Tag - Bldp

Small-cap stocks opened lower, slightly trimmed losses after the Consumer Confidence report came out at 10:00 a.m. ET, but then retreated right back to pre-release levels. The report showed an upward revision to the March report, which provided a brief bid to the market, but it was not enough to catch hold (at least immediately). At 10:01 a.m. ET, the Russell 2000 (NYSE:IWM) was down 1.84, or 0.25%, at 723.53.

The Consumer Confidence report was pegged at 62.3 in April, which was in line with the forecast of 62, but the March number was revised upward to 65.9 versus 64.5. Still, the April figure was the lowest in five years.

Next on line … President Bush is slated to hold a press conference at 10:30 a.m. ET, where he is expected to talk about the economy.

The opening action was soft in line with overnight declines on a dip in European shares as Deutsche Bank posted its first quarterly loss in five years, and French tire company Michelin tumbled 9% on sloppy earnings.

Large-cap companies influencing trade this morning included drug company Merck & Co. (NYSE:MRK), which was down 7% on news that the FDA rejected a new cholesterol drug. From an overall stock market picture, the news had a somewhat muted impact, because it lifted Merck competitor Abbott Labs (NYSE:ABT) by 4%. In addition, Visa (NYSE:V) posted decent earnings ahead of the opening, but the financial firm was down 3% in early action.

The S&P 500 stalled approaching the 1,400 level on the latest push upward, and that key figure resistance will be closely watched through the rest of the week’s major economic events. In the Russell 2000, the market yesterday climbed through 724.72, which marks a critical 38.2% Fibonacci retracement of the entire bear market collapse. Sustained action through that point this week would open the door to move toward the next Fibonacci levels near 750 and 775. Of course, along the way the market will also have to tackle the first noteworthy chart resistance zone at 731, which marked a double top from the February highs. For today’s action, look for resistance at 728.50, 731 and 735, with support at 720, 714 and 708.

Within the small-cap spectrum, LCA Vision Inc. (Nasdaq:LCAV) tumbled 18% early, gapping lower on weak earnings. Intevac Inc. (Nasdaq:IVAC) was down 18% as well, also on earnings news, and TheStreet.com Inc. (Nasdaq:TSCM) was off 15% on soft earnings. On the upside, TranS1 Inc. (Nasdaq:TSON) was up 5% after news that the FDA has cleared one of their minimally evasive surgery procedures for marketing. Allegiant Travel Co. (Nasdaq:ALGT) shot up nearly 19% on solid earnings and Seacoast Banking Corp. of Florida (Nasdaq:SBCF) was up over 17%, gapping higher after earnings.

Individual small-cap companies slated to release earnings today at 11:00 a.m. ET include Dominos Pizza Inc. (NYSE:DPZ), G&K Services Inc. (Nasdaq:GKSR), Vitro Sociedad Anonima (NYSE:VTO), Glatfelter (NYSE:GLT), Sonic Automotive Inc. (NYSE:SAH), Castle A M & Co. (NYSE:CAS), American Ecology Corp. (Nasdaq:ECOL), Wausau Paper Corp. (NYSE:WPP), K-Swiss Inc. (Nasdaq:KSWS), Ballard Power Systems Inc. (Nasdaq:BLDP), Hanger Orthopedic Group Inc. (NYSE:HGR), Angiotech Pharmaceuticals (Nasdaq:ANPI), Bankatlantic Bancorp. (NYSE:BBK), Health Grades Inc. (Nasdaq:HGRD), Magnetek Inc. (NYSE:MAG), Dixie Group Inc. (Nasdaq:DXYN), Tennessee Commerce Bancorp (Nasdaq:TNCC), Infocus Corp. (Nasdaq:INFS) and Trinity Biotech (Nasdaq:TRIB).

Among broad market sectors, the early poor performers were found among health-care facilities, building products and real estate management companies. Bucking the early downside bias were personal-products firms, specialty stores and communication equipment firms.

The Russell 2000 (NYSE: IWM) futures are a little higher and the small-cap index will likely open with a small rise.

There is no major economic news scheduled for today, but the Dallas Federal Reserve President’s speech at 1:30 p.m. ET is likely to make headlines.

Among small-cap companies, Ballard Power Systems Inc. (Nasdaq: BLDP), which makes fuel cells, said that it expects to ship twice as many units in 2008, bringing in total revenues of between $65 million and $75 million.

Small-cap stocks staged a dramatic bearish reversal Thursday, as the Russell 2000 rejected a promising morning rise to shed 13.74, or 1.94% to 696.28 by the close. The market continues to reflect indecision within the recent range – unwilling to sustain a dynamic move in either direction.

The market will be able to navigate through today's session unencumbered by outside economic news. It will be interesting to see if the Russell starts to falter below the 700 swing line after four sessions of see-saw action along that point so far this week. Look for support Friday at 694, 688 and 680; resistance comes in at 703.50, 712 and 717.

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

Biggest percentage gainers:

• The9 Limited (NCTY), up 13% on news that fourth-quarter profit declined but beat expectations.
• Switch & Data Facilities Company, Inc. (SDXC), up 8%.
• Balchem Corp. (BCPC), up 4%.

Biggest percentage losers:

• Cbeyond Inc. (CBEY), down 29% on news of 2008 revenue guidance below expectations.
• Quidel Corp. (QDEL), down 12% on news of a decline in fourth-quarter profit.
• Ruths Chris Steak House, Inc. (RUTH), down 9% on news of a decline in fourth-quarter profit.

Kevin Pendley contributed to this report.

ShengdaTech, Inc. (Nasdaq: SDTH), Ascent Solar Technologies, Inc. (Nasdaq: ASTI) and GPC Biotech AG (Nasdaq: GPCB) are among the most actively traded companies in Monday pre-market trading among those with market capitalizations under $750 million:

		Price at		%
		8:38 et	Change	Change	Volume	Year High	Year Low
SDTH	SHENGDA TECH INC	8.10	+0.60	+8.0%	54.4k	9.55	3.55
ASTI	ASCENT SOLAR TECHNOLOGIES IN	17.60	-1.05	-5.6%	17.6k	24.50	2.41
GPCB	GPC BIOTECH AG	5.14	-0.46	-8.2%	17.2k	37.79	4.25
VDSI	VASCO DATA SEC INTL INC	20.80	+1.16	+5.9%	17.0k	44.25	10.63
AKNS	AKEENA SOLAR INC DE	8.01	+0.01	+0.1%	5.8k	10.05	1.90
BLDP	BALLARD PWR SYS INC	5.54	+0.04	+0.7%	3.4k	8.02	4.16
SEED	ORIGIN AGRITECH LIMITED	6.58	-0.33	-4.8%	3.2k	15.12	6.54
PEIX	PACIFIC ETHANOL INC	7.10	+0.21	+3.0%	2.7k	19.80	6.85
IIJI	INTERNET INITIATIVE JAPAN IN	9.40	+0.65	+7.4%	2.5k	10.38	6.21
WVCM	WAVECOM S A	19.57	-0.16	-0.8%	2.3k	39.19	13.39

Ceragon Networks Ltd. (Nasdaq: CRNT), ABX Air, Inc. (Nasdaq: ABXA) and China Sunergy Co., Ltd. (Nasdaq: CSUN) are among the most actively traded companies in Thursday pre-market trading among those with market capitalizations under $750 million:

		Price at		%
		8:47 et	Change	Change	Volume	Year High	Year Low
CRNT	CERAGON NETWORKS LTD	13.60	-0.47	-3.3%	436.2k	21.89	4.97
ABXA	ABX AIR INC	5.96	+0.00	+0.0%	350.0k	8.56	5.35
CSUN	CHINA SUNERGY CO LTD	9.56	+0.68	+7.7%	100.0k	16.70	4.83
KNXA	KENEXA CORP	19.85	-7.99	-28.7%	95.7k	42.44	25.58
BLDP	BALLARD PWR SYS INC	5.70	+0.32	+5.9%	46.1k	8.02	4.16
DSTI	DAYSTAR TECHNOLOGIES INC	5.54	+0.35	+6.7%	35.2k	7.54	2.00
GRRF	CHINA GRENTECH CORP LTD	10.20	+0.84	+9.0%	25.6k	19.81	6.89
ASTI	ASCENT SOLAR TECHNOLOGIES IN	23.95	+2.27	+10.5%	23.6k	23.99	2.41
SRVY	GREENFIELD ONLINE INC	15.00	+1.67	+12.5%	19.6k	18.49	11.91
SCON	SUPERCONDUCTOR TECHNOLOGIES	10.73	+0.00	+0.0%	16.7k	13.77	1.38

The Russell 2000 (NYSE: IWM) and the other major U.S. indices are in negative territory as credit fears return to Wall Street. At 1:46 p.m. ET, the small-cap index had shed 9.67 points, or 1.21%, to 788.11. The Dow Jones Industrial Average (INDU) was down 108.44 points, or 0.80%, to 13,486.66.

Financial stocks are leading the way down after Citigroup Inc. (NYSE: C) announced before the start of trading that it expects additional losses of up to $11 billion after already suffering $6.5 billion in credit-related losses in the third quarter.

Analysts are estimating that the credit problems will negatively affect Citibank in the fourth-quarter and lead to a net loss.

The news brought out the bears and spooked investors, who were hoping that this summer’s credit problems were in the past, but recent events have revived the issue. Investors will also want to see if other banks and brokerages report additional losses.

Many financial institutions bought securities backed by subprime mortgages that have become worthless in the wake of the recession in the U.S. housing market and the wave of foreclosures by cash-strapped homeowners.

Small-cap stocks are also sagging this afternoon, with Sanders Morris Harris Group Inc. (Nasdaq: SMHG) down 2% while Stifel Financial Corp. (Nasdaq: SF) has dropped 6%.

Elsewhere, the price of oil has eased $0.36 to $95.57.

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

Biggest percentage gainers:

• Multi-Fineline Electronix Inc. (MFLX), up 29% on news of a higher fourth-quarter profit.
• Ballard Power Systems Inc. (BLDP), up 13% on news it is reviewing strategic options.
• Virco Manufacturing Corp. (VIRC), up 14%. A company representative could not be reached for comment.

Biggest percentage losers:

• Gevity HR Inc. (GVHR), down 32% on news of a lower third-quarter profit and a disappointing fourth-quarter guidance.
• Somaxon Pharmaceuticals Inc. (SOMX) down 21%. An investor relations representative could not be reached for comment.
• Glu Mobile Inc. (GLUU), still falling, down 17% after news on Friday of a disappointing fourth-quarter and 2008 guidance.

The Russell 2000 (NYSE: IWM) is down more than the other major U.S. indices as credit fears spread on Wall Street.

At 10:38 a.m. ET, the small-cap index had shed 6.28 points, or 0.79%, to 791.50. The Dow Jones Industrial Average (INDU) had lost 52.11 points, or 0.38%, to 13,542.99.

Citigroup Inc. (NYSE: C) announced this morning that it expects additional losses up to $11 billion after already suffering $6.5 billion in credit-related losses in the third quarter. The New York-based bank, the largest in the United States, also said that CEO Charles Prince has left. He is to be replaced by Robert Rubin, a former Treasury secretary and economic advisor to President Clinton.

Analysts are estimating that the credit problems will negatively affect Citi’s fourth-quarter results and are expecting to see a loss. The bank said that its write-offs may increase if markets worsen. It has $55 billion of securities backed by subprime mortgages in its pocket.

Investors had been hoping that this summer’s credit problems were in the past, but recent events put the issue on center stage.

In economic news, growth in the U.S. services industry slowed in October, according to the Institute for Supply Management. Its index of non- manufacturing businesses fell to 54 from 54.8 in September, the group said after the start of trading. The decline was expected by economists. A reading over 50 indicates growth.

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

Biggest percentage gainers:

• Multi-Fineline Electronix Inc. (MFLX), up 27% on news of a higher fourth-quarter profit.
• BioSphere Medical, Inc. (BSMD), up 20%. A company representative could not be reached for comment.
• Ballard Power Systems Inc. (BLDP), up 15% on news it is reviewing strategic options.

Biggest percentage losers:

• Gevity HR Inc. (GVHR), down 28% on news of a lower third-quarter profit and a disappointing fourth-quarter guidance.
• Orbotech Ltd. (ORBK), down 9% on news of a decline in third-quarter profit.
• T-3 Energy Services Inc. (TTES) down 9%. A company representative could not be reached for comment.

The Russell 2000 (NYSE: IWM) futures are lower and the small-cap index will open in negative territory on news of more credit fears.

Citigroup Inc. (NYSE: C) announced this morning that it expects additional losses of $8 billion to $11 billion after already suffering $6.5 billion in credit-related losses in the third quarter. The New York-based bank, the largest in the United States, also said that CEO Charles Prince has left. He is to be replaced by Robert Rubin, a former Treasury secretary and economic advisor to President Clinton.

Analysts are estimating that the credit problems will negatively affect Citi’s fourth-quarter results and are expecting to see a loss.

There will be little in the way of major economic news today, but a monthly national non-manufacturing index will be released at 10 a.m. ET, by the Institute for Supply Management. Economists are expecting to see a slowdown in growth.

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

Biggest percentage gainers:

• Multi-Fineline Electronix Inc. (MFLX), up 32% on news of a higher fourth-quarter profit.
• iRobot Corp. (IRBT), up 14% on news that a court has partially granted its
request for a preliminary injunction in a lawsuit against former employees.
• Ballard Power Systems Inc. (BLDP), up 12% on news it is reviewing strategic options.

Biggest percentage losers:

• Novacea Inc. (NOVC), down 60% on news its prostate cancer drug did not meet expectations.
• Orbotech Ltd. (ORBK), down 13% on news of a decline in third-quarter profit decline.
• Presstek Inc. (PRST) down 11%.

Even with fears of global warming and a worst-case-scenario of a shutdown of oil from the Middle East, it’s not easy being a green company.

The concept of non-polluting fuel cells powering our cars and trucks seemed too good to be true when it first exploded on the scene nearly two decades ago. Investors in one of the leading hydrogen-cell developers, Ballard Power Systems Inc. (Nasdaq: BLDP, TSX: BLD) might be left wondering if commercializing the technology is just a lot of hot air.

Ballard is a Canadian company that was a pioneer in fuel-cell research. Founded in 1979 to research and develop lithium batteries, it migrated to proton-exchange-membrane (PEM) fuel-cell products in the 1980s. With headquarters outside of Vancouver in Burnaby, B.C., it has another manufacturing facility in Lowell, Mass.

Fuel-cell technology seems like the modern-day successor to the medieval claims of alchemists that they could turn lead into gold. Combine hydrogen and oxygen, and presto-change-o, you have electricity flowing, with the only byproducts being water vapor and air. Ballard launched its first commercial fuel cell product, the Nexa power module, in 2001.

This is no wave of the magic wand; it works. But the reality is that you also have a lot of weight to tote around in the costly fuel-cell device. General Motors Corp. (NYSE: GM) invested heavily in fuel-cell technology, but its interest faded. At the time, automakers were bumping up the fuel efficiency of their gasoline and diesel engines, crude oil was cheap and plentiful, and few were heeding the cries of researchers about global warming and potential petroleum-product delivery bottlenecks.  

Now with the growing fears of global warming and $3 gasoline way too common, vehicle makers appear to be warming to fuel cells again, as well as using hydrogen as the fuel in internal-combustion engines. While hybrid technology combining an electric motor with a gasoline engine is the current rage, a fuel cell could take the place of that gasoline engine. Both Ford Motor Co. (NYSE: F) and DaimlerChrysler AG (NYSE: DCX) have invested in Ballard Power.
 
Already fuel cells are proving their viability in real-world situations. In January, DaimlerChrysler rolled out a Mercedes-Benz F-cell compact sedan powered by a stack of Ballard fuel cells as a supervisor’s response vehicle for the Sacramento, Calif., Metropolitan Fire District. Daimler has a fleet of fuel-cell vehicles deployed, mostly in Europe, including cars, medium-duty vans and buses.
 
In early June, Ford showcased one of its Edge crossovers, a fuel cell-electric hybrid with plug-in capabilities on a drive from Seattle to Ballard’s hometown of Burnaby. Last January in Washington, Ford unveiled the HySeries Drive Edge, which uses its lithium-ion battery’s stored electricity for the first 25 miles, after which the Ballard fuel cell kicks in for another 200 miles. Hydrogen refueling is needed after about 400 miles, with the potential of becoming an ideal zero-emissions commuter vehicle.  
 
Until fuel cells become feasible as a standalone power plant, this new type of hybrid could offer a solution in the face of rising gasoline prices. Mujeeb Ijaz, manager of Ford’s fuel-cell vehicle engineering program, told the Canadian press that a plug-in hybrid might be “the first commercially viable market, because it’s got the greatest pull from the customer’s point of view.”
 
And there sits Ballard out in western Canada, waiting to capitalize. Some alternative-energy analysts have estimated that it could take nearly another decade before fuel-cell vehicles reach the market. Ballard is not abandoning its vehicle fuel-cell development, but it is turning to other fields that might be able to put it to practical use faster.
 
At its May annual meeting, Ballard Chief Executive John Sheridan told shareholders that the non-automotive uses of its fuel cells could make the company profitable again after a string of hefty annual losses. Some shareholders bought Ballard at the height of the tech boom at more than $100; it’s currently trading around $5.
 
“Our path to profitability is non-automotive,” Sheridan said, noting that “we do not foresee early-stage commercialization of fuel-cell cars until 2014, 2015.”
 
While Sheridan did not divulge when the company expected to become profitable, some analysts are willing to give their best guesses. RBC Capital analyst Stuart Bush, who has an underperform rating on Ballard’s shares, said in an April note to investors that he doesn’t expect to see a profit until 2010.

Bush’s analysis came out after Ballard client General Hydrogen Corp. said it was delaying orders pending a possible acquisition by Plug Power Inc. (Nasdaq: PLUG). The $10 million acquisition went through, and Ballard signed a new two-year agreement with Plug Power to supply fuel-cell stacks for materials-handling applications. Plug Power also acquired another Ballard customer, Cellex Power Products, earlier this year. Terms of the new Plug Power deal weren’t disclosed, but Ballard was banking on $22 million flowing from its former General Hydrogen pact alone, before scaling back expectations.

Despite those setbacks, Ballard executives sounded fairly optimistic in reporting first-quarter results in April. For the three months ended March 31, the company pared its loss to $14.3 million from $17.2 million the year before. Revenue grew 44% to $13.6 million. In its 2007 outlook, Ballard is expecting revenue from continuing operations to increase 30% to a range of $55-$65 million, while it plans to slice its cash burn by 20% to $40-$50 million.

Ballard has some new contracts, including one from the U.S. Department of Defense, for $3 million to develop a materials-handling demonstration program. It’s also continuing as a player in Japan’s government-subsidized residential fuel-cell cogeneration program.

Perhaps it’ll take something more than Al Gore stumping for change and $3-a-gallon gasoline to spur fuel-cell development. Many analysts that cover alternative-energy companies rate Ballard at something equal to a hold, or perhaps a sector underperform. If it can turn the corner by becoming a force in materials handling or proving ways that fuel cells can be put to use, shares of green pioneer Ballard would undoubtedly climb out of their blue funk.