Tag - Crai

Exactech Inc. (Nasdaq:EXAC), ManTech International Corp. (Nasdaq:MANT) and CRA International Inc. (Nasdaq:CRAI) are among the new 52-week lows in Thursday's trading among companies with market capitalizations under $1 billion.

CRA International Inc. (Nasdaq:CRAI), Big 5 Sporting Goods Corp. (Nasdaq:BGFV) and UAL Corp. (Nasdaq:UAUA) are among the biggest percentage losers in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Pacific Capital Bancorp (Nasdaq:PCBC), FGX International Holdings Ltd. (Nasdaq:FGXI), Graco Inc. (Nasdaq:GGG), Enterprise Financial Services Corp. (Nasdaq:EFSC), Yadkin Valley Financial Corp. (Nasdaq:YAVY) and Pharmasset Inc. (Nasdaq:VRUS).

Small-cap stocks pushed higher Thursday, bolstered by reports that the $700-billion financial market rescue plan appears ready for approval through government channels. Optimism that quick passage of a rescue deal could free up clogged credit lines and spur economic recovery helped investors look right past a spate of dreadful economic reports that came out today. The Russell 2000 (NYSE:IWM) closed up 7.97, or 1.14%, at 705.74. The Russell is now down 7.8% for the year, compared with a loss of 16.9% for the Dow and 17.6% for the S&P 500.

Right now, the market appears to be of a one-track mind, with the immediate hopes rising and falling with the momentum of the Paulson Plan. This afternoon, key Senators said that the plan was progressing nicely, with Senator Chris Dodd, who is chairman of the Senate Banking Committee, saying that a “fundamental agreement” was in place. Meanwhile, Bob Bennett, a Republican senator from Utah, said “I expect we will have a plan that can pass the House, pass the Senate, be signed by the President and bring a sense of certainty to this crisis that is still roiling in the market.”

“Certainty” or the lack thereof clearly is the key. When it appeared Wednesday that political wrangling in an election year over rescue plan details could stall progress on a quick passage, the market made no bones about recoiling from those concerns. Conversely, when the stock market rallied today on hopes the bill could fly through the lawmaking process, investors made another statement by buying up stocks even in the face of slumping economic reports.

Speaking of those economic numbers, the market received bearish data on durable goods, a bearish surprise on weekly claims and yet another bearish report on new home sales. Usually, two out of three would be really bad for this trio, but with all the attention focused on the rescue plan, the market skated right by this terrible trifecta seemingly without worry. For the record, durable goods came in at minus 4.5%, well below the forecast for a dip of 1.9% (and last month was revised downward as well). Meanwhile, weekly unemployment claims shot to 493,000, compared with the consensus forecast of 450,000. Even if the report was “goosed” by . . .

Shares of CRA International, Inc. (Nasdaq: CRAI) are crumbling after the provider of economic and management consulting services reported fiscal third quarter results this morning that declined from the year-ago quarter. Net income was practically halved from the year-ago quarter, while revenues also fell short of the consensus view on Wall Street, as the company grappled with the reduction of exiting certain lines of business in Australia and New Zealand totaling approximately $4.6 million.

Shares tumbled 27%, or $10.06, to $27.50 midday. For detailed price information and news stories on CRA International, click CRAI.

Ameron International Corp. (Nasdaq:AMN), CRA International Inc. (Nasdaq:CRAI) and California First National Bancorp (Nasdaq:CFNB) are among the biggest percentage losers in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Chemgenex Pharm Depository Receipt (Nasdaq:CXSP), H&E Equipment Services Inc. (Nasdaq:HEES), C&F  Financial Corp. (Nasdaq:CFFI), LSB Corp. (Nasdaq:LSBX), AZZ Inc. (Nasdaq:AZZ) and Tortoise Energy Infrastructure Corp. (Nasdaq:TYG).

Here are the biggest percentage losers among small caps:

The following small-cap companies (market capitalizations or values under $750 million) are broadcasting events on Thursday, March 20.

Here are the companies ordered chronologically (all times ET):

The Russell 2000 (NYSE: IWM) closed with a steep loss as recession fears spread on Wall Street. The small-cap index fell 16.14 points, or 2.45%, to 643.97. The Dow Jones Industrial Average (INDU) lost 153.54 points, or 1.29%, to 11,740.15.

On a year-to-date basis, the Russell 2000 has declined 15.93%, while the Dow is down 11.50% and the S&P 500 has shed 13.28%.

The bears dominated the session today as the specter of recession loomed in the background. Friday’s disappointing jobs report, which showed that payrolls plunged 63,000 in February, led many economists to conclude that the U.S. economy is either in or will soon be in a recession.

A report by investment bank The Goldman Sachs Group, Inc. (NYSE: GS) released before the start of trading forecasts that the U.S. Federal Reserve will respond by lowering its target federal funds rate to 2% by late April to give the economy a boost.

The federal funds rate, the rate commercial banks charge each other for overnight loans, currently stands at 3%.

The Russell 2000 was on a steady decline from the start of trading, slowly sliding lower throughout the course of the day. Today’s declines were led by shares of steel companies and shares of companies in the financial services industry.

The Russell 2000 (NYSE: IWM) began the session in the red amid speculation of future interest rate cuts.

At 10:03 a.m. ET, the small-cap index was down 1.16 points, or 0.18%, to 658.95. The Dow Jones Industrial Average (INDU) had declined 2.85 points, or 0.02%, to 11,890.84.

The U.S. Federal Reserve will drop its target federal funds rate to 2% by late April, according to a report by investment bank The Goldman Sachs Group, Inc. (NYSE: GS) before the start of trading.

An analyst with the New York-based company thinks the Fed will lower its target interest rate 0.5% during its next two regularly scheduled meetings, the first of which is on March 18. However, the report claims that an emergency rate cut as early as Monday can’t be ruled out.

The federal funds rate, the rate commercial banks charge each other for overnight loans, currently stands at 3%.

The Russell 2000 (NYSE: IWM) futures have moved up and the small-cap index will likely open higher.

Stocks are set for a modest rebound following a decline on Friday due to news of a disappointing February jobs report. With no major news on the economic calendar today, investors will be focusing their attention elsewhere.

The Russell 2000 was able to fight off the sloppy employment report and held just above the previous January lows on Friday, closing down 2.66, or 0.40% at 660.11. Still, it marked the lowest close on weekly charts since October 2005, and sets up that 650 area as vital support into this week’s action.

The Wholesale Trade data this morning at 10:00 a.m. ET is usually a yawner for traders, and shouldn’t be of much concern for stocks. In fact, the outside risk from economic reports won’t really kick into high gear until we get to Thursday’s Retail Sales release. Look for resistance on a bounce this morning at 666, 674 and 680. Meanwhile, support is at 654 and then at 650. A breach of the latter opens the door to a support vacuum as the market would be at long-term lows.

CRA International, Inc. (Nasdaq: CRAI), a provider of economic, financial, and management consulting services, this morning reported fiscal third quarter earnings below the consensus on Wall Street.

For the third quarter ended Aug. 31, 2007, the Boston, Mass.-based firm recorded net income of $8.6 million, or $0.72 per diluted share, compared with net income of $8.7 million, or $0.71 per diluted share, in the third quarter of fiscal 2006. Four analysts polled by Thomson Financial were expecting earnings of $0.80 per share on average.

CRA booked revenue of $124.3 million, a 16.2% increase over last year’s revenue of $107.0 million. Two analysts polled by Thomson Financial were anticipating revenues of $117.21 million.

The small cap attributed the increase in revenue to significant contributions in several of its U.S.-led practice areas including Competition, Transfer Pricing and Finance, noting  that the “the growth was almost entirely organic.”

CRA also provided guidance for the fourth quarter of fiscal 2007. The company said it expects revenue growth in the range of 10% to 12% for the year. On the earnings front, the firm’s previous guidance previously called for annual net income growth in the mid to high teens percent range, and an EPS growth rate in the range of 12% to 18% over fiscal 2006. CRA said it expects to be at the low end of that range for net income growth and the middle part of the range for EPS growth. Two analysts polled by Thomson Financial are on average forecasting EPS of $2.62 on revenues of $385.58 million for the fiscal year.

Shares of CRAI were halted in pre-market trading.

The Russell 2000 index is leading the rally on Wall Street on news that core May U.S. inflation came in below expectations. At 11:40 a.m. ET the Russell 2000 had gained 5.14 points, or 0.62%, to 837.68. The Dow Jones Industrial Average was up 60.97 points, or 0.45%, to 13,543.32.

Shares of Boston-based CRA International, Inc. (Nasdaq: CRAI) are trading slightly higher on news the consulting company has authorized a stock repurchase program of up to 1.5 million shares of its common stock. The repurchase will be financed with available cash, CRA International announced after Thursday’s close. “CRA currently has in excess of $110 million in cash on hand and an available line of credit of nearly $90 million,” President and CEO James Burrows said.

The Russell 2000 index is leading the bull market this morning, following news of solid U.S. job growth. At 11:25 a.m. ET the Russell 2000 had added 5.92 points, or 0.70%, to 853.10, above Thursday’s record close. The Dow Jones Industrial Average was up 25.27 points, or 0.19%, to 13,652.91.

Shares of Everlast Worldwide Inc. (Nasdaq: EVST) are higher following news the maker of sporting goods equipment will be acquired by private investor The Hidary Group for $26.50 per share in cash, a 14.5% premium over its closing price on Thursday.

Labopharm Inc. (Nasdaq: DDSS) said it received a second approvable letter from the U.S. Food and Drug Administration, which said the company has not shown the efficacy of its once-a-day formulation for tramadol. Tramadol is an analgesic for the treatment of moderate to severe pain. The FDA letter said the statistical methods used by Labopharm in clinical trials did not sufficiently address missing data about subjects who dropped out. Labopharm, based in Laval, Canada, said it seeks to talk with the FDA as soon as possible to find out the best way to address the issue and to move forward toward final approval. Shares of Labopharm were down $3.01, or 48%, to $3.30 in after-hours trading.

Other small caps making news in after-hours trading:

CRA International (Nasdaq: CRAI), a management consulting company, said results for the second quarter ended May 11 would be below expectations, and it lowered guidance for full fiscal 2007. The Boston, Mass.-based company now expects 2007 revenue growth in the 10% to 12% range and earnings per share growth of 12% to 17% above 2006. For the second quarter, CRA International said preliminary results showed revenue would be about $88 million, compared with $84 million in the same quarter last year; analysts had expected $96.79 million. Net income is expected at $0.53 per share, including a net tax benefit, compared with $0.55 the previous year and forecasts for $0.64. Shares of CRA International were down $8.89, or 17%, at $44.00 in after-hours trading.