Tag - Ccrt

The days of easy credit are essentially over. The recession took a substantial toll on the financial services industry which remains at war with itself - and consumers are bearing the brunt of the liquidity loss.

As companies large and small struggle to redefine good business practices and figure out how to serve the customer without going broke, many consumers that had been previously spoiled by easy credit are now hurting. Many that didn't lose their jobs and homes during the recession are living paycheck to paycheck.

So investing in the financial services sector right now is sketchy at best - and downright insane in most cases.

Palm Inc. (Nasdaq:PALM), Healthways Inc. (Nasdaq:HWAY) and SYNNEX Corp. (Nasdaq:SNX) are among the biggest percentage gainers in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Friedman Industries Inc. (Nasdaq:FRD), AZZ Inc. (Nasdaq:AZZ), MAG Silver Corp. (Nasdaq:MVG), CompuCredit Corp. (Nasdaq:CCRT), Allscripts Misys Healthcare Solutions Inc. (Nasdaq:MDRX) and Lawson Software Inc. (Nasdaq:LWSN).

Here are Tuesday’s biggest percentage gainers and losers, along with top volume leaders, among companies with a market cap between $50 million and $1 billion:

Biggest percentage gainers:

• HireRight, Inc. (Nasdaq:HIRE), up 45.1% to $15.19 after the Irvine, Calif.-based company, which provides on-demand employment background and drug screening services, said this morning that it will merge with US Investigations Services.
• Cardica, Inc. (Nasdaq:CRDC), up 35.1% to $9.81 despite no announcements.
• Republic First Bancorp, Inc. (Nasdaq:FRBK), up 33.9% to $5.85 after the Philadelphia-based bank holding company said it sold $10.8 million in convertible trust preferred securities to an investor group.

Biggest percentage losers:

• CompuCredit Corp. (Nasdaq:CCRT), down 28.3% to $6.30 after the Atlanta-based company said it “expects” federal regulators to charge the financial services firm with deceptive marketing practices and abusive debt collection practices.
• CMGI, Inc. (Nasdaq:CMGI), down 24.7% to $11.30 after the provider of supply chain management services said late Monday that it plunged to a third-quarter loss of $2.6 million, or $0.05 per share, versus a profit of $9.4 million, or $0.19 per share, a year earlier. Quarterly revenue stumbled 15% to $239.2 million from $282.1 million during the year-earlier period. The Waltham, Mass.-based company also lowered its fiscal year guidance.
• Intervest Bancshares Corp. (Nasdaq:IBCA), down 22.4% to $6.00 despite no announcements.

Small-cap stocks edged lower Tuesday, pulled down by hawkish comments from the Federal Reserve that spurred concerns among investors that the next rate move might be a hike to protect against rising inflation expectations. The Russell 2000 (NYSE:IWM) lost 2.63, or 0.36%, to 732.62, the lowest daily close since May 23.

Last night, Fed Chairman Ben Bernanke said that the central bank will resist rising long-term inflation, and he intimated that the economy wasn’t too fragile to move price concerns to the forefront of policy decisions. The fear of higher rates amid a sluggish economic environment ignited a global rout on stocks and bonds coming into the U.S. trading session, and stoked stagflation fears this morning. Several other Fed officials and policy makers from around the world joined in on the anti-inflation talk, magnifying the seemingly new hard stance on price issues.

It’s quite possible that the Fed and other central bank officials around the globe are simply jawboning against inflation to see what kind of response they can illicit from the market. After all, Fed is historically loathe to raise interest rates when the unemployment rate is still rising, and it’s hard to forget the surprise 0.5% jump in unemployment to 5.5% in last Friday’s jobs data — the largest one-month percentage rise in unemployment in 22 years.

With bonds and stocks sinking this morning in the wake of Bernanke’s inflation saber-rattling, investors looked for a safe-haven within equities, and found it among Dow stocks with solid earnings. The result was that the Dow soundly outperformed the Russell 2000, and the spread between the two index products narrowed. The Russell 2000 has been charging against the Dow for the last two weeks, so a pullback in the spread is not surprising. The last time the Russell made a similar dramatic run against the Dow was in mid-March, when the market was attempting to forge a bottom.

The dollar was the direct immediate beneficiary of Bernanke’s remarks, shooting 1% against the yen to three-month highs, and gaining a whopping 200 basis points, or 1.3%, against the euro. The strong dollar helped spark a reversal slide in crude oil prices, which were up some $2 a barrel in the early going today, but shed . . .

Intervest Bancshares Corp (Nasdaq:IBCA), CompuCredit Corp (Nasdaq:CCRT) and FirstFed Financial Corp (Nasdaq:FED) are among the new 52-week lows in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Synchronoss Technologies Inc (Nasdaq:SNCR), Downey Financial Corp (Nasdaq:DSL), Amcore Financial Inc (Nasdaq:AMFI), Gaiam Inc (Nasdaq:GAIA), Rainier Pacific Financial Group (Nasdaq:RPFG) and General Finance Corp (Nasdaq:GFN).

Here are the new 52-week lows among small caps:

CompuCredit Corp (Nasdaq:CCRT), CMGI Inc (Nasdaq:CMGI) and Wireless Ronin Technologies Inc (Nasdaq:RNIN) are among the biggest percentage losers in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Synchronoss Technologies Inc (Nasdaq:SNCR), China Security & Surveillance Technology Inc (Nasdaq:CSR), Intervest Bancshares Corp (Nasdaq:IBCA), Palm Inc (Nasdaq:PALM), DrdGold Ltd(Nasdaq:DROOY) and SunLink Health Systems Inc (Nasdaq:SSY).

Here are the biggest percentage losers among small caps:

InterMune, Inc. (Nasdaq:ITMN), CompuCredit Corp. (Nasdaq:CCRT) and Macrovision Corp. (Nasdaq:MVSN) are among the most actively traded companies in Tuesday's pre-market trading among those with market capitalizations under $750 million.

The Pantry, Inc. (Nasdaq:PTRY), CollaGenex Pharmaceutical, Inc. (Nasdaq:CGPI) and Centennial Communications Corp. (Nasdaq:CYCL) are also among the most actively traded small-cap companies in pre-market trading.

Here are the most actively traded small-cap companies in Tuesday's pre-market trading:

The Russell 2000 (NYSE: IWM) went through the roof today as a late rally in financial shares lifted all the major U.S. indices. The small-cap index advanced 21.86 points, or 3.26%, to 693.43. The Dow Jones Industrial Average (INDU) gained 298.98 points, or 2.50%, to 12,270.17.

On a year-to-date basis, the Russell 2000 has lost 9.48%, while the Dow has let go 7.50% and the S&P 500 is missing 8.84%.

Small-cap stocks outpaced their larger brothers today as speculation of more rate cuts fueled the late-session rally.

February fed funds futures overwhelmingly suggest that the U.S. Federal Reserve will vote to lower its target for the federal funds 0.75% during its two-day meeting starting Jan. 29. A reduction of at least 0.50% is seen as a sure bet.

On Tuesday, the Fed lowered the federal funds rate, the rate at which commercial banks make overnight loans to each other, to 3.50% from 4.25%.

Shares representing the financial sector were invigorated and freed themselves of the bears’ grasp. Among the few exceptions was consumer financial services provider First Cash Financial Services, Inc. (Nasdaq: FCFS), which issued a 2008 earnings guidance below analysts’ projections.

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


• CompuCredit Corp. (CCRT), up 29%.
• Buckeye Technologies Inc. (BKI), up 24% on news it will lay off between 20 and 25 employees at a production facility in Canada. That’s up to 16.6% of the plant’s workforce.
• Stanley Furniture Co. (STLY), up 22%.


• Human Genome Sciences, Inc. (HGSI), down 44% on news of serious side effects from a study of a hepatitis C drug. Shares have been downgraded by analyst.
• First Cash Financial Services, Inc. (FCFS), down 35% on news it has lowered its full-year earnings forecast.
• The PMI Group, Inc. (PMI), down 15%.

The Russell 2000 (NYSE: IWM) posted solid gains as a rollercoaster day of trading ended with a sudden late rally. The small-cap index added 4.94 points, or 0.64%, to 780.90. The Dow Jones Industrial Average (INDU) lost 33.73 points, or 0.25%, to 13,266.29.

On a year-to-date basis, the Russell 2000 has lost 0.83%, while the Dow has advanced 6.35% and the S&P 500 has added 4.11%.

Futures were pointing up and stocks opened in positive territory following news that automaker Ford Motor Co. (NYSE: F) expects to break even in 2007 following a narrower third-quarter loss. The company beat Wall Street’s expectations by posting a loss of $380 million, compared with a loss of $5.2 billion a year earlier.

Helping the bulls in the early minutes of trading was news that British mining company Rio Tinto turned down a buyout offer from Australia’s BHP Billiton Ltd. The rejection led to speculation of more possible mergers and acquisition activity.

There was negative news as well, coming in the form of a second consecutive month of weak sales by U.S. retailers. Many retailers blamed their lackluster performance in October on warm weather, which is hurting sales of cold-weather items, and the higher price of gasoline, which is taking money out of consumers’ wallets.
Stocks bounced around in the morning, with the Russell 2000 generally staying in the green while the Dow was mostly in the red.

But the bears took over after 11 a.m. ET, when U.S. Federal Reserve Chairman Ben Bernanke predicted that U.S. economic growth will slow in the fourth quarter.

The Russell 2000 (NYSE: IWM) posted a major loss today following news of a record loss at automaker General Motors and more credit fears. The small-cap index fell 25.81 points, or 3.22%, to 775.96. The Dow Jones Industrial Average (INDU) was down 360.92 points, or 2.64%, to 13,300.02.

On a year-to-date basis, the Russell 2000 has fallen 1.46%, while the Dow has added 6.62% and the S&P 500 has gained 4.17%.

The bearish tone was set before the start of trading, when General Motors Corp. (NYSE: GM) announced a stunning third-quarter net loss of $39 billion, or $68.85 per share, compared with a loss of $147 million, or $0.26 per share a year earlier. The Detroit-based automaker explained that its record loss was due to a one-time charge against deferred tax assets.

The small-cap futures were pointing down, and the Russell 2000 and the other major U.S. indices began the day in negative territory, with the sell-off picking up steam during the session.

Investors largely disregarded positive economic news, which came in the form of a surprise jump in productivity. The U.S. Labor Department announced that third-quarter productivity increased 4.9%, the fastest rate of growth in the last four years. Economists were expecting an increase of 2.5% following a downwardly revised rise of 2.2% in the second quarter.

The same report showed that unit labor costs, which are a key measure of inflation, declined 0.2% in the second quarter. That also defied economists, who were forecasting a rise of 0.8%.

Overall, manufacturing activity increased 4.6% in the third quarter, compared with a growth of 2.4% in the second quarter. Manufacturing is about 15% of the U.S. economy.

But Wall Street did not seem impressed.

Momenta Pharmaceuticals, Inc. (Nasdaq: MNTA), Albany Molecular Research, Inc. (Nasdaq: AMRI) and Jaclyn, Inc. (AMEX: JLN)  are among the biggest percentage losers in Tuesday's trading among companies with market capitalizations under $500 million.

Here are today's biggest percentage losers: