Tag - Cmco

The Russell 2000 (NYSE:IWM) continued to alternate between up and down days, with today being a designated “down” day to the tune of -3.05%. Some of today’s small-cap gainers were Interwoven, Inc. (Nasdaq:IWOV), Brinker International (NYSE:EAT) and Columbus McKinnon (Nasdaq:CMCO).

Other Market Watch highlights today included:

• Housing starts came in at the worst reading in history, sinking 15.5% in December to a unit rate of 550,000.
• The weekly claims report came in at 589,000 which was above the forecast of 553,000.
• The 4-week moving average for claims was at 519,250, up from 518,000 the previous week; the number of people filing for continuing claims was at 4.6M, up from 4.51M the previous week.
• The MBA Mortgage Application Index fell 9.8% this week, but it is still up 21.8% over year-ago levels. 
• Crude oil prices tumbled into the stock market opening, clearly rattled by the weak economic data and sloppy profit report from Microsoft.
• Losses in small caps were much deeper than for the big names, which reflects a “big is safer” mentality in play right now for investors. 
• Financial and energy shares were the primary sources of weakness today for stocks, while defensive plays like drug stocks lagged the overall market decline.
• Energy shares fell about 2.7% on the day, while the roller coaster world of bank stocks was down 5.9%.

Small Cap Gainers:

• Autonomy Corporation announced an agreement to acquire Interwoven, Inc.; IWOV shares closed 33% higher. See (Nasdaq:IWOV).
• Brinker International Inc. soared 32% after topping the profit forecast . . .

Columbus McKinnon Corp. (Nasdaq: CMCO) shares are up after the crane and forklift maker reported higher second-quarter profits. Before the opening, the Amherst, N.Y.-based firm recorded net income of $9.5 million, or $0.49 per share, above analyst estimates of $0.47 per share and compared with $8.3 million, or $0.44 per share, a year earlier.

The firm’s quarterly revenue increased to $151.4 million, above Wall Street projections of $148.7 million and from $144.2 million a year earlier.

“Strong performance from CMCO Europe along with solid growth in domestic hoist, crane and chain sales continues to drive our growth in fiscal 2008,” CEO Timothy Tevens said in a statement. “We are generating significant levels of cash from operations, enabling continued debt reduction which, along with sales growth and favorable operating leverage, is further enhancing Columbus McKinnon's profitability.”

The firm said it has reduced its debt by almost $23 million in the first six months of the fiscal year.

Shares of CMCO closed at $30.20. Over the last 52 weeks, shares have ranged from $20.30 to $34.20.

The Russell 2000 (NYSE: IWM) has trimmed its earlier gains and slipped into the red in midday trading, while the Dow Jones Industrial Average (INDU) is holding on to slim gains. At 1:44 p.m. ET, the small-cap index had shed 0.45 points, or 0.06%, to 809.63. The Dow had risen 43.82 points, or 0.32%, to 13,610.79.

Stocks have lost their momentum this afternoon, which came following news of strong third-quarter earnings.

Apple Inc. (Nasdaq: AAPL) set the bullish tone after the close on Monday when it reported a 67% increase in third-quarter revenue, partially driven by strong demand for Macintosh computers.

Also contributing were credit card issuer American Express Co. (NYSE: AXP), which reported before the opening that third-quarter profit rose 10%, and telecommunications giant AT&T Inc. (NYSE: T), which announced that its third-quarter net income increased 41% due to its acquisition of BellSouth Corp.

Futures were pointing north and all indices opened in positive territory. But the enthusiasm from the morning’s earnings reports started to wane around noon, with the bears gaining strength after retailer Target Corp. (NYSE: TGT) lowered its same-store sales forecast for October and Wal-Mart Stores Inc. (NYSE: WMT) said that it now plans less capital expenditures in fiscal 2007 compared with a previous forecast made in June.

Waste Industries USA, Inc. (Nasdaq: WWIN), Columbus McKinnon Corp. (Nasdaq: CMCO) and EDAC Technologies Corp. (Nasdaq: EDAC) are among the biggest percentage gainers in Tuesday's trading among companies with market capitalizations under $750 million.

Here are today's biggest percentage gainers: