Tag - Atu

Acura Pharmaceuticals Inc. (Nasdaq:ACUR), Halozyme Therapeutics Inc. (Nasdaq:HALO) and Actuant Corp. (Nasdaq:ATU) are among the biggest percentage losers in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Heritage Financial Group (Nasdaq:HBOS), Pzena Investment Management Inc. (Nasdaq:PZN), Smith & Wesson Holding Corp. (Nasdaq:SWHC), Cytec Industries Inc. (Nasdaq:CYT), Hexcel Corp. (Nasdaq:HXL) and American Dental Partners Inc. (Nasdaq:ADPI).

NCI Building Systems Inc. (Nasdaq:NCS), Cynosure Inc. (Nasdaq:CYNO) and Stepan Company (Nasdaq:SCL) are among the new 52-week lows in Wednesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: eLong Inc. (Nasdaq:LONG), RadioShack Corp. (Nasdaq:RSH), Northrim BanCorp Inc. (Nasdaq:NRIM), Actuant Corp. (Nasdaq:ATU), Wausau Paper Corp. (Nasdaq:WPP) and Insteel Industries Inc. (Nasdaq:IIIN).

Small-cap stocks edged modestly higher into midday, with support from financial, insurance, airline and homebuilder stocks countered by sinking energy and commodity shares.  Some of today’s small-cap gainers are BioSpecifics Technologies Corp. (Nasdaq:BSTC), G III Apparel Group Ltd. (Nasdaq:GIII) and Emeritus Corporation (NYSE:ESC).

Other Market Watch highlights today included:

• Financial shares were on the mend today, and there were plenty of small banks near the top of the percentage movers list.  
• One immediate beneficiary of the energy price slide should be the airline group; sure enough airlines were among the best performers today.  
• The Commodity Research Bureau Index of 19 physical markets was down 1.7% at midday, clearly one of the weakest asset classes in the mix.  
• The U.S. dollar staged a big comeback against the euro today, not only wiping out overnight losses, but rising 0.9%.  
• Oil and gas drillers & oil equipment services firms are among the worst performers today; the Energy Select Sector SPDR Fund is down 2.6%.

Small Cap Gainers:

• BioSpecifics Technologies Corp. jumped 41% as the biopharma firm announced a licensing agreement with Pfizer Inc. See (Nasdaq:BSTC). 
• G III Apparel Group Ltd. jumped 21%, rising above the 20-day moving average for the first time since the third week of October. See (Nasdaq:GIII).  
• Emeritus Corporation rose 20%, as the senior facilities living operator climbed above $10 for the first time since early November. See (NYSE:ESC).  
• Chindex International Inc. rose 19% as the provider of health care products in China announced an executive pay freeze for 2009. See (Nasdaq:CHDX).  

Small Cap Losers:

• Tennant Co. slumped 19% as the safety solutions firm announced restructuring plans amid slower sales. See (NYSE:TNC).
• Central European Media Enterprises Ltd. tumbled 17% as the eastern European network gave back impressive gains from Wednesday in quick fashion. See (Nasdaq:CETV).  
• Actuant earnings slashed in first quarter, shares tumble 7%. See (NYSE:ATU).

Small-cap stocks were slightly lower early this morning, pulled down by a rash of weak profit reports and gloomy outlooks amid ongoing concerns about the economic environment. Energy stocks were a soft spot for the market as crude oil tumbled to fresh four-year lows. Some of today’s small-cap gainers are BioSpecifics Technologies Corp. (Nasdaq:BSTC), Apogee Enterprises Inc. (Nasdaq:APOG) and TTM Tech Inc. (Nasdaq:TTMI).

Other Market Watch highlights today included:

• The dollar rallied into positive territory against the euro after taking a hit overnight, which could weigh on various commodity markets.  
• Crude oil prices tumbled to four-year lows Wednesday and extended that slide today, off some $1.50 a barrel this morning.  
• The energy market was on the mend overnight, but started sinking fast into the stock market open.  
• This morning, analysts at UBS lowered their forecast for 2009 profit estimates for the S&P 500

Small Cap Gainers:

• BioSpecifics Technologies Corp. jumped 41% as the biopharma firm announced a licensing agreement with Pfizer Inc. See (Nasdaq:BSTC).  
• Apogee Enterprises Inc. rose 12% as the glass maker received an earnings-related lift. See (Nasdaq:APOG).  
• TTM Tech Inc. rose 8% as the circuit board manufacturer continues to climb off the November lows. See (Nasdaq:TTMI).  
• FedEx Corp. met the current forecast, but warned that 2009 looked quite weak and said they would cut costs to prepare. See (NYSE:FDX). 

Small Cap Losers:

• Tennant Co. slumped 19% as the safety solutions firm announced restructuring plans amid slower sales. See (NYSE:TNC).  
• Atheros Communications falls 9.3% in pre-market after being cut to "hold" by Deutsche Bank. See (Nasdaq:ATHR).  
• Actuant earnings slashed in first quarter, shares tumble 7%. See (NYSE:ATU). 
• JP Morgan cuts Bucyrus to "neutral;" shares down 4% in pre-market. See (Nasdaq:BUCY).  

Small-cap stocks were hovering near steady levels into midday trading, drafting off a surprising show of strength in the technology arena and another solid performance from energy and commodity stocks, which helped offset weakness in financial shares. Some of today’s small-cap gainers are DryShips (Nasdaq:DRYS), Excel Maritime (NYSE:EXM) and Eagle Bulk Shipping (Nasdaq:EGLE).

Other Market Watch highlights today included:

• Poorest performers so far today: real estate investment trusts, air freight couriers, food retail firms and railroads.  
• Physical commodity markets turned up from a morning slide, bolstered by a pullback in the U.S. dollar.  
• Top performers so far today: aluminum, steel, coal, oil and gas drillers, semiconductors, life insurers and automotive retailers.  
• Small-cap stocks were hovering near steady levels into midday trading, drafting off a surprising show of strength in the technology arena. 

Small Cap Gainers:

• Ocean shippers have been a recurring source of strength this week: Dryships is up 45%, Excel Maritime up 41%, Eagle Bulk up 40% and Genco up 27%. See (Nasdaq:DRYS), (NYSE:EXM), (Nasdaq:EGLE) and (NYSE:GNK).  
• Exco Resources Inc. jumped 40% as the oil and natural gas company announced results on the completion of a Louisiana well. See (NYSE:XCO).  
• International Assets reports Q4 results; shares pop 23%. See (Nasdaq:IAAC).
• KMG Chemicals up 22% after reporting Q1 results with 145% increase in revenues, reaffirming FY 2009 guidance. See (Nasdaq:KMGB).  

Small Cap Losers:

• Pep Boys falls 23% after company posts unexpected Q3 loss. See (NYSE:PBY).  
• Buckeye Technologies lowers guidance, cuts production in Florida. Shares tumble 22%. See (NYSE:BKI).  
• Universal Stainless & Alloy Products slumped 15% as some steel companies saw a correction off the big rally Monday. See (Nasdaq:USAP).
• Baird downgrades diversified industrial manufacturer Actuant Corp. to "neutral" from "outperform," halves its price target on the stock. Shares fall over 14%. See (NYSE:ATU).  

Analogic Corp. (Nasdaq:ALOG), Primeenergy Corp. (Nasdaq:PNRG) and VisionChina Media Inc. (Nasdaq:VISN) are among the biggest percentage losers in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: RCN Corp. (Nasdaq:RCNI), Doral Financial Corp. (Nasdaq:DRL), Actuant Corp. (Nasdaq:ATU), Thermadyne Holdings Corp. (Nasdaq:THMD), Syms Corp. (Nasdaq:SYMS) and Rex Stores Corp. (Nasdaq:RSC).

After kicking off the year’s spookiest month sharply lower, small caps continue to spiral downward, dragged down by the uncertainty surrounding a vote in the Senate today on the proposed $700 billion bailout plan. 

At 12:33 p.m. ET, the Russell 2000 (NYSE:IWM) was down 9.61, or 1.41%, at 669.97.

The Senate’s vote carries great weight, as the House voted down a similar version of the bailout bill on Monday. The market rallied Tuesday on hopes that a bailout plan of sorts will be passed soon; however, that rally has faded today, as uncertainty over the bill’s passage has become more prominent.  The Senate’s version of the bill would permit the Federal Deposit Insurance Corp. to temporarily increase the amount of insurance it currently offers depositors should banks fail. The Senate will vote on the bill after sunset today due to observance of the Jewish New Year, Rosh Hashanah.

Given that the status of passage of a bailout plan is in limbo, credit markets remain on lock down. Libor, which spiked to 6.875% on Tuesday from 2.569% on Monday, has pulled back today to 4% and change midday. The “Libor” rate was at the highest point since January and the eurozone equivalent was at 14-year highs. Investors continued to pour into treasuries as a safe haven, sending prices higher and yields lower.

“From tax break extenders to alternative energy to an increase in FDIC insurance for deposits up to 250k to authority to suspend mark-to-market accounting, this bill is going to pass the Senate when they vote on it tonight,” Andy Busch, global foreign exchange strategist for BMO Capital Markets, said in an email. “If the U.S. House of Representatives brings this bill up again for a vote, it will pass [because] there’s no way Nancy Pelosi will bring up a bill that will fail because she will lose her job and so will many Democrats in the election. Congress has an extremely low approval rating from the voters now and anything can easily shift sentiment to the other side.  I believe that as soon as Pelosi announces a vote, the deal is done.”

Lackluster economic news added to the glum on Wall Street. The ISM Manufacturing Survey came in well below the projection of 49.8 at 43.5. The Street was also focused on the ADP Employment survey, ahead of the big employment report on Friday. The ADP survey registered a decline of 8,000 jobs in August, which was better than the forecasted plunge of 60,000. Though better-than-expected, August’s number was revised downward slightly and traders understand that there is a disconnect between the ADP number and the Labor Department’s upcoming data. A consensus of economists is forecasting the Labor Department will report decline in non-farm payrolls of 100,000 and an unemployment rate of 6.1%. ...

Industrial company Actuant Corp. (NYSE: ATU) this morning posted fiscal fourth-quarter revenues that missed the consensus view, while the company met on earnings for the quarter. The picture painted by the company going forward was disconcerting as well, as Actuant guided for fiscal 2009 revenues below the Street with earnings below to above analysts’ estimates. Management anticipated 2009 to be a “challenging year” in light of the tough economic environment, tight credit and a strengthening U.S. dollar.

Shares were halted in pre-market trading. For detailed price information and news stories on Actuant, click on ATU.