Tag - PDGI

Small-cap stocks drifted lower into mid-session, unable to keep pace with mild gains in large-cap indices as smaller banks and financial firms were a drag on the Russell 2000 (NYSE:IWM). Some of today’s small-cap gainers were PharmaNet Development Group Inc. (Nasdaq:PDGI), Allied Healthcare International Inc. (Nasdaq:AHCI) and KB Home (NYSE:KBH).

Other Market Watch highlights today included:

• Poor performers were regional banks, diverse financial services firms, consumer finance companies, diversified banks, casinos and REITs.   Feb 03, 2009 1:11pm
• Personal products companies, steel stocks, coal firms and general merchandise stores were all doing well today.   Feb 03, 2009 1:10pm
• Motorcycle manufacturers were a top performer today, but the large automakers were in retreat mode as they release sales numbers today.   Feb 03, 2009 1:10pm
• Bank stocks were a major drag on the market, with the KBW Banking Index off about 4.1%. 

Small Cap Gainers:

• PharmaNet Development Group Inc. soared 244% on news the firm will be acquired by JLL Partners Inc. for $5 a share. See (Nasdaq:PDGI).  
• Allied Healthcare International Inc. was up 21% on heavy turnover amid an earnings-related boost. See (Nasdaq:AHCI).  
• Small-cap homebuilder KB Home was up 6.8%, while Meritage Homes Corp. was up 10.9%. See (NYSE:KBH) and (NYSE:MTH)

Small Cap Losers:

• Complete Production Services slips to loss in Q4; shares tumble over 16%. See (NYSE:CPX).  
• Colonial Properties shares sink 12% on Q4 report. See (NYSE:CLP).  
• Warner Music Group Corp. was off 6.4% on active volume; the only apparent news was a PR release last night that the firm would enter a global distribution deal with Destiny Media. See (NYSE:WMG). 

Small-cap stocks drifted lower into mid-session, unable to keep pace with mild gains in large-cap indices as smaller banks and financial firms were a drag on the Russell 2000 (NYSE:IWM). At 12:17 p.m. ET, the Russell was down 0.60, or 0.13%, at 449.02.

Losses were limited by a surprisingly stout rise in pending home sales, which were up 6.3%, compared with market expectations for a flat number. Homebuilder stocks seemed to get a lift from the number, with the ISE Homebuilder Index rising 5.2%. Small-cap homebuilder KB Home (NYSE:KBH) was up 6.8%, while Meritage Homes Corp. (NYSE:MTH) was up 10.9%.

The Federal Reserve also announced plans to keep programs on commercial paper operations running for a longer time frame, which was a supportive element for the market. Despite those two upbeat news items, bank stocks were a major drag on the market, with the KBW Banking Index off about 4.1%.

Earnings were a mixed bag today, but expectations are so low on the profit front, that any sign of mild upside surprises is embraced by investors. Drug maker Merck & Co. (NYSE:MRK) beat the estimate and was a big supportive element for the Dow index. Drug stocks in general were outpacing the overall market, with the AMEX Pharmaceuticals Index up 1.6%.

Looking at sector activity, motorcycle manufacturers were a top performer today, but the large automakers were in retreat mode as they release sales numbers today. General Motors Corp. (NYSE:GM) was down 6.1%, while Ford Motor Co. (NYSE:F) was down 3.1%. Personal products companies, steel stocks, coal firms and general merchandise stores were all doing well today. On the downside, the . . .

Pacholder High Yield Fund Inc. (Nasdaq:PHF), TransMontaigne Partners L.P. (Nasdaq:TLP) and Chase Corp. (United States) (Nasdaq:CCF) are among the  among 52-week lows in Wednesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: PharmaNet Development Group Inc. (Nasdaq:PDGI), AirMedia Group Inc. (Nasdaq:AMCN), Entergy Arkansas, Inc.  (Nasdaq:EHA), ExlService Holdings Inc. (Nasdaq:EXLS), Macquarie Infrastructure Co LLC (Nasdaq:MIC) and GSC Investment Corp. (Nasdaq:GNV).

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

Small-cap stocks edged higher Friday, waffling between support from commodity and industrial stocks and weakness from the financial arena (and curiously enough, restaurant stocks). The Russell 2000 (NYSE:IWM) closed up 1.27, or 0.18%, at 720.26. After what seemed like a frantic week of manic price swings, small caps finished out the entire week of trading with a miniscule gain of 0.18%. It was the kind of week that only a day trader with superlative entry and exit points could love.

The Dow closed out today’s action down 0.10% and is off 13.9% for 2008. Meanwhile, the S&P 500 was up 0.21% today and is down 14.7% for the year. Small caps so far in 2008 have been a relative refuge in a difficult year for the bulls, with the Russell off only 5.9% this year.

The combination of ongoing worries about the health of the financial system, weak retail sales, a profit warning by Chipotle Mexican Grill Inc. (NYSE:CMG) and cautious analyst comments on Apple Inc. (Nasdaq:AAPL) sparked worries about profit growth, Nick Kalivas, vice president of financial research with MF Global, said in an email interview.

Those concerns were offset, however, by strength in raw material stocks — a sector that was oversold after hedge funds aggressively liquidated holdings in the group recently, Kalivas said. In addition, a weak dollar provided some relief to commodity prices, as the euro currency surged 1.6% against the greenback, sparking a bounce in the Commodity Research Bureau Index, which jumped 1.4% to reverse steep recent declines. “Energy stocks are being helped by the fact that they were oversold. Moreover, there are worries about energy infrastructure right now, especially refining,” Kalivas said.

Crude oil prices rose just $0.31 a barrel today, closing U.S. trading at $101.18. The market was underpinned by concerns over Hurricane Ike, which is rapidly approaching the Texas Gulf Coast. There is some thought that the storm won’t wreak as much havoc on Gulf production as originally feared. However, gains in crude oil . . .

Federal Agricultural Mortgage Corp. (Nasdaq:AGM), PharmaNet Development Group Inc. (Nasdaq:PDGI) and Maxxam Inc. (Nasdaq:MXM) are among the new 52-week lows in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Chipotle Mexican Grill Inc. (Nasdaq:CMG), Great Atlantic & Pacific Tea Co Inc. (Nasdaq:GAP), Rackspace Hosting Inc. (Nasdaq:RAX), Diodes Inc. (Nasdaq:DIOD), Beverly National Corp. (Nasdaq:BNV) and Teekay Offshore Partners (Nasdaq:TOO).

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

Small-cap stocks drifted into positive territory mid-morning, but slipped back into the red into midday action, with support from energy, homebuilder and commodity stocks offset by weakness in the financial arena. At 12:58 p.m. ET, the Russell 2000 (NYSE:IWM) was down 2.36, or 0.33%, at 716.63.

The market made a nice recovery off opening lows, but the move stalled out just above Thursday’s highs. It has been a volatile, churning weak for stocks, but right now the Russell is basically unchanged for the week despite several dramatic moves.

This morning’s latest batch of economic data served up a negative tilt, with retail sales coming in below expectations and the “core” inflation producer price index in line with the forecast. A sentiment survey later this morning was upbeat, which may have helped the market pull off the opening swoon. Still, the weekly claims report from Thursday was a negative, and today’s reports on spending and inflation certainly didn’t suggest any turnabout for a gloomy economic horizon.

The overall market continues to fret about the future of the nation’s fourth largest investment bank — Lehman Brothers Holdings Inc. (NYSE:LEH), which is openly courting suitors after a stunning collapse in market value this week. LEH was down another 15% below $4 a share at midday today, a jarring demise from the upper $40s in May. In addition, American International Group (NYSE:AIG), the world’s largest insurer, was reeling amid 26% declines today, keeping the entire financial . . .

PharmaNet Development Group Inc (Nasdaq:PDGI), Federal Agricultural Mortgage Corp (Nasdaq:AGM) and Chipotle Mexican Grill Inc (Nasdaq:CMG) are among the biggest percentage losers in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Starrett LS Co (Nasdaq:SCX), Cardtronics Inc (Nasdaq:CATM), Metalico Inc (Nasdaq:MEA), Diodes Inc (Nasdaq:DIOD), Seneca Foods Corp (Nasdaq:SENEB) and Dixie Group Inc (Nasdaq:DXYN).

Here are the biggest percentage losers among small caps:

Shares of PharmaNet Development Group Inc. (Nasdaq:PDGI) lost more than half  their volume and sank to a new 52-week low this morning on unusually heavy trading volume following the company’s slashing of its 2008 guidance and a subsequent analyst downgrade.

On Thursday evening, the Princeton, N.J.-based drug development company announced it had slashed its 2008 revenue guidance to $358 million to $366 million from $390 million to $399 million. Analysts polled by Thomson First Call were on average expecting revenue of $395 million for the year.

PharmaNet blamed the postponement and cancellation of certain ongoing clinical development projects in the late stage segment and a lower than expected sample volume of business in the early stage segment for the revised guidance.

As a result of the revised guidance, Jefferies & Co. downgraded the company’s stock to “underperform” from “buy.”
By mid-morning, PharmaNet is at $9.85, down $13.21 from Thursday’s close. Previously the stock had traded between $13.45 and $43.05 during the past 52 weeks. More than 2.7 million shares had changed hands compared with an average three-month volume of 396,363 shares.

For detailed price information and news stories on PharmaNet, click PDGI.

Small-cap stocks took a dive on the opening, unable to sustain the upward momentum off Thursday afternoon’s surge as financial stocks were getting clobbered. Sloppy August retail sales took a toll on the market, but financial stocks were under stress even before the economic data came out this morning. On the bright side, commodity stocks were keeping index products from really sinking. At 10:02 a.m. ET, the Russell 2000 (NYSE:IWM) was down 6.21, or 0.86%, at 712.78.

The big news so far this morning was that August retail sales came in below expectations, with the headline figure at minus 0.3% when traders were looking for a rise of 0.2%. In addition, the figures for July were revised downward, which added to the sloppy tone. The PPI report came out at the same time this morning as retail sales, and the inflation picture was a little brighter than forecast, but the PPI was overshadowed by retail sales. In addition, the “core” rate on PPI was in line with expectations at 0.2%, so the overall decline of 0.9% that topped the minus 0.5% forecast was dulled because clearly energy prices have been on the decline.

The Michigan sentiment survey came in with a big surprise this morning, which helped stabilize stocks. The figure was at 73.1 in September — the highest reading in eight months and well above the forecast of 64. Meanwhile, the business inventory report came in at 1.1%, which was above the forecast of 0.5%.

Financial shares were once again a sore spot for the index products, as the market fretted over the future of Lehman Brothers Holdings Inc. (NYSE:LEH), especially on talk this morning that the government isn’t that eager to step in and bail out the nation’s fourth largest investment bank. LEH shares were down 17% shortly after the open. Other “name” financial shares in the glare this morning included American International Group Inc. (NYSE:AIG), which was down 18% at the lowest prices in more than a decade.

Crude oil price action will also be a focal point today as the market braces for Hurricane Ike to make landfall. Shortly after the open, crude oil futures were up about $1 a barrel. Also, other commodity markets were in rally mode as . . .

Evergreen Solar Inc. (Nasdaq:ESLR), PharmaNet Development Group Inc. (Nasdaq:PDGI) and Solarfun Power Holdings Co Ltd. (Nasdaq:SOLF) are among the most actively traded companies in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Diodes Inc. (Nasdaq:DIOD), Clean Energy Fuels Corp. (Nasdaq:CLNE), China Sunergy Co Ltd. (Nasdaq:CSUN), Lululemon Athletica Inc. (Nasdaq:LULU), A Power Energy Generation Systems Ltd (Nasdaq:APWR) and Dendreon Corp. (Nasdaq:DNDN).

Here are the most actively traded companies among small caps:

It’s been a rollercoaster ride thus far for small caps, most recently trending deeper into the red along with the S&P 500 and the Dow after a gloomy weekly unemployment claims report and a weaker-than-expected read on GDP dragged equities lower. 

At 12:46 p.m. ET, the Russell 2000 (NYSE:IWM) was down 3.44, or 0.48%, at 715.42, while the Dow down 0.98%, or 113.01, at 11,470.68.

The weekly claims number, reported this morning, spiked more-than-expected to 448,000 from last week’s 404,000 level. The claims number, which was substantially above the median forecast of a decline to 395,000, was pushed higher by an emergency unemployment program. The number was the single largest weekly claims figure in more than five years. Although this survey was taken after the numbers were collected for Friday’s monthly employment release, it has heightened jitters ahead of the Labor Department’s release tomorrow. 

The second-quarter number for GDP, also out this morning, wasn’t comforting either. The nation’s domestic growth clocked in at 1.9% for the second quarter, below the forecast of 2.3%. Additionally, GDP for the past 3 years was revised downward. Fourth quarter GDP was reduced to minus 0.2%, the first decline in quarterly GDP since 2001.

"The revisions were ugly and will fuel the recession debate," Andy Busch, global foreign exchange strategist for BMO Capital Markets, said in an email. "Today's numbers were a big disappointment and will rev up the doom-gloom crowd to call for the end of the world. July was brutal. Let's hope we can focus on the Olympics -- I'm still expecting/hoping to see a stabilization occur in August without the massive swings July presented."

Although the weak GDP number and claims took the limelight today, there was some hopeful economic news in the abyss. The Chicago Purchasing Managers report came in stronger than expected. PMI was 50.8, above the forecast of 49 and above 50 for the first time since January.

For the first time in awhile, gyrations in crude oil prices were not the focal point. Crude sold off this morning, after spiking over $4 Wednesday, and continues to tread in the red. A barrel of light sweet crude slipped $2.40 to roughly $124 mid-session.

The economic reports managed to smother uplifting merger and acquisitions news. Bristol-Myers Squibb Co. (NYSE:BMY) made a bid to acquire ImClone Systems Inc. (Nasdaq:IMCL) ...

Cadence Pharmaceuticals Inc (Nasdaq:CADX), Zones Inc (Nasdaq:ZONS) and PharmaNet Development Group Inc (Nasdaq:PDGI) are among the biggest percentage gainers in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Famous Daves of America Inc (Nasdaq:DAVE), MasTec Inc (Nasdaq:MTZ), Richardson Electronics (Nasdaq:RELL), LHC Group Inc (Nasdaq:LHCG), iStar Financial (Nasdaq:SFI) and Dawson Geophysical Co (Nasdaq:DWSN).

Here are the biggest percentage gainers among small caps:

Global drug development services company PharmaNet Development Group Inc. (Nasdaq:PDGI) is up 25% in pre-market trading after reporting after Wednesday’s close it had swung to profit in the second quarter. For the quarter ended June 30, net income was $2.2 million, or $0.11 per share, compared to a net loss of $4.6 million, or $0.25 per share, in the same quarter a year earlier. Analysts were expecting earnings per share of $0.04. The Princeton, N.J.-based company said it was helped by better margins and higher revenues in clinics and laboratories.

Shares are at $22.50 at 8:46 a.m. ET, up $4.45 from Wednesday’s close. During the past year, the stock has ranged from $13.45 to $43.05.

PharmaNet Development Group Inc. (Nasdaq:PDGI), Guaranty Financial Group Inc. (NYSE:GFG) and Elizabeth Arden, Inc. (Nasdaq:RDEN) were among the new 52-week lows established during Thursday's trading among companies with market capitalizations or values under $750 million.

LaserCard Corp. (Nasdaq:LCRD), Riverview Bancorp, Inc. (Nasdaq:RVSB) and Ocean Power Technologies, Inc. (Nasdaq:OPTT) were also among the 52-week small-cap lows.

Here are Thursday's 52-week small-cap lows:

Pharmanet Dev Group (Nasdaq:PDGI), FGX International Holdings Ltd. (Nasdaq:FGXI) and Gentiva Health Services (Nasdaq:GTIV) are among the biggest percentage losers in Thursday's trading among companies with market capitalizations under $750 million.

Elizabeth Arden (Nasdaq:RDEN), Faro Technologies Inc. (Nasdaq:FARO) and ShutterFly, Inc. (Nasdaq:SFLY) are also among the top small-cap percentage losers.

Here are Thursday's biggest percentage losers among small caps:

Small-cap shares pushed higher after a soft opening, lifted by a firm U.S. dollar and ideas that Wednesday afternoon’s dramatic downturn after the rate cut announcement may have been overdone. At 10:02 a.m. ET, the Russell 2000 (NYSE:IWM) was up 2.82, or 0.39%, at 719.00.

The ISM Manufacturing Survey — released at 10:00 a.m. ET — came in at 48.6%, which was up just slightly from the forecast at 48.0% . The market was little changed immediately after the report. The Construction Spending report also came out in tandem with ISM, and was down 1.1%, which was below the forecast for a loss of 0.6%.

Weekly Claims data this morning came out before the opening, and showed a jump to 380,000, which was above the forecast. The rise in jobless claims keeps concern about the economy and the employment picture on the front burner ahead of Friday’s big monthly jobs report. Given relatively soft price action since FOMC, investors appear to be in the mood to either book profits on winning longs ahead of that jobs event risk, or else sit on the sidelines and wait for the number before diving back into the fray.

The dollar was on a charge this morning, jumping well over 100 bps, or nearly 0.9%, versus the euro to the highest point since late March. Crude oil was down . . .

Shares of PharmaNet Development Group, Inc. (Nasdaq: PDGI) are plunging after the drug development services company reported ghastly first-quarter results and lowered its full year guidance late Wednesday evening. The firm swung to a net loss on contract cancellations, while Wall Street was expecting a net profit of $0.30 per share.

Shares crumbled 30%, or $7.16, to $16.70 ahead of the opening bell. For detailed price information and recent news stories about PharmaNet Development, click PDGI.  

Here are the biggest percentage gainers and losers in pre-market trading among companies with a market cap between $50 million and $750 million:

Biggest percentage gainers:

• Volcom, Inc. (Nasdaq:VLCM), up 17% after the clothing retailer reported unexpectedly strong first-quarter results after Wednesday’s close that beat the consensus on Wall Street and raised its full year guidance.
• O2Micro International Ltd. (Nasdaq:OIIM), up 13% after the supplier of power management and security components posted first-quarter earnings after Wednesday’s close that beat the Street by 200%.
• Converted Organics Inc. (Nasdaq:COIN) up 10%.

Biggest percentage losers:

• PharmaNet Development Group, Inc. (Nasdaq: PDGI), down 30% after reporting ghastly first-quarter results and lowering its full year guidance. The firm swung to a net loss, while Wall Street was expecting a net profit of $0.30 per share.
• Shutterfly, Inc. (Nasdaq:SFLY), down 18%, after lowering second-quarter and full year guidance.
• ICT Group, Inc. (Nasdaq:ICTG), down 16%, after reporting a first-quarter net loss this morning that was a penny wider than analysts forecasted. The firm also issued second-quarter earnings guidance and full year guidance below the consensus on Wall Street. 

PharmaNet Development Group Inc. (Nasdaq:PDGI), Salix Pharmaceuticals, Ltd. (Nasdaq:SLXP) and Shutterfly, Inc. (Nasdaq:SFLY) are among the most actively traded companies in Thursday's pre-market trading among those with market capitalizations under $750 million.

Jos. A. Bank Clothiers, Inc. (Nasdaq:JOSB), CV Therapeutics, Inc. (Nasdaq:CVTX) and InterMune, Inc. (Nasdaq:ITMN) are also among the most actively traded small-cap companies in pre-market trading.

Here are the most actively traded small-cap companies in Thursday's pre-market trading:

PharmaNet Development Group Inc. (Nasdaq: PDGI) shares are plunging after the drug development services company forecasted a weaker-than-expected 2008 profit. For 2008, PharmaNet projects earnings of between $1.42 and $1.57 per share. Wall Street analysts, on average, expect earnings of $1.72 per share.

The Princeton, N.J.-based firm projects fiscal year revenue in the range of $401 million to $409 million. However, analysts project revenue of $414.8 million.

“We are pleased with our 2007 financial results, having made significant progress over the past year,” CEO Jeffrey McMullen said in a statement. “In 2008, we look forward to continued growth and market expansion, while optimizing our operations, increasing resource utilization and reducing costs.”

In a note to investors, Robert W. Baird & Co. analysts Eric Coldwell and Nicholas Juhle said that the fourth quarter was characterized by “a disappointing operational performance, lackluster business development metrics and 2008 guidance that appears below expectations.”

In Thursday’s trading, PDGI shares were down 30.79%, or $12.73, at $28.62. Over the last 52 weeks, shares have ranged from $19.49 to $43.05.

The Russell 2000 (NYSE: IWM) lost ground and fell more than the other major U.S. indices as economic concerns brought out the bears. The small-cap index declined 10.72 points, or 1.50%, to 705.72. The Dow Jones Industrial Average (INDU) shed 112.10 points, or 0.88%, to 12,582.18.

On a year-to-date basis, the Russell 2000 has retreated 7.87%, while the Dow is down 5.15% and the S&P 500 has let go 6.86%.

Fourth-quarter economic growth was as slow as initially projected, an inflation gauge moved up, and some small banks might not survive the subprime meltdown, according to today’s economic news.

Small-cap stocks fell out of the gate on news that the U.S. Commerce Department reaffirmed its initial estimate for fourth-quarter economic growth of 0.6% at an annual rate, disappointing economists expecting an upward revision to 0.8%.

The same report showed that an index measuring the prices paid by U.S. residents increased 3.9%, above the initial estimate of 3.8%.

Separately, the U.S. Labor Department said that jobless claims for the week ended Feb. 23 were 373,000, a larger-than-expected increase from the preceding week’s upwardly revised level of 354,000.

The Russell 2000 (NYSE: IWM) is in negative territory following news of poor economic data.

At 10:11 a.m. ET, the small-cap index was missing 6.07 points, or 0.85%, to 710.37. The Dow Jones Industrial Average (INDU) was down 96.39 points, or 0.76%, to 12,597.89.

The U.S. Commerce Department reported before the opening that it has reaffirmed its initial estimate for fourth-quarter economic growth of 0.6% at an annual rate. Economists were expecting an upward revision to 0.8%. The economy grew 4.9% during the third quarter.

The price index for personal consumption increased 4.1%, compared with the previously estimated 3.9%. That’s a worrying sign that inflation is not moderating despite the slowing economy.

Separately, the U.S. Labor Department said that jobless claims for the week ended Feb. 23 were 373,000, a larger-than-expected increase from the preceding week’s upwardly revised level of 354,000.

Small-cap stocks are moving down, with PharmaNet Development Group Inc. (Nasdaq: PDGI) being among the top losers.

The Princeton, N.J.-based drug development services company reported fourth-quarter earnings above analysts’ expectations, but is suffering due to its disappointing full-year 2008 forecast.

The Russell 2000 (NYSE: IWM) and the other U.S. indices are falling hard on news of poor corporate earnings and mixed economic reports.

At 10:29 a.m. ET, the small-cap index had lost 20.94 points, or 2.53%, to 807.08. The Dow Jones Industrial Average (INDU) was down 224.36 points, or 1.61%, to 13,705.65.

Stocks suffered a steep drop out of the gate following news that Exxon Mobil Corp. (NYSE: XOM) reported a bigger-than-expected drop in third-quarter profit and missed Wall Street’s expectations.

The world’s largest publicly traded oil company announced a net income of $1.70 per share, down from $1.77 per share a year earlier and below analysts’ projected earnings of $1.75 per share.

Contributing to the overwhelmingly bearish sentiment was news that Citigroup Inc. (NYSE: C) was downgraded to “sector underperform” from “sector perform” by investment bank CIBC World Markets. CIBC said that Citigroup might have to cut its dividend or sell assets in order to raise more than $30 billion to shore up its capital.

In economic news, the U.S. Commerce Department reported that personal income increased at a seasonally adjusted rate of 0.4% in September, compared with a rise of 0.3% in August. That’s in line with economists’ expectations.

However, personal consumption in September increased 0.3%, below the projected rise of 0.4%. In August, personal consumption added a downwardly revised 0.5%.

Shares of PharmaNet Development Group, Inc. (Nasdaq: PDGI) are ailing on news the Princeton, N.J.-based drug developer reported a second-quarter profit that fell short of Wall Street’s forecast.

Before the opening bell the company said that net income for the three months ended June 30 was $3.2 million, or $0.17 per share, while four analysts polled by Thomson Financial were projecting a profit of $0.30 per share. For same period of 2006, PharmaNet reported a net income of $2.6 million, or $0.14 per share.