Tag - Fly

Small-cap stocks gave back a sizable chunk of Monday’s big rally early on today, pressured by concerns that corporate profits are already sloppy and will be further strained by a weak economy going forward. Today’s small-cap gainers are Interwoven, Inc. (Nasdaq:IWOV), StemCells, Inc. (Nasdaq:STEM) and Geron Corp.(Nasdaq:GERN).

Other Market Watch highlights today included:

• The U.S. dollar was up about 0.6% against the euro, which could weigh on commodity markets as well.  
• Crude oil prices tumbled into the stock market opening, clearly rattled by the weak economic data and sloppy profit report from Microsoft.  
• Small-cap stocks took a dive on the opening, pulled down by gloomy economic data and also by worrisome profit numbers from Microsoft and Nokia

Small Cap Gainers:

• Autonomy Corporation announces agreement to acquire Interwoven, Inc.; IWOV shares rise 30% in pre-market on the news. See (Nasdaq:IWOV). 
• StemCells, Inc. up 11% in pre-market on light volume, extending gains the stock made on Wednesday. See (Nasdaq:STEM).  
• Biopharmaceutical company Geron Corp. is up another 7% in pre-market. See (Nasdaq:GERN).  

Small Cap Losers:

• Babcock & Brown Air Ltd. tumbled 28% as the firm said they needed to retain cash and announced a dividend of $0.20 a share. See (NYSE:FLY). 
• Eclipsys Corporation fell 28% as the health-care software and clinical help firm reported quarterly results. See (Nasdaq:ECLP).
• Teledyne Technologies Inc. fell 18% as the electronic systems designer also took an earnings-tied hit. See (NYSE:TDY).

Small-cap stocks took a dive on the opening, pulled down by gloomy economic data and also by worrisome profit numbers from Microsoft and Nokia, which pulled the rug out from under good news from Apple. At 9:52 a.m. ET, the Russell 2000 (NYSE:IWM) was down 13.83, or 3.03%, at 442.93.

On the economic data front, housing starts and permits tumbled to a record low in December, with starts sinking 15.5% to an annual unit rate of 550,000, well below the projection of 610,000. The year-over-year decline in starts and permits was the lowest since January 1991.

“Housing starts plunged again in December, their sixth consecutive decline that has pulled starts to record low levels,” Steven Wood, chief economist with Insight Economics, said in an email. “Substantial declines in single family starts over the past two years have helped home builders bring inventories of unsold new homes down significantly. However, those inventories are still elevated because sales of new homes have also fallen sharply. With sales very weak, the credit market still dislocated, and lending standards staying very tight, single family housing starts will remain low for an extended period of time. Housing's contribution to economic growth will be significantly negative again in Q4. The silver lining is that with housing starts now off more than 75% from their peak, housing construction should be getting close to a bottom,” Wood said.

Weekly claims jumped 62,000 last week, rising to 589,000 which was way above the forecast of 553,000. In addition, the number of Americans filing for continuing benefits rose to 4.607 million, which also was above expectations. Stock index futures clearly pulled lower off the gloomy economic data, while yields on Treasury products went lower and prices for interest rate futures rose — all of which reflect money . . .

American Greetings Corp (Nasdaq:AM), AsiaInfo Holdings Inc (Nasdaq:ASIA) and inVentiv Health Inc (Nasdaq:VTIV) are among the biggest percentage losers in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: CFS Bancorp Inc (Nasdaq:CITZ), Babcock & Brown Air Ltd (Nasdaq:FLY), Savannah Bancorp Inc (Nasdaq:SAVB), Berry Petroleum Co (Nasdaq:BRY), Compass Diversified Holdings (Nasdaq:CODI) and First Advantage Corp (Nasdaq:FADV).

Zale Corp. (Nasdaq:ZLC), Stanley Furniture Co Inc. (Nasdaq:STLY) and NBTY Inc. (Nasdaq:NTY) are among the new 52-week lows in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Skillsoft ADR (Nasdaq:SKIL), Argan Inc. (Nasdaq:AGX), Stewardship Financial Corp. (Nasdaq:SSFN), Cadence Financial Corp. (Nasdaq:CADE), Babcock & Brown Air Ltd. (Nasdaq:FLY) and Williams Controls Inc. (Nasdaq:WMCO).

Aircraft holding company Babcock & Brown Air Limited (NYSE:FLY) is up 17% today on above-average volume due to the price of crude oil continuing to decline. The Ireland-based company has been hit hard by the recent record-high fuel costs; the stock is down 44% from a year ago. Today, however, crude prices have dipped down as low as $126 per barrel, a far cry from the record highs of $147 achieved earlier this month. Weather forecasts had warned of a tropical storm hitting the Gulf Coast that could hinder oil production. Those forecasts have since been revised so that the storm will miss much of the region.

In today’s trading, shares of Babcock & Brown are at $12.83 at 2:32 p.m. ET, up $1.92 from Monday’s close. Trading volume was more than 70,000 shares above average. During the past year, the stock has ranged from $8.60 to $23.90.

Bluegreen Corp (Nasdaq:BXG), UAL Corp (Nasdaq:UAUA) and Preferred Bank (Nasdaq:PFBC) are among the biggest percentage gainers in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Sierra Bancorp (Nasdaq:BSRR), ATA Inc (Nasdaq:ATAI), Omnicell Inc (Nasdaq:OMCL), Domino's Pizza Inc (Nasdaq:DPZ), Babcock & Brown Air Ltd (Nasdaq:FLY) and Community Bancorp (Nevada) (Nasdaq:CBON).

Here are the biggest percentage gainers among small caps:

Pacific Mercantile Bancorp (Nasdaq:PMBC), Babcock & Brown Air Ltd (Nasdaq:FLY) and MBT Financial Corp (Nasdaq:MBTF) are among the new 52-week lows in Monday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Savannah Bancorp Inc (Nasdaq:SAVB), NB&T Financial Group Inc (Nasdaq:NBTF), PremierWest Bancorp (Nasdaq:PRWT), Libbey Inc (Nasdaq:LBY), United Western Bancorp Inc (Nasdaq:UWBK) and Capital Trust Inc (Nasdaq:CT).

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

The Russell 2000 (NYSE:IWM) closed lower on news that Wachovia Corp. (NYSE:WB) suffered a first-quarter loss. The small-cap index fell 2.09 points, or 0.30%, to 686.07. The Dow Jones Industrial Average declined 23.36 points, or 0.19%, to 12,302.06.

On a year-to-date basis, the Russell 2000 has shed 10.44%, while the Dow is off 7.26% and the S&P 500 is down 9.54%.

The bears and the bulls tangled but the bears were eventually victorious as investors reacted to news before the opening that Wachovia Corp. (NYSE:WB) swung to a first-quarter loss and will sell common and preferred stock to raise capital.

The Charlotte, N.C.-based bank has been relatively less exposed to the subprime mortgage mess than the other major financial institutions, leading to speculation that more players will report losses.

Banks were among the worst hit industry groups today. Among those . . .

Crescent Banking Co. (Nasdaq:CSNT), Babcock & Brown Air Ltd. (NYSE:FLY) and FirstFed Financial Corp. (NYSE:FED) were among the new 52-week lows established during Monday's trading among companies with market capitalizations or values under $750 million.

Provident Community Bancshares Inc. (Nasdaq:PCBS), Cooperative Bankshares, Inc. (Nasdaq:COOP) and Downey Financial Corp. (NYSE:DSL) were also among the 52-week small-cap lows.

Here are today's 52-week small-cap lows:

American Apparel Inc. (AMEX:APP), Community Central Bank Corp. (Nasdaq:CCBD) and Babcock & Brown Air Ltd. (NYSE:FLY) are among the biggest percentage losers in Monday's trading among companies with market capitalizations under $750 million.

Endocare, Inc. (Nasdaq:ENDO), Downey Financial Corp. (NYSE:DSL) and FirstFed Financial Corp. (NYSE:FED) are also among the top small-cap percentage losers.

Here are Monday's biggest percentage losers among small caps:

Shares of Babcock & Brown Air Ltd. (NYSE:FLY) are rising on news before the start of trading that the lessor of commercial jet aircraft reported a fourth-quarter profit. The Dublin, Ireland-based company reported that it had net income of $4.4 million, or $0.13 per share, for the three months ended Dec. 31, 2007, compared with earnings of $2.35 million, or $0.19 per share, a year earlier.

"Despite concerns about a slowdown in economic activity in North America, demand for leased aircraft remains strong, particularly from airlines in the emerging markets," CEO Colm Barrington said in a statement.

At 1:08 p.m. ET, the stock was up $0.36, or 2%, to $15.00.

Shutterfly, Inc. (Nasdaq: SFLY) shares are falling after its rival Snapfish, owned by Hewlett-Packard Co. (NYSE: HPQ), began offering 4x6-inch photo prints at $0.09 a piece. Shutterfly, an Internet-based photo publishing provider, charges $0.12 per print.

Snapfish announced its new pricing model on Dec. 26, saying in a press release that the new price options provide “more than 50% savings compared to those of other photo-sharing sites.”

In heavier than usual volume, SFLY shares are plunging 18.07%, or $4.64, at $21.06. Over the last 52 weeks, shares have ranged from $13.20 to $37.