Tag - Ksws

National Western Life Insurance Co. (Nasdaq:NWLI), United America Indemnity Ltd. (Nasdaq:INDM) and K Swiss Inc. (Nasdaq:KSWS) are among the new 52-week lows in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Cross Country Healthcare Inc. (Nasdaq:CCRN), Atlas Energy Resources LLC (Nasdaq:ATN), Union Bankshares Corp. (Nasdaq:UBSH), Southwest Bancorp Inc. (Nasdaq:OKSB), Kansas City Life Insurance Co. (Nasdaq:KCLI) and PacWest Bancorp (Nasdaq:PACW).

Gymboree Corp. (Nasdaq:GYMB), Nymagic Inc. (Nasdaq:NYM) and US Physical Therapy Inc. (Nasdaq:USPH) are among the biggest percentage losers in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Atlas Energy Resources LLC (Nasdaq:ATN), K Swiss Inc. (Nasdaq:KSWS), United America Indemnity Ltd. (Nasdaq:INDM), Legacy Reserves Units (Nasdaq:LGCY), Susser Holdings Corp. (Nasdaq:SUSS) and Alaska Air Group Inc. (Nasdaq:ALK).

Allos Therapeutics Inc. (Nasdaq:ALTH), Otelco Inc. (Nasdaq:OTT) and Blyth Inc. (Nasdaq:BTH) are among the biggest percentage losers in Monday's trading among companies with market capitalizations under $1 billion.

Also included among the results: K Swiss Inc. (Nasdaq:KSWS), Heritage Crystal Clean Inc. (Nasdaq:HCCI), Retalix Ltd. (Nasdaq:RTLX), Vail Resorts Inc. (Nasdaq:MTN), VIST Financial Corp. (Nasdaq:VIST) and America's Car-Mart Inc. (Nasdaq:CRMT).

Small-cap stocks meandered through the morning moving back and forth on either side of steady ground as investors juggled negative input from economic data against oversold conditions in the shadow of the previous bounce off the lows. Today’s small-cap gainers are Patriot Coal Corp. (Nasdaq:PCX), Protection One Inc. (Nasdaq:PONE) and K-Swiss (Nasdaq:KSWS).

Other Market Watch highlights today included:

• Looking at the charts, small caps were now flirting with a level that would put the Russell on track for the lowest daily close in more than five years.  
• Tech stocks continue to be a drag on things today, with the Nasdaq 100 persistently underperforming the other indices.  
•  the market fully expects the employment picture to get even worse over the next few months.
• The number of people filing continuing unemployment claims rose to 3.9 million, the highest level in 25 years.  

Small Cap Gainers:

• Patriot Coal Corp. rallied 13% after slipping to fresh 52-week lows earlier in the day. See (NYSE:PCX).  
• Protection One Inc. is up 27%, but the move was accomplished on very light volume. See (Nasdaq:PONE).  
• K-Swiss is trading 9% higher after declaring a special dividend of $2-share. See (Nasdaq:KSWS).  
• China Information Security Technology's Q3 profit rises, shares up 6%. See (Nasdaq:CPBY).  
• Green Mountain Coffee Roasters up 11% on doubled Q4 profit. See (Nasdaq:GMCR). 

Small Cap Losers:

• Charleys Inc., the restaurant chain, was down 25% today and retesting the lows set in mid-October. See (Nasdaq:CHUX).  
• WellCare Health Plans Inc. tumbled 44%, gapping lower to 52-week lows. See (NYSE:WCG).  
• SolarFun Power Holdings announces it will release its Q3 results on Dec. 2; shares are down 2.5% in pre-market. See (Nasdaq:SOLF).  
• Sina Q3 profit rises, provides Q4 revenue outlook. Shares are down 5.2% in pre-market on light volume. See (Nasdaq:SINA). 

Small-cap stocks opened lower, slightly trimmed losses after the Consumer Confidence report came out at 10:00 a.m. ET, but then retreated right back to pre-release levels. The report showed an upward revision to the March report, which provided a brief bid to the market, but it was not enough to catch hold (at least immediately). At 10:01 a.m. ET, the Russell 2000 (NYSE:IWM) was down 1.84, or 0.25%, at 723.53.

The Consumer Confidence report was pegged at 62.3 in April, which was in line with the forecast of 62, but the March number was revised upward to 65.9 versus 64.5. Still, the April figure was the lowest in five years.

Next on line … President Bush is slated to hold a press conference at 10:30 a.m. ET, where he is expected to talk about the economy.

The opening action was soft in line with overnight declines on a dip in European shares as Deutsche Bank posted its first quarterly loss in five years, and French tire company Michelin tumbled 9% on sloppy earnings.

Large-cap companies influencing trade this morning included drug company Merck & Co. (NYSE:MRK), which was down 7% on news that the FDA rejected a new cholesterol drug. From an overall stock market picture, the news had a somewhat muted impact, because it lifted Merck competitor Abbott Labs (NYSE:ABT) by 4%. In addition, Visa (NYSE:V) posted decent earnings ahead of the opening, but the financial firm was down 3% in early action.

The S&P 500 stalled approaching the 1,400 level on the latest push upward, and that key figure resistance will be closely watched through the rest of the week’s major economic events. In the Russell 2000, the market yesterday climbed . . .

The Russell 2000 (NYSE:IWM) is posting a solid gain on news that a regional manufacturing index came in better than expected.

At 12:22 a.m. ET, the small-cap index was up 9.37 points, or 1.41%, to 673.50. The Dow Jones Industrial Average (INDU) had added 121.38 points, or 1.00%, to 12,221.04.

The Philadelphia Federal Reserve reported after the start of trading that its index of regional manufacturing activity showed a reading of -17 in March, while economists had forecasted -20. The reading for February was -24.

The numbers show continued weakness and represent the longest period of contraction in five years. The percentage of companies expecting to see growth over the next six months was almost the same as the percentage of those expecting a contraction.

With investors bullish, shares of footwear companies are leading the industry group winners.

Nelsonville, Ohio-based Rocky Brands Inc. (Nasdaq:RCKY), which makes shoes in the outdoor, work, duty and western styles, is seeing its stock rise 8%. Similarly, shares of athletic footwear maker K-Swiss Inc. (Nasdaq:KSWS) are also in the green.

Brown Shoe Company, Inc. (NYSE:BWS) and men’s footwear distributor Weyco Group Inc. (Nasdaq:WEYS) are also posting gains.

The Russell 2000 (NYSE: IWM) moved up as news of a stock buyback program by International Business Machines Corp. (Nasdaq: IBM) overshadowed worrisome economic reports. The small-cap index added 6.86 points, or 0.97%, to 717.32. The Dow Jones Industrial Average (INDU) gained 114.70 points, or 0.91%, to 12,684.92.

On a year-to-date basis, the Russell 2000 has declined 6.36%, while the Dow is down 4.37% and the S&P 500 has decreased 5.93%.

The major U.S. indices interrupted their early-session volatility to post gains on news that IBM has approved a $15 billion stock buyback. The Armonk, N.Y.-based tech giant said that the buyback will boost its 2008 profit.

The announcement came at around 11 a.m. ET, and immediately sent stocks small and large flying.

The U.S. Labor Department reported that producer prices increased 1% in January, more than the expected 0.4%.

The numbers tell us that inflation pressures remain a worry despite the slowing economy.

Meanwhile, the Conference Board announced that its index of consumer confidence fell to a five-year low of 75.0 in February, down from 87.3 in January. A pullback in consumption will spell trouble for the economy, because consumer spending is about 70% of U.S. gross domestic product.

K-Swiss Inc. (Nasdaq: KSWS) CEO Steven Nichols said the shoemaker expects weak business for quite a while. Nichols made the comments during a midday conference call.

“We’ve been saying for several quarters now that domestic business will be weak until at least late in 2008,” Nichols said. “From what we have seen in the retail environment as of late and order indications, that expectation needs to be extended until 2009.”

Before the opening, K-Swiss reported fourth-quarter net income of $0.6 million, or $0.02 per share, compared with $10.7 million, or $0.30 per share, a year earlier. The results missed Wall Street expectations of earning $0.04 per share.

Quarterly revenue fell to $78.2 million, down 17% from $93.8 million during the year-ago period. Wall Street analysts, on average, projected revenue of $79.7 million.

Classic footwear accounted for 62% of revenue, children’s 20%, Royal Elastics 5%, tennis 7%, training 4% and other products accounted for 2%.

“The breakdown of sales by product category for the fourth quarter of 2007 continues to reflect the decline in the class of business, but demonstrated improvement in other areas,” Nichols said. “Worldwide revenue and backlog are down overall on continued weakness in the domestic market, while international revenue is up albeit at a slower pace in the fourth quarter than we experienced earlier in the year.”

The Russell 2000 (NYSE: IWM) futures are down and the small-cap index will open lower on news of a jump in producer prices.

Producer prices increased 1% in January, the U.S. Labor Department reported this morning. That’s more than twice the forecasted increase of 0.4% and comes following a 0.3% decline in December.

The numbers, which measure the selling prices received by domestic producers for their output, raise fears of inflation.

Small-cap stocks posted an impressive rally to start the week on Monday, paying off short-term traders who bought into Friday’s bullish "hammer" pattern on daily charts. The Russell 2000 eventually closed Monday at 710.46, up 15.03 or 2.16%. Look for support Tuesday at 704, 697 and then down at 688. Meanwhile, resistance is pegged at 717, 722.50 and 731.

If the market can extend Monday’s rise through this morning's PPI report and the 10:00 a.m. ET consumer confidence report, then a run toward the key double top at 731 could be underway. However, any failure back below 700 would suggest that Monday’s rally was a short-term move that lacked legs.

Athletic footwear company K•Swiss Inc. (Nasdaq: KSWS) today reported third-quarter earnings above estimates, and issued fourth-quarter and full-year guidance. 

For the three months ended Sept. 30, the small cap recorded net income of $12.8 million, or $0.36 per diluted share, above the 0.34 per share seven analysts surveyed by Thomson Financial were on average forecasting. For the same period last year, the company earned $20.95 million, or $0.59 per diluted share.

Net earnings include a one-time other income item of $5.23 million, or $0.12 per diluted share, which consists of a reversal of an estimate of the underpayment of payroll withholding liabilities in a foreign jurisdiction from Jan. 1, 1993 through Dec. 31, 2005.

Revenues were $107.25 million, compared with $133.14 million for the third quarter of 2006. Six analysts surveyed by Thomson Financial were on average estimating revenues of $117.58 million.

K•Swiss also issued guidance for the fourth quarter of 2007 and full-year 2007. The company said it expects revenues for the fourth quarter to be approximately $73 million to $81 million and earnings per diluted share to be in the range of $0.00 to $0.09. The consensus of six analysts surveyed by Thomson Financial was for earnings of $0.16 per share on revenues of $79.92 million.

For the full year, the company said it anticipates full-year earnings per share of approximately $1.08 to $1.17 on full-year revenues of approximately $405 million to $413 million.

Seven analysts polled by Thomson are on average forecasting earnings of $1.22 per share for the full year on revenues of $421.87 million.

K•Swiss said its estimates for the fourth quarter and full-year 2007 reflect a significant decline in domestic revenues, substantial investments in product development and marketing for the K•Swiss brand, continued expansion of international operations and continued investment in the Royal Elastics brand.

Shares of K•Swiss (KSWS) were halted in pre-market trading.