Tag - Mmr

Matrixx Initiatives (Nasdaq:MTXX), McMoRan Exploration Co. (Nasdaq:MMR) and Synutra International Inc. (Nasdaq:SYUT) are among the biggest percentage losers in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: United Security Banchares Inc. (Nasdaq:USBI), Facet Biotech Corp. (Nasdaq:FACT), Carmike Cinemas Inc. (Nasdaq:CKEC), A Power Energy Generation Systems Ltd. (Nasdaq:APWR), O'Charley's Inc. (Nasdaq:CHUX) and Ambac Financial Group, Inc. (Nasdaq:AKT).

Clearwater Paper Corp. (Nasdaq:CLW), Canadian Solar Inc. (Nasdaq:CSIQ) and Liz Claiborne Inc. (Nasdaq:LIZ) are among the biggest percentage gainers in Monday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Century Aluminum Co. (Nasdaq:CENX), Patriot Coal Corp. (Nasdaq:PCX), McMoRan Exploration Co. (Nasdaq:MMR), Venoco Inc. (Nasdaq:VQ), Mercury Computer Systems Inc. (Nasdaq:MRCY) and Liquidity Services Inc. (Nasdaq:LQDT).

First Busey Corp. (Nasdaq:BUSE), Porter Bancorp Inc. (Nasdaq:PBIB) and Astoria Financial Corp. (Nasdaq:AF) are among the new 52-week lows in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: McMoRan Exploration Co. (Nasdaq:MMR), First M&F Corp. (Nasdaq:FMFC), Boston Beer Company Inc. (Nasdaq:SAM), Peoples Bancorp Inc. (Nasdaq:PEBO), MetroCorp Bancshares Inc. (Nasdaq:MCBI) and Central European Distribution Corp. (Nasdaq:CEDC).

WSFS Financial Corp. (Nasdaq:WSFS), Multi Color Corp. (Nasdaq:LABL) and Capital City Bank Group Inc. (Nasdaq:CCBG) are among the new 52-week lows in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: McMoRan Exploration Co. (Nasdaq:MMR), Sierra Bancorp (Nasdaq:BSRR), Boston Beer Company Inc. (Nasdaq:SAM), Preformed Line Products Co. (Nasdaq:PLPC), First Financial Holdings Inc. (Nasdaq:FFCH) and First M&F Corp. (Nasdaq:FMFC).

Pan American Silver Corp. (Nasdaq:PAAS), John Bean Technologies Corp. (Nasdaq:JBT) and USG Corp. (Nasdaq:USG) are among the biggest percentage gainers in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: IXYS Corp. (Nasdaq:IXYS), Silver Standard Resources Inc. (Nasdaq:SSRI), Seabridge Gold Inc. (Nasdaq:SA), Parkvale Financial Corp. (Nasdaq:PVSA), McMoRan Exploration Co. (Nasdaq:MMR) and ASA Ltd. (Nasdaq:ASA).

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 . . .

Small-cap stocks opened with a strong bid this morning, boosted by encouraging signs in the bank lending market, a rise in energy stocks on analyst upgrades and a perception that a speech from Federal Reserve Chairman Ben Bernanke was slightly more upbeat than recent appearances. Today’s small-cap gainers are WebMD (NYSE:WBMD), Melco Crown (Nasdaq:MPEL) and McMoRan Exploration Co. (NYSE:MMR).

Other Market Watch highlights today included:

• On the downside, broadcast and cable TV stocks were lower, as were life health insurers and leisure product stocks
• 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.  
• About one-third of the S&P 500 slated to release results this week
• Crude oil futures were up about $1.50 a barrel, providing a lift to energy-sensitive stocks and also to commodities in general.  

Small Cap Gainers:

• McMoRan Exploration Co. jumped some 22% on earnings news. See (NYSE:MMR).  
• Blackrock Ecosolutions Investment Trust is up 19% back to levels last seen in June. See (NYSE:BQR).  
• WebMD surges 30% on shares purchase by HLTH Corp. See (Nasdaq:WBMD).  
• Casino operator Melco Crown reiterated its City of Dreams plan on Friday. Shares are up 24%. See (Nasdaq:MPEL).  

Small Cap Losers:

• General Growth Properties attempts to sell $2 billion in preferred shares to private-equity firms to lower its debt, WSJ says. Shares are down 13%.  See (NYSE:GGP).
• HLTH Corp. plunges after announcement to terminate merger with WebMD. Shares are down 13%. See (Nasdaq:HLTH).  
• AMAG Pharma down 8% after FDA requests additional data for marketing approval for anemia drug in kidney disease patients. See (Nasdaq:AMAG).
• Syneron Medical slips 12% after the company warns for lower revenues in Q3. See (Nasdaq:ELOS).

Small-cap stocks opened with a strong bid this morning, boosted by encouraging signs in the bank lending market, a rise in energy stocks on analyst upgrades and a perception that a speech from Federal Reserve Chairman Ben Bernanke was slightly more upbeat than recent appearance. At 10:08 a.m. ET, the Russell 2000 (NYSE:IWM) was up 10.33, or 1.96%, at 536.76.

The initial rush of Bernanke headlines (his speech is released with a time embargo to selected media outlets before he starts talking) included a line that there were some encouraging signs in credit markets and another point that falling commodity prices will bring inflation down (which makes it more likely to see more rate cuts by the Fed).

The leading indicators report came in at 0.3%, which was quite a bit better than the forecast for a dip of 0.2%. This marked the first monthly rise on indicators since April and was clearly good news, but the report often flies under the radar and was particularly overshadowed by the Bernanke watch.

Crude oil futures were up about $1.50 a barrel, providing a lift to energy-sensitive stocks and also to commodities in general. Grains futures were called solidly higher this morning and a bounce in physical markets could provide some relief to downtrodden commodity-themed stocks.

Lost in the shuffle of the inter-bank lending dip and the Bernanke headlines today is the fact that we are deep into peak earnings now, with some one-third . . .

"It's time to play with the big boys in the Gulf of Mexico," says Eric Roseman, a long-standing expert on resource companies. Roseman focuses primarily on markets such as metals, energy and agriculture through his Commodity Trend Alert newsletter.
 
Roseman’s latest speculative buy is a Gulf of Mexico oil and gas exploration company that has recently seen "massive insider buying."

"There's not much to like about a company that's struggling to make money; but in reviewing McMoRan Exploration Co. (NYSE: MMR), I was stunned to see a massive cluster of insider buys," he says. "You don't buy several million dollar's worth of stock if you think the company is heading down the tubes."

Roseman says that what peaked his interest was the amount purchased in relation to the company's small market value. When Roseman sees this sort of buying, he says he’s immediately interested.

As of Dec. 31, 2006, he says, the company owned or controlled interests in approximately 400 oil and gas leases in the Gulf of Mexico, and onshore in Louisiana and Texas covering approximately 370,000 gross acres.

"MMR trades at a multi-year low, is down a hard 23% over the last 12 months and posted a huge third-quarter loss for the September period. Usually, this sort of financial bleeding would leave me running for the door," he says.

Roseman suggests there's something going on at the company now.

"Based on my stock-screen analysis and contrarian sentiment indicator, this depressed oil and gas exploration concern is worth your time, effort and of course, investment dollars," he says. "The average insider purchase in the United States is just $50,000. That's a pretty small amount of money if you're an executive or director of a publicly-traded company. But that's the figure.”

The Russell 2000 (NYSE: IWM) bounced around but eventually posted a modest gain following news of strong U.S. job growth in October. The small-cap index added 2.60 points, or 0.33%, to 797.78. The Dow Jones Industrial Average (INDU) gained 27.23 points, or 0.20%, to 13,595.10.

On a year-to-date basis, the Russell 2000 has increased 1.32%, while the Dow has added 8.98% and the S&P 500 has gained 6.57%.

Labor markets are tight and job growth is stronger than expected, the U.S. Labor Department reported this morning. Non-farm payrolls increased 166,000 in October, more than double the projected rise of 80,000. That’s a sign that the U.S. economy will most likely avoid recession. Payrolls increased a downwardly adjusted increase of 96,000 in September.

The unemployment rate stayed at 4.7%.

“The October employment report showed unexpected strength in the labor market, but largely on account of services,” said Arun Raha, vice president of Economic Research and Consulting for the North American operations of reinsurance company Swiss Re, in an email. “However, the overall economy remains tentative given the weakness in the housing market and high energy prices.”

The jobs report also showed that average hourly earnings increased $0.03, or 0.2%, to $17.58 during October. That’s 3.8% above the level a year ago, suggesting that the tight labor market is not pushing up inflation.

Stocks opened with solid gains, but the bullish mood was short-lived as investors turned their attention to an article in The Wall Street Journal that claimed that Merrill Lynch & Co. Inc. (NYSE: MER) has made deals with hedge funds to postpone when it records losses due to bets made on securities backed by subprime mortgages. The New York-based financial services giant may have to write down $10 billion in losses, according to the article.

McMoRan Exploration Co. (NYSE: MMR) shares are down after the oil exploration and development firm reported a wider third-quarter net loss of $52.2 million, or $1.50 per share, missing Wall Street expectations of a $0.19 loss per share and compared with a loss of $19 million, or $0.67 per share, a year earlier.

The company’s third-quarter revenue rose to $133.3 million, below analyst projections of $155 million, but above $60.4 million during the same period of 2006.

During the quarter, McMoRan completed its acquisition of Gulf of Mexico Shelf properties from Newfield Exploration Company for about $1.1 billion.

In morning trading, MMR shares are down 7.63%, or $1.19, at $14.41. Over the last 52 weeks, shares have ranged from $11.36 to $18.11.

McMoRan Exploration Co. (NYSE: MMR) expects to significantly increase its natural gas production during the third quarter, executives said during a midday conference call. The New Orleans, La.-based oil and gas drilling company said well production averaged 54 million cubic feet of natural gas during the second quarter ended June 30. During the third quarter, McMoRan anticipates an average of 300 million cubic feet of natural gas production, including production from acquired properties.

“Our second quarter production was adversely affected by unexpected downtime for facility modifications,” CFO Nancy Parmelee said during the call.

McMoRan this morning posted a second-quarter net loss of $6.5 million, or $0.23 per share, compared with net income of $14.1 million, or $0.32 per share, a year earlier. Wall Street analysts were expecting a loss of $0.50 per share, according to Thomson Financial.

McMoRan recorded $5.3 million in exploration expenses and $2.8 million in start-up costs associated with a natural gas processing project during the quarter.

The company also reported positive drilling results from its exploration efforts at Flatrock, South Marsh Island, in the Gulf of Mexico. The company expects production from the well will begin soon.

“The important discovery at Flatrock is a good indicator of the nature of our exploration program and the potential we have for success in drilling,” Richard Adkerson, McMoRan’s co-chairman of the board, said.

McMoRan has four additional prospective locations for drilling, the company said in a morning release. For 2007, the company estimates it will have $225 million in capital expenses, with about $160 million for its deep gas exploration program, Adkerson said. He warned that expenses may increase as additional drilling opportunities become available or to fund additional development on successful wells.

McMoRan Exploration Co. (NYSE: MMR), which is engaged in the exploration, development and production of oil and natural gas in the Gulf of Mexico and in the Gulf Coast region, reported a net loss for the second quarter today.

While, the company reported a loss for the quarter, its loss was narrower than analysts expected. For the three months ended June 30, the New Orleans, LA.-based company recorded a net loss of $6.5 million, or $0.23 per share, compared with net income of $14.1 million, or $0.32 per share, for the second quarter of 2006. Four analysts polled by Thomson Financial expected a net loss of $0.50 per share for the second quarter.

Shares of McMoRan edged down 0.16%, or $0.03, to $17.41 in pre-market trading.

The Russell 2000 (NYSE: IWM) and the Dow Jones Industrial Average (INDU) closed at new record highs on news of better-than-expected U.S. retail sales for June. The small-cap index added 15.21 points, or 1.81%, to a new record close of 855.18. The Dow gained 283.86 points, or 2.09%, to record close of 13,861.73. Both indices previously set records on June 4.

Stocks took off as if shot out of a cannon today following news that U.S. retailers largely defied pessimistic predictions and posted modest gains in June. Bentonville, Ark.-based giant Wal-Mart Stores Inc. (NYSE: WMT) led the way, easily outpacing analysts’ projected same-store sales numbers.

That’s good news, suggesting that the American consumer is willing to spend despite higher gas prices. Retail sales make up about half of consumer spending, which in turn comprises the bulk of gross domestic product.

On lowered expenses, wood wholesaler Jewett-Cameron Trading Co Ltd. (Nasdaq: JCTCF) reported higher third-quarter income.

Sify Ltd. (Nasdaq: SIFY) reported it is partnering with Microsoft (Nasdaq: MSFT) to bring Internet and information technology services to India.

Investment firm William Blair & Company initiated research coverage of advertising and marketing company MDC Partners Inc. (Nasdaq: MDCA) with an “outperform” rating.

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

Shares of McMoRan Exploration Co. (NYSE: MMR) are in positive territory following news the New Orleans-based oil and gas company has purchased Newfield Exploration Co.’s (NYSE: NFX) properties in the Gulf of Mexico for $1.1 billion.

The properties have proven reserves estimated at 327 billion cubic feet of natural gas equivalents as of July 1, 2007, McMoRan Exploration announced before the opening bell.

These are the biggest percentage gainers among companies with market capitalizations under $500 million:

U.S. stocks are trading slightly above the flat line this morning as news of mergers and acquisitions takes center stage.

At 10:04 a.m. ET the Russell 2000 was up 5.26 points, or 0.63 percent, to 845.18.  Dow Jones Industrial Average was up 61.19 points, or 0.45 percent, to 13,601.14.

Montreal, Canada-based aluminum giant Alcan Inc. (NYSE: AL) has recommended that shareholders reject a $27.4 billion takeover bid by New York-based rival Alcoa Inc. (NYSE: AA).  Alcan is in talks with Australian mining company BHP Billiton Ltd. (NYSE: BHP) to help it fight off Alcoa, according to news reports this morning.

Russia’s Norilsk Nickel has offered $6.25 billion for Canadian company LionOre Mining International, improving on a competing bid by Swiss mining group Xstrata PLC.

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