Tag - Acat

Park-Ohio Holdings Corp. (Nasdaq:PKOH), Keynote Systems Inc. (Nasdaq:KEYN) and ATC Technology Corp. (Nasdaq:ATAC) are among the biggest percentage gainers in Wednesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: WellCare Health Plans Inc. (Nasdaq:WCG), Stratasys Inc. (Nasdaq:SSYS), Arctic Cat Inc. (Nasdaq:ACAT), ViroPharma Inc. (Nasdaq:VPHM), Wintrust Financial Corp. (Nasdaq:WTFC) and Given Imaging Ltd. (Nasdaq:GIVN).

Arctic Cat Inc. (Nasdaq:ACAT) has gained 10% today after reporting a narrower-than-expected first quarter loss. For the quarter ended June 30, net loss was $6.96 million, or $0.39 per share, compared with a net loss of $7.16 million, or $0.39 a share, for the same period a year earlier. Revenue for the snowmobile and all-terrain vehicle manufacturer was $93.9 million, up 7% from the year-ago quarter. Wall Street was expecting a net loss of $0.55 per share on revenues of $88.4 million.

In today’s trading the Thief River Falls, Minn.-based company’s shares are at $8.93 at 3:14 p.m. ET, up $0.81 from Wednesday’s close.

Shares of Arctic Cat Inc. (Nasdaq:ACAT) are advancing swiftly ahead of the opening bell after the maker of snowmobiles and all-terrain vehicles said this morning that it swung to a profit in its fiscal fourth quarter due to streamlining costs which offset weaker consumer demand. Analysts were expecting a net loss.

Shares jumped 18%, or $1.35, to $8.85 in pre-market trading. For detailed price information and recent news stories about Arctic Cat, click ACAT.  

Arctic Cat Inc. (Nasdaq:ACAT) shares are declining after investment bank RBC Capital Markets lowered its price target on the snowmobile maker to $6 from $8. RBC maintained its “underperform” rating on the stock. In a research note to investors published Wednesday morning, RBC noted that Arctic Cat lowered its fourth-quarter guidance and a major retail customer reduced its order amount.

In Wednesday morning trading, ACAT shares are down 9.36%, or $0.69 at $6.68. For detailed price information and recent news stories about Arctic Cat, click ACAT.

Shares of Arctic Cat Inc. (Nasdaq:ACAT) are getting trounced this morning after the snowmobiles and all-terrain vehicles retailer said after Tuesday’s close that it lowered its sales and earnings outlook for its fiscal 2008 fourth quarter due to lower than anticipated all-terrain vehicles sales, stemming from continued weak retail sales, a reduction of a planned, large retail customer order and a parts supply issue.

Shares cascaded 11.8%, or $0.87, to $6.50 in pre-market trading. For detailed price information and recent news stories about Arctic Cat, click ACAT.

The Russell 2000 (NYSE: IWM) and the other major U.S. indices tumbled as news of a poor jobs report raised fears about the health of the U.S. economy. The small-cap index fell 23.44 points, or 3.15%, to 721.57, its sixth consecutive decline. The Dow Jones Industrial Average (INDU) dropped 256.54 points, or 1.96%, to 12,800.18.

On a year-to-date basis, the Russell 2000 is down 5.80%, while the Dow has lost 3.50% and the S&P 500 has dropped 3.86%.

Stocks fell hard and the bears dominated the session today on news before the start of trading that nonfarm payroll employment rose a paltry 18,000 in December, according to the U.S. Labor Department. Economists were projecting job growth of 70,000 following an upwardly revised figure of 115,000 in November.

“Service sector job gains were offset by sharp job losses in construction and manufacturing,” said Arun Raha, vice president of Economic Research and Consulting for the North American operations of reinsurance company Swiss Re, in an email. “Within services, a cautious retail sector hired less than usual this holiday season.”

The unemployment rate jumped to 5% from 4.7%. That translates to a total of 7.7 million unemployed people, an increase of 474,000 from the level in November. Economists were forecasting the jobless rate to rise to 4.8%.

“This slowdown in employment growth, in an environment of high oil prices, soft manufacturing and weak confidence, will soften consumer spending,” Raha continued. Consumption comprises about 70% of U.S. gross domestic product.

Does that mean a recession is all but inevitable? Not necessarily.

“The latest data imply at least a 50/50 chance of recession,” said Raha. “Unemployment insurance claims are still below the typical rate preceding a recession, so a recession may not happen.”

The Russell 2000 (NYSE: IWM) and the other major U.S. indices are down as news of poor economic reports raise recession fears. At 2:45 p.m. ET, the small-cap index had lost 25.56 points, or 3.30%, to 720.45. The Dow Jones Industrial Average (INDU) was off 250.12 points, or 1.92%, to 12,806.60.

Stocks are falling across the board following news of a lackluster December jobs report that once again ignited fears of a recession.

The U.S. Labor Department announced before the start of trading that nonfarm payroll employment increased just 18,000 in December, well below economists’ projections of 70,000 new jobs following an upwardly revised level of 115,000 in November.

The unemployment rate jumped to 5%, the highest level in more than two years, from 4.7%, while the employment-population ratio slipped to 62.7% from 63.4% in November.

The numbers point to the weakest job creation since August 2003 as U.S. economic growth is faltering amid tighter credit and the ongoing slump in the housing market.

The Russell 2000 (NYSE: IWM) and the other major U.S. indices are falling following news of a weak December jobs report.
 
At 10:31 a.m. ET, the small-cap index had retreated 15.51 points, or 2.08%, to 729.50. The Dow Jones Industrial Average (INDU) was off 165.58 points, or 1.27%, to 12,891.14.

Stocks are sinking on news before the start of trading that nonfarm payroll employment increased a paltry 18,000 in December, according to the U.S. Labor Department. Economists were expecting to see 70,000 new jobs following an upwardly revised level of 115,000 in November.

The unemployment rate jumped to 5% from 4.7% as job losses in construction and manufacturing offset gains in several service-providing industries. That translates to a total of 7.7 million unemployed people, an increase of 474,000 from the level in November.

Overall, the December job creation was the weakest since August 2003 and an obvious sign that U.S. economic growth is faltering amid tighter credit and the ongoing slump in the housing market.

Elsewhere in the same report, average hourly earnings of production and nonsupervisory workers on private nonfarm payrolls rose by 0.4% to a seasonally adjusted $17.71. That’s the same gain as in November.

Arctic Cat Inc. (Nasdaq: ACAT) this morning said it is lowering its sales and earnings outlook for its fiscal 2008 third quarter on account of lower-than-anticipated sales of all-terrain vehicles.

For the three months ended Dec. 31, 2007, the manufacturer of all-terrain vehicles said it anticipates net sales of $155 million to $160 million, down from the company’s previous forecast of $170 million to $180 million. The small cap earned $228.1 million in the same period last year. The consensus of four analysts polled by Thomson Financial was for revenue of $174.78 million.
 
For it’s bottom line, Arctic Cat said it now expects a net loss of $0.55 to $0.60 per share, down from the previous forecast of a net loss of between $0.30 and $0.37 per share, primarily due to a reduction in snowmobile production during the current fiscal year. In the third quarter last year, Arctic Cat posted earnings per diluted share of $0.43, which included an income tax benefit of $0.03 per diluted share. The consensus of six analysts polled by Thomson Financial was for a net loss of $0.32 per share.

Shares of Arctic Cat (ACAT) were halted in pre-market trading.

Arctic Cat Inc. (Nasdaq: ACAT), a manufacturer and marketer of snowmobiles and all-terrain vehicles, this morning reported fiscal 2008 second-quarter earnings above Wall Street’s estimates.

For the three months ended Sept. 30, 2007, the Thief River Falls, Minn.-based firm recorded net earnings of $13.9 million, or $0.76 per diluted share, above the $0.56 per share estimate five analysts surveyed by Thomson Financial were on average anticipating. This compares with $20.0 million, or $1.03 per diluted share, earned for the second quarter of 2007. 

Net sales were $205.2 million, while four analysts polled by Thomson Financial were expecting sales of $207.96 million on average. Sales for the same period last year were $285.3 million.

Shares of Arctic Cat (ACAT) were halted in pre-market trading.

Arctic Cat Inc. (Nasdaq:ACAT), which manufactures and markets snowmobiles and all-terrain vehicles, today reported a net loss for the first fiscal quarter of 2008, but beat analyst estimates.

For the first three months ended June 30, the Thief River Falls, Minn.-based company recorded a net loss of $7.2 million, or $0.39 per diluted share, compared with a net loss of $4.5 million, or $0.23 per diluted share, in the first quarter of 2007. Four analysts polled by Thomson Financial were expecting a loss of $0.42 per share for the second quarter.

Arctic Cat booked net sales of $87.9 million for the fiscal 2008 first quarter, compared with net sales of $96.4 million for the same period last year.

Shares of Arctic Cat climbed out of the gate Wednesday 6.9%, or $1.28, to $19.71.

Calymont, Del.-based Claymont Steel Holdings, Inc. (Nasdaq: PLTE), a non-union mini mill that manufacturers steel plates, reported after Monday’s close that it lost $8.8 million, or $0.50 per share, in the first quarter of 2007, primarily because it incurred $14.6 million of after-tax refinancing charges.  Analysts expected earnings of $0.48 per share.  Nevertheless, the stock is up $0.19, or 1%, to $22.23.

Shares of ICF International, Inc. (Nasdaq: ICFI) are trading higher on news after Monday’s close that the Fairfax, Va.-based consulting company reported earnings that beat expectations.