Tag - Mod

Immunomedics Inc. (Nasdaq:IMMU), Universal Travel Group (Nasdaq:UTA) and Saga Communications Inc. (Nasdaq:SGA) are among the biggest percentage losers in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Modine Manufacturing Co. (Nasdaq:MOD), Flexsteel Industries Inc. (Nasdaq:FLXS), The9 Ltd. (Nasdaq:NCTY), Nanosphere Inc. (Nasdaq:NSPH), Center Bancorp Inc. (Nasdaq:CNBC) and COMSYS IT Partners Inc. (Nasdaq:CITP).

The market slipped to the lowest intraday and closing levels of the year and the Russell 2000 (NYSE:IWM) is now down 9.2% for 2009, on target to eclipse January of 2008, which tumbled 6.8% and was the worst January in at least 15 years. Some of today’s small-cap gainers were Rubicon Technology (Nasdaq:RBCN), Eagle Rock Energy Partners (Nasdaq:EROC) and LaBranche (NYSE:LAB).

Other Market Watch highlights today included:

• The retail sales report came in at minus 2.7%, which was well below the projected decline of 1.2%.
• The troubling retail sales report this morning clearly sparked money flow away from stocks and into Treasury markets.
• Earlier this morning the import price series tumbled 4.2%, well below the forecast for a drop of 0.5%.
• Traders say that concerns over the appointment of Timothy Geithner to Treasury Secretary has played into the overall market malaise.
• There were no S&P sector groups up 1% on the day, but there were 10 groups with losses of 7% or more.
• Energy shares were off 4% today, while coal, metals and mining stocks were also clobbered.
• Investors took flight from riskier fare, plopping money down into Treasury markets accepting a yield in 10-year notes of only 2.2%.

Small Cap Gainers:

• Rubicon Technology Inc. rallied 15% as the electronics manufacturer rose to the highest close since Oct. 24. See (Nasdaq:RBCN).
• Eagle Rock Energy Partners, L.P. closed up 15% after announcing hedge transactions, intention to maintain current distribution level. See (Nasdaq:EROC).
• Goldman Sachs upgrades LaBranche; shares rise 16%. See (NYSE:LAB).

Small Cap Losers:

• FNB Corp. fell 23% as the lender announced preliminary quarterly results that included a loss stoked by bad loans and non-cash charges. See (NYSE:FNB).
• Modine Manufacturing Co. tumbled 19% as the maker of heating and cooling systems for tractors fell back below the 20-day moving average. See (NYSE:MOD).
• On Assignment Inc. fell 18% as the human resources firm gave back a huge chunk of recent gains from the December lows. See (Nasdaq:ASGN).

Small-cap stocks got dragged through the mud again today, as renewed worries about the health of the international banking system came back to the forefront. Concerns about the financial and credit crisis clearly have spread into the consumer psyche as well, as retail sales posted a record plunge in December. The Russell 2000 (NYSE:IWM) closed down 20.61, or 4.35%, at 453.17, generating the largest one-day drop of the New Year. The market slipped to the lowest intraday and closing levels of the year and the Russell is now down 9.2% for 2009, on target to eclipse January of 2008, which tumbled 6.8% and was the worst January in at least 15 years. The Dow is now off 6.5% for the year, while the S&P 500 is down 6.7%.

The market was already on the defensive this morning following a bout of bank selling in Europe overnight. Big players such as HSBC, Deutsche Bank and Commerzbank were all hit hard heading into the U.S. session, and Citigroup Inc. (NYSE:C) picked up the selling baton with fury, sinking 22% amid worries about debt writedowns into quarterly reports, sales of assets to raise cash and a bump up in the earnings release date. While Citigroup was the most obvious whipping boy of the batch, bank stocks in general were not coping well, with the KBW Banking Index down 5%.

And into that maelstrom came this morning’s retail sales report for December. We all knew it was a crummy month, individual stores already told us that; but the market was looking for a decline of 1.2% and got blindsided with a whopping decline of 2.7% in the headline figure and a record plunge in the ex-auto sales of 3.1%. The “glass half full” crowd will note that sales were exaggerated by a huge decline in gasoline prices, but even taking that into account, it was a troubling number for an economy that is dependent on ringing sales registers.

“Consumer spending is clearly in recession, driven by accumulating job losses, falling housing prices, the financial market turmoil, and the recent seizing up of the credit markets,” Steven Wood, chief economist with Insight Economics, said . . .

ILOG ADR (Nasdaq:ILOG), Headwaters Inc (Nasdaq:HW) and Gevity HR Inc (Nasdaq:GVHR) are among the biggest percentage gainers in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Pzena Investment Management Inc (Nasdaq:PZN), UAL Corp (Nasdaq:UAUA), Modine Manufacturing Co (Nasdaq:MOD), ArvinMeritor Inc (Nasdaq:ARM), Meritage Homes Corp (Nasdaq:MTH) and Stepan Co (Nasdaq:SCL).

Here are the biggest percentage gainers among small caps:

Shares of Modine Manufacturing Co. (NYSE:MOD) have jumped 20% in today’s trading after the company reported ahead of the opening first-quarter earnings that beat Wall Street estimates. For the 2009 fiscal first quarter, net sales were $499.7 million, up from $444.2 million from a year ago. Net earnings for the quarter ended June 30 were $7.8 million, or $0.24 per share, compared with $11 million, or $0.34 a share, for the same period a year earlier. Despite the earnings decline, the Racine, Wis.-based company beat analysts’ views of a net loss of $0.06 per share on revenues of $482.9 million.

“During the quarter, we saw underlying sales improvement, excluding the impact of foreign currency exchange rates, of 5.4 percent, reflecting continued solid contributions from our European, South American and Commercial Products segments. Even though our sales pipeline continues to grow, fiscal 2009 remains very much a year of blocking and tackling as we implement our four-point recovery plan and focus on developing a more competitive cost base,” said president and CEO Thomas A. Burke in a statement.

In today’s trading, shares of the automotive heating and cooling systems manufacturer are at $16.50 at 10:34 a.m. ET, up $2.69 from Monday’s close. Trading volume is less than half the average number of shares.

New Gold Inc (Nasdaq:NGD), AZZ inc (Nasdaq:AZZ) and Michael Baker Corp (Nasdaq:BKR) are among the biggest percentage gainers in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Premier Financial Bancorp Inc (Nasdaq:PFBI), First Security Group Inc (Nasdaq:FSGI), Sealy Corp (Nasdaq:ZZ), Modine Manufacturing Co (Nasdaq:MOD), Saga Communications Inc (Nasdaq:SGA) and C&F  Financial Corp (Nasdaq:CFFI).

Here are the biggest percentage gainers among small caps:

Modine Manufacturing Co. (NYSE:MOD) shares were up on Tuesday after the thermal management technology company was upgraded from “hold” to “buy.” Shares jumped 9% after KeyBanc Capital Markets set Modine’s price target at $17. The Racine, Wis.-based company’s shares traded Tuesday at $13.48, up $1.09 from Monday’s close. The stock’s range has been between $11.62 and $29.95 over the past 52 weeks.

Thermal management technology products maker Modine Manufacturing Co. (NYSE:MOD) said this morning that it recorded a net loss for its fourth quarter that widened from a year-ago and cut its dividend. 

As the company continues to undergo restructuring, it took additional steps to address underlying business performance issues. The net loss includes repositioning charges in connection with the company’s restructuring in its North American and European operations, long-lived asset impairment charges related to the company’s Korean operations and a valuation allowance charge against its Korean net deferred tax assets.

Modine cut its quarterly cash dividend on its common stock to $0.10 per share from $0.175 per share.

Shares were halted in pre-market trading. For detailed price information and recent news stories about Modine Manufacturing, click MOD.  

Modine Manufacturing Co. (NYSE: MOD) CFO Brad Richardson said the struggling maker of thermal management products has been hurt by macroeconomic issues, including a rapid rise in commodity prices and a drop-off in the North American truck market. He said the company plans to achieve a higher return on investment by closing plants. Richardson made the comments during a midday conference call.

“These decisions, no doubt, have a significant impact on our employees, who have worked extremely hard to ensure the viability of our North American and European manufacturing base,” Richardson said. “However, to be responsible to you, the investors, we believe that the program has very strong returns.”

The chief financial officer also said the Racine, Wis.-based firm plans to reduce its capital expenditures to between $70 million and $80 million. In addition, he said Modine plans to restructure its portfolio, but that “specific dollar amounts are still under review.” Also, the company wants to reduce sales, general and administrative expenses down to 11.5% of revenue.

Before the opening, Modine reported that it swung to a third-quarter loss of $47.4 million, or $1.48 per share, compared with earning $16.3 million, or $0.51 per share, a year earlier. During the quarter, Modine incurred write-down charges related to underperforming businesses and overall weakness in the American truck market. The quarterly results included a $40.4 million tax-related charge and a $31.5 million asset-impairment charge.

Brad Richardson, Modine’s chief financial officier, said he recognized that Modine’s Dec. 13 statement that warned of restructuring was a “destabilizing” event for investors.

“It was an obligation that we had to you as the investors,” Richardson said. “We’re focused on providing greater clarity as to the issues and our response to address the underlying business performance, which is primarily related to our North American [original equipment] business and our Asia business.”