Tag - Lfg

The Russell 2000 (NYSE:IWM) pushed higher Friday, shrugging off dreadful data on the nation’s employment picture as investors focused on finding bargains amid oversold conditions. Today’s small-cap gainers are Landamerica Financial (NYSE:LFG), Fuel Systems Solutions (Nasdaq:FSYS) and World Fuel Services (NYSE:INT).

Other Market Watch highlights today included:

• The Russell closed up 2.01% and is now down 34% for the year. Meanwhile, the Dow is off 33% in 2008 and the S&P 500 is down 37%.
• The monthly employment report showed a decline in non-farm payrolls of 240,000, above the original forecast for a loss of 180,000. 
• The unemployment rate jumped to a five-year high of 6.5%, which was way above the forecast for a rise to 6.3%. 
• The AMEX Pharmaceutical Index rose 4.1%, the tech-laden Nasdaq 100 was up 2.3% and the Energy Select Sector SPDR Fund was up 3.3%. 
• Crude oil prices tumbled to a 19-month low ahead of today’s session, but managed a very modest bounce into the weekend.
• Agriculture product companies, aluminum and coal stocks also were solid performers today, while financials lagged the overall move.
• Homebuilders, industrial REITS, wireless telecoms and diversified banks were among the worst performers today. 

Small Cap Gainers:

• Landamerica Financial Group Inc. (NYSE:LFG) which jumped 85% on news that the firm would be purchased.
• Fuel Systems Solutions Inc. (Nasdaq:FSYS) rode out the volatile wave in energy markets to a strong third-quarter result and the market embraced their . . .

Small-cap stocks pushed higher Friday, shrugging off dreadful data on the nation’s employment picture as investors focused on finding bargains amid oversold conditions and amid hope that the worst of the economic numbers — which are likely still on the horizon — have already been factored into the decline. The Russell 2000 (NYSE:IWM) closed up 9.95, or 2.01% at 505.79 and is now down 34% for the year. Meanwhile, the Dow is off 33% in 2008 and the S&P 500 is down 37%.

Small-cap stocks lagged the advance today versus large caps, which hints that investors might have been shopping for bargains but they weren’t willing to be overly aggressive on the risk side of things. Throughout the slide off the September highs, small caps have consistently lost ground to the Dow, which is consistent with a risk-averse attitude fortified by the collapse. Once the market has convincingly bottomed out for the move, small caps will likely once again take a leadership role in the recovery, but if this week’s economic data is any indicator, that could take some time to play out.

Today’s monthly employment report was expected to be awful, and it delivered the goods. Non-farm payrolls tumbled 240,000 and the previous month’s reports were revised upward significantly, which means even more people lost their jobs late this summer than we expected. Although the payrolls figure was above the pre-release consensus, it was actually lower than some of the “whisper” numbers making the rounds late Thursday, which may have played a role in letting the market shrug off the jobs report as a non-event. Still, the unemployment rate jumped to 6.5%, or the highest level in 14 years, which is a tough statistic to ignore. However, market perceptions also helped fend off that blow as well, as it is well-known that many economists are looking for unemployment to climb into early 2009, . . .

LandAmerica Financial Group Inc. (Nasdaq:LFG), Fuel Systems Solutions Inc. (Nasdaq:FSYS) and Knot Inc. (Nasdaq:KNOT) are among the biggest percentage gainers in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Luminex Corp. (Nasdaq:LMNX), Emergent BioSolutions Inc. (Nasdaq:EBS), National CineMedia Inc. (Nasdaq:NCMI), Genoptix Inc. (Nasdaq:GXDX), LeapFrog Enterprises Inc. (Nasdaq:LF) and Artesian Resources Corp. (Nasdaq:ARTNA).

Here are the biggest percentage gainers among small caps:

Small-cap stocks pushed higher on the opening, showing a resilient rise in the face of yet another downbeat economic report. Today’s monthly employment release showed unemployment at 14-year highs, but the market was oversold and a dreary report was already priced into expectations. Today’s small-cap gainers are LandAmerica Financial Group (NYSE:LFG), Fuel Systems Solutions Inc. (NYSE:FNF) and Zhongpin  (Nasdaq:HOGS).

Other Market Watch highlights today included:

• Energy stocks performed well in Europe ahead of the jobs report this morning; commodities in general have been clobbered again this week and could be ripe for a little corrective bounce.  
• Crude oil edged slightly higher this morning, mimicking minor losses in the U.S. dollar.  
• Small-cap stocks pushed higher on the opening, showing a resilient rise in the face of yet another downbeat economic report.  
• The market is coming off the worst two-day drop since the 1987 crash, leaving room for a corrective bounce ahead of the weekend. 

Small Cap Gainers:

• LandAmerica Financial Group stormed 78% higher on news that Fidelity National Financial will buy LFG for $126 million in stock. See (NYSE:LFG).
• Fuel Systems Solutions Inc. is up 26%, receiving an earnings lift. See (NYSE:FNF).  
• Zhongpin expands prepared meat capacity by 114%; shares up nearly 12% in pre-market. See (Nasdaq:HOGS).
• Bristow upbeat on Randgold Resources despite 3Q loss; shares of Randgold are 4% higher in pre-market. See (Nasdaq:GOLD).  

Small Cap Losers:

• Delta Petroleum Corp. is down 31%, gapping lower on news that Tracinda Corp. will not proceed with a previous tender offer. See (Nasdaq:DPTR).  
• Genworth Financial sliding 24% in pre-market, Q3 results down versus a year ago. See (NYSE:GNW).  
• Shares of Lear Corp. are down 24% after the automotive supplier recorded a $77.3 million loss in Q3. See (NYSE:LEA). 
• Suntech Power Holdings completes solar photovoltaic installation at Caltech on Wednesday; shares are dropping 24% today. See (NYSE:STP).  

Small-cap stocks pushed higher on the opening, showing a resilient rise in the face of yet another downbeat economic report. Today’s monthly employment release showed unemployment at 14-year highs, but the market was oversold and a dreary report was already priced into expectations. At 9:57 a.m. ET, the Russell 2000 (NYSE:IWM) was up 2.57, or 0.52%, at 498.41.

The employment report showed a decline on non-farm payrolls of 240,000, which was above the early consensus forecast for a decline of 180,000, but which was in line with some of the “whisper” numbers making the rounds the last couple of days. Just yesterday, researchers at Goldman Sachs raised their forecast to a loss of 300,000, and considering upward revisions to August and September data they basically hit the number.

It was interesting to see the initial response, which was that “yes, the report is awful, but it’s not a surprise.” There is also a mentality that the market was already coming off the worst two-day collapse since 1987, so a fair amount of bad news on the jobs front was already priced into things.

Still, the numbing headline off the jobs report is that unemployment spiked to 6.5%, the highest point since 1994. However, even that scary thought has been priced into the market mentality, as many economists already cautioned that unemployment could reach 8% by next year. In a perverse way, there was some “hope” that this awful jobs report would simply speed up another stimulus program from the government.

President-elect Barack Obama is slated to hold his first post-election news conference later this afternoon after meeting all day in Chicago with a team of economic advisors. Aides to Obama have already said this morning that he will not announce any . . .

Small-cap stocks extended the morning slide into midday trading, as pressure from a weak economy continues to take a toll on commodity, retail and financial stocks, overshadowing even aggressive rate cuts out of Europe overnight. Today’s small-cap gainers are Lumber Liquidators' (NYSE:LL), Global Cash Access (NYSE:GCA) and American Equity's (NYSE:AEL).

Other Market Watch highlights today included:

• Thomson-Reuters October same-store sales index was off 0.7%, and they pegged today’s retail returns as the worst monthly results in a decade.  
• Energy exporters that depend on demand from big consumers were taking a beating, with the Energy Select Sector SPDR Fund down 5.5%. 
• The IMF said that developed economies were on track for a full-year contraction for the first time since World War II.  
• The malaise continued to bruise commodity markets, with crude oil prices tumbling toward $60 a barrel, or the lowest prices since March.  
• The Russell 2000 is down 2% in midday trading.  

Small Cap Gainers:

• Lumber Liquidators' income up 48% in Q3; shares soar 18%. See (NYSE:LL). 
•  Global Cash Access Holdings reports successful Q3 results; shares climb 25%. See (NYSE:GCA).  
• American Equity's Q3 2008 operating income increases 41%; shares pop over 33%. See (NYSE:AEL).   
• Global Crossing Ltd. rallied 19% as the IP solutions provider also got an earnings-related lift. See (Nasdaq:GLBC).
• Simcere Pharmaceutical Group reports rise in Q3 profit, reaffirms FY08guidance. Shares up 18%. See (NYSE:SCR).  

Small Cap Losers:

• LandAmerica dives 33% on delayed third-quarter earnings. See (NYSE:LFG).
• Georgia Gulf Corporation slips to loss in Q3; shares down 28%. See (NYSE:GGC).  
• SRA International down 26% on Cowen & Co. downgrade. See (NYSE:SRX).  
• Playboy Enterprises sees sharp ad sales drop, shares tumble 22%. See (NYSE:PLA).  

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 caps dove again at closing, careening 2.4%. Small-cap stocks were especially punished today relative to the broad market and for the first time in months the Dow officially replaced the Russell 2000 (NYSE:IWM) as a better performing index for 2008. Today’s small-cap gainers are Amerigroup (NYSE:AGP), Vasco Data Security (Nasdaq:VDSI) and Eagle Bancorp (Nasdaq:EGBN).

Other Market Watch highlights today include:

• The Russell is down 36% for the year, while the Dow is off 34% and the S&P 500 is down 38%.
• It should be noted that the market staged an impressive recovery move off the lows late in the session.
• AIG CEO Edward Liddy said that the $112.8 billion bailout by the government “may not be enough” and the firm may need to tap into additional capital.
• Financial stocks, homebuilders, airlines and retailers took a hit on Thursday.
• The ISE Homebuilders Index was down 9% following a study by RealtyTrac this morning saying that foreclosures were up 21% from September 2007 and up a jarring 71% from the third-quarter of last year. 
• Energy stocks were a source of solid support today for equities, underpinned by a $1-a-barrel bounce in crude oil prices ahead of this week’s OPEC meeting in Vienna.

Small Cap Gainers:

• Amerigroup up 15% after health insurer reported a 26% increase in Q3 earnings on strong revenues. See (NYSE:AGP). 
• Vasco Data Security International Inc. gapped higher and rallied some 28% as quarterly revenue and income set records for the firm. See (Nasdaq:VDSI).
• Eagle Bancorp posts 17% increase in net, earnings beat sole analyst . . .

Small-cap stocks remained in a tailspin Thursday, pulled down by sloppy earnings, recession fears, persistent talk of rampant redemptions and sinking financial shares. The Russell 2000 (NYSE:IWM) closed down 12.05, or 2.40%, at 489.92, which marked the lowest daily close since September 2003. Small-cap stocks were especially punished today relative to the broad market and for the first time in months the Dow officially replaced the Russell 2000 as a better performing index for 2008. The Russell is down 36% for the year, while the Dow is off 34% and the S&P 500 is down 38%. As investors flee equities for cash, their appetite for riskier small-cap fare has fallen off the table amid a mentality that only the biggest and strongest firms are in a position to weather this downturn.

Now that we’ve got all the gloom out of the way, it should be noted that the market staged an impressive recovery move off the lows late in the session. The Dow actually rallied 2% today, and even though the Russell was down more than 2%, it was still more than 4% above the intraday low. More importantly, the strong rally off that intraday low left a potential double bottom on daily charts with the Oct. 10 bear market trough. If the market rallies away from this quickly, then it would provide an important successful test of the lows and would be one of the better bottoming signals we’ve seen on the charts.

Now, back to the sour news from today: American International Group (NYSE:AIG) CEO Edward Liddy said that the $112.8 billion bailout by the government “may not be enough” and the firm may need to tap into additional capital, which sent a collective groan through the financial markets.

The big negative elements in play today were the AIG comments, more talk of forced liquidation amid heavy redemptions, particularly in the leveraged loan market, Nick Kalivas, vice president of financial research with MF Global, said in an email interview. Kalivas also noted that commercial paper market was “plugged” and that earnings are lackluster as companies admit business isn’t going to get better any . . .

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:

Akeena Solar Inc. (Nasdaq:AKNS), Centrue Financial Corp. (Nasdaq:TRUE) and Alon USA Energy Inc. (Nasdaq:ALJ) are among the biggest percentage gainers in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Peapack Gladstone Financial Corp. (Nasdaq:PGC), Dover Motorsports Inc. (Nasdaq:DVD), iPCS Inc. (Nasdaq:IPCS), Internet Initiative Japan Depository Receipt (Nasdaq:IIJI), Ambac Financial Group (Nasdaq:AKT) and LandAmerica Financial Group Inc. (Nasdaq:LFG).

Here are the biggest percentage gainers among small caps:

Innovative Solutions and Support Inc. (Nasdaq:ISSC), Russ Berrie & Co Inc. (Nasdaq:RUS) and Concurrent Computer Corp. (Nasdaq:CCUR) are among the biggest percentage losers in Tuesday's trading among companies with market capitalizations under $1 billion.    

Also included among the results: South Finl Group (Nasdaq:TSFG), Berkshire Bancorp Inc. (Nasdaq:BERK), Beazer Homes USA Inc. (Nasdaq:BZH), LandAmerica Financial Group Inc. (Nasdaq:LFG), Clean Diesel Technologies (Nasdaq:CDTI) and Beazer Homes USA Inc. (Nasdaq:BZH).      

Here are the biggest percentage losers among small caps:   

Small-cap stocks mounted an impressive rally Thursday, eye-catching not for the severity of the climb, but for the ability to shrug off bearish economic data. Fresh worries about inflation and the jobs picture were fanned this morning, but those issues had a surprisingly short shelf life as investor appetite for riskier investments and the unwinding of long commodity trades continues to bolster equity markets. The Russell 2000 (NYSE:IWM) closed up 6.69, or 0.89%, at 754.38. The Russell is now down just 1.5% for 2008, while the Dow is off 12.3% and the S&P 500 down 11.9%. Very quietly, the Russell 2000 today generated the second highest daily close of the year, which puts all the shorts on a tight equity leash.

Although a big jump in consumer price inflation pulled down the stock market on the opening today, investors quickly set aside the data as “dated,” reasoning that recent sharp declines in the price of energy have not filtered into the official inflation numbers yet. Indeed, on a near-term basis, crude oil prices have collapsed some 21% from the summer peak and were down about $1 dollar a barrel today to $115. However, it was a volatile session for crude oil, as the market did bounce off the intraday low of $112.59 as traders are unsure if a cease-fire order between Russia and Georgia will hold up.

Elsewhere on the commodities front, soft markets were taking a hit today, with cotton down 2.3%, cocoa off 1.5% and sugar down 2.3%. Clearly, commodities are unwinding off a major bullish run and some of that money (most likely flush from big profits) is more than willing to take a stab at the stock market — especially within the small-cap arena. Playing a big role in the unraveling of commodity market inflation has been a dramatic strengthening in the U.S. dollar, which makes many physical goods sold on the world that are priced in dollars more expensive. Look at it this way, crude oil priced in dollar terms is still not extremely cheaper than it was at the . . .

CastlePoint Holdings (Nasdaq:CPHL), Dixie Group Inc (Nasdaq:DXYN) and athenahealth Inc (Nasdaq:ATHN) are among the biggest percentage gainers in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Chemgenex Pharm (Nasdaq:CXSP), Transcat Inc (Nasdaq:TRNS), Pilgrim's Pride Corp (Nasdaq:PPC), Cutera Inc (Nasdaq:CUTR), Maiden Holdings Ord Shs (Nasdaq:MHLD) and LandAmerica Financial Group Inc (Nasdaq:LFG).

Here are the biggest percentage gainers among small caps:

Silicon Motion Technology Corp (Nasdaq:SIMO), LandAmerica Financial Group Inc (Nasdaq:LFG) and Zones Inc (Nasdaq:ZONS) are among the new 52-week lows in Wednesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Capital Trust Inc (Nasdaq:CT), Healthways Inc (Nasdaq:HWAY), Stewart Information Services Corp (Nasdaq:STC), Hickory Tech Corp (Nasdaq:HTCO), American National Bankshares Inc (Nasdaq:AMNB) and SonicWALL Inc (Nasdaq:SNWL).

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

Silicon Motion Technology Corp (Nasdaq:SIMO), LandAmerica Financial Group Inc (Nasdaq:LFG) and Online Resources Corp (Nasdaq:ORCC) are among the biggest percentage losers in Wednesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: LECG Corporation (Nasdaq:XPRT), Ultimate Software Group Inc (Nasdaq:ULTI), Asbury Auto GP Ord Shs (Nasdaq:ABG), ICT Group Inc (Nasdaq:ICTG), Hanmi Financial (Nasdaq:HAFC) and Stewart Information Services Corp (Nasdaq:STC).

Here are the biggest percentage losers among small caps:

Title insurer LandAmerica Financial Group Inc. (NYSE:LFG) has plummeted 33% today after announcing after Tuesday’s close it had widened its second-quarter net loss. For the quarter ending June 30, total revenues were $712.4 million, down 29% from a year earlier. Net loss was $50 million, or $3.29 per share, compared to a loss of $7.9 million, or $0.42 a share, for the year-ago quarter.

“Adverse claims development from past periods has masked the significant cost reductions we have achieved over the past six quarters leading to a disappointing bottom line,” said Theodore Chandler Jr., chairman and CEO, in a statement.  

The company said it was reducing its quarterly dividend to $0.05 per share to preserve capital. The Glen Allen, Va.-based company’s shares are at $11.22 at 9:45 a.m. ET, down $5.50 from Tuesday’s close. Immediately following the opening, the shares fell to a 52-week low of $10.50.

Columbia Banking System Inc (Nasdaq:COLB), Taylor Capital Group Inc (Nasdaq:TAYC) and Entercom Communications Corp (Nasdaq:ETM) are among the new 52-week lows in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: GSI Group Inc (Nasdaq:GSIG), LandAmerica Financial Group Inc (Nasdaq:LFG), Penford Corp (Nasdaq:PENX), Century Bancorp Inc (Nasdaq:CNBKA), Indiana Community Bancorp (Nasdaq:INCB) and Red Robin Gourmet Burgers Inc (Nasdaq:RRGB).

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

As widely expected, the Fed trimmed the fed funds rate by 25 basis points to 2%. It is the central bank’s seventh consecutive cut in the key interest rate since September, when the Fed first began battling the credit tempest. The discount rate was similarly lowered by 25 basis points to 2.25%.

In justifying the decision, the Fed said economic activity remains weak because of subdued spending and a soft labor market. The Federal Open Market Committee voted 8-2 to bring its target rate to its lowest since December 2004.

Small caps treaded water briefly after the Fed decision, but are beginning to rise in afternoon trading. At 2:45 p.m. ET, the Russell 2000 (NYSE:IWM) was up 4.93, or 0.69%, at 723.86.

This morning, it was reported that the U.S. economy grew at a slothful 0.6%, just dodging negative growth — an “official” recession signal. GDP came in slightly better than the 0.5% economists had forecasted. While official definition of a recession definition is two consecutive quarters of negative GDP growth, the United States has experienced two quarters of extremely sluggish growth and the U.S. economy is clearly struggling as consumers grapple with tumbling housing values, rising energy and food costs and a soft labor market.

“Everyone has been finding holes in the positive GDP even before it came out and today's number showed much better consumer spending than what would think,” Andy Busch, global foreign exchange strategist for BMO Capital Markets, said in an email. “However, this data didn't include much of the March numbers. We know . . .

Small-caps are continuing their upward assent midday, ahead of the Federal Reserve’s decision and after this morning’s GDP number was in positive territory.

At 1:14 p.m. ET, the Russell 2000 (NYSE:IWM) was up 5.01, or 0.70%, at 723.94, while the Dow had gained 117.4, or 0.91%, to 12,949.34.

The Federal Reserve’s Federal Open Market Committee two-day meeting concludes at 2:15 p.m. today in which the Fed is widely expected to trim the fed funds rate by 25 basis points. This would be the central bank’s seventh consecutive cut in the key interest rate since September when the Fed first began battling the credit tempest. Investors will pay close attention to the central bank’s commentary to see if the Fed will pause its monetary policy-loosening campaign to fend off inflation.

Much of today’s trading has been driven by the better-than-expected GDP number and corporate earnings.

This morning it was reported that the U.S. economy grew at a slothful 0.6%, just dodging negative growth — an “official” recession signal. GDP came in slightly better than the 0.5% economists had forecasted. While official definition of a recession definition is two consecutive quarters of negative GDP growth, the United States has experienced two quarters of extremely sluggish growth and the U.S. economy is clearly struggling as consumers grapple with tumbling housing values, rising energy and food costs and a soft labor market.

“Everyone has been finding holes in the positive GDP even before it came out and today's number showed much better consumer spending than what would think,” Andy Busch, global foreign exchange strategist for BMO Capital Markets, said in an email. “However, this data didn't include much of the March numbers. We know . . .

Headwaters Inc. (NYSE:HW), Corus Bankshares, Inc. (Nasdaq:CORS) and BioScrip Inc. (Nasdaq:BIOS) are among the biggest percentage losers in Wednesday's trading among companies with market capitalizations under $750 million.

LandAmerica Financial Group, Inc. (NYSE:LFG), Hutchinson Technology Inc. (Nasdaq:HTCH) and Anaren, Inc. (Nasdaq:ANEN) are also among the top small-cap percentage losers.

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

FARO Technologies, Inc. (Nasdaq: FARO), Document Sciences Corp. (Nasdaq: DOCX) and Buffalo Wild Wings (Nasdaq: BWLD) are among the biggest percentage losers in Wednesday's trading among companies with market capitalizations under $500 million.

Here are today's biggest percentage gainers:

LandAmerica Financial Group, Inc. (NYSE: LFG) shares are slipping after the real estate holding company swung to a third-quarter loss of $20.8 million, or $1.28 per share, below analyst estimates of earning $0.62 per share and compared with income of $15.2 million, or $0.89 per share, a year earlier. The Glen Allen, Va.-based company’s results were hurt by a 21% drop in residential mortgage originations compared with the year-ago quarter, two class action lawsuits costing $10 million, lease termination expenses of $7.7 million and a higher claims provision of $5.5 million.

“We are aggressively adjusting our cost structure to align with the weaker revenue environment by reducing headcount, closing offices, and consolidating production centers,” CEO Theodore Chandler, Jr. said in a statement. “On a brighter note, our commercial services operations turned in another strong performance.”

Quarterly revenue declined 8.6% to $906.8 million, below Wall Street projections of $912.1 million and compared with $992 million a year earlier.

After Tuesday’s close, LandAmerica announced that its board approved a dividend of $0.30 per share payable on Dec. 14 to shareholders of record as of Nov. 30.

In morning trading, LFG shares are down 12.41%, or $3.99, at $28.16. Over the last 52 weeks, shares have ranged from $27.50 to $108.92.