Tag - PNRG

Small-cap stocks remained higher into midday trading, propelled on the opening by climbing energy shares and optimism over another big pullback on inter-bank lending rates. At 12:31 p.m. ET, the Russell 2000 (NYSE:IWM) was up 6.10, or 1.16%, at 532.53.

An upside surprise on leading indicators data was another supportive element in the mix this morning, but appeared to garner very little market attention. The leading indicators report came in at plus 0.3%, well above the forecast for a dip of 0.2%.

Meanwhile, a morning speech by Federal Reserve Chairman Ben Bernanke came and went without too much fanfare, although the market may have found some solace Bernanke’s assertion that frozen credit markets were starting to thaw and that inflation worries have receded.

The big story so far today has been the energy arena following analyst upgrades on several key stocks and some potential merger and acquisition activity. Researchers at Oppenheimer & Co. raised their forecasts on a raft of oil companies, and the Energy Select Sector SPDR Fund was up about 5.5% into mid-session. Within the small-cap sphere, PrimeEnergy Corp. (Nasdaq:PNRG) was up about 16% while large-capper NRG Energy Inc. (NYSE:NRG) gapped higher and jumped some 21% after receiving a takeover off from Exelon Corp. (NYSE:EXC).

Other small caps of note include Allscripts-Misys Healthcare Solutions Inc. (Nasdaq:MDRX), which was up about 17%, trying to recapture huge losses suffered the last couple of weeks. Along the health line of thinking, WebMD Health Corp. (Nasdaq:WBMD) was up 22% on news that a merger has been terminated.

Technology shares have been lagging the overall market this morning, and have been a mild drag on small caps amid concerns that spending on technology initiatives is not out of the woods because of the slumping economy around the world. The tech-laden Nasdaq 100 Index was up just 0.8% at midday and key large-cap tech . . .

Small-cap stocks opened with a strong bid this morning, boosted by encouraging signs in the bank lending market, a rise in energy stocks on analyst upgrades and a perception that a speech from Federal Reserve Chairman Ben Bernanke was slightly more upbeat than recent appearance. At 10:08 a.m. ET, the Russell 2000 (NYSE:IWM) was up 10.33, or 1.96%, at 536.76.

The initial rush of Bernanke headlines (his speech is released with a time embargo to selected media outlets before he starts talking) included a line that there were some encouraging signs in credit markets and another point that falling commodity prices will bring inflation down (which makes it more likely to see more rate cuts by the Fed).

The leading indicators report came in at 0.3%, which was quite a bit better than the forecast for a dip of 0.2%. This marked the first monthly rise on indicators since April and was clearly good news, but the report often flies under the radar and was particularly overshadowed by the Bernanke watch.

Crude oil futures were up about $1.50 a barrel, providing a lift to energy-sensitive stocks and also to commodities in general. Grains futures were called solidly higher this morning and a bounce in physical markets could provide some relief to downtrodden commodity-themed stocks.

Lost in the shuffle of the inter-bank lending dip and the Bernanke headlines today is the fact that we are deep into peak earnings now, with some one-third . . .

RHI Entertainment Inc. (Nasdaq:RHIE), Primeenergy Corp. (Nasdaq:PNRG) and CombiMatrix Corp. (Nasdaq:CBMX) are among the new 52-week highs in Wednesday's trading among companies with market capitalizations under $1 billion.      

Also included among the results: Peapack Gladstone Financial Corp. (Nasdaq:PGC), Applied Signal Technology Inc. (Nasdaq:APSG), Omega Flex Inc. (Nasdaq:OFLX), Thermadyne Holdings Corp. (Nasdaq:THMD), Cornell Companies Inc. (Nasdaq:CRN) and Integral System Inc. (Nasdaq:ISYS).      

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

Hawaiian Holdings, Inc. (AMEX:HA), Idera Pharmaceuticals, Inc. (Nasdaq:IDRA) and PrimeEnergy Corp. (Nasdaq:PNRG) were among the new 52-week highs established during Thursday's trading among companies with market capitalizations or values under $750 million.

Natus Medical, Inc. (Nasdaq:BABY), City Holding Co. (Nasdaq:CHCO) and Stoneridge, Inc. (NYSE:SRI) were also among the 52-week small-cap highs.

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