Tag - Lab

Small-cap stocks fell hard on the opening, pulled down by losses in overseas markets, and ongoing worries about corporate profits as we move through the heart of the earnings season. Some of today’s small-cap gainers were Synaptics  (Nasdaq:SYNA), Geron's (Nasdaq:GERN) and Forestar Group Inc. (NYSE:FOR).

Other Market Watch highlights today included:

• Commodities in general could be pressured by a strong run in the U.S. dollar, which was up 1% against the euro, climbing toward six-week highs.  
• Crude oil prices tumbled some $2 a barrel ahead of the stock market opening, which should weigh on energy stocks.
• Goldman Sachs: Infrastructure spending is weighted heavily in 2010 and 2011; tax breaks seem “unlikely” to have a meaningful impact on investment of employment.  
• Stock markets in Europe and Asia were in retreat mode overnight, which only added to the selling bias early on in U.S. trading.

Small Cap Gainers:

• Synaptics fiscal Q2 profit jumps 49%, guides Q3 sales in line with Street. Stock is trading nearly 8% higher in pre-market. See (Nasdaq:SYNA).  
• FDA OKs Geron's first-ever stem-cell treatment trials; shares pop 24% in pre-market. See (Nasdaq:GERN).  
• Forestar Group Inc. gapped higher and gained 21% on news that the firm received an unsolicited takeover offer for a cash tender of $15 a share. See (NYSE:FOR).  
• StemCells, Inc. rises 6% in pre-market on light volume, extending Thursday's dramatic gains. See (Nasdaq:STEM).  

Small Cap Losers:

• Microsemi Corp. fell 19% as the semiconductor firm also slumped after announcing quarterly results. See (Nasdaq:MSCC).  
• Wyndham Worldwide Corp. tumbled 16% as the hotel operator gapped lower. See (NYSE:WYN).
• Metal Management Ltd. was off 15% as the metal recycling firm updated earnings. See (NYSE:SMS).  
• Labranche & Co. Inc. gapped lower as the trading floor specialist took an earnings-related hit. See (NYSE:LAB).  

Small-cap stocks fell hard on the opening, pulled down by losses in overseas markets, and ongoing worries about corporate profits as we move through the heart of the earnings season. At 9:52 a.m. ET, the Russell 2000 (NYSE:IWM) down 7.95, or 1.80%, at 434.90, slipping to the lowest point since Dec. 5.

Stock markets in Europe and Asia were in retreat mode overnight, which only added to the selling bias early on in U.S. trading. Across the pond, U.K. data showed the biggest economic contraction since 1980 and the first recession since 1991. The European Stoxx 600 and the Australian equity index slumped to five-year lows, which heightens worries here that major U.S. indices may need a hard retest of those key November lows.

From a charting perspective, there is mild support today for the Russell near 424, but the key downside point is now near 416, which represents a double bottom on daily charts from early December, which was the first critical bounce pullback off the rally from the November lows. If the market starts to stabilize this afternoon, then resistance will be seen approaching 440, then up near 450.

After dreadful economic data on housing starts and unemployment claims Thursday morning, today’s focus reverts back to the rush of big earnings reports. While there have been occasional bright spots like Apple and Google, most of the news has been dreary. Even when a company like General Electric Co. (NYSE:GE) meets the estimate like they did this morning, investors are leery to embrace the news. Shortly after the open, GE was down 3.6%. And more often than not lately, the profit reports are decidedly bearish, such as with Harley Davidson Inc. (NYSE:HOG) or Advanced Micro Devices Inc. (NYSE:AMD) as the motorcycle maker and chipmaker . . .

The market slipped to the lowest intraday and closing levels of the year and the Russell 2000 (NYSE:IWM) is now down 9.2% for 2009, on target to eclipse January of 2008, which tumbled 6.8% and was the worst January in at least 15 years. Some of today’s small-cap gainers were Rubicon Technology (Nasdaq:RBCN), Eagle Rock Energy Partners (Nasdaq:EROC) and LaBranche (NYSE:LAB).

Other Market Watch highlights today included:

• The retail sales report came in at minus 2.7%, which was well below the projected decline of 1.2%.
• The troubling retail sales report this morning clearly sparked money flow away from stocks and into Treasury markets.
• Earlier this morning the import price series tumbled 4.2%, well below the forecast for a drop of 0.5%.
• Traders say that concerns over the appointment of Timothy Geithner to Treasury Secretary has played into the overall market malaise.
• There were no S&P sector groups up 1% on the day, but there were 10 groups with losses of 7% or more.
• Energy shares were off 4% today, while coal, metals and mining stocks were also clobbered.
• Investors took flight from riskier fare, plopping money down into Treasury markets accepting a yield in 10-year notes of only 2.2%.

Small Cap Gainers:

• Rubicon Technology Inc. rallied 15% as the electronics manufacturer rose to the highest close since Oct. 24. See (Nasdaq:RBCN).
• Eagle Rock Energy Partners, L.P. closed up 15% after announcing hedge transactions, intention to maintain current distribution level. See (Nasdaq:EROC).
• Goldman Sachs upgrades LaBranche; shares rise 16%. See (NYSE:LAB).

Small Cap Losers:

• FNB Corp. fell 23% as the lender announced preliminary quarterly results that included a loss stoked by bad loans and non-cash charges. See (NYSE:FNB).
• Modine Manufacturing Co. tumbled 19% as the maker of heating and cooling systems for tractors fell back below the 20-day moving average. See (NYSE:MOD).
• On Assignment Inc. fell 18% as the human resources firm gave back a huge chunk of recent gains from the December lows. See (Nasdaq:ASGN).

Small-cap stocks remained sharply lower into mid-session, pressured by fresh worries about the health of the banking sector as we enter into earnings season and by dreadful retail sales numbers this morning.  Some of today’s small-cap gainers were LaBranche (NYSE:LAB), Vahli, Inc. (NYSE:VHI) and Panhandle Oil and Gas (NYSE:PHX).

Other Market Watch highlights today included:

• The Energy Select Sector SPDR Fund was off 4.5% at midday.  
• Crude oil tumbled amid the sell-off in stocks; energy shares were dueling with financials for the biggest downside market hit so far today.  
• Bank stocks took a hit in European trading ahead of today’s opening and those concerns continued to play out during the U.S. session.  
• Financials, commodities, retailers and manufacturers are all taking a hit, but the slide in bank stocks is a major spot of bother.

Small Cap Gainers:

• Goldman Sachs upgrades LaBranche; shares rise 16%. See (NYSE:LAB). 
• Valhi, Inc. up 9% after announcing issuance of final low-level radioactive waste disposal license. See (NYSE:VHI).  
• Panhandle Oil and Gas up 6% after declaring a dividend last week. See (NYSE:PHX).   • Charles River schedules 2008 earnings and 2009 guidance release for Feb. 9; shares rise over 5%. See (NYSE:CRL).  

Small Cap Losers:

• Allis-Chalmers Energy slides 16% as energy stocks are feeling the heat today. See (NYSE:ALY).  
• Cliffs Natural Resources shares drop over 15% on deferral. See (NYSE:CLF).
• National Financial Partners Corp. slides 14% as financials nosedive today. See (NYSE:NFP).  
• North American Energy Partners down over 12% on light volume, pulled down by the slump in energy stocks. See (NYSE:NOA).  

California First National Bancorp (Nasdaq:CFNB), Value Line Inc. (Nasdaq:VALU) and Eagle Rock Energy Partners L P (Nasdaq:EROC) are among the biggest percentage gainers in Wednesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Peoples Bancorp of North Carolina Inc. (Nasdaq:PEBK), Questcor Pharmaceuticals Inc. (Nasdaq:QCOR), LaBranche & Co Inc. (Nasdaq:LAB), LNB Bancorp Inc. (Nasdaq:LNBB), Firstbank Corp. (Nasdaq:FBMI) and Capital Bank Corp. (Nasdaq:CBKN).

Small-cap stocks are stumbling in Friday afternoon trading, pulled down by profit-taking ahead of the weekend from money traders who caught the bounce this week and by weak earnings in the tech sector. At 1:54 p.m. ET, the Russell 2000 (NYSE:IWM) was down 5.65, or 0.81%, at 690.98.

Despite the rise in financials led by Citigroup Inc. (NYSE:C), techs were on the defensive this afternoon, paced by losses in Google (Nasdaq:GOOG) and Microsoft (Nasdaq:MSFT), both of which reported earnings that disappointed investors.

The greenback is up against the yen, but down against the dollar. A positive reaction to Citibank’s results seemed to boost the U.S. dollar briefly. Crude oil is up to $129.90 in recent trading.

Broad market sectors on the rise this afternoon included casinos, technology retailers, construction raw materials, money center banks and trucking companies. On the downside, catalog and mail-order retailers, grocery stores, coal, insurance, and audio and video equipment companies were experiencing a sell-off.

Small-cap stocks on the move this afternoon include airline holding company Pinnacle Airlines Corp. (Nasdaq:PNCL), which is up more 36% after announcing after the close on Thursday it had extended its agreement with Delta Air Lines Inc. (NYSE:DAL). Brookings, S.D.-based ethanol producer VeraSun Energy Corporation (NYSE:VSE) was upgraded early Friday by UBS to “buy” from “neutral,” sending shares up more than 25%. AMCOL International Corporation (NYSE:ACO) has jumped 19% in today’s trading after reporting better-than-expected second-quarter results. The specialty mineral producer reported ahead of the bell that 2008 . . .

BioSante Pharmaceuticals Inc (Nasdaq:BPAX), Asta Funding Inc (Nasdaq:ASFI) and Perfect World Co Ltd (Nasdaq:PWRD) are among the biggest percentage gainers in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Great Florida Bank (Nasdaq:GFLB), Western Refining Inc (Nasdaq:WNR), Lumber Liquidators Inc (Nasdaq:LL), Ambac Financial Group (Nasdaq:AKT), Sequenom Inc (Nasdaq:SQNM) and LaBranche & Co Inc (Nasdaq:LAB).

Here are the biggest percentage gainers among small caps:

The Russell 2000 (NYSE: IWM) gained despite news of government reports and minutes from the U.S. Federal Reserve that showed economic problems. The small-cap index added 7.68 points, or 1.09%, to 710.02. The Dow Jones Industrial Average (INDU) advanced 90.04 points, or 0.73%, to 12,427.26.

On a year-to-date basis, the Russell 2000 has declined 7.31%, while the Dow is down 6.31% and the S&P 500 has shed 7.38%.

Small-cap stocks moved up for the second consecutive session but began the day in negative territory following news that the consumer price index added 0.4% in January, above the expected 0.3%.

The U.S. Labor Department also reported that core consumer prices, which exclude the costs of food and energy, increased 0.3%, above the projected 0.2%.

Core prices have added 2.5% on a year-over-year basis, which is beyond the U.S. Federal Reserve’s preferred range of between 1% and 2%. Worse, annual consumer prices growth has accelerated from 2.4% in December 2007.

The rise in inflation makes it more difficult for the U.S. Federal Reserve to stimulate the economy by cutting its target federal funds rate, the rate at which commercial banks make overnight loans to each other.

The Russell 2000 (NYSE: IWM) fell as investors were not impressed with a stimulus package designed to prevent a recession. The small-cap index tumbled 7.39 points, or 1.09%, to 673.18, its second consecutive decline. The Dow Jones Industrial Average (INDU) lost 59.91 points, or 0.49%, to 12,099.30.

On a year-to-date basis, the Russell 2000 is down 12.12%, while the Dow has declined 8.79% and the S&P 500 is missing 9.75%.

The U.S. economy is in a recession and policymakers will not be able to do much about it. It appears that was the dominating sentiment on Wall Street as the major U.S. indices posted a second day of losses despite news of a stimulus package designed to invigorate the economy.

But stocks small and large actually began trading in the green following news that General Electric Co. (NYSE: GE) reported a rise in fourth-quarter profit, matching analysts’ expectations.

Also contributing good news was Armonk, N.Y.-based International Business Machines Corp. (NYSE: IBM), which reported fourth-quarter earnings and issued a 2008 guidance above projections.

However, the bullish sentiment did not last. Stocks lost steam ahead of President Bush’s speech to discuss an economic stimulus package and stayed below the flat line after details were made public.

“There is a risk of a downturn,” President Bush said today. “I have concluded that additional action is needed.”

LaBranche & Co Inc. (NYSE: LAB) reported fourth-quarter earnings above the consensus on Wall Street, sending shares higher in pre-market.

For the three months ended Dec. 31, 2007, the New York, N.Y.-based firm recorded earnings after a net gain attributable to an increase in fair value of shares of NYSE Euronext, Inc. common stock held by LaBranche of $2.3 million, or $0.04 per share, above the mean estimate of three analysts surveyed by Thomson Financial of a loss of $0.02 per share. The small cap had a net loss of $1.8 million, or $0.03 per share, for the fourth quarter of 2006. 

Revenues, net of interest expense, for the fourth quarter were $67.1 million, which included a pre-tax gain of $26.2 million in connection with the NYX shares. This compares with revenues of $118.6 million for the fourth quarter of 2006. The current quarter revenues fell short of the $111.12 million three analysts surveyed by Thomson Financial were on average forecasting.

LaBranche & Co Inc. is the parent of LaBranche & Co. LLC, one of the largest specialists in exchange-listed securities.

Shares of LaBranche (LAB) popped 12.11%, or $0.54, to $5 ahead of the opening. Shares of LaBranche have been trading in the range of $4.03 to $10.03 for the past 52 weeks.

Cardica, Inc. (Nasdaq: CRDC), Elecsys Corp. (AMEX: ASY) and Sonesta International Hotels Corp. (Nasdaq: SNSTA) are among the biggest percentage losers in Monday's trading among companies with market capitalizations under $500 million.

Here are today's biggest percentage gainers:

Before the opening bell, trading firm LaBranche & Co., Inc. (NYSE: LAB) reported a wider second-quarter loss.  The New York City-based company's net loss for the second quarter was $368.9 million, or $6 per share, compared with a $22.4 million loss, or $0.37 per share, a year earlier.

LaBranche is continuing with a previously disclosed strategic review. Freeman & Co Securities LLC is assisting the company's board of directors in its review of alternatives available for enhancing stockholder value.

Excluding one-time items, the small-cap company earned $0.11 a share. Analysts surveyed by Thomson Financial were looking for earnings of $0.02 per share.

In pre-market trading, shares of LaBranche are down $0.26, or 3.73%, at $6.71.

Wall Street kicked off to a bullish opening as investors anticipate the start of the quarterly earnings season.

At 9:59 a.m. ET the Russell 2000 had added 0.17 points, or 0.02 percent, to 852.48. Dow Jones Industrial Average was up 27.24 points, or 0.20 percent, to 13,638.92.

The following were the most actively traded companies in Monday's trading among those with market capitalizations under $500 million: