Tag - Cwst

Hooker Furniture Corp. (Nasdaq:HOFT), Casella Waste Systems Inc. (Nasdaq:CWST) and Amer Land Lease  (Nasdaq:ANL) are among the new 52-week lows in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Hutchinson Technology Inc. (Nasdaq:HTCH), Vitran Corp Inc. (Nasdaq:VTNC), Big 5 Sporting Goods Corp. (Nasdaq:BGFV), Avid Technology Inc. (Nasdaq:AVID), Gmarket Inc. (Nasdaq:GMKT) and Innerworkings Inc. (Nasdaq:INWK).

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

If the state of the current market has you down in the dumps, look no further than waste management companies American Ecology Corp. (Nasdaq:ECOL) and Casella Waste Systems, Inc. (Nasdaq:CWST), market leaders in two of the best-performing segments – hazardous waste remediation and waste recycling.

Casella Waste Systems, Inc. is the nation’s 12th-largest waste management firm and considered one of the most forward-looking by many industry analysts. This vertically integrated, regional player provides waste collection, transfer, disposal and recycling services to residential and commercial customers across 14 states in the eastern United States. At FY 2008 year end, Casella’s operations consisted of 34 solid waste collection operations, 30 transfer stations, 11 disposal facilities, 38 recycling facilities and three landfill gas-to-energy facilities. The company also holds a 50% interest in a joint venture that manufactures and sells cellulose insulation made from recycled fiber, and has a 20% equity interest in a company that markets incentive-based recycling services to some 250 national and local customers.

Casella was one of the first waste management service providers to recognize an emerging industry trend favoring improved resource management and greater recycling. More than 150 million tons of material was recycled in the United States last year and recycling has become a $71 billion industry employing more than 50,000 workers nationwide. Casella currently derives more than 30% of revenues from recycling. In 2007, the company sold more than 400,000 tons of recycled paper and 15 million tons of recycled aluminum. 

Since 2003, Casella has invested over $200 million in developing strategically located landfill capacity with the goals of strengthening its market position and creating . . .

Small-cap stocks pushed higher Thursday, buoyed by a slide in crude oil prices that supported consumer-oriented stocks and energy-sensitive sectors such as manufacturing and airlines. The Russell 2000 (NYSE:IWM) closed up 7.12, or 0.97%, at 737.83.

When crude oil prices slipped back below $134 dollars a barrel, stock market investors perked up, Scott Fullman, market strategist with WJB Capital said in an email interview. By the U.S. close, energy futures had tumbled down to below $132 dollars in response to news that China would hike gasoline and diesel prices by as much as 18%, which could slash demand for energy products in a key growth region.

In addition to the energy lift, Fullman noted that implied volatility levels have contracted on an intraday basis as the expiration of futures and options approach. The market is moving toward “quadruple witching” expirations, which could trigger heightened volatility into things. The concentrated strikes are primarily above current market levels, which could act as an upside magnet on prices into Friday’s session.

Today’s recovery in stock market indices has been impressive given negative economic news earlier this morning, and a steep opening slide in health-care providers. The Philly Fed survey came out at 10:00 a.m. ET and the headline figure was at minus 17.1, well below the forecast for negative 10.0. When the number first came out, stock index products slipped into negative territory, but the reversal in crude oil prices brought the buyers back into the fray.

Health insurers staged a decent bounce off the morning lows, but Coventry Health Care Inc. (NYSE:CVH) still absorbed a 20% decline and the Morgan Stanley Healthcare Payors Index shed about 7% as the market cooled on the outlook for health-care firms. UnitedHealth Group Inc. (NYSE:UNH) slipped about 6% . . .

Casella Waste Systems Inc (Nasdaq:CWST), Pyramid Oil Co (Nasdaq:PDO) and Pantry Inc (Nasdaq:PTRY) are among the biggest percentage gainers in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: ORBCOMM Inc (Nasdaq:ORBC), Array BioPharma Inc (Nasdaq:ARRY), Summit Financial Group Inc (Nasdaq:SMMF), United States Lime & Minerals Inc (Nasdaq:USLM), Glu Mobile Inc (Nasdaq:GLUU) and USANA Health Sciences Inc (Nasdaq:USNA).

Here are the biggest percentage gainers among small caps:

After a rollercoaster morning, small caps stocks are trading shallowly in the green midday, as a deflation in crude oil prices offset somewhat lackluster economic reports.

At 12:44 p.m. ET the Russell 2000 (NYSE:IWM) edged up 3.33, or 0.46%, to 734.04, while the Dow is up 11.07, or 0.09%, to 12,040.13.

Crude has deflated mid-session, following a volatile morning. Crude oil prices initially climbed on supply issues from Africa, but then made an about-face after China said it will raise fuel prices sparking reactions that demand from the oil thirsty nation will decelerate. China has exhibited strong demand for oil, as the government has subsidized fuel prices until today.

As crude slid midday, the greenback gained against the euro and the yen.
In economic news, the Philadelphia Fed’s business outlook survey, which measures general economic activity in the Philly region, clocked in at minus 17.1 for the month of June, substantially below the forecast for minus 10. The prices-paid index for the report hit its highest point since 1980.

Also out this morning, the leading indicators report came in slightly better than forecasted.

Before the opening today, weekly claims data came in slightly above the forecast at 381,000 and the four-week moving average for claims edged higher, which was a mild negative.

Small-cap stocks slipped into negative territory shortly after the open as a pullback in crude oil prices was offset by soft economic data and yet another soft tone in the financial sector. At 10:02 a.m. ET, the Russell 2000 (NYSE:IWM) was off 2.10, or 0.29%, at 728.62.

The Philly Fed survey came out at 10:00 a.m. ET and the headline figure came in at minus 17.1, which was well below the forecast for minus 10. The prices-paid index for the Philly Fed report was at the highest point since 1980. Also, at 10:00 a.m. ET, the leading indicators report came in just slightly better than the forecast, but the indicators data is somewhat dated, whereas the Philly survey is for June, so the market tends to react more to the Fed survey.

Before the opening today, weekly claims data came in slightly above the forecast at 381,000 and the four-week moving average for claims edged higher, which was a mild negative.

Health insurers were taking a beating this morning after Coventry Health Care Inc. (NYSE:CVH) lowered its outlook for the year. CVH shares tumbled 23% shortly after the open and pulled other stocks in the group down. WellPoint Inc. (NYSE:WLP) was off 5%, while Aetna Inc. (NYSE:AET) was down 4% and UnitedHealth Group Inc. (NYSE:UNH) was down 9%. The Morgan Stanley Healthcare Payors Index was down 7.3% early today.

Lehman analysts downgraded some farm insurance firms, saying that crop insurers were facing the worst losses in 15 years as floods ravage the Midwest, reducing spring plantings. Within that group, Ace Ltd. (NYSE:ACE) was down just 0.1%, XL Capital Ltd. (NYSE:XL) was off 1.2%, PartnerRe Ltd. (NYSE:PRE) down 0.6% . . .

Small-cap stocks limped into the close, barely clutching onto a smidgeon of the steep morning rise tied to stout monthly retail sales figures. The Russell 2000 (NYSE:IWM) closed up 1.95, or 0.27%, at 719.84, but the advance felt somewhat hollow considering small caps shed 10 handles off the highs.

The day started off in fine fashion for the bulls, as the retail sales report topped analyst forecasts, providing further enthusiasm that was already in place from soft crude oil prices and a firm dollar. The overnight dip in crude oil turned out to be short-lived, however, as black gold pushed back near $137 per barrel in the afternoon, charging about $3 dollars off the levels seen into the stock market open. In addition, new crop corn futures soared to new record highs as flooding damages crop conditions in the heartland.

Despite the recovery in crude oil prices, energy stocks were on the defensive today following a downgrade on energy and an upgrade in the financial arena by Morgan Stanley analysts. Although that recommendation seems to buck the ongoing trends, it worked well today.

Some of the morning excitement in stocks was stoked by fresh news on the proposed acquisition of Anheuser-Busch Cos. Inc. (NYSE:BUD) by Belgian firm InBev, which reportedly has tendered a deal worth $65 dollars a share, or approximately $46.3 billion. Anheuser, the quintessential iconic American brewery, controls nearly half the U.S. beer market, including the top seller, Bud Light. M&A talk tends to lift investor psychology, and big-cap deals are also supportive to small caps on the theory that if there are deals to be done in large caps, there are certainly even more deals to be done for small caps.

Speaking of M&A activity, the late slide in stocks off the highs was also powered by news that talks between Yahoo! (Nasdaq:YHOO) and Microsoft Corp. (Nasdaq:MSFT) broke down without any deal being struck. Shares in Yahoo tumbled about 10% on the news, dragging down large-cap index products and causing . . .

On a Tuesday morning conference call, Casella Waste Systems Inc. (Nasdaq: CWST) executives said cost cutting initiatives and a focus on high-margin business will return the solid waste management company to profitability. The Rutland, Vt.-based company also predicts revenues between $560 million and $580 million for the fiscal year 2008 ending Jan. 31, compared with revenue of $547 million for the fiscal year 2007.

“This past year was challenging,” CEO John Casella said on the call. “We faced a weakening economy in the Northeast.”

For the next fiscal year, the company will focus on high-margin business and cutting costs, Casella said on the call. The business plans to keep prices high and divest in under-performing businesses, he said. During the last 12 months, Casella increased the average revenue per new account by 24%, but decreased the average amount per lost account by 29%, he said. In March, Casella hired the business consulting firm Mitchell Madison to launch a 12-month project intended to cut costs.

“This year, our primary focus has shifted from developing new projects to harvesting the cash flows from the existing investment we’ve made over the last several years and to repay debt,” Casella said. “This year we plan to be pre-cash flow positive.”

He said Mitchell Madison has identified $75 million to $80 million in expenses for review in legal, engineering, temporary labor, fuel, tires and long haul transportation expenses. The consulting firm has targeted $4 million in costs savings that will be completed during the first quarter ending July 31.