Tag - PRFT

Small-cap stocks reversed course Thursday, pulling back into the recent range as the credit crisis moved to the forefront, punishing financial stocks. The selling mood was also stirred by soft economic data and worries about consumer spending after sluggish sales at benchmark retailer Wal-Mart Stores (NYSE:WMT). In the end, the Russell 2000 (NYSE:IWM) shed 12.48, or 1.72%, to 713.42.

Large-cap financial stocks were getting hammered in the afternoon today, extending a gloom that began after Wednesday’s close when insurance giant American International Group (NYSE:AIG) reported hefty quarterly losses amid write-downs of bad mortgage loans. The whole mess with AIG rekindled fears about the credit crunch and investors dumped shares in a wide swath of financial names. AIG tumbled some 18% on the day. The nation’s top bank, Citigroup Inc. (NYSE:C) stumbled amid news that the firm would buy back some $7 billion in auction-rate securities and pay a $100 million civil fine to settle a suit that it misled investors on the risk of the investments. Citigroup lost about 6% on the day. Merrill Lynch & Co. (NYSE:MER) lost 8%, Lehman Bros. Holdings, Inc. (NYSE:LEH) tumbled 13%, JP Morgan Chase Co. (NYSE:JPM) was down 4% and mortgage finance firms Fannie Mae (NSE:FNM) and Freddie Mac (NYSE:FRE) were down 14% and 9%, respectively. The Financial Select SPDR was down 5%--and it’s not as if those declines are limited to the large-cap banks and brokerage houses. There are dozens of small- and mid-cap banks out there, and they have even more trouble accessing credit during the crunch than the big firms.

As you might expect...

Emergent BioSolutions Inc. (Nasdaq:EBS), Citi Trends Inc. (Nasdaq:CTRN) and 51Job Inc. (Nasdaq:JOBS) are among the biggest percentage losers in Thursday's trading among companies with market capitalizations under $1 billion.      

Also included among the results: ExlService Holdings Inc. (Nasdaq:EXLS), Micrus Endovascular Corp. (Nasdaq:MEND), Perficient Inc. (Nasdaq:PRFT), Reddy Ice Holdings Inc. (Nasdaq:FRZ), Overhill Farms Inc. (Nasdaq:OFI) and Key Technology Inc. (Nasdaq:KTEC).       

Here are the biggest percentage losers among small caps:   

Camco Financial Corp (Nasdaq:CAFI), Multi-Fineline Electronix Inc (Nasdaq:MFLX) and Ceragon Networks Ltd (Nasdaq:CRNT) are among the biggest percentage gainers in Wednesday's trading among companies with market capitalizations under $750 million.

Mediacom Communications Corp (Nasdaq:MCCC), SWS Group (Nasdaq:SWS) and Perficient Inc (NYSE:PRFT) are also among the biggest percentage gainers.

Here are the biggest percentage gainers among small caps:

The Russell 2000 (NYSE: IWM) and the other major U.S. indices have sunk deeper into negative territory.

At 12:00 p.m. ET, the small-cap index had declined 11.39 points, or 1.66%, to 672.83. The Dow Jones Industrial Average (INDU) had shed 177.88 points, or 1.45%, to 12,081.02.

The bears are out following worrying news from major corporate players. Chip maker Intel Corp. (Nasdaq: INTC) announced after the close on Monday that it has lowered its first-quarter gross margin forecast to 54% from 56% earlier due to lower-than-expected prices for some flash memory chips.

Elsewhere, Citigroup Inc. (NYSE: C) reported before the opening that it may have to cut as many as 30,000 jobs over the next year and a half due to writedowns related to the subprime mortgage mess. Additionally, the New York-based bank might need to raise more capital to get over the current rough patch.

Speaking to the Independent Community Bankers of America, U.S. Federal Reserve chairman Ben Bernanke called on mortgage lenders to help financially stretched borrowers avoid default.

The Russell 2000 (NYSE: IWM) futures are down and the small-cap index will open in negative territory.

Stocks small and large are set for a bearish opening following news after the close on Monday that chip maker Intel Corp. (Nasdaq: INTC) lowered its first-quarter gross margin forecast to 54% from 56% earlier. The Santa Clara, Calif.-based company blamed lower than expected prices for some flash memory chips.

The Russell 2000 closed down 1.96, or 0.29% at 684.22. Although the price action was primarily bearish in nature, the market generated a nice afternoon recovery off important chart support and has the potential to kick-start higher Tuesday if immediate support holds up along the 680-683 area. Below there, small caps need to hold 675 or risk a sudden freefall back down to the 650 low. On the upside, resistance comes in Tuesday at 694, 701 and 712.

There are no economic reports to whipsaw the market Tuesday, but there are several Federal Reserve speakers on tap, including Chairman Bernanke. It’s always wise to be cautious whenever the chairman speaks, but his topic is expected to be about foreclosures, so it might not be all that market-moving in nature. In addition, traders might be preoccupied watching coverage of the voting in the Ohio and Texas primaries.

Shares of Perficient Inc. (Nasdaq: PRFT) are rising on news before the start of trading that the information technology consulting firm is raising its revenue guidance for the fourth quarter of 2007.

The Austin, Texas-based company announced that it expects fourth-quarter revenue to be between $61.2 million and $62.7 million, the majority coming from sales of services. Software sales are projected at between $4.6 million and $4.9 million.

The forecast is well above the $60 million projected by six analysts polled by Thomson Financial.

“The fourth quarter was another record for Perficient,” said chairman and CEO Jack McDonald in a statement. “We posted strong revenues that were bolstered by a reacceleration of organic growth and continued to see positive operating leverage enhance profitability.”

Perficient’s previous guidance, announced on Nov. 10, 2007, called for revenue of between $56.3 million and $62.1 million.

“The upward revision is consistent with our expectations for improved organic growth and gives us confidence that PRFT can improve its organic growth to double digits as soon as [the first quarter of 2008],” wrote Tim Brown, a senior analyst with investment bank Roth Capital Partners, in a research note.

Brown is reiterating his “buy” rating on the stock.

At 3:47 p.m. ET shares of Perficient Inc. (PRFT) had added $2.04, or 14%, to $16.89. The 52-week high of $25.19 was reached on Aug. 10, 2007, while the 52-week low of $14.55 was established on Jan. 4.

Oxford Industries, Inc. (NYSE: OXM), Perficient, Inc. (Nasdaq: PRFT) and KMG Chemicals, Inc. (Nasdaq: KMGB) 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: