Tag - Abg

Stewardship Financial Corp. (Nasdaq:SSFN), Compass Diversified Holdings (Nasdaq:CODI) and American Caresource Holdings Inc. (Nasdaq:ANCI) are among the biggest percentage losers in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: LCA Vision Inc. (Nasdaq:LCAV), ViroPharma Inc. (Nasdaq:VPHM), Tween Brands Inc. (Nasdaq:TWB), Credit Acceptance Corp. (Nasdaq:CACC), Children's Place Retail Stores Inc. (Nasdaq:PLCE) and Asbury Automotive Group Inc. (Nasdaq:ABG).

Novogen Depository Receipt (Nasdaq:NVGN), Logility Inc. (Nasdaq:LGTY) and OncoGenex Pharmaceuticals Inc. (Nasdaq:OGXI) are among the biggest percentage gainers in Monday's trading among companies with market capitalizations under $1 billion.

Plexus Corp. (Nasdaq:PLXS), United America Indemnity Ltd. (Nasdaq:INDM) and Force Protection Inc. (Nasdaq:FRPT) are among the biggest percentage gainers in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Elbit Imaging Ltd. (Nasdaq:EMITF), Superior Well Services Inc. (Nasdaq:SWSI), Chindex International Inc. (Nasdaq:CHDX), Darling International Inc. (Nasdaq:DAR), Tetra Technologies Inc. (Nasdaq:TTI) and Asbury Automotive Group Inc. (Nasdaq:ABG).

Small-cap stocks remained solidly lower into midday trading, as a sharp reduction in non-farm payrolls and the highest unemployment rate in 15 years took a toll on the investor psyche. Energy and commodity stocks were the primary bearish influence, although a pullback in homebuilder and retailer shares also weighed on the market.  Some of today’s small-cap gainers are W.R. Grace & Co. (NYSE:GRA), Thoratec Corp. (Nasdaq:THOR) and Jefferies (NYSE:JEF).

Other Market Watch highlights today included:

• Many experts are expecting the unemployment rate will continue to ratchet higher in December and January.   
• With plenty of somber news in the air today, it was interesting to see that financial stocks were holding up reasonably well.   
• Big losses were seen in oil exploration and oil production, broadcasting, gold stocks, oil and gas drillers, power products, metal and mining shares, forest products, coal and oil and gas storage.   
• The Commodity Research Bureau Index was down 2.3% this morning, setting fresh bear market lows while tumbling to the lowest point since August 2002.  

Small Cap Gainers:

• W.R. Grace & Co. will pay up to $140M over time into a fund for individuals injured by the company’s asbestos-containing Zonolite attic insulation. Shares climb 16%. See (NYSE:GRA).   
• Thoratec Corp. climbs 15% as the firm said its trial heart pump device was a noted improvement. See (Nasdaq:THOR).   
• Jefferies up 14% despite rumores that Moody's may downgrade the firm. See (NYSE:JEF).   
• Asbury Automotive Group up 10% on very light volume. See (NYSE:ABG).  

Small Cap Losers:

• Patriot Coal Corp. is off 15%, swayed not only by the commodities fall, but also by news that Bank of America Corp. (NYSE:BAC) would cut lending to coal mining companies in an environmental move. See (NYSE:PCX).   
• Exco Resources Inc. is off 17% as the oil and gas firm also was pulled under with the energy decline. See (NYSE:XCO).   
• Tecumseh announces share recapitalization plan; motion to remove directors fails. Stock is down 1.5%. See (Nasdaq:TECUA).  
• Orbitz Worldwide falls 13% as online travel sites slump on lower traffic. See (NYSE:OWW).

Small-cap stocks opened lower, tugged down by a sobering picture of the jobs situation in the United States after the monthly employment report showed a staggering number of jobs have been lost in November. Some of today’s small-cap gainers are Liquidity Services Inc.  (Nasdaq:LQDT), Asbury Automotive Group (NYSE:ABG) and FairPoint Communications (Nasdaq:FRP).

Other Market Watch highlights today included:

• With crude oil prices wobbling and the jobs picture darkening, energy shares were in retreat mode early today.  
• Overnight, India, the second-largest country on the planet in terms of population, announced their first price reduction for gas prices in two years.  
• Worries about demand destruction amid a global recession continue to pummel energy prices.
• Data this morning revealed that job losses in Canada climbed to the highest point in 26 years.

Small Cap Gainers:

• Liquidity Services Inc. rose 11% as the online auction company received an earnings-tied boost. See (Nasdaq:LQDT).   
• Asbury Automotive Group up 10% on very light volume. See (NYSE:ABG).  
• FairPoint Communications up 5% after declaring fourth-quarter dividend. See (NYSE:FRP).
• Hersha Hospitality Trust announces fourth-quarter dividends. See (NYSE:HT).  

Small Cap Losers:

• Movado shares drop 14% after Q3 earnings drop 41%. See (NYSE:MOV).  
• Berry Petroleum Company down 25% as energy is getting pummeled today. See (NYSE:BRY). 
•  International Coal Group also feeling the heat today with other energy stocks; shares are down 20% near a 52-week low of $1.50. See (NYSE:ICO).  
• Orbitz Worldwide falls 13% as online travel sites slump on lower traffic. See (NYSE:OWW).  

Silicon Motion Technology Corp (Nasdaq:SIMO), LandAmerica Financial Group Inc (Nasdaq:LFG) and Online Resources Corp (Nasdaq:ORCC) are among the biggest percentage losers in Wednesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: LECG Corporation (Nasdaq:XPRT), Ultimate Software Group Inc (Nasdaq:ULTI), Asbury Auto GP Ord Shs (Nasdaq:ABG), ICT Group Inc (Nasdaq:ICTG), Hanmi Financial (Nasdaq:HAFC) and Stewart Information Services Corp (Nasdaq:STC).

Here are the biggest percentage losers among small caps:

Second-quarter earnings for Asbury Automotive Group Inc. (NYSE:ABG) declined by almost half, the New York-based company said ahead of today’s opening. For the quarter ended June 30, net income was $10.9 million, or $0.34 per share, compared with $20.6 million, or $0.62 per share, for the same period a year earlier. Analysts had been expecting earnings per share of $0.46.

"The economic environment and low consumer confidence levels in the second quarter presented a challenging backdrop for the automotive retail business. Soft retail sales in our key Florida markets, in particular, resulted in a disproportionate decline in our profitability. The dramatic increase in gas prices added further complexity to the business, causing a rapid shift in customer preference toward fuel-efficient cars, which placed pressure on our new and used vehicle operations,” said Charles R. Oglesby, president and CEO, in a statement.

The news has sent shares of the automotive retailer down 17% to $10.61 at 11:12 a.m. ET. The stock has ranged from $9.76 to $23.52 during the past year.

Asbury Automotive Group, Inc. (NYSE: ABG) shares are down after the vehicle retailer reported third-quarter income of $19 million, or $0.57 per share, below analyst estimates of $0.63 per share and compared with $17.2 million, or $0.51 per share, a year earlier.

"The soft retail vehicle environment presented a significant challenge for Asbury in the third quarter,” CEO Charles R. Oglesby said in a statement. “The decline we experienced in used vehicles weighed heavily on our overall results, while the performance in the remaining three business lines remained relatively strong.”

Quarterly revenue fell to $1.49 billion, below Wall Street projections of $1.54 billion and compared with $1.50 billion during the same period of 2006.

The firm said it has one million shares still available for repurchase under Asbury’s current share buyback plan.

In afternoon trading, ABG shares are down 7.56%, or $1.47, at $17.98. Over the last 52 weeks, shares have ranged from $17.75 to $30.06.

Root canals, first dates, colonoscopies, images of James Carville—just a few of life’s unavoidable discomforts. Interaction with a car salesman is another. Only the loneliest among us enjoy whiling away an afternoon with someone who couples a gift for oleaginous banter with an overbearing manner.

Nevertheless, whiling away we must if the goal is to acquire a new ride. Today, more of us are whiling away at chain-owned dealerships, including those owned by Asbury Automotive Group (NYSE: ABG), one of the largest new and used auto retailers in the United States.

Asbury operates 88 dealerships that spread south from New York through the Carolinas and Texas, and west to California. The network encompasses a wide swath of American, European and Asian brands, concentrated in luxury and mid-line imports such as BMW, Acura, Lexus, Mercedes-Benz, Honda (NYSE: HMC), Toyota (NYSE: TM) and Nissan (Nasdaq: NSANY). The agglomeration accounts for 68% of new vehicle sales.

Asbury’s goal is for even more people to while away time at its dealerships and to that end, it’s adding more of them to the fold. In the first half of 2007, Asbury acquired three dealerships, increasing annual revenue by $140 million. The goal is to add a few more to rev the revenue number to $300 million by year’s end.

The strategy is sensible: retail auto sales are highly fragmented, with the 100 largest automotive retailers generating approximately 17% of industry revenue. What’s more, the large capital requirements necessary to operate and compete make it likely that consolidation will continue.

The downside is that chief competitors AutoNation Inc. (NYSE: AN) and Penske Automotive Group, Inc. (NYSE: PAG) are pursuing similar strategies, which is driving up import dealership prices (Asbury’s wheelhouse).

In today’s environment, acquisitions are the only reasonable avenue for driving top-line growth. Anyone following the travails of General Motors Corporation (NYSE: GM) and Ford Motor Company (NYSE: F) knows that new auto sales are anemic at best. A residential housing recession, higher gas prices and more stringent lending practices have all extracted a toll. New auto sales—topping 16.6 million in 2006—are expected to ease to 16.3 million in 2007.