Tag - Lny

Supertex Inc. (Nasdaq:SUPX), Navigant Consulting Inc. (Nasdaq:NCI) and Fuqi International Inc. (Nasdaq:FUQI) are among the biggest percentage losers in Wednesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Cardinal Financial Corp. (Nasdaq:CFNL), Landrys Restaurants Inc. (Nasdaq:LNY), La-Z-Boy Inc. (Nasdaq:LZB), Parexel International Corporation (Nasdaq:PRXL), RTI International Metals Inc.  (Nasdaq:RTI) and Taylor Capital Group Inc. (Nasdaq:TAYC).

Integrated Electrical Services Inc. (Nasdaq:IESC), Arbitron Inc. (Nasdaq:ARB) and Superior Well Services Inc. (Nasdaq:SWSI) are among the biggest percentage losers in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Matrixx Initiatives (Nasdaq:MTXX), Black Box Corp. (Nasdaq:BBOX), Tecumseh Products Co. (Nasdaq:TECUA), Monarch Casino & Resort Inc. (Nasdaq:MCRI), Female Health Co. (Nasdaq:FHCO) and Landrys Restaurants Inc. (Nasdaq:LNY).

Orexigen Therapeutics Inc. (Nasdaq:OREX), Landrys Restaurants Inc. (Nasdaq:LNY) and Santander Bancorp (Nasdaq:SBP) are among the biggest percentage gainers in Monday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Affymetrix Inc. (Nasdaq:AFFX), VanceInfo Technologies Inc. (Nasdaq:VIT), Tenneco Inc. (Nasdaq:TEN), MGIC Investment Corp. (Nasdaq:MTG), Diedrich Coffee Inc. (Nasdaq:DDRX) and Starlims Technologies Ltd. (Nasdaq:LIMS).

DryShips Inc. (Nasdaq:DRYS), Landrys Restaurants Inc. (Nasdaq:LNY) and Zumiez Inc. (Nasdaq:ZUMZ) are among the biggest percentage gainers in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: GMX Resources Inc. (Nasdaq:GMXR), Danaos Corp. (Nasdaq:DAC), Tempur Pedic International Inc. (Nasdaq:TPX), Rubicon Technology Inc. (Nasdaq:RBCN), Eagle Bulk Shipping Inc. (Nasdaq:EGLE) and Genco Shipping & Trading Ltd. (Nasdaq:GNK).

Small-cap stocks started out the week with a whimper, extending Friday’s slide as investors unload stocks amid fears about corporate profits during one of the worst recessions in history. Energy and commodity markets were hammered today, which escalated selling interest in companies with close ties to physical markets and reinforced worries about the slumping economy in front of another push of data later this week. The Russell 2000 (NYSE:IWM) closed down 12.50, or 2.60%, at 468.80, the lowest daily close of 2009. For the year, small caps are down 6.1%, while the Dow is off 3.4% and the S&P 500 is down 3.7%. The fact that small caps are still leading the way down so far this year is cause for concern, running contrary not only to bottoming hopes, but also a season that is supposed to favor small caps.

Financial stocks – particularly banks – joined commodities as a noteworthy soft spot for equities today, but in reality the pain was spread around just about everywhere. Looking at S&P sectors, only distillers and packaged food companies had noticeable gains; meanwhile sizable declines in the double digit range were found in all of the following sectors: industrial real estate investment trusts, tire and rubber companies, metal and mining stocks, coal producers, homebuilders, diverse financial services firms, steel companies and construction firms.

Energy stocks were a big drag on the market, with the Energy Select Sector SPDR Fund off 3.8%. Crude oil futures in the U.S. closed down nearly 8%, shedding $3.24 down to $37.59. But the story in commodities today comprised much more than just energy; grains markets were ravaged, with corn sinking some 7% in the morning to touch limit losses. Meanwhile, gold lost 4% and the Gold and Silver Index fell 6.5%, with mining stocks among the worst performers on the day. While some of the losses in commodities might have been exacerbated by a strong dollar, it is primarily a reflection of soft demand amid difficult times. The Commodity Research Bureau Index fell 4% today, which is a big one-day moving for an index that reflects price action in 19 different physical markets.

Today marks the unofficial start of first-quarter earnings season, and investors were bracing for plenty of bad news on the profit front. After the close, Alcoa Inc. (NYSE:AA) reported a larger-than-expected loss. Alcoa closed down . . ..

Small-cap stocks remained lower into mid-session, pulled down by losses in commodity, financial and technology stocks amid ongoing worries about corporate profits in one of the deepest economic recessions since the Great Depression. At 12:43 p.m. ET, the Russell 2000 (NYSE:IWM) was down 5.11, or 1.06%, at 476.18.

Commodities were hit especially hard today, with crude oil prices tumbling 7% on worries about the global demand picture. Elsewhere in commodities, corn futures crashed 7%, touching limit down losses and the Gold and Silver Index slumped more than 5%, reflecting losses for mining and metals shares. Small-cap coal company Patriot Coal Corp. (NYSE:PCX) fell 17.3%. In addition to the general decline in energy and commodities, PCX announced late Friday that they would close their Jupiter mining complex. Small-cap gold stock Detour Gold Corp. (OBB:DRGDF) was down 21%.

Treasury Secretary Henry Paulson said that the U.S. economy was going through a “difficult” economic period, which isn’t exactly a fresh revelation, but which did appear to spook investors and extend the morning pullback in equities. Credit markets were higher, which pulled some money flow away from stocks.

Homebuilder shares were taking a hit today, with small-cap builders Centex Corp. (NYSE:CTX) down 7.7%; KB Home (NYSE:KBH) off 6.2% and Meritage Homes Corp. (NYSE:MTH) down 10.5%.

Looking at the financial arena, bank stocks were getting drubbed, with the KBW Banking Index off 3.6% and Citigroup Inc. (NYSE:C), down more than 10% amid analyst talk that the bank may still need more capital even after . . .

Landrys Restaurants Inc. (Nasdaq:LNY), Zep Inc. (Nasdaq:ZEP) and Hiland Partners LP (Nasdaq:HLND) are among the biggest percentage losers in Monday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Forest City Enterprises (Nasdaq:FCE.A), Developers Diversified Realty REIT (Nasdaq:DDR), Patriot Coal Corp. (Nasdaq:PCX), Century Aluminum Co. (Nasdaq:CENX), Simcere Pharmaceutical Group (Nasdaq:SCR) and Danaos Corp. (Nasdaq:DAC).

Small-cap stocks edged lower in a fairly weak start to this week’s trading, pulled down by worries about corporate profits as we enter the unofficial start of earnings season this afternoon. Energy and commodity stocks were a source of worry early today as crude oil futures extended the recent slide. At 9:57 a.m. ET, the Russell 2000 (NYSE:IWM) was down 5.31, or 1.10%, at 475.99.

Crude oil prices tumbled more than $2 a barrel into the U.S. stock market opening, which could pull down energy stocks. The dollar was firm against the euro this morning, which could also weigh on other commodity markets and stocks with close ties to physical markets.

Tying together the commodity and profit themes, Alcoa Inc. (NYSE:AA) kicks off the earnings season after the close today. The firm already announced plans to slash 13,500 jobs and reduce output and will release quarterly results after the close today.

Overseas markets were lower coming into today’s session, which likely weighed on the market as well. In European and Asian trading, bank stocks and chipmakers were taking a hit. Here in the U.S., investors will watch progress on a deal between Citigroup Inc. (NYSE:C) and Morgan Stanley (NYSE:MS), in which Citigroup plans to sell its Smith Barney brokerage unit to raise cash.

The market did take a hit on Friday and the news so far today was soft, but not overly surprising, which could make it difficult to attract fresh selling, especially ahead of a raft of economic numbers later this week. There was an acquisition deal involving a small-cap firm this morning, and when deals get done, it often stokes bullish enthusiasm, especially in the small-cap arena.

Advanced Medical Optics Inc. (NYSE:EYE) will be purchased by Abbot Laboratories Inc. (NYSE:ABT) for $1.4 billion, which sparked a big rise in EYE shares on the opening. EYE was up 144% on the news.

Other small caps on the move this morning included Satyam Computer Sevices Ltd. (NYSE:SAY), which was down 90% as the NYSE finally opened up trading on the embattled Indian outsourcer and the U.S. markets caught up with the . . .

The Russell 2000 (NYSE:IWM) staged an impressive start to the week, closing up 3.88% on Monday. Today’s small-cap gainers are Landrys Restaurants (NYSE:LNY), WebMD (Nasdaq:WBMD) and McMoRan (NYSE:MMR).

Other Market Watch highlights today included:

• The Russell is now down 29% for the year, while the Dow is off 30% and the S&P 500 is down 33%.
• Small caps lagged large caps today even on the rally, which is a little bit of concern as the same pattern was evident on the recent collapse.
• Techs lagged throughout the day. If the money to invest in tech is choked off, then the risk appetite for smaller-cap stocks is likely to suffer as well.
• Sectors on the rise today include coal stocks, oil equipment and oil services, oil exploration, oil and gas storage, steel, oil refiners, gas utilities, industrial gases and power products.
• On the downside, broadcast and cable TV stocks were lower, as . . .

Small-cap stocks started out the week with an impressive rally, riding the crest of climbing energy stocks, signs that the credit crisis is on the improve and talk from Federal Reserve Chairman Ben Bernanke that additional fiscal stimulus could be needed. The Russell 2000 (NYSE:IWM) closed up 20.40, or 3.88% at 546.83. The Russell is now down 29% for the year, while the Dow is off 30% and the S&P 500 is down 33%. Small caps lagged large caps today even on the rally, which is a little bit of concern as the same pattern was evident on the recent collapse.

Crude oil futures climbed 3.3% today as energy traders anticipate OPEC will cut production to counter soft demand and sinking prices. However, while the energy story was the dominant theme today, the move was powered by more than gains in the physical market. Oppenheimer analysts announced upgrades for several stocks in the sector and merger news also played a supportive role, which powered buying in beaten down energy stocks across the market capitalization spectrum. As for the M&A news, NRG Energy Inc. (NYSE:NRG) received an unsolicited bid of $6 billion from Exelon Corp. (NYSE:EXC) and the firm would not rule taking this hostile status if need be. The general rule of thumb is that if there are deals to be made in the large-cap world, then there are probably even more attractive deals to be found in the small-cap spectrum.

Interestingly, the rally today in crude oil and energy stocks was not a general push for commodities. In fact, the U.S. dollar gained about 0.6% versus the euro, which makes dollar-denominated commodities more expensive, and despite the rally in crude oil, the Commodity Research Bureau Index of 19 physical markets was basically flat.

The stock market was already on solid footing overnight on news of another steep decline in the inter-bank (or Libor) lending rate, which suggests that frozen credit lines are starting to thaw and that banks are beginning to trust each other . . .

Quest Energy Partners L P (Nasdaq:QELP), Seabridge Gold Inc. (Nasdaq:SA) and Landrys Restaurants Inc. (Nasdaq:LNY) are among the biggest percentage gainers in Monday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Tortoise Energy Capital Corp. (Nasdaq:TYY), Targanta Therapeutics Corp. (Nasdaq:TARG), WebMD Health Corp. (Nasdaq:WBMD), Allscripts Misys Healthcare Solutions Inc. (Nasdaq:MDRX), PAB Bankshares Inc. (Nasdaq:PABK) and Primeenergy Corp. (Nasdaq:PNRG).

Here are the biggest percentage gainers among small caps:

Shares of Landry's Restaurants Inc. (NYSE:LNY) fell by nearly 12% this morning after CEO Tilman Fertitta declared he is seeking to buy the company at a lower price.

In a statement issued early this morning, Houston-based Landry's said Fertitta informed the company's board that the debt financing required to complete the pending transaction is in jeopardy at the current $21 share price.

He blamed the closure of the company's Kemah and Galveston properties due to Hurricane Ike, the instability in the credit markets, and the deterioration in the casual dining and gaming industries.

Fertitta is in talks with Jefferies & Co. about financing the deal for a much lower price.

Landry's and Fertitta have not yet come to an agreement on the terms of a new transaction, and are unsure that they will.

By midday, Landryʼs is at $11.55, down $1.56 from Monday's close. More than 825,000 shares had changed hands compared with an average three-month volume of 339,118 shares.

For detailed price information and news stories on Landry's, click LNY.
 

Small-cap stocks slipped back into the red after opening solidly higher. The opening brush into the green was powered by news that the Federal Reserve would open a commercial paper window that should help businesses fund operations. Additional support was tied to oversold conditions and bottoming patterns on daily chart studies after Monday afternoon’s recovery bounce that attracted some cautious bargain-hunting. At 10:00 a.m. ET, the Russell 2000 (NYSE:IWM) was down 1.24, or 0.21%, to 594.67.

The Fed’s announcement on commercial paper appeared to be the punch that truly packed power this morning, sparking some thought that this move could help unclog credit lines. Those concerns remained very much in play into this morning’s trading when inter-bank lending rates were still tight overnight. In addition, the commercial paper facility could take some of the edge off the calls for an emergency rate cut, which already seemed unnecessary at this stage since Fed funds have been trading below the target 2% level often in recent days anyhow.

That said, central bankers in Australia announced a stunning 100-basis-point decline in rates overnight, which did spark optimism for hefty coordinated rate cuts in the West as well. PIMCO, which manages the largest bond fund in the world, has already been calling for the Fed funds target to be slashed by 100 bps, preferably in concert with cuts by other worldwide central banks.

Price gyrations in futures markets right before the opening were volatile and extreme, with S&P 500 futures soaring 12 handles, tumbling 14 handles, then jumping 20 handles in the 30 minutes before the real opening. At first the market was underpinned by oversold conditions, then pulled down on disappointment when the Fed simply announced the timing for auctions already planned, then it roared back again when the Fed said they would start a new commercial paper facility. Tossed into the wacky seesaw trading were headlines that Iran forced down a U.S. fighter . . .

Small-cap stocks pushed higher Monday, buoyed by an improved tone in financial shares, a rise in tech stocks and a pullback in crude oil prices from record highs set early in the session. The Russell 2000 (NYSE:IWM) gained 7.12, or 0.97%, to 740.74.

“Financials are strong going into Goldman Sachs earnings tomorrow. Lehman Bros. (NYSE:LEH) also failed to ignite selling and there was a Washington Post story suggesting that the Fed would not tighten rates, which has helped financials,” Nick Kalivas, vice president of financial research with MF Global, said in an email interview.

Kalivas said that investors appeared to be rotating out of some defensive names and into financial stocks. In addition, smaller oil companies and regional banks were helping to provide a lift to small caps relative to the big index products.

Small caps started out the day in the red, pressured by a sudden upside burst in crude oil prices, which charged to new record highs just shy of $140 dollars a barrel. The surge in energy prices was complemented by climbing metals prices and record high corn prices. However, a pullback in crude oil back toward $134 helped ease concerns about energy prices and refocused attention on a solid performance in financial issues.

The U.S. dollar slumped against the euro today, which played a role in supporting the energy market, as well as other commodities. The greenback was pressured by record inflation numbers in the eurozone, a weekend G8 meeting that did not spotlight a strong dollar stance and by talk that rate hikes in the United States have been premature. Goldman Sachs weekly Economics Analyst report said that while they could not rule out a rate hike given recent warnings by Federal Reserve Chairman Ben Bernanke and vice chairman Donald Kohn about inflation expectations that tightening at this stage is “inappropriate” and “unlikely any time soon.”

Goldman Sachs analysts said that “as these points become apparent, we . . .

Lime Energy Co (Nasdaq:LIME), Landrys Restaurants Inc (Nasdaq:LNY) and Motorcar Parts of America Inc (Nasdaq:MPAA) are among the biggest percentage gainers in Monday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Greenfield Online Inc (Nasdaq:SRVY), Sterling Financial Corp (Nasdaq:STSA), Tessera Technologies (Nasdaq:TSRA), RXi Pharmaceuticals Corp (Nasdaq:RXII), Novogen Ltd (Nasdaq:NVGN) and Comverge Inc (Nasdaq:COMV).

Here are the biggest percentage gainers among small caps:

Small-cap stocks opened sharply lower, pressured by a renewal of the credit crisis fears and reeling from a dramatic surge in crude oil that could crimp consumer spending habits and weigh on sentiment. At 9:52 a.m. ET, the Russell 2000 (NYSE:IWM) was down 4.43, or 0.62%, at 715.12.

Financial shares sparked a wave of overnight selling after American International Group (NYSE:AIG) released earnings that disappointed investors and renewed concerns about debt write-downs among financial institutions. AIG tumbled 5% on the regular opening (which was better than the overnight showing), and the largest bank Citigroup (NYSE:C) was basically flat — also not as bad as overnight action — as the CEO spoke at an investor meeting.

There also was talk of asset allocation plays being back in vogue this morning, with investors shifting money away from equities and into treasury products. The old stock market adage “sell in May and go away” appeared to have a life this first full week of May trading.

In a Goldman Sachs research report released overnight, analysts say that the underlying shock of mortgage credit defaults is large and “still has a ways to go.” Although they say that some of the markets that have been beaten down will normalize and create positive spillover on sentiment in the broader economy, they said that excess housing supply, acceleration of home price declines and over leverage in the U.S. housing market will not go away anytime soon.
 
“We believe that such losses (from over leverage) imply further adverse surprises for balance sheets in parts of the financial sector, with correspondingly adverse effects on lending and economic activity. The focus of the pain is likely to shift away from subprime mortgages, where the markets are already discounting very large losses, to other residential mortgage debt, including prime mortgages. This is one reason why we are expecting a renewed slowdown in economic activity after the stimulus-fueled bounce in mid- to late 2008. In turn, it makes us fairly confident that . . .

The Russell 2000 (NYSE:IWM) managed a miniscule last-minute rise despite news of a weak government jobs report. The small-cap index climbed 0.16 points, or 0.02%, to 713.73, its fifth consecutive rise. The Dow Jones Industrial Average fell 16.61 points, or 0.13%, to 12,609.42.

On a year-to-date basis, the Russell 2000 has declined 6.83%, while the Dow is down 4.94% and the S&P 500 is off 6.67%.

Small-cap stocks began the day in the red following news before the opening that payrolls fell by a larger-than-expected 80,000 in March, according to the U.S. Labor Department. The same report also revised higher the job losses from the previous two months.

The March unemployment rate rose to 5.1%, the highest level in more than two years, from 4.8% in February.

“The job loss numbers today make it all but certain that the economy entered a recession in the first quarter,” said Arun Raha, vice president of economic research and consulting for the North American operations of reinsurance company . . .

The Russell 2000 (NYSE: IWM) led the pack with the major U.S. indices posting solid gains as investors disregarded mixed earnings news and a decline in housing. The small-cap index added 13.79 points, or 2%, to 702.39. The Dow Jones Industrial Average (INDU) climbed 176.72 points, or 1.45%, to 12,383.89.

On a year-to-date basis, the Russell 2000 has let go 8.31%, while the Dow has let go 6.64% and the S&P 500 has shed 7.79%.

Small-cap stocks began the week with a strong showing despite beginning the session in negative territory following mixed earnings news from major corporate players.

McDonald’s Corp. (NYSE: MCD) reported that sales at restaurants open at least 13 months were unchanged in December, disappointing analysts expecting a rise.

“While severe winter weather throughout the month and softer consumer spending resulted in December U.S. comparable sales being flat, we remain confident in our U.S. business,” said CEO Jim Skinner in a statement.

The result brought out the bears, as consumer spending comprises about 70% of gross domestic product and a decline will surely be bad news for the economy. Previously, retailers had also reported weak December sales, raising the fear that American consumers are pulling back.

However, the fast food chain operator also announced that its net income for the three months ended Dec. 31 increased to $1.27 billion, or $1.06 per share, compared with $1.24 billion, or $1 per share, a year earlier.

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


• Landry’s Restaurants, Inc. (LNY), up 23% on news that CEO Tilman Fertitta has offered to buy out the company for $379.4 million in cash.
• Acorda Therapeutics, Inc. (ACOR), up 22% on news of a positive drug trial.
• Advanta Corp. (ADVNB), up 18%.


• Rediff.com India Ltd. (REDF), down 18% on news of a decline in third-quarter earnings.
• Ceragon Networks Ltd. (CRNT), down 18% despite news that it swung to a fourth-quarter profit.
• Graham Corp. (GHM), down 17% despite news that its fiscal 2008 revenue will come in near the top end of its projection for between $80 million and $85 million.

Landry's Restaurants Inc. (NYSE: LNY) reported Monday that it will take a larger charge than previously anticipated for its stock-option granting practices.

The company had delayed filing its 10-K for several weeks on account of this internal review of its stock options granting practices.

Landry’s said the review is now completed and that the company will take an $8.6 million charge associated with the review. This charge is in line with the amount Oppenheimer analyst Mike Smith said he had anticipated.

Shares of Landry's edged up out of the gate Monday morning 2.40%, or $0.61, to $26.08.

Shares of Landry’s Restaurants Inc. (NYSE: LNY) are sliding today after the restaurant operator was downgraded by Oppenheimer & Co. to a rating of “neutral” from “buy.” 

While Oppenheimer continues to believe that there is still inherent value in the Landry’s, the stock has come under pressure lately, as the owner of seafood restaurants has been caught in hot water.

According to Oppenheimer analyst Mike Smith, the company has been besieged with various difficulties including failure to file its 2006 10-K on time. The company has delayed filing its 10-K for several weeks, as it needs to complete its internal review of its stock options granting practices. Smith views this latest news as negative, as the company was originally supposed to complete its review in March. Charges associated with the review will total approximately $8.6 million after taxes, according to Smith.

Additionally, US Bank is calling its loan to Landry’s, as the company has been violating its loan covenants with US Bank since April. Under the covenant, US Bank and Wachovia acted as the Trustee of a $400 million loan made to Landry’s in 1994 and granted Landry’s a waiver.

Smith says Landry's is expected to refinance the $400 million loan at rates of around 9.0% to 9.5% and says he expects refinancing at such rates could cost the company as much as $8 million in additional interest annually. Smith says this could lower earnings by approximately $0.24 per share annually.

Shares of Landry’s slipped 7.12%, or $1.99, to $25.95 in Friday afternoon trading.

The Russell 2000 index is slightly lower as U.S. stocks remain little changed this afternoon.  In specific small cap action, shares of 8x8, Inc. (Nasdaq: EGHT) are down on news of a net loss, while The Smith & Wollensky Restaurant Group, Inc. (Nasdaq: SWRG) said it will be sold for $90 million.

At 2:37 p.m. ET the Russell 2000 had lost 0.22 points, or 0.03 percent, to 832.66.  The Dow Jones Industrial Average was up 45.83 points, or 0.35 percent, to 13,310.45, on track for another record close.