Tag - Lyts

Bowne & Co Inc. (Nasdaq:BNE), Albany Molecular Research Inc. (Nasdaq:AMRI) and Dolan Media Co. (Nasdaq:DM) are among the biggest percentage losers in Wednesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Multi Color Corp. (Nasdaq:LABL), LSI Industries Inc. (Nasdaq:LYTS), Mercury Computer Systems Inc. (Nasdaq:MRCY), Liquidity Services Inc. (Nasdaq:LQDT), Dorman Products Inc. (Nasdaq:DORM) and Molina Healthcare Inc. (Nasdaq:MOH).

Geron Corp. (Nasdaq:GERN), Amicus Therapeutics Inc. (Nasdaq:FOLD) and Epoch Holding Corp. (Nasdaq:EPHC) are among the biggest percentage gainers in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: IncrediMail Ltd. (Nasdaq:MAIL), Heritage Crystal Clean Inc. (Nasdaq:HCCI), LSI Industries Inc. (Nasdaq:LYTS), Coldwater Creek Inc. (Nasdaq:CWTR), O'Charley's Inc. (Nasdaq:CHUX) and XenoPort Inc. (Nasdaq:XNPT).

Elizabeth Arden Inc. (Nasdaq:RDEN), Belden Inc. (Nasdaq:BDC) and Webster Financial Corp. (Nasdaq:WBS) are among the biggest percentage losers in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Tecumseh Products Co. (Nasdaq:TECUA), LSI Industries Inc. (Nasdaq:LYTS), BancTrust Financial Group Inc. (Nasdaq:BTFG), Communications Systems Inc. (Nasdaq:JCS), Kimball International Inc. (Nasdaq:KBALB) and Rochester Medical Corp.(Nasdaq:ROCM).

Small-cap stocks turned in their best performance of the New Year today, as investors decided that a dreary picture of the current economic environment would simply make it that much easier for incoming President-elect Obama to push through a big fiscal stimulus package. Some of today’s small-cap gainers are Michael Baker Corporation (NYSE:BKR), Repros Therapeutics (Nasdaq:RPRX) and China Sky One Medical (Nasdaq:CSKI).

Other Market Watch highlights today included:

• Advancers are leading decliners on the Russell 2000 by more than three to one.
• Worst performers: food retailers, brewers, chemical companies, finance firms, biotechs and footwear firms.  
• Homebuilder, energy and retailer stocks were solid performers so far today, and surprisingly, airline stocks were doing well despite a rise to five-week highs in crude oil prices.  
• Small-cap stocks remained higher into midday trading.  

Other Market Watch highlights today included:

• Worst performers: food retailers, brewers, chemical companies, finance firms, biotechs and footwear firms.  
• Homebuilder, energy and retailer stocks were solid performers so far today, and surprisingly, airline stocks were doing well despite a rise to five-week highs in crude oil prices.  
• Small-cap stocks remained higher into midday trading.  
• Advancers are leading decliners on the Russell 2000 by 1,402 to 372. 
 

Small Cap Gainers:

• New 52-wk highs: Michael Baker Corporation, Repros Therapeutics, China Sky One Medical, Transmeta Corporation and Amerisafe, Inc. (See NYSE:BKR, Nasdaq:RPRX, Nasdaq:CSKI, Nasdaq:TMTA, Nasdaq:AMSF)  
• Home-nursing company Amedisys Inc. is up 16.4% to $46.93 after issuing FY09 guidance above concensus. (See Nasdaq:AMED)  

Small Cap Losers:

• LSI Industries is down 14% to $6.03 after lowering FY09 earnings and sales guidance below consensus. (See Nasdaq:LYTS)  
• VASCO Data Security International Inc. is 12% lower at $9.10 in pre-market trading after issuing downward guidance for FY2008. (See Nasdaq:VDSI) 
• Vignette Corporation is down 8.8% to $8.24 after issuing preliminary Q4 2008 results late Monday. (See Nasdaq:VIGN) 

Small-cap stocks remained higher into midday trading, surviving a choppy response to economic data this morning that served up better-than-expected numbers on services sector activity, but slumping factory orders and sinking pending home sales. Some of today’s small-cap gainers are Michael Baker Corporation (NYSE:BKR), Repros Therapeutics (Nasdaq:RPRX) and China Sky One Medical (Nasdaq:CSKI).

Other Market Watch highlights today included:

• Worst performers: food retailers, brewers, chemical companies, finance firms, biotechs and footwear firms.  
• Homebuilder, energy and retailer stocks were solid performers so far today, and surprisingly, airline stocks were doing well despite a rise to five-week highs in crude oil prices.  
• Small-cap stocks remained higher into midday trading.  
• Advancers are leading decliners on the Russell 2000 by 1,402 to 372. 
 

Small Cap Gainers:

• New 52-wk highs: Michael Baker Corporation, Repros Therapeutics, China Sky One Medical, Transmeta Corporation and Amerisafe, Inc. (See NYSE:BKR, Nasdaq:RPRX, Nasdaq:CSKI, Nasdaq:TMTA, Nasdaq:AMSF)  
• Home-nursing company Amedisys Inc. is up 16.4% to $46.93 after issuing FY09 guidance above concensus. (See Nasdaq:AMED)  

Small Cap Losers:

• LSI Industries is down 14% to $6.03 after lowering FY09 earnings and sales guidance below consensus. (See Nasdaq:LYTS)  
• VASCO Data Security International Inc. is 12% lower at $9.10 in pre-market trading after issuing downward guidance for FY2008. (See Nasdaq:VDSI) 
• Vignette Corporation is down 8.8% to $8.24 after issuing preliminary Q4 2008 results late Monday. (See Nasdaq:VIGN)  

Small-cap stocks pulled higher this morning and remained in positive ground after a mixed batch of economic reports buffeted the market. A firm tone in energy stocks, momentum from overseas gains and optimism about upcoming stimulus plans provided a lift. Some of today’s small-cap gainers are Michael Baker Corporation (NYSE:BKR), Repros Therapeutics (Nasdaq:RPRX) and China Sky One Medical (Nasdaq:CSKI).

Other Market Watch highlights today included:

• Advancers are leading decliners on the Russell 2000 by 1,402 to 372.  
• Looking at the chart picture for small-caps, the market remains in an upward consolidation mode.  
• Pending home sales were also sour, sinking 4.0% versus the consensus for a decline of 1.0%.  
• Factory orders tumbled 4.6%, much worse than the projection for a decline of 2.5%.  
• The ISM Non-Manufacturing Survey came in at 40.6, which was better than the forecast of 37.0 and a nice bounce off record lows from the previous reading.  

Small Cap Gainers:

• New 52-wk highs: Michael Baker Corporation, Repros Therapeutics, China Sky One Medical, Transmeta Corporation and Amerisafe, Inc. (See NYSE:BKR, Nasdaq:RPRX, Nasdaq:CSKI, Nasdaq:TMTA, Nasdaq:AMSF)  
• Home-nursing company Amedisys Inc. is up 16.4% to $46.93 after issuing FY09 guidance above concensus. (See Nasdaq:AMED)  

Small Cap Losers:

• LSI Industries is down 14% to $6.03 after lowering FY09 earnings and sales guidance below consensus. (See Nasdaq:LYTS)  
• VASCO Data Security International Inc. is 12% lower at $9.10 in pre-market trading after issuing downward guidance for FY2008. (See Nasdaq:VDSI) 
• Vignette Corporation is down 8.8% to $8.24 after issuing preliminary Q4 2008 results late Monday. (See Nasdaq:VIGN)  

Small-cap stocks pulled higher this morning and remained in positive ground after a mixed batch of economic reports buffeted the market. A firm tone in energy stocks, momentum from overseas gains and optimism about upcoming stimulus plans provided a lift. At 10:04 a.m. ET, the Russell 2000 (NYSE:IWM) was up 8.51, or 1.68% at 513.54.

The ISM Non-Manufacturing Survey came in at 40.6, which was better than the forecast of 37.0 and a nice bounce off record lows from the previous reading. Still, this number is low historically and consistent with recession. Although the ISM reading was positive relative to expectations, the same can’t be said for factory orders, which tumbled 4.6%, much worse than the projection for a decline of 2.5%. Completing the early data trifecta, pending home sales were also sour, sinking 4.0% versus the consensus for a decline of 1.0%. Now that this rush of economic data is out of the way, the market should be free to focus on other factors before this afternoon’s 2:00 p.m. ET release of FOMC minutes.

Crude oil prices pulled back above $50 dollars a barrel for the first time in some ...

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 . . .

After opening in the red, the Russell 2000 has broken into the green and remains at its highs on the session, as traders shrugged off inflation data, higher crude prices and an increase in jobless claims and bargain hunters scoured for beaten down financials and embraced news that larger loans financed by Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE) will be permitted to trade.

At 12:19 p.m. ET, Russell 2000 (NYSE:IWM) had climbed 7.12, or 0.95%, to 754.8, while the Dow surged 125.55, or 1.09%, to 11,658.51.

The Securities Industry and Financial Markets Association said today that larger home loans financed by Freddie and Fannie would now be permitted to trade in the bond market causing both mortgage lenders to jump some 6% midday.

Stocks initially opened lower on worse-than-anticipated inflation data and an uptick in weekly jobless claims.

Ahead of the opening, the Consumer Price Inflation report showed no relief on the price front, clocking in at a hefty 0.8%. The number was substantially higher than the forecast of 0.4% and rose to a whopping 5.7% year-over-year — the highest since January 1991. Even the “core” inflation rate, which excludes food and energy prices, rose faster than projected. Although, excluding food and energy prices isn’t an accurate gauge at the current time, as both have surged in price this year and are the main areas to which consumers are now deploying the majority of their disposable income.

“With core inflation drifting back up to its upper range, and the shorter-term metrics still rising, this report is a little unsettling,” BMO Capital Markets economist Jennifer Lee wrote in a note today. “However, we've likely seen the end of the energy price spike and we do know that consumers have generally stopped spending. This could be the high-water mark for inflation. But we'll need a couple of months of data to confirm that.”

The weekly claims report wasn’t reassuring either, coming in at 450,000, which was down from 460,000 last week, but still above the forecast of 432,000. Looking at a four-week moving average, claims remain on an upward trajectory and at the highest level in six years. Rising inflation coupled with weak labor market stats only serve to solidify the stagflation picture with which the Federal Reserve is grappling.

LSI Industries’ (Nasdaq:LYTS) stock lost nearly one-third its value this morning, hitting a new 52-week low, after the commercial lighting company announced late Wednesday that it had slashed both its fiscal 2008 and 2009 guidance.

Blaming weak retail sales, the Cincinnati, Ohio-based company said it now expects sales for the fiscal year ended June 30, 2008, to be about $305 million and earnings per share between $0.52 and $0.53. It had previously estimated sales to range between $305 million and $312 million on earnings per share of $0.65 and $0.69. Analysts were expecting earnings per share of $0.65 to $0.66.

LSI also said it expects sales from $290 million to $310 million on earnings per share from $0.29 to $0.36. Street estimates were between $0.45 and $0.73.

In response to the news, which also included a likely dividend cut, Robert W. Baird downgraded shares to “underperform” from “neutral.”

By mid-morning, shares of LSI were trading at $7.54, down $3.10 from Wednesday’s close, after having traded as low as $7.02 earlier in the day. Previously the stock had ranged between $7.60 and $23.05 in the past year.

For detailed price information and news stories on LSI Industries, click LYTS.

LSI Industries Inc. (Nasdaq:LYTS), United Community Bancorp (Nasdaq:UCBA) and Chindex International Inc. (Nasdaq:CHDX) are among the biggest percentage losers in Thursday's trading among companies with market capitalizations under $1 billion.     

Also included among the results: Eagle Bancorp Inc. (Nasdaq:EGBN), Omega Flex Inc. (Nasdaq:OFLX), BancTrust Financial Group Inc. (Nasdaq:BTFG), ECB Bancorp Inc. (Nasdaq:ECBE), Sucampo Pharmaceuticals Inc. (Nasdaq:SCMP) and La-Z-Boy Inc. (Nasdaq:LZB).       

Here are the biggest percentage losers among small caps:      

Small-cap stocks pushed lower on the opening, pressured by troubling economic data that raised concerns about both inflation and employment. That said, the market was hanging in relatively well given the sobering news, with the Russell 2000 (NYSE:IWM) climbing into the green near 10:00 a.m. ET. At 10:03 a.m. ET, Russell was up 0.16, or 0.02%, at 747.86.

Ahead of the opening, the Consumer Price Inflation report showed no relief on the price front, with the headline figure climbing to 0.8%, which was way above the forecast of 0.4%. What’s more, the year-over-year figure rose to 5.7%, the highest mark since January 1991. Even the so-called “core” inflation rate, which excludes food and energy prices, rose faster than the projection. With gasoline pump prices pushing north of $4 dollars a gallon this summer and food prices on the rise, excluding food and energy doesn’t make that much sense anyhow.

The weekly claims report also carried a sobering message this morning, as unemployment claims came in at 450,000, which was down from 460,000 last week, but still above the forecast of 432,000. When looking at a four-week moving average, claims remain on an upward trajectory and at the highest level in six years. The combination of rising inflation and weak labor markets is a very difficult position for Federal Reserve policy makers to navigate.

“Headline consumer inflation spurted again in July because of another sharp jump in energy costs and a large increase in food costs,” Steven Wood, chief economist with Insight Economics, said in an email. “However, lower oil prices should reduce energy costs next month. At the present time the Fed is caught between a rock and a hard place with renewed financial turmoil, a deteriorating economy, and climbing inflation. The Federal Reserve has been counting on energy prices to flatten out and weak economic activity over the next several quarters to cap both overall and core inflation. So far, no joy,” Wood said.

As the market prices in the bad news on the economic front, there are some bright spots to keep an eye on this morning, with automobile manufacturers, thrifts, homebuilders, department stores and airlines all on the upside. The S&P Retail Index took a hit Wednesday, but was on better footing this morning, even though retail leader Wal-Mart Stores Inc. (NYSE:WMT) was unable to sustain overnight gains following decent earnings. WMT shares were down 1% shortly after the . . .

Here are the biggest percentage gainers and losers in pre-market trading among companies with a market cap between $50 million and $750 million:

Biggest percentage gainers:

• Encore Wire Corp. (Nasdaq:WIRE), up 20% after swinging to a first-quarter profit that substantially beat the Street.

• Spartan Motors Inc. (Nasdaq:SPAR), up 15% on first-quarter earnings and revenue that substantially beat the Street.

• Pozen, Inc. (Nasdaq:POZN), up 8%.

Biggest percentage losers:

• Monarch Casino & Resort, Inc. (Nasdaq:MCRI), down 11% after reporting first-quarter results that declined from the year-ago period and missed analysts’ estimates.

• L.B. Foster Company (Nasdaq:FSTR), down 9% after reporting first-quarter revenues that missed the consensus on Wall Street.

• LSI Industries Inc. (Nasdaq:LYTS), down 8%, after reporting first-quarter earnings declined 70% from the year ago period and missed analysts’ estimates.

Shares of LSI Industries Inc. (Nasdaq:LYTS) are lower on news before the opening that the provider of indoor and outdoor lighting solutions was downgraded by an analyst. The Cincinnati, Ohio-based company was downgraded to “hold” from “buy” by investment bank Needham & Co. due to concerns that a weak retail environment could harm product sales, according to news reports.

At 2:33 p.m. ET, the stock had shed $1.24, or 8%, to $13.45.

The Russell 2000 (NYSE:IWM) futures are slightly higher but have been narrowing as investors make sense of a new plan to regulate financial markets.

The Bush administration is proposing sweeping changes to the system of financial regulation that will give additional powers to the U.S. Federal Reserve. The plan will be formally outlined by Treasury Secretary Henry Paulson at 10 a.m. ET.

Bears took control of the Russell 2000 late Friday, with small caps losing 9.20, or 1.33%, to 683.18. The market struggled all week to attract buyers along the 705 zone, and that remains the critical upside point to watch early this week. Even before there, look for resistance on our old swingline at 700 Monday. Meanwhile, support comes into play at 680, 674 and 667.

The Chicago Purchasing Managers Survey comes out this morning at 10:00 a.m. ET, and could set the early tone for stocks. Potential volatility from economic releases will be a recurring theme this week, highlighted by Friday’s employment data.

A strong rally in the last hour of trading lifted the Russell 2000 (NYSE: IWM) and the other major U.S. indices in the green. The small-cap index rose 7.26 points, or 1.03%, to 712.12. The Dow Jones Industrial Average (INDU) added 146.24 points, or 1.16%, to 12,735.31.

On a year-to-date basis, the Russell 2000 has lost 7.04%, while the Dow is down 3.99% and the S&P 500 has declined 4.03%.

An uneven day of trading ended on a bullish note as investors went hunting for bargains late in the session.

Small-cap stocks had no clear direction much of the time, as the bears and bulls struggled and sought to gain a perspective on the state of the U.S. economy. The Russell 2000 spent the early morning near the flat line but slipped and fell at about 11:30 a.m. ET. It bottomed out shortly after 2 p.m. ET as investors reacted to news that Goldman Sachs Group Inc. (NYSE: GS) is predicting a recession.

The New York-based investment bank wrote in a note to its clients that it expects gross domestic product to decline in the second and third quarters, prompting the Fed to keep lowering the federal funds rate until it hits 2.5%.

The federal funds rate, the rate at which commercial banks make overnight loans to each other, currently stands at 4.25%.

The Russell 2000 (NYSE: IWM) and the other major U.S. indices have fallen deep into negative territory as economic concerns take center stage. At 2:46 p.m. ET, the small-cap index was down 9.55 points, or 1.35%, to 695.31. The Dow Jones Industrial Average (INDU) had lost 27.56 points, or 0.22%, to 12,561.51.

The U.S. economy will experience a recession this year and the Federal Reserve will respond with aggressive rate cuts, according to Goldman Sachs Group Inc. (NYSE: GS). The New York-based investment bank wrote in a note to its clients that it expects gross domestic product to contract in the second and third quarters, prompting the Fed to lower the federal funds rate to 2.5%.

The federal funds rate, the rate at which commercial banks make overnight loans to each other, was lowered on Dec. 11 to 4.25% from 4.50%. On Jan. 29, the Fed begins a two-day meeting, with most economists currently expecting that it will not move to cut interest rates before then.

However, William Poole, president of the Federal Reserve Bank of St. Louis, does not see a recession.

“Will housing sector problems push the economy into recession?” Poole asked the Financial Planning Association of Missouri and Southern Illinois in a speech earlier today. “It is too early to tell right now.”

The Russell 2000 (NYSE: IWM) futures are higher and the small-cap index will open with a rise as investors focus on the U.S. retail sector.

With little business news and no major economic releases due to the Thanksgiving Day holiday, the retail sector will be grabbing headlines.  Today is the so-called “Black Friday”, the day when millions of Americans do their holiday shopping and when retailers become profitable for the year.

Black Friday is traditionally one of the busiest shopping days of the year and typically marks the beginning of the Christmas shopping season.

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


• China Precision Steel, Inc. (CPSL), up 9%.
• China Fire & Security Group, Inc. (CFSG), up 6%.
• Qiao Xing Universal Telephone, Inc. (XING), up 5%.


• City Telecom (H.K.) Ltd. (CTEL), down 16% following the release of its quarterly and annual financial results.
• Sify Technologies Ltd. (LYTS) down 4%.
• Hibbett Sports Inc. (HIBB) down 1%.

The Russell 2000 (NYSE: IWM) futures are lower and the small-cap index will probably open with a fall as investors worry about the U.S. economy.

The mood on Wall Street is bearish as investors weighed news of rising oil prices and the U.S. Federal Reserve lowered its growth outlook for the U.S. economy. On Tuesday the Fed forecasted that growth will slow in 2008 and unemployment will creep up slightly.

In other economic news, the Labor Department reported that jobless claims for the week ended Nov. 17 decreased 11,000 to 330,000 from the previous week’s upwardly revised level of 341,000.

The four-week moving average, considered a more stable measure, fell 750 to 329,750 from 330,500 a week earlier.

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

Biggest percentage gainers:

• NGAS Resources Inc. (NGAS), up 11% on news it has priced an offering of 4.2 million shares of its common stock at $6 per share.
• ChemGenex Pharmaceuticals Ltd. (CXSP), up 8%.
• Cerus Corp. (CERS), up 5% on news it has spun off assets of its immunotherapy business to an independent company.

Biggest percentage losers:

• China Finance Online Co. Ltd. (JRJC), down 23% despite news of a rise in quarterly profit.
• LSI Industries Inc. (LYTS) down 9%.
• Solarfun Power Holdings Co., Ltd. (SOLF) down 7%.

LSI Industries, Inc. (Nasdaq: LYTS) shares are down after the lighting products company reported first-quarter sales rose 3.8% to $90 million, missing analyst expectations of $93.8 million and compared with $86.7 million a year earlier.

“The first quarter of fiscal 2008 demonstrated strong growth and positive momentum that carried over from our record fiscal 2007 operating results,” CEO Robert J. Ready said in a statement. “While we were generally pleased with the first quarter results, especially the improvement in profitability, there were some items that could have made the quarter even better.”

Revenue was negatively impacted by delayed shipping of LSI products by Wal-Mart Stores Inc. (NYSE: WMT) because of store construction and slow shipping of digital video screens due to onsite construction problems. Sales in the firm’s lighting segment fell 8.6% to $47.9 million.

The Cincinnati-based company’s quarterly profit grew to $7 million, or $0.32 per share, above Wall Street estimates of $0.30 per share and compared with $5.5 million, or $0.25 per share, during the same period of 2006.

The firm declined to provide guidance and said it will reconsider the issue during the second quarter. Wal-Mart’s delays have made it difficult for LSI to accurately predict sales and earnings, the company said.

Before the opening, LSI said its board declared a dividend of $0.15 per share payable Nov. 13 to shareholders of record as of Nov. 6.

In midday trading, LYTS shares are down 15.55%, or $3.39, at $18.41. Over the last 52 weeks, shares have ranged from $14.65 to $23.05.

The Russell 2000 (NYSE: IWM) futures are rising and the small-cap index is set for a bullish opening on positive earnings news.

Microsoft Corp. (Nasdaq: MSFT) reported after the close on Thursday that its first-quarter earnings beat analysts’ expectations due to strong sales of the videogame “Halo.”  The Redmond, Wash.-based also raised its outlook for the full fiscal year.

Contributing to the upbeat sentiment is troubled mortgage lender Countrywide Financial Corp. (NYSE: CFC), which announced that it will return to profitability in the fourth quarter. The New York-based company also reported a third-quarter net loss, its first in 25 years.

Like other mortgage lenders, Countrywide took a hit this summer due to the meltdown in the subprime mortgage sector.

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

Biggest percentage gainers:

• Sierra Wireless Inc. (SWIR), up 14% on news of higher third-quarter earnings.
• FalconStor Software Inc. (FALC), up 11% on news of a strong third-quarter.
• Ikanos Communications Inc. (IKAN), up 11% despite news of a wider third-quarter loss.

Biggest percentage losers:

• Trident Microsystems Inc. (TRID), down 28% on news that quarterly financial results missed expectations.
• Online Resources Corp. (ORCC), down 19% on news of fourth-quarter guidance below projections.
• LSI Industries Inc. (LYTS) down 16% on news it did not provide a guidance for fiscal 2008.

The Russell 2000 (NYSE: IWM) futures are higher and the small-cap index will open in positive territory on news of good earnings from major players.

Wall Street is in a bullish mood this morning, following news after the close on Monday that Apple Inc. (Nasdaq: AAPL) saw a sharp increase in third-quarter revenue, easily beating analysts’ projections.

Also contributing is credit card issuer American Express Co. (NYSE: AXP), which reported this morning that third-quarter profit rose 10% while revenue added 11%.

Among small-cap companies, Cambridge, Mass.-based Art Technology Group, Inc. (Nasdaq: ARTG) announced quarterly revenue results just a hair above Wall Street’s forecast.

With little on the economic front, earnings news is set to dominate the headlines this morning.

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

Biggest percentage gainers:

• China GrenTech Corporation Ltd. (GRRF), up 16% on news of a new order.
• Phoenix Technologies Ltd. (PTEC), up 12% on news of a solid fourth quarter.
• China Precision Steel Inc. (CPSL), up 3%.

Biggest percentage losers:

• Ultra Clean Holdings Inc. (UCTT), down 8% on news third-quarter profit missed expectations.
• LSI Industries Inc. (LYTS), down 7%.
• Volterra Semiconductor Corp. (VLTR) down 9% on news of a decline in third-quarter earnings.

If you've ever filled up your gas tank, ordered a meal at a fast-food drive-through or even bought a vehicle from an automotive dealership, chances are you have unwittingly contributed to the success of a little-known small cap.
 
The reason: LSI Industries Inc. (Nasdaq: LYTS), based in Cincinnati, Ohio, supplies indoor and outdoor lighting fixtures, signage, menu boards, LED displays, digital billboards and sports screens to the petroleum/convenience store, multi-site retail (including automobile dealerships, restaurants and national chain stores) and the commercial and industrial lighting markets.

LSI's client list reads like a veritable Who's Who in big business: Ford Motor Company (NYSE: F), General Motors Corporation (NYSE: GM), DaimlerChrysler AG (NYSE: DAI), Exxon Mobil Corporation (NYSE: XOM), BP plc (NYSE: BP), Chevron Corp. (NYSE: CVX), ConocoPhillips (NYSE: COP), McDonalds Corp. (NYSE: MCD), Burger King Corporation (NYSE: BKC), Wal-Mart Stores, Inc. (NYSE: WMT), Best Buy Co. Inc. (NYSE: BBY), CVS Pharmacies, Inc. (NYSE: CVS), Target Stores (NYSE: TGT)...the list goes on.

LSI's creations do the seldom-thought-of, but highly important job of providing essential illumination for businesses and strategic visibility for their products and services. Some of the company's more popular specialty designs are custom backlit menu boards, indoor and outdoor signs and graphics, decorative light fixtures, solid-state LED displays, and most recently, digital billboards.
 
Since having its stock downgraded to "sell" from "hold" by Matric USA analyst Daniel Scalzi on June 22 (after which the stock tumbled from more than $18 a share to $16.40), the visual image-solutions company has been lighting up far more than the usual. In late June, following news that the rollout of re-imaging programs by several large clients would boost the company's fourth-quarter and fiscal year results beyond expectations, LSI began grabbing attention, in a good way.

These are the biggest percentage losers in Wednesday's trading among companies with market capitalizations under $500 million:

		Price at		%
		1:00p.m. et	Change	Change	Volume	Year High	Year Low
LYTS	LSI INDS INC	17.20	+1.93	+12.6%	35.7k	20.81	12.83
IEAM	INDUSTRIAL ENTERPRISES AMER	5.53	+0.48	+9.5%	48.9k	8.65	2.85
AVRX	AVALON PHARMACEUTICALS INC	5.50	+0.39	+7.6%	15.4k	6.38	2.20
SPAN	SPAN AMER MED SYS INC	23.28	+1.38	+6.3%	0.6k	29.04	10.45
BIOD	BIODEL INC	21.73	+1.23	+6.0%	13.0k	20.60	16.26
ANSV	ANESIVA INC COM	7.10	+0.37	+5.5%	0.2k	8.71	6.31
SMIT	SCHMITT INDS INC ORE	9.10	+0.46	+5.3%	0.1k	8.99	6.27
AIXD	ACCESS INTEGRATED TECHNLGS I	7.20	+0.35	+5.1%	27.0k	11.30	5.23
FFHL	FUWEI FILMS HLDGS CO LTD	7.65	+0.35	+4.8%	47.7k	18.43	5.58
ISPH	INSPIRE PHARMACEUTICALS INC	6.00	+0.25	+4.3%	1.3k	8.70	3.92

The Russell 2000 and the other major indices are falling despite news of strong earnings at Morgan Stanley and a fall in bond yields.

At 10:15 a.m. ET the Russell 2000 has lost 1.91 points, or 0.23 percent, to 846.43. Dow Jones Industrial Average was down 4.39 points, or 0.03 percent, to 13,631.03.

Investors reacted well to news that New York-based financial services giant Morgan Stanley (NYSE: MS) reported a 40% increase in its second-quarter net income, while revenue rose 32% to $11.52 billion.

Elsewhere, the yield on the U.S. government’s 10-year Treasury note has fallen to 5.13%, easing concerns of higher borrowing costs. Bond yields help determine rates on loans and mortgages.

LSI Industries Inc. (Nasdaq: LYTS), which provides visual image solutions, projects fourth-quarter earnings in the range of $0.27 per share and $0.29 per share, the Cincinnati, Ohio-based company said this morning. That’s above Wall Street’s projected income of $0.22 per share. The stock is up $1.23, or 8%, to $16.55.

Shares of Avalon Pharmaceuticals, Inc. (Nasdaq: AVRX) are higher following news after Tuesday’s close that the Germantown, Md.-based company announced positive interim results from its Phase I study of a drug that treats hematologic malignancies. The stock is up $0.59, or 12%, to $5.70.

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