Tag - Avct

Buckeye Gp Holdings LP (Nasdaq:BGH), Vascular Solutions Inc. (Nasdaq:VASC) and Cascade Financial Corp. (Nasdaq:CASB) are among the biggest percentage gainers in Wednesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Hawaiian Holdings Inc. (Nasdaq:HA), Chemed Corp. (Nasdaq:CHE), US Airways Group Inc. (Nasdaq:LCC), Avocent Corp. (Nasdaq:AVCT), CSG Systems International Inc. (Nasdaq:CSGS) and Encore Bancshares Inc. (Nasdaq:EBTX).

Here are the biggest percentage gainers among small caps:

Small-cap stocks pushed lower, pulled down by losses in the tech sector and profit-taking from traders who caught the recovery rally off the lows. Today’s action represented a relatively calm finish to a frantic, volatile week that saw equities recover from the doorstep of desperation. For Friday, the Russell 2000 (NYSE:IWM) closed down 3.54, or 0.51%, at 693.08.

Despite the modest pullback today, small caps closed out the week with a gain of 18.13, or 2.68%, which is no small accomplishment considering the market made four-month lows on Tuesday when panic about the solvency of government-sponsored mortgage lenders hit a crescendo. At one point earlier this week, there seemed to be a swelling sense of doom about potential systemic risk within the entirety of the financial system, so the dramatic bounce off the lows swept in an important calming influence into things. What’s more, the nice rally off those lows turned the chart picture from a bear market path into a potential bullish reversal, which is an encouraging signal.

As for today’s action, financial stocks continued to seduce investors back into the fold, with the financial SPDR rising 3.5% despite the pullback in other sectors. Clearly, tech stocks were out of favor with stock market traders today, as soft earnings from key players such as Microsoft (Nasdaq:MSFT) and Google (Nasdaq:GOOG) overwhelmed bright spots such as IBM Inc. (NYSE:IBM). For the day, GOOG was down 9.7% and MSFT lost 6%.

Crude oil prices actually closed out Friday in negative territory after spending most of the session in the green, which kept a lid on buying enthusiasm in small caps throughout much of the day. Crude oil prices collapsed some 15% off last week’s record highs, which should bring some relief at the gas pump for consumers if prices will only stay contained looking forward. Although a late wave of selling pulled crude oil lower on the day, there was some reluctance to press . . .

Small-cap stocks hovered near steady levels in early trading, with pressure from higher crude oil prices offset by a better-than-forecast figure for the Chicago Purchasing survey. At 9:54 a.m. ET, the Russell 2000 (NYSE:IWM) was up 0.42, or 0.06%, at 698.56.

The Chicago Purchasing Manager’s Survey headline figure came in at 49.6, which was well above the forecast for a figure of 48. Despite the bullish surprise on the report, it still marked a fifth consecutive month below 50, which indicates contraction in the Midwest business sector.

Crude oil prices climbed to a fresh record high ahead of the U.S. stock market opening, and remained solidly higher in early U.S. trading. The U.S. dollar pushed to three-week highs against the euro overnight, but backed off those highs and was up about 0.1% versus the euro at the time of the stock market open today. The dollar was down against the yen, sinking about 0.3%, which is supportive to the commodity markets.

Large-cap stocks of note this morning include MBIA Inc. (NYSE:MBI), which was off at 52-week lows amid credit rating downgrades. MBI shares were off 0.7% shortly after the open. Meanwhile, H&R Block Inc. (NYSE:HRB) was up 9.7% after topping analyst estimates for quarterly results.

Broad market sectors on the rise this morning included coal, oil exploration and production, diversified metals and mining, oil and gas storage and transportation and steel stocks. On the downside, food distribution, airlines, specialty stores and food retail stocks were all in the red.

Small caps of note included Aceto Corp. (NYSE:ACET), which was up about 13%, reversing a steep slide from last week amid oversold conditions. Orbotech Ltd. (Nasdaq:ORBK) was up about 14%, recovering from a big slide Friday in . . .

Small-cap stocks opened lower and traded in a fairly narrow range during the rest of today’s session, trimming losses off the lows, but never catching up with a tame rise in the Dow and S&P 500. In the end, the Russell 2000 (NYSE:IWM) tumbled 5.39, or 0.76%, to 708.00, but an inside session dip for the small-cap index in the shadow of Wednesday’s big rise wasn’t all that unsettling.

However, if it all feels like a familiar refrain, you’re right. The Russell 2000 has now had five 3% one-day gains so far this year, and has now closed lower four times and was flat in the other instance. In essence, the market has been unable to sustain momentum off big rally days as investors are unwilling to take a stand that the worst is over for stocks. When the stock market starts to fly, investors are more willing to buy into strength and fund managers will scramble to catch up with the market. For now, the inability to sustain rallies suggests that the market is still burdened by caution. In the long haul, creating a “wall of worry” isn’t necessarily a bad thing when stocks are trying a build a foundation low, but it can create volatility, uncertainty and rollercoaster-price moves along the way.

Economic news today was less embraced by investors than what we saw during Wednesday’s big upside push. The most dynamic report came from the Philadelphia Federal Reserve, as their survey on manufacturing activity in the area came in down 24.9%, well below the market forecast which was in the minus 15 to . . .

The Russell 2000 (NYSE:IWM) stumbled on the opening, unable to extend the big rally from Wednesday’s action. At 10:05 a.m. ET, the Russell was down 7.60, or 1.06%, at 705.79 as a profit-taking mentality from those who caught the rise Wednesday dominated early action.

As the market progresses today, it will be important for the Russell to find support above the old swingline at 700. If the selling pressure begins to intensify, 695 is the next support zone to watch. Any move back into the green would be an important show of resilience as the market has been unable to sustain upside momentum after 3% rally days so far this year.

The market remained under pressure after the Philly Fed survey, which came out at 10:00 a.m. ET, was down 24.9%, quite a bit worse than the market forecast of a 15% loss. The sobering Philly Fed numbers overshadowed the Leading Indicators report, which rose 0.1%, in line with expectations.

Ahead of this morning’s opening, the Weekly Claims report was relatively close to the forecast, and quickly fell off traders’ radar screens, especially ahead of the Philly Fed and Leading Indicator reports.

With crude oil tipping the scales at fresh record highs this morning near $115 dollars a barrel and gasoline pump prices climbing before we’ve even reached . . .

Here are the biggest percentage gainers and losers in pre-market trading among companies with a market cap between $100 million and $750 million:


• AVANT Immunotherapeutics, Inc. (Nasdaq:AVAN), up 32% on news it has licensed one of its vaccines to Pfizer Inc. (NYSE:PFE).
• Fuqi International, Inc. (Nasdaq:FUQI), up 20%.
• Avocent Corp. (Nasdaq:AVCT), up 16%


• Epicor Software Corp. (Nasdaq:EPIC), down 14% on news it has lowered its full-year earnings and revenue outlook.
• ViroPharma Inc. (Nasdaq:VPHM), down 6% on news it has stopped developing a hepatitis C drug.
• AMCORE Financial, Inc. (Nasdaq:AMFI), down 5% on news of a first-quarter loss.

The Russell 2000 (NYSE: IWM) posted a gain for the first time in 2008 as most of the major U.S. indices ended a turbulent session in positive territory. The small-cap index climbed 2.35 points, or 0.33%, to 723.95. The Dow Jones Industrial Average (INDU) advanced 27.31 points, or 0.21%, to 12,827.49.

On a year-to-date basis, the Russell 2000 has lost 5.49%, while the Dow is down 3.30% and the S&P 500 has retreated 3.55%.

Small-cap stocks went on a rollercoaster ride that ended with a late-session rally that pushed the index into the green. Equities started the day higher, then fell abruptly after about 30 minutes and bounced around for the remainder of trading.

With no major news releases scheduled for today, investors turned their attention to future policy actions aimed at improving the U.S. economy and preventing a recession.

“The housing downturn and credit disruption will weigh on our economy and impose a penalty on our economic growth,” Treasury secretary Henry Paulson said in a speech to the New York Society of Securities Analysts this afternoon. “We will likely have further indications of slower growth in the weeks and months ahead.”

However, Paulson did not mention any new measures the Bush administration is planning to keep the economy moving forward and reiterated his belief that there will be no recession.

“While growth looks to have slowed considerably in the last part of 2007, our economy remains resilient and I expect it to continue to grow,” he said.

Also addressing the economy was President Bush, who called on the U.S. Congress to make some of his income tax cuts permanent and urged the passing of a number of housing-related proposals.

Shares of Avocent Corp. (Nasdaq: AVCT) have dropped to a new 52-week low on news before the start of trading that the maker of software and IT technology announced preliminary fourth-quarter revenue that disappointed Wall Street.

The Huntsville, Ala.-based company reported that it expects fourth-quarter revenue to be between $155 million and $157 million, which is well below the $173.72 million projected by 11 analysts polled by Thomson Financial. During the fourth quarter of 2006 the company brought in $164.9 million.

Chairman and CEO John Cooper explained that Avocent was negatively affected by several deferred orders and lower IT investment activity among some U.S. customers, including those in the financial services industry.

“We believe some customers delayed projects as they are taking additional time to contemplate industry developments and to assess macroeconomic factors,” said Cooper in a statement. “These factors were not apparent in our international sales where we experienced solid growth in Europe and Asia.”

“This is probably industry-wide; Avocent is not the only one affected,” said Eric Kainer, an analyst with investment bank ThinkEquity Partners, in a phone interview. “Anyone who has broad exposure to the financial industry is being impacted.”

Avocent reported that it is working with U.S. distributors to reduce the level of inventories held by them at the end of the fourth quarter.

As for the company’s growing international business, Kainer does not see how that segment can offset weakness in the North American markets.

“It’s a lot to make up for,” said Kainer, who currently has a “buy” rating on Avocent’s stock. “I don’t see any way in which it could fully make up for it.”

Final results for the fourth quarter ended Dec. 31 will be released on Jan. 24.

At 1:11 p.m. ET shares of Avocent Corp. (AVCT) had retreated $3.68, or 18%, to $16.53. The previous 52-week low of $20.04 was established on Jan 4, while the 52-week high of $35.64 was reached on Feb 2, 2007.