Tag - Eye

Small-cap stocks started out the week with a whimper, extending Friday’s slide as investors unload stocks amid fears about corporate profits during one of the worst recessions in history. Energy and commodity markets were hammered today, which escalated selling interest in companies with close ties to physical markets and reinforced worries about the slumping economy in front of another push of data later this week. The Russell 2000 (NYSE:IWM) closed down 12.50, or 2.60%, at 468.80, the lowest daily close of 2009. For the year, small caps are down 6.1%, while the Dow is off 3.4% and the S&P 500 is down 3.7%. The fact that small caps are still leading the way down so far this year is cause for concern, running contrary not only to bottoming hopes, but also a season that is supposed to favor small caps.

Financial stocks – particularly banks – joined commodities as a noteworthy soft spot for equities today, but in reality the pain was spread around just about everywhere. Looking at S&P sectors, only distillers and packaged food companies had noticeable gains; meanwhile sizable declines in the double digit range were found in all of the following sectors: industrial real estate investment trusts, tire and rubber companies, metal and mining stocks, coal producers, homebuilders, diverse financial services firms, steel companies and construction firms.

Energy stocks were a big drag on the market, with the Energy Select Sector SPDR Fund off 3.8%. Crude oil futures in the U.S. closed down nearly 8%, shedding $3.24 down to $37.59. But the story in commodities today comprised much more than just energy; grains markets were ravaged, with corn sinking some 7% in the morning to touch limit losses. Meanwhile, gold lost 4% and the Gold and Silver Index fell 6.5%, with mining stocks among the worst performers on the day. While some of the losses in commodities might have been exacerbated by a strong dollar, it is primarily a reflection of soft demand amid difficult times. The Commodity Research Bureau Index fell 4% today, which is a big one-day moving for an index that reflects price action in 19 different physical markets.

Today marks the unofficial start of first-quarter earnings season, and investors were bracing for plenty of bad news on the profit front. After the close, Alcoa Inc. (NYSE:AA) reported a larger-than-expected loss. Alcoa closed down . . ..

Small-cap stocks edged lower in a fairly weak start to this week’s trading, pulled down by worries about corporate profits as we enter the unofficial start of earnings season this afternoon. Energy and commodity stocks were a source of worry early today as crude oil futures extended the recent slide. At 9:57 a.m. ET, the Russell 2000 (NYSE:IWM) was down 5.31, or 1.10%, at 475.99.

Crude oil prices tumbled more than $2 a barrel into the U.S. stock market opening, which could pull down energy stocks. The dollar was firm against the euro this morning, which could also weigh on other commodity markets and stocks with close ties to physical markets.

Tying together the commodity and profit themes, Alcoa Inc. (NYSE:AA) kicks off the earnings season after the close today. The firm already announced plans to slash 13,500 jobs and reduce output and will release quarterly results after the close today.

Overseas markets were lower coming into today’s session, which likely weighed on the market as well. In European and Asian trading, bank stocks and chipmakers were taking a hit. Here in the U.S., investors will watch progress on a deal between Citigroup Inc. (NYSE:C) and Morgan Stanley (NYSE:MS), in which Citigroup plans to sell its Smith Barney brokerage unit to raise cash.

The market did take a hit on Friday and the news so far today was soft, but not overly surprising, which could make it difficult to attract fresh selling, especially ahead of a raft of economic numbers later this week. There was an acquisition deal involving a small-cap firm this morning, and when deals get done, it often stokes bullish enthusiasm, especially in the small-cap arena.

Advanced Medical Optics Inc. (NYSE:EYE) will be purchased by Abbot Laboratories Inc. (NYSE:ABT) for $1.4 billion, which sparked a big rise in EYE shares on the opening. EYE was up 144% on the news.

Other small caps on the move this morning included Satyam Computer Sevices Ltd. (NYSE:SAY), which was down 90% as the NYSE finally opened up trading on the embattled Indian outsourcer and the U.S. markets caught up with the . . .

Small-cap stocks extended the rally into midday trading, boosted by a bounce in financial and energy shares after those sectors were drummed during Monday’s massive rout. Oversold conditions, bargain hunting and optimism about a bailout for beleaguered automakers fueled the upside pop.  Some of today’s small-cap gainers are Colonial Properties Trust (NYSE:CLP), Deltek Inc. (Nasdaq:PROJ) and Williams-Sonoma Inc.  (NYSE:WSM).

Other Market Watch highlights today included:

• Automaker remained higher into midday as investors waited word on progress for an aid package to stave off potential failure for the Big 3.  
• Airline stocks were up 5.5%, outperforming the broad market.
• The ISE Homebuilders Index was up 7% also a sign of relief after all of the economy worries pounded stocks Monday.  
• Among S&P sectors, REITS, wireless telecoms, broadcasting firms and diverse financial services companies were the best performers.


Small Cap Gainers:

• Colonial Properties Trust jumped 38% after the multifamily real estate investment trust announced dividends. See (NYSE:CLP).
• Deltek Inc. rose 34% as the software designer generated a big outside bullish reversal on daily charts following Monday’s swoon. See (Nasdaq:PROJ). 
• Williams-Sonoma Inc. jumped nearly 25% as the retailer operator of Pottery Barn received analyst upgrades. See (NYSE:WSM).  
• Advanced Medical Optics Inc. rose 22%, reversing a sizable decline from Monday. See (NYSE:EYE).  
• US Airways Group Inc. and Alaska Air Group Inc. were both up about 8%, as airline stocks are flying high today. See (NYSE:LCC) and (NYSE:ALK).

Small Cap Losers:

• Palm Inc. tumbled 34% as the smart phone maker lowered quarterly projections. See (Nasdaq:PALM).
• Clearwire Corp. tumbled 20% on reports that the firm may slow its high-speed WiMax wireless network progress because of the tight credit market situation. See (Nasdaq:CLWRD).  
• Skyworks Solutions Inc. gapped lower and slumped 13% after the analog semiconductor firm lowered guidance. See (Nasdaq:SWKS).

Small-cap stocks extended the rally into midday trading, boosted by a bounce in financial and energy shares after those sectors were drummed during Monday’s massive rout. Oversold conditions, bargain hunting and optimism about a bailout for beleaguered automakers fueled the upside pop. At 12:30 p.m. ET, the Russell 2000 (NYSE:IWM) was up 20.74, or 4.97%, at 437.81.

Now that the Russell pushed through the first short-term resistance line at 433.50, the next test will be up at 442 if the market can hold above 433.50 through the afternoon. A pullback should find mild support along 424, then down at 413.50 if things deteriorate.

General Electric Co. (NYSE:GE), seen as a proxy for the overall economy because of its diverse group of products, was up 10% at mid-session, providing a lift not just to large caps, but a ripple through to small caps as well.

In addition, commodity markets were on a rising tide today after getting clobbered Monday, which bolstered commodity shares. Even though crude oil prices were hovering near steady levels, energy stocks were up about 2.5%. Among S&P sectors, REITS, wireless telecoms, broadcasting firms and diverse financial services companies were the best performers. The ISE Homebuilders Index was up 7% also a sign of relief after all of the economy worries pounded stocks Monday. Airline stocks were up 5.5%, outperforming the broad market, with small-cap carriers US Airways Group Inc. (NYSE:LCC) up nearly 8% and another small-cap firm Alaska Air Group Inc. (NYSE:ALK) also up about 8%.

Automaker shares remained higher into midday as investors waited word on progress for an aid package to stave off potential failure for the Big 3. Ford Motor Co. (NYSE:F) submitted a plan calling for $9 billion in loans. The plan would also cancel global executive bonuses, would cut dealers and include development of electric cars. Ford stock was up 10% on the news, leapfrogging (on a percentage basis) General Motors Corp. (NYSE:GM), which was leading Ford overnight, but which . . .

Williams-Sonoma Inc. (Nasdaq:WSM), Medicis Pharmaceutical Corp. (Nasdaq:MRX) and Agree Realty Corp. (Nasdaq:ADC) are among the biggest percentage gainers in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Standard Register Co. (Nasdaq:SR), SuccessFactors Inc. (Nasdaq:SFSF), CPI International Inc. (Nasdaq:CPII), Advanced Medical Optics Inc. (Nasdaq:EYE), Textainer Group Holdings Ltd. (Nasdaq:TGH) and Forest City Enterprises (Nasdaq:FCE.A).

Selling interest today was offset by optimism over steady declines for inter-bank lending rates and ideas the bad news on the economy has already been priced into the stock market. The Russell 2000 (NYSE:IWM) closed up 0.18%, posting a fifth-consecutive higher close, something that hasn’t happened since April. Today’s small-cap gainers are CVR Energy (NYSE:CVI), Arbor Realty Trust (NYSE:ABR) and Safe Bulkers (NYSE:SB).

Other Market Watch highlights today included:

• The ISM Manufacturing Survey came in at 38.9%, which was below the forecast of 42% and marked the lowest manufacturing activity index in 26 years.
• For the year, the Russell is now down 30%, while the Dow is off 30% and the S&P 500 is down 34%.
• Today's trading was easily the calmest session seen since the collapse began back in mid-September.
• Airlines appeared to get a lift from another pullback in crude oil prices, which were down $3.90 a barrel, or about 5.7%.
• The AMEX Airline Index rose 5.6% to the highest point since Sep. 22 and is now up 85% since the Oct. 10 low. 
• Wireless telecoms were the top performers, followed by tire and rubber stocks, multiline insurers, life health insurers, glass and metal container stocks, gold and aluminum.
• Casinos were out of favor so far today after posting solid gains late last week. Oil exploration and oil production stocks were also down, as were department stores, home improvement retail, automotive retail and oil and gas storage . . .

Small-cap stocks remained moderately higher into the mid-session time frame, with support from lower inter-bank lending rates and analyst upgrades on key technology and retailer firms offset by a somber reading on manufacturing activity. Today’s small-cap gainers are Arbor Realty Trust Inc. (NYSE:ABR), Advanced Medical Optics Inc. (NYSE:EYE) and CVR Energy (NYSE:CVI).

Other Market Watch highlights today included:

• The market was trading in very tame fashion today, holding a relatively slim trading range while being devoid of the massive volatility.  
• The U.S. dollar was firm against the euro, which also hindered upside in commodity products.  
• Crude oil prices were down about 3%, which likely anchored down energy stocks.
• Oil exploration and oil production stocks were down, as were department stores, home improvement retail, automotive retail and oil and gas storage stocks.  
• Casinos were out of favor so far today after posting solid gains late last week.

Small Cap Gainers:

• Arbor Realty Trust Inc. is up about 42% climbing above the 20-day moving average for the first time in a month. See (NYSE:ABR).
• Advanced Medical Optics Inc. is surging 24% following solid earnings news from Friday. See (NYSE:EYE).  
• CVR Energy Inc. is rallying nearly 24%, extending a big rally that started Friday. It's set to release earnings Thursday. See (NYSE:CVI).  
• China Sunergy announces it will report Q3 results on Nov. 25; shares pop 20%. See (Nasdaq:CSUN).

Small Cap Losers:

• Saga Communications careening 15% ahead of its earnings release tomorrow. See (NYSE:SGA).
• LandAmerica Financial Group to lay off 105 employees, shares down 16%. See (NYSE:LFG).
• Lydall, Inc. down 21% on lower Q4 results due to weak automotive market. See (NYSE:LDL).  
• AtriCure Inc. is tumbling 43% on news that the firm is under investigation by the Department of Justice for potential false claims on the company’s surgical devices. See (Nasdaq:ATRC).

Small-cap stocks remained moderately higher into the mid-session time frame, with support from lower inter-bank lending rates and analyst upgrades on key technology and retailer firms offset by a somber reading on manufacturing activity. At 12:53 p.m. ET, the Russell 2000 (NYSE:IWM) was up 3.37, or 0.63% at 540.89.

Analyst upgrades on Biogen Idec Inc. (Nasdaq:BIIB) propped up the tech sector, while an upgrade on Wal-Mart Stores Inc. (NYSE:WMT) underpinned the consumer arena.

Looking at broad market sector activity today, wireless telecoms were the top performers, followed by tire and rubber stocks, multiline insurers, life health insurers, glass and metal container stocks, gold and aluminum. On the downside, casinos were out of favor so far today after posting solid gains late last week. Oil exploration and oil production stocks were down, as were department stores, home improvement retail, automotive retail and oil and gas storage stocks.

Crude oil prices were down about 3%, which likely anchored down energy stocks. The U.S. dollar was firm against the euro, which also hindered upside in commodity products. The Commodity Research Bureau Index of 19 physical markets was off about 0.7%.

The market was trading in very tame fashion today, holding a relatively slim trading range while being devoid of the massive volatility that has been the hallmark of action since mid-September. Perhaps some of the volatility was curbed by traders taking a breather ahead of the U.S. elections Tuesday. In addition, there are still plenty of economic reports to rile things up as the week progresses.

Speaking of economic reports, today’s ISM Manufacturing Survey came in at 38.9%, which was below the forecast of 42.0% and way off the 50% line that . . .

Protective Life Corp. (Nasdaq:PL), Student Loan Corp. (Nasdaq:STU) and Horace Mann Educators Corp. (Nasdaq:HMN) are among the new 52-week lows in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Max Capital Group Ltd. (Nasdaq:MXGL), Independence Holding Co. (Nasdaq:IHC), Advanced Medical Optics Inc. (Nasdaq:EYE), Park-Ohio Holdings Corp. (Nasdaq:PKOH), Calamos Asset Management Inc. (Nasdaq:CLMS) and Sunrise Senior Living Inc. (Nasdaq:SRZ).

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

Horace Mann Educators Corp. (Nasdaq:HMN), Advanced Medical Optics Inc. (Nasdaq:EYE) and Mid Penn Bancorp Inc. (Nasdaq:MPB) are among the biggest percentage losers in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Sterling Financial Corp. (Nasdaq:STSA), LandAmerica Financial Group Inc. (Nasdaq:LFG), BankAtlantic Bancorp Inc. (Nasdaq:BBX), Frontier Financial Corp. (Nasdaq:FTBK), Preferred Bank (Nasdaq:PFBC) and Yadkin Valley Financial Corp. (Nasdaq:YAVY).

Here are the biggest percentage losers among small caps:

Medical device maker for eyes Advanced Medical Optics, Inc. (NYSE:EYE) said this morning that second-quarter sales rose 22.6%, as international revenues from its refractive business helped to bolster the top-line and offset domestic challenges. Results topped analysts’ mean estimate.

However, AMO is reducing its full year earnings forecast due to a weaker outlook for U.S. refractive procedures on account of weak U.S. economic conditions as consumer discretionary spending plunges.

Shares were halted in pre-market trading. For detailed price information and recent news stories about Advanced Medical Optics, click EYE.