Tag - SRDX

The Russell 2000 (NYSE:IWM) tumbled 4.18%, and is now down 9.2% for the year. The Dow is now down 7.1% for 2009, while the S&P 500 is off 6.4%. Some of today’s small-cap gainers were Innovative Solutions & Support (Nasdaq:ISSC), Pozen Inc. (Nasdaq:POZN) and OSI Systems Inc. (Nasdaq:OSIS).

Other Market Watch highlights today included:

• The weekly claims report came in at 588,000, which was slightly above the projection of 580,000.
• The number of Americans filing for continued benefits rose to 4.77 million, the highest on record.
• Durable goods orders fell for the fifth consecutive month, with the headline figure off about 2.5%, slightly below the projection for a slide of 2%.
• In Europe, confidence tumbled to the lowest level in 24 years and the German unemployment rate rose more than expected.
• Just one day after generating the second-biggest rally of the year, the Russell slumped to the third worst daily decline.
• The gloomy economic reports overshadowed corporate profit reports, but those were primarily downbeat today anyhow.
• Today was simply a seller’s market. Stocks were down, Treasury markets were down, crude oil was down, commodities were down.
• Crude oil prices closed down 1.7%, losing $0.72 a barrel, to $41.44 and energy stocks lost about 3%.
• Looking ahead to Friday’s session, the market will have another buffet of economic reports to digest, the biggest of which should be the GDP report ahead of the opening.

Small Cap Gainers:

• Innovative Solutions & Support issues Q2 2009 guidance above analysts' estimates; shares closed up 19%. See (Nasdaq:ISSC).
• Pozen Inc. informed by FDA that endoscopic gastric ulcer incidence . . .

Small-cap stocks extended the morning slide into midday trading, as a fresh run of economic data this morning suggested that the economic recession is darkening. Selling interest was heightened by a bevy of awful corporate profit reports, shuffling the previous four days of rallies into the background. Some of today’s small-cap gainers were POZEN (Nasdaq:POZN), OSI Systems Inc. (Nasdaq:OSIS) and Sepracor (Nasdaq:SEPR).

Other Market Watch highlights today included:

• The chart picture took a sudden turn for the worse today, unable to sustain Wednesday’s breakout through the recent trading range highs.  
• Energy shares fell 2.4% as the crude oil market saw the weak economic data and fretted anew about demand destruction in a global recession.  
• Gold shares were mildly higher, but just barely, with the Gold and Silver Index rising about 2%.  
• As you might expect given dreadful home sales numbers & historically high unemployment rolls, homebuilder stocks were getting bruised today.   J
• This morning’s weekly claims report showed that more Americans are now drawing unemployment insurance than at any point in history.  

Small Cap Gainers:

• POZEN informed by FDA that endoscopic gastric ulcer incidence continues to be an acceptable primary endpoint; shares climb 17% in pre-market. See (Nasdaq:POZN). 
• OSI Systems Inc. rose 16% as the electronics system designer received an earnings lift. See (Nasdaq:OSIS).  
• Sepracor rises 10% in pre-market to cut workforce despite rise in profit. See (Nasdaq:SEPR)

Small Cap Losers:

• Online futures and options broker optionsXpress Holdings Inc. fell 14% after reporting earnings. See (Nasdaq:OXPS).
• SurModics Inc. gapped lower and shed nearly 20% as the medical products company took an earnings related hit. See (Nasdaq:SRDX).  
• Inter Parfums Inc. tumbled 23%, wiping out solid recent gains in the process. See (Nasdaq:IPAR).  
• The ISE Homebuilders Index is down 5.7%; small-cap builders Centex Corp. off 5% and Meritage Homes Corp. down 12%. See (NYSE:CTX) and (NYSE:MTH). 

 

Small-cap stocks extended the morning slide into midday trading, as a fresh run of economic data this morning suggested that the economic recession is darkening. Selling interest was heightened by a bevy of awful corporate profit reports, shuffling the previous four days of rallies into the background. At 12:22 p.m. ET, the Russell 2000 (NYSE:IWM) was down 11.89, or 2.51%, at 461.13.

This morning’s weekly claims report showed that more Americans are now drawing unemployment insurance than at any point in history. Everyone is expecting the jobs picture to get worse, but with companies announcing layoffs on a daily basis and with other economic data looking equally gloomy, investors are struggling to cast aside the weak reports right now.

In other economic releases today, orders for durable goods fell more than expected and have now been down for five consecutive months. New home sales tumbled to the lowest rate since the data series began 41 years, sinking 14.7% to an annual rate of 331,000, which was shockingly below the forecast of 400,000.

As you might expect given dreadful home sales numbers and historically high unemployment rolls, homebuilder stocks were getting bruised today, with the ISE Homebuilders Index down 5.7% and small-cap builders Centex Corp. (NYSE:CTX) off 5% and Meritage Homes Corp. (NYSE:MTH) down 12%.

Looking at sector activity today, the market was swamped with selling breadth. Gold shares were mildly higher, but just barely, with the Gold and Silver Index rising about 2%. Energy shares fell 2.4% as the crude oil market saw the weak . . .

Oshkosh Corp. (Nasdaq:OSK), DryShips Inc. (Nasdaq:DRYS) and Selective Insurance Group Inc. (Nasdaq:SIGI) are among the biggest percentage losers in Thursday's trading among companies with market capitalizations under $1 billion.

Small-cap stocks slipped into the red into midday action Thursday, as pressure from the relentless slide in financial stocks was countered by gains in commodity and consumer stocks. At 12:44 p.m. ET, the Russell 2000 (NYSE:IWM) was down 1.07, or 0.16%, at 675.31.

This morning’s batch of fresh economic data came in mixed from a headline perspective, but the overall tone was supportive, which helped counter yet another slide in bank and financial shares. The Philly Fed survey came in at 3.8%, which was quite a bit better than the forecast for a reading of minus 10, and up from minus 12.7 last month. In fact, the survey came in at 10-month highs and played a key role in lifting stocks off the morning lows.

And even though the weekly claims headline figure came in above the consensus at 455,000 (the market was looking for 440,000), the continuing claims number took an unexpected dip, which took the sting out of the headline figure. The leading indicators number was softer than forecast, but those figures are a little dated and took a back seat to claims and Philly Fed.

Still, the market has been unable to escape the long, dreary shadow cast by slumping financial stocks. The Financial Select Sector SPDR was down more than 4% at midday, while the PHLX Banking Index was off some 4.5%. Morgan Stanley (NYSE:MS) remains the latest target of the bears, and was off some 21%, while Goldman Sachs (NYSE:GS) was down some 12%. The market found some solace in what appeared to be global central bank coordination to help out the credit crisis, but . . .

SurModics, Inc. (Nasdaq:SRDX), Centerstate Banks of Florida Inc. (Nasdaq:CSFL) and MarketAxess Holdings Inc. (Nasdaq:MKTX) are among the biggest percentage losers in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: VanceInfo Technologies Inc. (Nasdaq:VIT), Entergy Arkansas, Inc.  (Nasdaq:EHB), Repros Therapeutics Inc. (Nasdaq:RPRX), Protherics Depository Receipt (Nasdaq:PTIL), Koss Corp. (Nasdaq:KOSS) and Quest Energy Partners L.P (Nasdaq:QELP).

Here are the biggest percentage losers among small caps:

SurModics Inc. (Nasdaq:SRDX) sank to a new 52-week low this morning, losing nearly one-quarter of its value  after the company announced drug giant Merck & Co. Inc. canceled a partnership the two had signed in June 2007.

Eden Prairie, Minn.-based SurModics, a provider of drug delivery technologies, said Wednesday afternoon that Merck had opted to discontinue the license and research collaboration agreement the two companies had signed last year.
Merck’s decision triggers an additional $9 million payment to SurModics from Merck.

Merck changed its mind following a strategic review of its business and product development portfolio, according to SurModics, and was not based on any concerns about the safety or efficacy of SurModics’ drug delivery systems.
By mid-morning Surmodics is at $29.95, down $9.16, after having dropped as low as $28.05 earlier in the day. Previously, the stock had ranged between $36.25 and $56.75 during the past 52 weeks.

More than 640,000 shares had changed hands compared with an average three-month volume of 137,851.

For detailed price information and news stories on SurModics, click SRDX.

Small-cap stocks opened higher following Wednesday’s rout, which ended with a 4.8% drop in the index to the lowest daily close since July 15. At 10:06 a.m. ET, the Russell 2000 (NYSE:IWM) was up 1.48, or 2.18%.

News that the U.S. Federal Reserve and other major central banks around the world pumped billions of dollars into the global financial system was supportive, but uncertainty about the shaky U.S. financial system remained. Gold continued to strengthen after Wednesday’s record spike, while Treasury prices eased.

Before the opening the U.S. Labor Department said the initial jobless claims rose to a seasonally adjusted 455,000, up 10,000 from the previous week. Analysts were looking for a slight drop in claims; the government attributed the rise to the impact of Hurricane Gustav.

Shortly after the opening bell, SurModics Inc. (Nasdaq:SRDX) was down nearly 25% to $29.49 following news after the close Wednesday that Merck & Co., Inc. (NYSE:MRK) said it is discontinuing a license and research collaboration agreement the companies signed in June 2007.

SurModics, Inc. (Nasdaq:SRDX), Evergreen Solar Inc. (Nasdaq:ESLR) and Palm Inc. (Nasdaq:PALM) are among the most actively traded companies in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Solarfun Power Holdings Co Ltd. (Nasdaq:SOLF), Bankrate Inc (Nasdaq:RATE), Ceragon Networks Ltd. (Nasdaq:CRNT), Brigham Exploration Co. (Nasdaq:BEXP), Dress Barn Inc. (Nasdaq:DBRN) and Clean Energy Fuels Corp. (Nasdaq:CLNE).

Here are the most actively traded companies among small caps:

The following small-cap companies were making news in after-hours trading Wednesday:

Avici Systems Inc. (Nasdaq: AVCI) plunged $3.04, or 22.5%, to $10.50 on unusually heavy volume after the routing systems provider announced plans to transition away from core router development to focus on its new product initiative, Soapstone Networks. The company also announced a special dividend of $2 per share and released its first quarter financial results, which included a profit of $6 million, or $0.42 a share.

SurModics Inc. (Nasdaq: SRDX) said late Thursday it has inked an expanded technology corporate agreement with St. Jude Medical Inc. (NYSE: STJ).

The Eden Prairie, Minn.-based company’s shares were up $0.27, or 0.7%, to $37.40 in after-hours trading on the news. Nearly 400,000 shares had changed hands by 5 p.m. ET – more than double the three-month average volume of 159,921 shares.

SurModics and St. Jude’s plan to work together to commercialize new products being developed in St. Jude’s cardiovascular and cardiac rhythm management divisions.

The following small-cap companies are among the newsmakers in after-hours trading Wednesday:

Shares of Dyax Corp. (Nasdaq: DYAX) skyrocketed by $1.70, or 42.5%, to $5.68 in after-hours trading today after the biopharmaceutical company announced positive late-stage trial results for DX-88, its treatment of hereditary angioedema (HAE), an inflammatory condition. Cambridge, Mass.-based Dyax says the findings should position the company to apply for regulatory approval. The drug currently has Fast Track Designation with the U.S. Food and Drug Administration. The latest results showed no drug-related serious adverse side effects and statistically significant improvement of symptoms in patients. Dyax was trading higher on unusually heavy volume of nearly 600,000 shares - more than twice its three-month average volume of 242,000.

SurModics Inc.’s (Nasdaq: SRDX) shares were up $0.07, or 0.2%, to $37.20 in after-hours trading on the news that the company had inked an expanded technology corporate agreement with St. Jude Medical Inc. (NYSE: STJ). Nearly 400,000 shares had changed hands by 5 p.m. ET – more than double the three-month average volume of 159,921 shares. Eden Prarie, Minn.-based SurModics and St. Jude’s plan to work together to commercialize new products being developed in St. Jude’s cardiovascular and cardiac rhythm management divisions.