Tag - Meas

Bancorp Bank (Nasdaq:TBBK), America's Car-Mart Inc (Nasdaq:CRMT) and Methode Electronics Inc (Nasdaq:MEI) are among the biggest percentage gainers in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Sonic Corp (Nasdaq:SONC), Measurement Specialties Inc (Nasdaq:MEAS), Codorus Valley Bancorp Inc (Nasdaq:CVLY), Align Technology Inc (Nasdaq:ALGN), FGX International Holdings Ltd (Nasdaq:FGXI) and Financial Institutions Inc (Nasdaq:FISI).

The Russell 2000 (NYSE: IWM) and the other major U.S. indices posted losses today following mixed housing news and more mortgage concerns. The small-cap index fell 19.09 points, or 2.64%, to 704.86. The Dow Jones Industrial Average (INDU) lost 238.42 points, or 1.86%, to 12,589.07.

On a year-to-date basis, the Russell 2000 has declined 7.99%, while the Dow is down 5.09% and the S&P 500 has shrunk 5.32%.

Small-cap stocks opened in positive territory and then gained more following news of an announcement at 10 a.m. ET that pending U.S. home sales fell 2.6% in November to a reading of 87.6.

The decline is more than what economists were expecting, but investors apparently liked the fact that the figures for October and September were revised higher.

Additionally, the National Association of Realtors reported that it expects existing-home sales to hold steady during the following months before rising later in the year and improving in 2009.

“On the one hand, we have a pent-up demand from the four million jobs added to our economy over the past two years of sales decline,” said Lawrence Yun, NAR chief economist, in a statement. “On the other, consumers continue to wait for additional signs of market stabilization.”

The Russell 2000 (NYSE: IWM) is falling as investors take a dim view of the state of the U.S. housing market. At 1:53 p.m. ET, the small-cap index was down 3.57 points, or 0.49%, to 720.38. The Dow Jones Industrial Average (INDU) was up 3.41 points, or 0.03%, to 12,830.90.

Stocks have trimmed their morning gains and small caps have fallen in the red following news that Countrywide Financial Corp. (NYSE: CFC), the biggest U.S. mortgage lender, is facing swelling debt-protection costs.

There’s speculation that the Calabasas, Calif.-based company, which had liquidity problems last summer due to the meltdown in the subprime mortgage sector, could file for bankruptcy later this week.

That’s a stark reminder of the depth and size of the mess in the subprime mortgage sector, which began as U.S. home prices started to decline in the second half of 2006, leading to a wave of foreclosures and loan delinquencies.

A number of mortgage lenders have called it quits since then, but Countrywide will potentially be the biggest casualty yet.

That has apparently spooked investors.

Shortly after the start of trading the National Association of Realtors reported that pending U.S. home sales fell a more-than-expected 2.6% in November to a reading of 87.6. The October reading was an upwardly revised 89.9. The figure for September was also revised higher.

Measurement Specialties, Inc. (Nasdaq: MEAS) said that it is lowering its fiscal 2008 EPS guidance.

The global designer and manufacturer of sensors and sensor-based systems is downwardly revising its EPS for 2008 to $1.15 to $1.20 per share from $1.25, excluding an expense associated with revaluation of a German deferred tax asset.

Shares of Measurement Specialties (MEAS) lost 18.84%, or $4.04, to $17.40 at 12:57 p.m. ET. Shares of Measurement Specialties have been trading in the range of $17.29 to $28.77 for the past 52 weeks.

The Russell 2000 (NYSE: IWM) and the other major U.S. indices are posting solid gains on news of data that point to a stabilization in the U.S. housing market.
 
At 10:49 a.m. ET, the small-cap index was up 5.28 points, or 0.73%, to 729.23. The Dow Jones Industrial Average (INDU) was up 24.22 points, or 0.19%, to 12,851.71.

Pending U.S. home sales fell a more-than-expected 2.6% in November to a reading of 87.6, the National Association of Realtors reported after the start of trading. The October reading was an upwardly revised 89.9.

However, the numbers are seen as a positive sign for the troubled U.S. housing sector.

The Chicago-based trade group reported that the pending sales activity indicates that existing-home sales will hold steady in the coming months before rising late in the year.

“A meaningful recovery in existing-home sales could occur as early as this spring, or it may be further delayed toward late 2008,” said Lawrence Yun, NAR chief economist, in a statement. “There are more people with financial capacity now than in 2005, but many are trying to market-time their purchase.”

Total new-home sales for 2007 are projected to fall to 773,000, and then decline further to 669,000 in 2008 before rising above 700,000 in 2009.

The stagnation in U.S. housing sector is one of the main factors dragging down domestic economic growth and raising fears of a possible recession.

Shifting gears, the bulls gained strength before the start of trading on news that the CEO of Bear Stearns (NYSE: BSC) is stepping down. The New York-based investment bank took a hard hit in 2007 due to the meltdown in the subprime mortgage sector, which is inextricably tied to the problems in the housing sector.