Tag - Cbk

Christopher & Banks Corp. (Nasdaq:CBK), LSB Financial Corp. (Nasdaq:LSBI), MGIC INvetment Corp. (Nasdaq:MTG), and Hong Kong Highpower Technology (Nasdaq:HPJ) Lead Small-Cap Percentage Gainers are among the biggest percentage gainers in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Omega Flex Inc. (Nasdaq:OFLX), Herley Industries Inc. (Nasdaq:HRLY), BMP Sunstone Corp. (Nasdaq:BJGP), Atlas Aquisition Holdings Corp. (Nasdaq:AXG.U), and IXYS Corp. (Nasdaq:IXYS).

Tween Brands Inc. (Nasdaq:TWB), Dollar Thrifty Automotive Group Inc. (Nasdaq:DTG) and Isramco Inc. (Nasdaq:ISRL) are among the biggest percentage gainers in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Syms Corp. (Nasdaq:SYMS), Elizabeth Arden Inc. (Nasdaq:RDEN), CPI International Inc. (Nasdaq:CPII), Herman Miller Inc. (Nasdaq:MLHR), Ener1 Inc. (Nasdaq:HEV) and Christopher & Banks Corp. (Nasdaq:CBK).

Small-cap stocks remained higher into midday trading, surviving a choppy response to economic data this morning that served up better-than-expected numbers on services sector activity, but slumping factory orders and sinking pending home sales. The market now can calm for a an hour or so, waiting for the FOMC minutes, which will be released at 2:00 p.m. ET. At 12:26 a.m. ET, the Russell 2000 (NYSE:IWM) was up 6.15, or 1.2% at 511.18, outpacing more modest gains in the Dow and S&P 500.

Homebuilder, energy and retailer stocks were solid performers so far today, and surprisingly, airline stocks were doing well despite a rise to five-week highs in crude oil prices. Energy futures did peel back off the morning peak, which may have served up a little relief for companies with large exposure to energy price risk. There was also some thinking that when crude oil seemingly failed above $50 dollars today that was a positive signal that even the geopolitical tension in Israel and the gas dispute in Russia weren’t enough to stoke a major explosion right now.

Looking at sector activity so far today, the best performers were health care facilities, industrial real estate investment trusts, metal and mining stocks, internet retailers, semiconductors, life insurers, coal and automobile manufacturers. Speaking of ...

It’s been a volatile morning for small caps and the roller coaster ride continues mid-session, as crude surges and investors grapple with conflicting economic reports and question consumer resilience.

On the heels of Thursday’s violent sell off, at 12:46 p.m. ET, the Russell 2000 (NYSE:IWM) has slipped 2.98, or 0.43%, at 695.44., while the Dow is off 77.19, 0.67%, to 11,376.23.

After gushing to a new record high of more than $142 a barrel in pre-market trading, crude oil has deflated somewhat, but still remains in the green mid-session. Today’s assent comes after crude surged nearly 4% on Thursday, as investors found comfort in commodities and away from free-falling equities. The dollar is mixed against the yen and the euro, while gold has climbed $13 midday.

In economic news, consumer confidence fell to a 28-year low, adding to the bleak sentiment on Wall Street. The Michigan sentiment survey slipped to 56.4, slightly below the forecast of 57, as consumers continue to feel discouraged by rising oil and food prices and job losses. The report also said that the velocity of consumer spending is expected to decline through the beginning of 2009.

On a brighter note, the Commerce Department reported this morning that personal income jumped 1.9%, substantially above the projected rise of 0.4%; while spending rose 0.8% in May, also above the forecasted increase of 0.7%. However, when discounting the impact of government issued tax stimulus checks; real income was up only 0.4%.

“Real consumer spending jumped in May, boosted by the tax stimulus checks,” Steven Wood, chief economist with Insight Economics, said in an email. “This will allow consumer spending to rebound and keep Q2 growth positive (albeit weak). After the rebate checks are spent, ongoing job losses will weaken income growth, slow consumer spending and dampen economic growth during the second half of the year. Eventually, weak economic growth will dampen inflation — at least that’s . . .

SunOpta Inc. (Nasdaq:STKL), Horizon Financial Corp. (Nasdaq:HRZB) and Christopher & Banks Corp. (NYSE:CBK)  are among the biggest percentage losers in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Steelcase Inc. (NYSE:SCS), O2Micro International Ltd. (Nasdaq:OIIM), LanOptics Ltd. (Nasdaq:EZCH), FirstFed Financial Corp. (NYSE:FED) and Ambac Financial Group Inc. (NYSE:AKT).

Here are the biggest percentage losers among small caps:

Christopher & Banks Corporation (NYSE:CBK) hit a 52-week low at $7.12 Friday after the company reported late Thursday lower quarterly earnings for the quarter ended in May. The Plymouth, Minn.-based women’s apparel retailer had first quarter net income of $11.27 million versus $11.68 million for the same quarter a year ago. Earnings per share remained unchanged at $0.32. Christopher & Banks said it expects earnings per share to be flat to $0.03 in the next quarter. Wall Street forecasts a net income of $0.11 per share for the second quarter. The stock was down 14% in midday trading Friday.

The Russell 2000 (NYSE:IWM) jumped as investors reacted to news of a tech sector upgrade and a bullish earnings forecast from Wal-Mart Stores, Inc. (NYSE:WMT). The small-cap index rose 9.04 points, or 1.29%, to 707.42, snapping a three-day losing streak. The Dow Jones Industrial Average added 54.72 points, or 0.44%, to 12,581.98.

On a year-to-date basis, the Russell 2000 has let go 7.65%, while the Dow has declined 5.15% and the S&P 500 is missing 7.34%.

Small-cap stocks began the session with a brief dip into the red but quickly recovered as investors digested news before the opening that Wal-Mart raised its earnings estimate for the first quarter of fiscal 2009, partially due to strong sales of electronics.

The index moved into positive territory shortly before 10 a.m. ET and maintained those gains until the closing, reaching a session high of 710 just before 2 p.m. ET.

Also helping the bulls establish their dominance was news before the start of trading that the semiconductor sector has been upgraded by Banc of America Securities. The sector includes small-caps EMCORE Corp. (Nasdaq:EMKR) and San Jose, Calif.-based . . .

Apogee Enterprises, Inc. (Nasdaq:APOG), Jos. A. Bank Clothiers, Inc. (Nasdaq:JOSB) and Reis, Inc. (Nasdaq:REIS) are among the biggest percentage gainers in Thursday's trading among companies with market capitalizations under $750 million.

Christopher & Banks Corp. (NYSE:CBK), Community Central Bank Corp. (Nasdaq:CCBD) and Carolina Trust Bank (Nasdaq:CART) are also among the top small-cap percentage gainers.

Here are Thursday's biggest percentage gainers among small caps:

Shares of Christopher & Banks Corp. (NYSE:CBK) are jumping after the women’s clothing retailer issued first-quarter earnings guidance after Wednesday’s close inline with the consensus on Wall Street. The Minneapolis, Minn.-based small cap noted that its guidance is based on “encouraging” first-quarter sales results and the assumption of flat same-store sales for the quarter.

Shares gained 15%, or $1.46, to $11.30 at 10:38 a.m. ET. For detailed price information and recent news stories about Christopher & Banks, click CBK.

The Russell 2000 (NYSE: IWM) has held on to its gains despite more bad economic news. At 3:15 p.m. ET, the small-cap index had advanced 6.54 points, or 0.93%, to 708.88. The Dow Jones Industrial Average (INDU) was up 93.62 points, or 0.76%, to 12,430.84.

Small-cap stocks are posting a modest rise as a rebound that began halfway through the session is apparently undeterred by news of a bearish economic forecast by the U.S. Federal Reserve.

At 2 p.m. ET, the central bank released the minutes from its regular policy meeting held on Jan. 29 and Jan. 30. The Fed lowered its estimate for economic growth for 2008 and added that it expects a rise in inflation and unemployment.

The jobless rate is projected at between 5.2% and 5.3%, up from the current level of 5%.

The Fed’s rate cut has certainly lifted the retail sector to the best performing of the day; however, Lazard Capital says the fundamentals for the sector still look bleak.

Lazard Analyst Todd Slater says his research suggests the month of January saw store traffic and sales trends below reduced expectations.  

“Outside of hot-trending Ugg footwear and American Apparel basics, there’s not much percolating on the fashion horizon,” Slater wrote in a research note today. “While most retailers are becoming disciplined inventory managers, many are still struggling to liquidate holiday product, and markdowns remain higher than year-ago levels.”

Slater says the best defensive plans “may prove futile. Although January is typically a clearance-driven month, promotional cadence is noticeably higher than last year,” Slater wrote. 

Among the small cap retailers leading the rally today are Bon-Ton Stores Inc. (Nasdaq: BONT), Christopher & Banks Corp. (NYSE: CBK), Shoe Carnival Inc. (Nasdaq: CVL) and Talbots Inc. (NYSE: TLB).

Christopher & Banks Corp. (NYSE: CBK) reported fiscal December sales declined 1% for the four-week period ended Dec. 29, 2007.

Total sales for the month of December did edge up to $61.8 million from $60 million in the same period last year.

As of Dec. 29, 2007, the retailer operated 841 stores, compared with 779 stores as in December of 2006.

Shares of Christopher & Banks (CBK) were halted in pre-market trading. 

The Russell 2000 (NYSE: IWM) slipped into the red as gains that started off the day on news of possible asset sales by big banks were overshadowed by weak new home sales data. After trading above 782, the small-cap index dropped 1.80 points, or 0.23%, to 771.71. The Dow Jones Industrial Average (INDU) gained 5.69 points, or 0.04%, to 13,365.54.

On a year-to-date basis, the Russell 2000 is off 1.995%, while the Dow is up 7.15% and the S&P 500 has risen 4.37%.

The Commerce Department reported shortly after the start of trading this morning that sales of new U.S. homes plummeted by a more-than-expected 9% to a seasonally adjusted annual rate of 647,000, a 12-year low. Economists were expecting that new home sales would fall to 715,000 from 728,000 in October.

On account of the bleak housing data, treasuries climbed to their highest in two weeks, nearing the best year since 2002. In contrast, the dollar slipped versus the euro for the sixth day, the longest descent since October.

Among the major positive news of the day, Citigroup Inc. (NYSE: C) and HSBC Holdings are among U.S. and European banks that are considering major asset sales, The Wall Street Journal reported this morning. Citigroup could sell an 80%-held student loan, its North American auto-lending unit, its 24% stake in Brazil credit-card operation Redecard and the bank's Japanese consumer finance business. HSBC might liquidate its auto-finance business.

Adding to the sanguine news, the Chicago arm of the National Association of Purchasing Managers reported that business activity in the Chicago area expanded in December, topping expectations.

The index jumped to 56.6, compared with 52.9 in November. Analysts were predicting an index of 52. Readings above 50 signify economic expansion.

Christopher & Banks Corp. (NYSE: CBK) reported third-quarter earnings beat the Street by a penny; however, the company warned of a tough December and issued fourth quarter and fiscal year guidance below analysts’ projections.

For the three months ended Dec. 1, the women’s retailer recorded net income of $10.2 million, or $0.29 per diluted share, a penny above the Thomson Financial mean estimate of $0.28 per share. For the third quarter last year, the small cap earned $9.2 million, or $0.24 per diluted share.

Total sales were $160 million, compared with $139.3 million for the same quarter last year. Analysts expected revenue of $160.7 million.

Same-store sales for the thirteen-week period ended Dec. 1, 2007 increased 9% over the comparable period of 2006.

While the third quarter clocked in robust, the retailer warned fourth quarter and fiscal year earnings would be weaker in light of softer December sales, as a promotional retail environment, challenging macroeconomic conditions and snow and ice storms in several geographic regions struck the company.

As a result, the company currently anticipates fourth-quarter earnings per diluted share to be in the range of $0.02 to $0.05, below the $0.07 10 analysts polled by Thomson Financial were on average anticipating. This compares to fourth quarter of fiscal 2007 earnings per diluted share of $0.05.

The Russell 2000 (NYSE: IWM) is gaining ground on the second-to-last trading day of the year amid news of possible asset sales by big banks. However, gains are being tempered by news of new home sales in the U.S., which fell more than expected during November. After trading above 782, the Russell dipped to 776 almost immediately after the housing data was released.

The Commerce Department reported that sales of new U.S. homes fell by 9% in November to a seasonally adjusted annual rate of 647,000. Economists were expecting that new home sales would fall to 715,000 from 728,000 in October.

At 11:27 a.m. ET, the small-cap index was up 4.92 points, or 0.64%, to 778.43. The Dow Jones Industrial Average (INDU) was up 26.98 points, or 0.2%, to 13,386.59.

Citigroup Inc. (NYSE: C) and HSBC Holdings are among U.S. and European banks that are considering major asset sales, The Wall Street Journal is reporting this morning. Citigroup could sell an 80%-held student loan, its North American auto-lending unit, its 24% stake in Brazil credit-card operation Redecard and the bank's Japanese consumer finance business. HSBC might liquidate its auto-finance business.

In other economic news, the Chicago arm of the National Association of Purchasing Managers reported that business activity in the Chicago area expanded in December, which topped expectations

Shares of Christopher & Banks Corp. (NYSE: CBK) are treading higher today after the retailer reported a 22% increase in October sales and raised its third-quarter earnings guidance.

For the five-week period ended Nov. 3, same-store sales were $66.4 million compared with $53 million for October 2006 on account of positive results of the company’s friends and family promotion. Additionally, October merchandise margins were in line with last year’s levels.

Christopher & Banks also raised its third-quarter earnings guidance. The small cap said it now expects earnings per share in the range of $0.26 to $0.28, compared with the company’s previous guidance range of $0.22 to $0.24 per share. Nine analysts surveyed by Thomson are on average estimating EPS of $0.22. For the third quarter of 2006, the company booked earnings per share of $0.24. The company noted that the updated guidance reflects expectations for a low to mid-single digit same-store sales increase in November same-store sales.

For the full year, Christopher & Banks estimates earnings per share to be in the range of $0.74 to $0.78, compared with $0.89 per share earned in 2006. Ten analysts surveyed by Thomson are on average forecasting EPS of $0.72 for the full year.

Shares of Christopher & Banks (CBK) popped 8.8%, or $1.25, to $15.45 in pre-market trading. Shares of Christopher & Banks have been trading in the range of $11.35 to $23.06 for the past 52 weeks.

Christopher & Banks Corp. (NYSE: CBK), Servidyne, Inc. (Nasdaq: SERV) and Glen Burnie Bancorp (Nasdaq: GLBZ) are among the biggest percentage losers in Friday's trading among companies with market capitalizations under $500 million.

Here are today's biggest percentage gainers:

Shares of Christopher & Banks Corp. (NYSE: CBK) fell 10.16% or $1.81 to $16.00 in after-hours trading Thursday after the specialty retailer of women’s clothing reported a drop in net income for the first quarter.

For the three months ended June 2, 2007, the Minneapolis-based company recorded net income of $11.7 million, or $0.32 per diluted share, compared with $14.6 million, or $0.39 per diluted share, for the first quarter last year. Same-store sales for the thirteen-week period ended June 2, 2007, declined 4% compared with the thirteen-week period ended June 3, 2006.

“We have taken steps to better align our fall assortment with our customers’ fashion needs,” said Christopher & Banks CEO Matt Dillon. “Our merchandise deliveries for the second half of the year are anticipated to be lower than last year on a per store basis. We believe lower per store receipts combined with continued merchandise improvements will allow us to deliver stronger performance in the second half of the year as compared to last year.”

As of June 2, 2007, Christopher & Banks opened 25 new stores and closed two stores in the first quarter, bringing the total number of stores to 801, compared with 739 at the end of the first quarter last year. 

Total sales for the first quarter were $149.4 million, compared with $142.5 million for the first quarter of 2006. Christopher & Banks experienced a 26% year-over-year increase in inventory on a per-store basis at the end of the first quarter, compared with the same quarter last year. Company officials said that approximately half of this increase was due to a larger combined balance of early June receipts and in-transit inventory.

The following small-cap companies are among the newsmakers in after-hours trading Wednesday: