Tag - Alxa

Small-cap stocks turned higher shortly after the opening, underpinned by a decline in crude oil prices, which helped offset some overnight concerns about the closure of a large hedge fund. At 10:02 a.m. ET, the Russell 2000 (NYSE:IWM) was up 3.66, or 0.50%, at 742.16.

The factory orders report came in at 1.3%, which was above the forecast of 1%. The data was for the July time frame, so it’s a little dated. Stocks edged higher after the report, but this particular report tends to have a muted impact on trading direction for stocks or currencies.

Earlier this morning, the weekly MBA Mortgage Applications Index climbed 7.5%, the refinance index was up 2.1% and the purchase index rose 10.5%, which hints at a modest upside pop in mortgage activity as the fixed rate dipped about 0.05% to 6.39%.

In other economic activity news, MasterCard Advisors said that shoppers reduced spending on clothes and shoes over what should have been a big back-to-school season in August, instead spending money on food and gasoline.

Ospraie Management LLC, announced plans to close its biggest hedge fund, with holdings estimated at some $2.8 billion dollars. The fund was thought to have significant exposure to equities with commodity themes and has been losing money at an alarming clip in recent months. Ospraie will still hold other hedge funds with large investments, but the fund in question has ties to Lehman Brothers Holdings Inc. (NYSE:LEH) as the investment bank has an estimated 20% stake in the fund. There are concerns that this news won’t help Lehman’s effort to raise capital or find a buyer and overshadowed news reports overseas that HSBC, another Chinese bank and several hedge funds were interested in taking a stake in the beleaguered . . .

Small-caps stocks drifted lower Friday, weighed down by losses in the tech sector and by troubling economic data on the personal income report. The Russell 2000 (NYSE:IWM) closed down 8.29, or 1.11%, at 739.50. The Russell finished off the month of August with a solid gain of 3.5%, but is still down 3.46% for the year. The down slipped 1.46% Friday and is down 12.9% for the year, while the S&P lost 1.37% Friday is off 12.6% for 2008.

The biggest moves today were seen in tech stocks, with the Nasdaq 100 sinking 2.22%. Dell Inc. (Nasdaq:DELL) reported a stiff loss for the quarter overnight, but what really sent shudders through the tech arena was that the number two computer maker was projecting a worldwide slowdown on tech spending. DELL shares tumbled 13% Friday, and semiconductor and chipmaker shares were also wincing as Marvell Technology Group Ltd. (Nasdaq:MRVL) slumped 4% as the firm issued a very cautious outlook for the coming quarter.

While the tech concerns set the tone for a soft day in equities, additional selling was likely inspired by the personal income report this morning, which broke a string of upside data surprises this week. The personal income figure itself was down 0.7%, well below the 0.0% forecast, and an inflation sub-index on the report was at 17 year highs. After three consecutive days of data-inspired rallies (Tuesday — consumer confidence; Wednesday — durable goods; Thursday — GDP) perhaps just a touch of lukewarm data was enough to generate some pre-weekend profit-taking.

Volume was thin all week as it became apparent many money managers were comfortable extending the upcoming holiday weekend into a bigger . . .

PAB Bankshares Inc. (Nasdaq:PABK), Wind River Systems Inc. (Nasdaq:WIND) and Midwest Banc Holdings Inc. (Nasdaq:MBHI) are among the biggest percentage losers in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Centerstate Banks of Florida Inc. (Nasdaq:CSFL), Rubio's Restaurants Inc. (Nasdaq:RUBO), HLS Systems International Ltd. (Nasdaq:HOLI), General Moly Inc. (Nasdaq:GMO), Providence and Worcester Railroad (Nasdaq:PWX) and Alexza Pharmaceuticals Inc. (Nasdaq:ALXA).

Here are the biggest percentage losers among small caps:

FirstFed Financial Corp. (Nasdaq:FED), Zale Corp. (Nasdaq:ZLC) and Origin Agritech Ltd. (Nasdaq:SEED) are among the biggest percentage gainers in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Targanta Therapeutics Corp. (Nasdaq:TARG), Alexza Pharmaceuticals Inc. (Nasdaq:ALXA), US Airways Group Inc. (Nasdaq:LCC), Isramco Inc. (Nasdaq:ISRL), Midwest Banc Holdings Inc. (Nasdaq:MBHI) and MGIC Investment Corp. (Nasdaq:MTG).

Here are the biggest percentage gainers among small caps:

Small-cap shares opened higher Monday, lifted by advances in overseas equity markets, a firm U.S. dollar and a dip in crude oil prices. At 9:55 a.m. ET, the Russell 2000 (NYSE:IWM) was up 0.86, or 0.12%, at 720.91.

The U.S. dollar was up nearly 1% against the yen into the market open, and pushed about 0.2% higher versus the euro. The firm dollar tone was linked to a $2-per-barrel pullback in crude oil futures, which came off Friday’s record highs amid profit-taking.

Financial shares could find a boost this morning from a jump in the largest European bank HSBC, which climbed about 2% overnight on profit news. Early on this morning, Citigroup (NYSE:C) was up 0.6% and Bank of America (NYSE:BAC) was up about 0.8%. Other large-caps of note included Wal-Mart (NYSE:WMT), which was up 1.2% shortly after the opening on optimism ahead of earnings. Research in Motion (Nasdaq:RIMM) jumped 2.4% on news that the company was unveiling a new BlackBerry Bold Smartphone.

A massive earthquake in China overnight caught trader attention, but a lack of details seemed to leave the market without a feeling for whether or not it would have an impact on equities in the United States.

Looking ahead to this week’s action, the economic calendar picks up steam after a relatively tame risk quotient last week. Not only will the market have to navigate through a batch of important data on retail sales, inflation and housing starts, but there is a glut of Federal Reserve speakers on the docket.

Speaking of Fed speakers, Chicago Fed President Charles Evans was the first one up to the plate this morning, saying that housing was still a drag on the economy, and that growth risks were to the downside, but inflation risk was on the upside. He said that U.S. growth should improve in the second half of the year, but . . .

Seattle-based Jones Soda Co. (Nasdaq: JSDA) reported that it won exclusive rights to a Japanese natural ingredient for a new energy drink.

Alexza Pharmaceuticals (Nasdaq: ALXA) climbed on heavy volume this morning after the Palo Alto, Calif.-based firm announced plans to raise at about $61.5 million through a public offering.

The company priced 6 million shares of its common stock at $10.25 per share. It plans to use the proceeds to fund drug development.

Alexza has granted the underwriters a 30-day option to buy up to an additional 900,000 shares of common stock to cover any over-allotments.

Merrill Lynch & Co. and Morgan Stanley & Co. Inc. are joint book- running managers for the offering. Pacific Growth Equities LLC and RBC Capital Markets Corp. are co-managers for the offering, which Alexza first announced on April 17.

Alexza first went public via an IPO in March 2006. The firm priced its initial public offering at $8 a share, significantly below its original targets.