Tag - Abax

Abaxis Inc. (Nasdaq:ABAX), Lithia Motors Inc. (Nasdaq:LAD) and Orthovita Inc. (Nasdaq:VITA) are among the new 52-week highs in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: MedQuist Inc. (Nasdaq:MEDQ), Destination Maternity Corp. (Nasdaq:DEST), China Automotive Systems Inc. (Nasdaq:CAAS), Isilon Systems Inc. (Nasdaq:ISLN), Nicholas Financial Inc. (Nasdaq:NICK) and Symmetricom Inc. (Nasdaq:SYMM).

Accuray Inc. (Nasdaq:ARAY), RG Barry Corp. (Nasdaq:DFZ) and China Biotics Inc. (Nasdaq:CHBT) are among the biggest percentage gainers in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: CyberSource Corp. (Nasdaq:CYBS), Overstock.com Inc. (Nasdaq:OSTK), Colony Bankcorp Inc. (Nasdaq:CBAN), Abaxis Inc (Nasdaq:ABAX), Saia Inc. (Nasdaq:SAIA) and Acxiom Corp. (Nasdaq:ACXM).

Cepheid (Nasdaq:CPHD), Integra Bank Corp (Nasdaq:IBNK) and Affymetrix Inc (Nasdaq:AFFX) are among the biggest percentage losers in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Ultratech Inc (Nasdaq:UTEK), Oneida Financial Corp (Nasdaq:ONFC), Abaxis Inc (Nasdaq:ABAX), South Finl Group (Nasdaq:TSFG), Standard Register Co (Nasdaq:SR) and Gencor Industries Inc (Nasdaq:GENC).

Here are the biggest percentage losers among small caps:

Abaxis Inc. (Nasdaq:ABAX) is down 13% today after analysts at SunTrust Robinson Humphrey downgraded the portable blood analysis systems manufacturer to “neutral” from “buy.” The news came on the heels of Abaxis reporting a drop in its first-quarter earnings after Thursday’s close. For the quarter ended June 30, net income was $2.8 million, or $0.12 per share, compared with $3.1 million, or $0.14 a share, for the same quarter a year ago. Revenues were $24.6 million versus $22.9 million in the period a year earlier.

In today’s trading, shares are at $20.06 at 11:42 a.m. ET, up $3.02 from Thursday’s close. Trading volume is nearly double the average number of shares.

The Russell 2000 (NYSE:IWM) raced ahead on news that a manufacturing index declined less than expected. The small-cap index advanced 17.29 points, or 2.60%, to 681.42. The Dow Jones Industrial Average (INDU) climbed 261.66 points, or 2.16%, to 12,361.32.

On a year-to-date basis, the Russell 2000 has shed 11.05%, while the Dow is down 6.81% and the S&P 500 has retreated 9.46%.

Small-cap stocks opened with a modest rise but picked up steam after 10 a.m. ET, when the Philadelphia Federal Reserve reported that its index of regional manufacturing activity showed a reading of -17 in March, while economists had forecasted -20. The reading for February was -24.

The report is the most-watched regional manufacturing index, considered to be a barometer of manufacturing nationwide. Investors disregarded the fact that the data represent the longest period of contraction in five years and pushed stocks higher.

In other bullish news, an analyst said that mortgage purchases by Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE) will help right the mortgage market. Today the federal government adopted changes that allow the two companies to invest more in mortgages and related securities.

Reporting record results is not usually how a quarter is supposed to turn out for a company that says it was seeking to repair the weakest links in its operations. But that’s exactly what medical-device maker Abaxis, Inc. (Nasdaq: ABAX) did in the three months ended Sept. 30.

Based in Union City, Calif., Abaxis is one of those rare birds, a company that has successfully developed products that it markets to both doctors and veterinarians to help keep humans and animals alive.

Abaxis’ results for the second quarter of fiscal 2008 showed revenue of $25.2 million, a 20% improvement from a similar period the year before. Net income grew 37% to $2.9 million, with earnings per share hitting $0.13, up from $0.10. However, the EPS fell a penny shy of the consensus estimate of analysts surveyed by Thomson Financial.

Despite that slight earnings miss, analysts who follow Abaxis generally have a favorable outlook for the company. According to Thomson Financial’s tally, three have the equivalent of a “strong buy” rating on the company, while one labeled it as a “hold.”  

There are two pieces to the Abaxis puzzle—highly portable testing devices for not only humans, but animals as well.

For humans, its compact Piccolo xpress blood analyzers offer precise, multiple-chemistry testing with results that compare favorably with the output from larger laboratory devices. More than 800 are in use by government agencies across the United States.

For animals, veterinarians can use the VetScan HM5, an automated blood analyzer on dogs, cats, horses and seven other species; two other devices are also available.

Founded in 1989, Abaxis arose out of research for NASA on a small biochemical analyzer for use in space laboratories. Abaxis obtained patent rights to develop an analyzer that could perform multiple tests from a single drop of whole blood. The first Piccolo analyzer came out in late 1995, a few months after VetScan was launched.

Data I/O Corp. (Nasdaq: DAIO), Transcend Services, Inc. (Nasdaq: TRCR) and Mercury Computer Systems Inc. (Nasdaq: MRCY) are among the biggest percentage gainers in Thursday's trading among companies with market capitalizations under $750 million.

Here are today's biggest percentage gainers:

The following are the most actively traded companies in Tuesday pre-market trading among those with market capitalizations under $500 million: