Tag - Hdng

Hardinge Inc. (Nasdaq:HDNG) tumbled nearly 12% to a new 52-week low this morning after its stock was downgraded by Jefferies & Co.

The brokerage firm lowered its rating on the stock to “hold” from “buy.”

Elmira, N.Y.-based Hardinge is a provider of advanced material-cutting solutions.

By midday, Hardinge is down $1.36 to $10.08, its new 52-week low. Previously, shares had ranged between $11.29 and $38.48.

For detailed price information and news stories on Hardinge, click HDNG.

After a brief opening bounce, small-cap stocks are down slightly from Wednesday, but have been mostly steady in Thursday’s session. At 12:03 p.m. ET, the Russell 2000 (NYSE:IWM) was down 0.02, or 0.17%, at 716.04.

After skyrocketing crude oil sent stocks earthward during Wednesday’s action, sturdy results from Wal-Mart (NYSE:WMT) and Costco (Nasdaq:COST) offered early encouragement to traders. In the midday session, Wal-Mart is up 1.3% while Costco is down 0.1%. Also supporting bullish sentiments was footwear maker Crocs Inc.’s (Nasdaq:CROX) offered a solid outlook for the remainder of the year. CROX is up more than 16% shortly before noon.

Soaring crude oil futures eased somewhat to $122.53 a barrel after touching a record-high of $123.93. The dollar is stronger against the euro at $1.5395 after . . .

Small-cap stocks were treading water near steady levels, unable to sustain an opening bounce that was tied to short profit-taking from traders who caught the slide yesterday and by decent weekly chain store sales. At 10:02 a.m. ET, the Russell 2000 (NYSE:IWM) was up 0.19, or 0.03%, at 716.40.

The weekly chain store sales report was up 1.4% versus the same week last year and reflected a solid showing by Wal-Mart (NYSE:WMT) and Costco (Nasdaq:COST), which could provide a lift throughout retailer shares this morning. However, Wal-Mart was basically flat early on, and Costco was down about 1.5%. On the plus side on the retail front, plastic shoe maker Crocs Inc. (Nasdaq:CROX) jumped 24% on the opening after investors embraced the company’s outlook for the rest of the year. Crocs has been sinking like a rock since February, which puts today’s rally in a different perspective.

On the economic data front, the weekly claims data came in slightly better than the median forecast at 365,000 versus 375,000, but the report had very little impact on the market. The 10:00 a.m. ET wholesale inventories report came in soft at down 0.1% compared with the forecast for a gain of 0.5%. However, the wholesale inventory report is for March data, is considered dated by many traders and had almost no impact on prices when released.

Price action for small caps was bleak yesterday, with the Russell 2000 generating a bearish outside reversal on daily charts and faltering near a familiar zone that stopped the recovery back in early February. Some of the short-term players . . .

AirTran Holdings, Inc. (NYSE:AAI), Clayton Holdings, Inc. (Nasdaq:CLAY) and Quixote Corp. (Nasdaq:QUIX) are among the biggest percentage gainers in Monday's trading among companies with market capitalizations under $750 million.

Cleveland BioLabs, Inc. (Nasdaq:CBLI), Hardinge Inc. (Nasdaq:HDNG) and The Standard Register Co. (NYSE:SR) are also among the top small-cap percentage gainers.

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

Hardinge Inc. (Nasdaq: HDNG) CEO J. Patrick Ervin said he believes growth in 2008 for the metal-cutting equipment maker will be more difficult due to the softening of several countries’ economies. Ervin made the comments during a midday conference call.

“However, we believe we are well positioned to gain market share based upon our strong array of product offerings and our extensive sales and support channels,” Ervin said.

The chief executive said customers in North America are apprehensive about the economic outlook, but that Hardinge’s overall business activity remains at good levels.

“We will monitor the North American market closely and make the appropriate adjustments as dictated by the market,” he said.

Ervin said Hardinge expects an impact on gross margins for the first three to six months of 2008 as the Elmira, N.Y.-based company discontinues older products and lowers inventories.

“Going forward, we do not anticipate any impact on our financial performance as a result of accounting changes,” Ervin said. “However, we do anticipate some affect on our gross margin percentage as we continue to phase out older-model products and run our factories temporarily at lower production volumes to reduce inventory levels.”

On Thursday morning, Hardinge reported that it swung to a fourth-quarter loss of $0.97 million, or $0.01 per share, from a profit of $6.2 million, or $0.71 per share, a year earlier. Wall Street analysts, on average, were projecting earnings of $0.43 per share.

The Russell 2000 (NYSE: IWM) has shed its earlier gains on news of poor regional manufacturing data.

At 11:38 a.m. ET, the small-cap index was up 0.21 points, or 0.03%, to 710.23. The Dow Jones Industrial Average (INDU) had lost 13.92 points, or 0.11%, to 12,413.34.

Small-cap stocks erased all of their earlier gains and slipped into the red shortly before 11 a.m. ET, following news that the Philadelphia Federal Reserve’s regional index of manufacturing conditions fell to -24 in February from a reading of -20.9 in January.

Economists were expecting to see a slight increase from the level in January, which was the lowest reading since 2001. A reading above zero indicates an expansion.

Companies reported that the price inputs increased while general activity, shipments and new orders remained negative.

The future general activity index turned sharply negative, declining to -16.9 from 5.2 in January.

The numbers once again raised fears of an economic recession.

Genesco Inc. (NYSE: GCO), HSW International, Inc. (Nasdaq: HSWI) and Hardinge Inc. (Nasdaq: HDNG) are among the biggest percentage losers in Monday's trading among companies with market capitalizations under $750 million.

Here are today's biggest percentage losers:

The Russell 2000 (NYSE: IWM) is falling on news that U.S. Federal Reserve Chairman Ben Bernanke expects economic growth to slow in the fourth quarter. At 1:55 p.m. ET, the small-cap index had retreated 7.74 points, or 1%, to 768.22. The Dow Jones Industrial Average (INDU) was down 146.16 points, or 1.10%, to 13,153.86.

“Overall, the [Federal Open Market] Committee expected that the growth of economic activity would slow noticeably in the fourth quarter from its third-quarter rate,” Bernanke told the congressional Joint Economic Committee earlier today.

Economic growth will remain “sluggish” into the start of 2008 due to tighter credit and the slump in the housing sector, but will pick up later in the year, said the Fed chief.

Stocks started falling as soon as the news came out, with the Russell 2000 sliding below the flat line at about noon ET.

Bernanke also said that the depreciation of the U.S. dollar in combination with a rise in the price of oil have the increase of inflation in the long run.

The congressional testimony gave little clues as to the possibility of interest rate cuts in the near future, except that the central bank will remain watchful and will act as needed to ensure low inflation and economic growth.

Here are the current biggest percentage gainers and losers among companies with a market cap between $100 million and $750 million:

Biggest percentage gainers:

• Restoration Hardware Inc. (RSTO), up 141% on news it is being acquired for $267 million.
• Greenfield Online Inc. (SRVY), up 14% on news of a rise in third-quarter earnings.
• Stein Mart Inc. (SMRT), up 11% on news of a rise in October sales.

Biggest percentage losers:

• Hardinge Inc. (HDNG), down 37% despite news of a rise in third-quarter profit.
• Kenexa Corp. (KNXA), down 37% on news that it cut its full-year earnings guidance is below Wall Street estimates.
• PRG-Schultz International Inc. (PRGX), down 29%. A customer representative could not be reached for comment.

Hardinge Inc. (Nasdaq: HDNG), Kenexa Corp. (Nasdaq: KNXA) and National Atlantic Holdings Corp. (Nasdaq: NAHC) are among the biggest percentage losers in Thursday's trading among companies with market capitalizations under $750 million.

Here are today's biggest percentage losers:

The Russell 2000 (NYSE: IWM) is rising despite news of weak U.S. retail sales in October.

At 10:41 a.m. ET, the small-cap index had added 1.5 points, or 0.19%, to 777.46. The Dow Jones Industrial Average (INDU) was down 39.75 points, or 0.30%, to 13,260.27.

Small-cap stocks are moving up this morning while investors are digesting both bearish and bullish news and listening to U.S. Federal Reserve Ben Bernanke’s congressional testimony.

The bears like news that U.S. retailers posted weak sales in October. Many retailers blamed the warm weather for stalling sales of cold-weather items and the higher price of gasoline, which is pinching consumers’ wallets.

Wal-Mart Stores Inc. (NYSE: WMT), which saw a sales increase of just 0.4%, exemplifies the sector’s unimpressive performance.

Among small-cap retailers, shares of Hot Topic Inc. (Nasdaq: HOTT) cooled off due to news of a decline in October sales, while Christopher & Banks Corp. (NYSE: CBK) reported a 22% in October sales. Women’s fashion retailer New York and Company, Inc. (NYSE: NWY) also announced an increase in October sales.

The Russell 2000 futures were higher as the bulls reacted to news that automaker Ford Motor Co. (NYSE: F) reported that it expects to break even in 2007 following a narrower third-quarter loss. The company beat Wall Street’s expectations by posting a loss of $380 million, compared with a loss of $5.2 billion a year earlier.

Qiao Xing Universal Telephone Inc. (Nasdaq: XING), Provident Financial Holdings Inc. (Nasdaq: PROV) and Colonial Bankshares Inc. (Nasdaq: COBK) are among the biggest percentage gainers in Tuesday's trading among companies with market capitalizations under $500 million.

Here are today's biggest percentage gainers: