Tag - VITL

Small-cap stocks went into a tailspin Thursday as soft economic data and uninspiring quarterly results took the teeth out of the buy-side mentality in equities. The Russell 2000 (NYSE:IWM) closed down 16.8, or 2.34% at 702.39, generating the largest daily loss since the market bottomed July 15.

Equity prices were vulnerable to a correction in here as short-term intraday momentum readings were overbought Wednesday and the market had already rallied some 12% off the lows in a short period of time. In addition, the chart structure after Wednesday’s session was top-heavy and the pattern paid immediate dividends with today’s sell-off.

Small caps were already on soggy footing ahead of the opening today when weekly unemployment claims came in above expectations, which painted a sour picture on the jobs front. The headline figure for weekly claims was at 406,000, which was well ahead of the forecast for a rise in the 380,000 range. However, airlines, automobile manufacturers and banks have been announcing layoffs lately, so the news wasn’t a complete stunner for stock market traders.

Although the market seemed willing to absorb the claims data without too much hand wringing, when the existing home sales report also came in worse than expected it started to raise concerns about the economic picture and kept equity bulls on the sideline. The home sales report showed a 2.6% decline to about 4.86 million units, which was below the forecast for 4.93 million. It marked the lowest level in 10 years and the median price for a home was down some 15% from last year.

Normally right now trading action in the stock market would be dominated by earnings results, and we are in a flood of quarterly figures but the investment public did not seem to latch onto a theme that could overcome the dour economic data. Instead of the latest batch of earnings suggesting a brighter story that would spread . . .

Vital Signs Inc (Nasdaq:VITL), Almost Family Inc (Nasdaq:AFAM) and HireRight Inc (Nasdaq:HIRE) are among the new 52-week highs in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Citizens & Northern Corp (Nasdaq:CZNC), Axsys Technologies Inc (Nasdaq:AXYS), International Assets Holding Corp (Nasdaq:IAAC), Omega Protein Corp (Nasdaq:OME), Emergent BioSolutions Inc (Nasdaq:EBS) and NATUS MEDICAL INC. (CA) (USA) (Nasdaq:BABY).

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

Cirrus Logic Inc (Nasdaq:CRUS), Vital Signs Inc (Nasdaq:VITL) and GSI Commerce  (Nasdaq:GSIC) are among the biggest percentage gainers in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Penson Worldwide Inc (Nasdaq:PNSN), Vasco Data Security International Inc (Nasdaq:VDSI), Monro Muffler Brake Inc (Nasdaq:MNRO), Digi International Inc (Nasdaq:DGII), Sonesta International Hotels Corp (Nasdaq:SNSTA) and Greene County Bancorp (Nasdaq:GCBC).

Here are the biggest percentage gainers among small caps:

Small-cap stocks pushed lower, pulled down by soft economic data, mixed earnings news and a modest rise in crude oil prices. At 10:04 a.m. ET, the Russell 2000 (NYSE:IWM) was down 4.87, or 0.68%, at 714.32.

Tech stocks were strong relative to other index products, underpinned by strong earnings from Amazon.com (Nasdaq:AMZN), which rallied 9% early today after topping the Street’s forecast.

The stout results from AMZN were not a recurring theme this morning, however, with earnings from Dow Chemical (NYSE:DOW) and Ford Motor Co. (NYSE:F) both missing the forecast. DOW was off 0.4% and F down 3.2% on the opening.

Existing home sales for June fell 2.6% to an annual rate of 4.86 million units, which was below the forecast of 4.93 million. It marked the lowest level in 10 years and was down 15% from last year. In addition, the inventory of homes available for sale rose to 11.1 months, up from 10.8 months in the May report. The national median home price also tumbled 6.1% from last year.

Ahead of the open, data on weekly claims came in much higher than expected, painting a somber picture on the employment front. The headline figure for weekly claims was at 406,000, far above the forecast of 380,000. Continuous claims dipped slightly, but the 4-week moving average rose. The immediate response to the jobs data was a brief erosion in the U.S. dollar, a rise in Treasury markets and an extension of the dip in overnight stock derivatives. However, there was some thought that the weekly claims report was at risk for an upside surprise amid layoffs in autos, airlines and banks.

Crude oil prices were higher heading into the stock market open, climbing back above $125 dollars a barrel in a mild bounce after a steep $4 drop Wednesday that put an exclamation point on a recent $23 collapse. It’s interesting to see that open interest in crude oil futures is near 18-month lows, which suggests that . . .

Quest Resource Corp (Nasdaq:QRCP), Boston Pri Finl Holdings (Nasdaq:BPFH) and Vasco Data Security International Inc (Nasdaq:VDSI) are among the most actively traded companies in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: TASER International Inc (Nasdaq:TASR), Vital Signs Inc (Nasdaq:VITL), HireRight Inc (Nasdaq:HIRE), SIERRA WIRELESS INC (Nasdaq:SWIR), MKS Instruments Inc (Nasdaq:MKSI) and Crocs Inc (Nasdaq:CROX).

Here are the most actively traded companies among small caps:

Medical device maker Vital Signs Inc. (Nasdaq:VITL) is up 25% in pre-market trading today after General Electric Co. (NYSE:GE) announced it would buy the company for $860 million. Under the terms of the deal, Vital Signs shareholders will receive $74.50 in cash for each share they own. The companies expect the sale to close by the end of 2008. Vital Signs will be incorporated into GE Healthcare’s Clinical Systems division.

Ahead of the opening today, shares of Totowa, N.J.-based Vital Signs are at $72.50 at 8:25 a.m. ET, up $14.50 from Wednesday’s close. During the past year, shares have ranged from $45.06 to $61.20.

The Russell 2000 (NYSE: IWM) futures down and the small-cap index will open lower despite news of a larger-than-expected narrowing of the U.S. current account deficit.

The U.S. third-quarter current account deficit fell to $178.5 billion from a downwardly revised $188.9 billion in the second quarter, according to the Commerce Department. Economists were expecting to the deficit to shrink to $184 billion.

The current account is the sum of the balance of trade, net factor incomes and net transfer payments. The balance of trade is by far the most important component. Both government and private payments are included in the calculation.

Investors will also be paying attention to the National Association of Home Builders’ housing market index.

Here are the biggest percentage gainers and losers in pre-market trading among companies with a market cap between $100 million and $750 million:

Biggest percentage gainers:

• KongZhong Corp. (KONG), up 15% on news of improved fourth-quarter revenue guidance.
• China Sunergy Co., Ltd. (CSUN), up 10% on news it has received strong initial results during commercial production of its selective emitter cells.
• Abington Bancorp, Inc. (ABBC), up 9%.

Biggest percentage losers:

• Retalix Ltd. (RTLX), down 6%.
• Dendreon Corp. (DNDN) down 5%.
• Vital Signs, Inc. (VITL) down 4%.

Vital Signs, Inc. (Nasdaq: VITL) this morning said it swung to a loss in its fourth quarter from a year ago and took four non-cash charges in the quarter.

For the three months ended Sept. 30, the Totowa, N.J.-based company said it recorded a net loss of $5.35 million, or $0.40 per share, from a net profit of $8.25 million, or $0.62 per share for the fourth quarter of fiscal 2006.

The company recognized four non-cash charges during the fourth quarter, including a goodwill impairment charge of $13.2 million for the pharmaceutical technology services segment that previously classified as discontinued operations, an increase in its distributor rebate allowance by $4.7 million after obtaining new information from its two largest distributors on their inventory levels, a long-lived asset impairment of $1.9 million reflecting a business decline at a sleep disorder company acquired in April 2007 and a $1.2 million increase in an allowance for unauthorized customer cash payment discounts.

Revenues declined 3.5% to $50.48 million, compared with $52.33 million booked in the same period last year.

Vital Signs offers single-use airway management products for the anesthesia, respiratory and critical care, and sleep disorder markets worldwide.

Shares of Vital Signs (VITL) slid 6.19%, or $3.30, to $50 in pre-market trading. Shares of Vital Signs have been trading in the range of $ for the past 52 weeks.