Tag - Abh

Small-cap stocks remained higher into the midday time frame, but the market did pull back well off the morning highs. A White House lifeline to automakers lifted market sentiment, and tech stocks were solid performers, helping to counter declines in retail and some commodity names, but the morning rise appeared to be on precarious footing heading into afternoon trading. Some of today’s small-cap gainers are MAP Pharmaceuticals (Nasdaq:MAPP), AbitibiBowater (NYSE:ABH) and China Eastern Airlines Corp.  (NYSE:CEA).

Other Market Watch highlights today included:

• The poorest performers so far included forest products, steel companies, home improvement retailers, footwear manufacturers and dept stores 
• The market could be vulnerable to a “buy-the-rumor, sell-the-fact” response to the automaker bailout now that the package is a known event.
• Energy stocks are up about 1% even though crude oil prices are down about $0.70 a barrel and tumbled to fresh 4 ½-year lows earlier today.  
• The best performers are industrial REITs, automobile manufacturers, IT consulting firms, gas utilities companies, managed healthcare firms.  
• Small-cap stocks remained higher into the midday time frame, but the market did pull back well off the morning highs. 

Small Cap Gainers:

• Midas Inc. jumped 24% as the Canadian life sciences company appears to be breaking out to the upside after an extended bottoming process. See (NYSE:MDS).  
• Alamo Group Inc. jumped 22% as the snow removal and tractor equipment product maker has seen unusually wide price swings this week. See (NYSE:ALG).  
• Bottomline Technologies rises 18% after announcing a partnership with QAD earlier this week. See (Nasdaq:EPAY)


Small Cap Losers:

• W Holding Company down 28% on lower-than-average volume. See (NYSE:WHI).
• FirstFed Financial is down 15% on heavy short interest. See (NYSE:FED).  
• Gushan Environmental Energy down 12% as energy stocks are on the slide today. See (NYSE:GU).  
• Gabelli & Co. downgrades Tennant to "sell;" shares fall 10%. See (NYSE:TNC). 

Small-cap stocks opened higher, bolstered by news that the White House extended a rescue loan to beleaguered automakers, which sparked money flow into stocks and away from credit markets. Commodities are on weak footing this morning and credit ratings for a bevy of financial firms were lowered overnight, which could limit some buying enthusiasm. Investors will be on the lookout for pockets of unexpected volatility today as “quadruple witching” expirations take place.  Some of today’s small-cap gainers are MAP Pharmaceuticals (Nasdaq:MAPP), AbitibiBowater (NYSE:ABH) and China Eastern Airlines Corp.  (NYSE:CEA).

Other Market Watch highlights today included:

• Obscured by this morning’s auto enthusiasm was news that credit ratings agencies were downgrading financial and bank companies overnight .
• As for crude oil, the market on “black gold” was down $1.50 a barrel into the stock market open, which could weigh on energy shares again.  
• With the U.S. dollar in rally mode this morning (up about 2% against the euro), it’s likely that commodity markets in general will struggle.  
• Heading into today’s action, stock markets overseas were on the defensive, with Asian equities slipping about 0.6%.

Small Cap Gainers:

• MAP Pharmaceuticals gapped higher and gained 47% on news of a deal with AstraZeneca to develop a pediatric asthma drug. See (Nasdaq:MAPP).  
• AbitibiBowater addresses NYSE listing standards; shares rise 27%. See (NYSE:ABH).
• China Eastern Airlines Corp. Ltd. rose 12%, jumping in response to news out of China overnight that jet fuel prices were cut by the Chinese government. See (NYSE:CEA).  
• GeoMet up 12% on lower-than-average volume. See (Nasdaq:GMET).  

Small Cap Losers:

• PDL spins off biotech assets, moves headquarters to Tahoe; shares plummet 26%. See (Nasdaq:PDLI).  
• Ceradyne down 20% in pre-market on very light volume, giving back some of the immense gains the stock saw over the last week. See (Nasdaq:CRDN). 
• Intrepid Potash, Inc. falls over 12% after lowering FY 2008 production guidance. See (NYSE:IPI).  
• Gardner Denver to cut 9% of salaried workforce; slashes forecast. Shares fall 5.3%. See (NYSE:GDI).  

Royal Bancshares of Pennsylvania Inc. (Nasdaq:RBPAA), Nanosphere Inc. (Nasdaq:NSPH) and Ohio Valley Banc Corp. (Nasdaq:OVBC) are among the biggest percentage gainers in Monday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Sucampo Pharmaceuticals Inc. (Nasdaq:SCMP), C&F  Financial Corp. (Nasdaq:CFFI), Central GoldTrust (Nasdaq:GTU), Allegiant Travel Co. (Nasdaq:ALGT), AbitibiBowater Inc. (Nasdaq:ABH) and Timberland Bancorp Inc. (Nasdaq:TSBK).

Here are the biggest percentage gainers among small caps:

Small-cap stocks pushed higher Tuesday, bolstered by a sharp pullback in crude oil prices that allowed a little breathing room toward inflation fears and the consumer spending picture. In addition, Federal Reserve Chairman Ben Bernanke said that the central bank could extend the emergency lending window to strapped financial institutions, which took a little heat off the credit crunch — at least momentarily. The Russell 2000 (NYSE:IWM), gained 24.46, or 3.72%, to 682.72, generating the largest one-day gain since March 18 and the third largest one-day percentage rally of the year.

Small-cap stocks were noticeably stronger than their large-cap brethren, which were dragged down by significant losses on key oil stocks such as Exxon Mobil (NYSE:XOM), which was down 0.7% heading toward the close, Chevron (NYSE:CVX), off 1% and oil services stock Schlumberger Ltd. (NYSE:SLB), which shed 3.7%.

Before the stock market open earlier today, Bernanke’s comments erased solid overnight losses in stock index futures, and helped alleviate mounting worldwide concern about the health of the banking system. Before the Bernanke rescue, European shares were sinking, paced by a slide to five-year lows in bank stocks, and elsewhere around the world global stock index products slipped into bear market territory.

Even though the tone improved with today’s recovery in equities, the market is still clearly in a tenuous position fretting about high energy costs amid sluggish . . .

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.

The Russell 2000 (NYSE: IWM) posted a big loss as news of liquidity problems at Bear Stearns spread credit fears. The small-cap index fell 16.81 points, or 2.47%, to 662.90. The Dow Jones Industrial Average (INDU) declined 194.65 points, or 1.60%, to 11,951.09.

On a year-to-date basis, the Russell 2000 has lost13.46%, while the Dow is down 9.90% and the S&P 500 has retreated 12.27%.

Stocks small and large tumbled today on news that Bear Stearns’ (NYSE: BSC) cash position has deteriorated significantly over the past 24 hours. The investment bank, which has been highly exposed to the subprime mortgage sector, turned to J.P. Morgan Chase & Co. (NYSE: JPM) and the New York Federal Reserve for short-term financing to alleviate its liquidity problems.

There’s speculation that Bear Stearns will soon be purchased by one of its larger rivals. News of the company’s problems spread fears of a severe credit squeeze, leading to a sharp sell-off.

The Russell 2000 (NYSE: IWM) reversed its earlier gains and fell into negative territory with minutes left in the session. The small-cap index declined 6.50 points, or 0.96%, to 667.31. The Dow Jones Industrial Average (INDU) let go 46.57 points, or 0.38%, to 12,110.24.

On a year-to-date basis, the Russell 2000 has shed 12.89%, while the Dow is down 8.70% and the S&P 500 has decreased 10.87%.

Stocks small and large stumbled with half an hour left in trading, surrendering their earlier gains. Investors were generally bullish and the major U.S. indices spent the majority of the session in the green due to the momentum following the U.S. Federal Reserve’s move on Tuesday to offer up to $200 billion in expanded loans to financial institutions in an effort to ease the credit squeeze.

In economic news, the Mortgage Bankers Association reported before the start of trading that U.S. mortgage applications fell 1.9% for the week ended March 7.

The Russell 2000 (NYSE: IWM) posted a steep decline following news of weak economic reports. The small-cap index fell 19.54 points, or 2.77%, to 686.18, its third consecutive decrease. The Dow Jones Industrial Average (INDU) lost 315.79 points, or 2.51%, to 12,266.39.

On a year-to-date basis, the Russell 2000 has let go 10.42%, while the Dow is down 7.53% and the S&P 500 is off 9.38%.

Small-cap stocks started the session down and extended their losses as the day wore on and investors digested bearish economic news.

The U.S. Commerce Department reported before the start of trading that spending increased 0.4% in January, while personal income added 0.3%. Economists were expecting smaller increases of 0.2%.

But the rise in consumption went to cover inflation. The same report showed that the price index for personal consumption expenditures rose 0.4%, while the core index, which excludes the costs of food and energy, climbed 0.3%.

In other economic news, the National Association of Purchasing Managers-Chicago reported after the opening that its index of regional business conditions fell to its lowest level since December 2001, while the University of Michigan’s final figures for February consumer confidence showed the worst result since 1992.

One of the biggest losers in today’s sell-off was general merchandise retailer Duckwall-ALCO Stores, Inc. (Nasdaq: DUCK), which slumped to a new 52-week low on news of a disappointing 2008 earnings forecast.