodity Research Bureau Index of 19 commodity markets shot to yet another record high and is up 29% in 2008. In addition, new all-time highs were set in the small-cap commodity fund iPath GSCI Total Return Index, which is heavily weighted toward energy.

The dreary close in small caps was a far cry from this morning’s opening when rising European bank shares and talk that the capital-raising crisis had peaked fueled an opening bounce in stocks. That opening rise looked like a nice carryover sign of power in the shadow of Tuesday’s big recovery rally, but the resumption of selling fury today effectively clipped short any bottoming signs that may have been building off the bounce.

While soaring energy prices rightly gathered the lion’s share of attention during today’s collapse, bullish investors may have been scared into the cellar by this morning’s ADP National Employment Report, which showed a decline in payrolls of 79,000, the largest figure since November 2002. Although the correlation between ADP and the official Labor Department report has been unraveling of late, it’s still a scary figure . . .

ORBCOMM Inc. (Nasdaq:ORBC) said Wednesday it gained more than 40,000 net billable subscribers in the quarter ended in June. The satellite data communications company said its total additions included about 32,400 satellite and 8,100 terrestrial subscriber communicators. The Fort Lee, N.J.-based ORBCOMM’s total subscriber base is more than 420,000, the company said. ORBCOMM shares gained 13% to $6.74, about $0.74 above Tuesday’s closing price.

Casella Waste Systems Inc (Nasdaq:CWST), Pyramid Oil Co (Nasdaq:PDO) and Pantry Inc (Nasdaq:PTRY) are among the biggest percentage gainers in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: ORBCOMM Inc (Nasdaq:ORBC), Array BioPharma Inc (Nasdaq:ARRY), Summit Financial Group Inc (Nasdaq:SMMF), United States Lime & Minerals Inc (Nasdaq:USLM), Glu Mobile Inc (Nasdaq:GLUU) and USANA Health Sciences Inc (Nasdaq:USNA).

Here are the biggest percentage gainers among small caps:

ORBCOMM Inc. (Nasdaq: ORBC), a global satellite data communications company, swung to a profit in the fourth quarter of 2007 due to a sharp jump in service revenues. The Fort Lee, N.J.-based firm reported before the start of trading that its net income for the three months ended Dec. 31, 2007, was $0.03 per share, compared with a net loss of $0.09 per share a year earlier.

At 11:22 a.m. ET, the stock was up $0.75, or 16%, to $5.57.

Accredited Home Lenders Holding Co. (Nasdaq: LEND), Physicians Formula Holdings, Inc. (Nasdaq: FACE) and STEC, Inc. (Nasdaq: STEC) are among the most actively traded companies in Tuesday pre-market trading among those with market capitalizations under $500 million:

Investors turned bullish this morning as U.S. stocks begin to recover from the steep drop on Thursday.

At 10:03 a.m. ET the Russell 2000 had gained 3.07 points, or 0.37 percent, to 826.87.  Dow Jones Industrial Average was up 23.97 points, or 0.18 percent, to 13,465.10.

Nasdaq grabbed headlines after it said it will pay $3.7 billion for Swedish stock exchange OMX AB.  A previous bid for the London Stock Exchange failed.

A report on existing homes sales for the month April by the National Association of Realtors is due this morning.  Investors will turn their eyes on the numbers for clues as to the future development of the U.S. housing market after Thursday’s news that single-family home sales increased the most in 14 years in April.

The following are the most actively traded companies in pre-market trading among those with market capitalizations under $500 million: