Tag - Mgrc

Small-cap stocks closed out the week with a meager advance Friday, bucking the red ink seen in the Dow and S&P 500, which is a supportive sign for stocks in general as small caps tend to lead the way for equities — especially in recent years on the way up. The Russell 2000 (NYSE:IWM) rose 0.50, or 0.07%, to 720.05. For the week, small-cap shares were down 0.78%, which seems pretty tame in the face of renewed fretting about the credit crunch crisis and the highest crude oil prices in the history of the planet.

Crude oil futures shot above $126 dollars a barrel Friday, and have now soared about 11% since the beginning of May amid supply jitters out of Africa, geopolitical tension in the Middle East and tightening stocks of distillates. Not to mention a feeding frenzy from the bulls and a panic scramble by the shorts. With national pump prices already north of $3.50 a gallon, this week’s surge in crude oil prices will be a bitter pill for many Americans, already squeezed by rising food costs and sinking home equity. The ballyhooed economic stimulus package may lose some impact as the funds simply go to pay off consumer debt and fill the gas tank, not to “fuel” economic growth. Some airline carriers have announced fuel surcharges in recent days, and Northwest Airlines (NYSE:NWA) and Air Canada joined that chorus today.

The market came into Friday’s session on the defensive amid renewed concern about the credit crisis after American International Group (NYSE:AIG) reported larger-than-expected quarterly losses. AIG tumbled about 8% for the day, and was . . .

The Russell 2000 (NYSE: IWM) is in negative territory, down more than any of the other major U.S. indices.

At 10:06 a.m. ET, the small-cap index was off 7.24 points, or 1.04%, to 689.04. The Dow Jones Industrial Average (INDU) had let go 29.06 points, or 0.24%, to 12,255.24.

With no major economic news scheduled for today, investors are focusing on company news. The Russell 2000 opened in the green but quickly turned south.

Leading the downward movement is Cbeyond, Inc. (Nasdaq: CBEY), a provider of Internet protocol-based (IP) communications services. The Atlanta, Ga.-based company reported that its fourth-quarter profit nearly tripled, but released 2008 revenue guidance below expectations.

Also falling is McGrath RentCorp (Nasdaq: MGRC). The seller of portable classrooms and office space posted fourth-quarter net income of $12.1 million, or $0.48 per share, beating projections. However, revenue was $70.7 million, below the expected $78.9 million.

On the flip side, armored vehicles maker Force Protection, Inc. (Nasdaq: FRPT) is seeing its shares rise on news that it has received a $115 million order from the U.K. Ministry of Defense.

Financial technology services provider Online Resources Corp. (Nasdaq: ORCC) is also enjoying a bump in its stock price following news that fourth-quarter revenues rose 29.6% to $38.1 million, above Wall Street’s forecast of $37.9 million.

Shares of Red Robin Gourmet Burgers, Inc. (Nasdaq: RRGB) are in the green on news that the Greenwood Village, Colo.-based casual dining chain increased its fourth-quarter profit 14%.