Tag - Nfp

Small-cap stocks remained sharply lower into mid-session, pressured by fresh worries about the health of the banking sector as we enter into earnings season and by dreadful retail sales numbers this morning.  Some of today’s small-cap gainers were LaBranche (NYSE:LAB), Vahli, Inc. (NYSE:VHI) and Panhandle Oil and Gas (NYSE:PHX).

Other Market Watch highlights today included:

• The Energy Select Sector SPDR Fund was off 4.5% at midday.  
• Crude oil tumbled amid the sell-off in stocks; energy shares were dueling with financials for the biggest downside market hit so far today.  
• Bank stocks took a hit in European trading ahead of today’s opening and those concerns continued to play out during the U.S. session.  
• Financials, commodities, retailers and manufacturers are all taking a hit, but the slide in bank stocks is a major spot of bother.

Small Cap Gainers:

• Goldman Sachs upgrades LaBranche; shares rise 16%. See (NYSE:LAB). 
• Valhi, Inc. up 9% after announcing issuance of final low-level radioactive waste disposal license. See (NYSE:VHI).  
• Panhandle Oil and Gas up 6% after declaring a dividend last week. See (NYSE:PHX).   • Charles River schedules 2008 earnings and 2009 guidance release for Feb. 9; shares rise over 5%. See (NYSE:CRL).  

Small Cap Losers:

• Allis-Chalmers Energy slides 16% as energy stocks are feeling the heat today. See (NYSE:ALY).  
• Cliffs Natural Resources shares drop over 15% on deferral. See (NYSE:CLF).
• National Financial Partners Corp. slides 14% as financials nosedive today. See (NYSE:NFP).  
• North American Energy Partners down over 12% on light volume, pulled down by the slump in energy stocks. See (NYSE:NOA).  

Just when it looked like the Russell 2000 (NYSE:IWM) would close out Monday with a small gain, the index tipped into the red ahead of the bell on slumping financial stocks and concerns about the economy. Today’s small-cap gainers are Targanta Therapeutics (Nasdaq:TARG), CTS Corp. (NYSE:CTS) and PHH Corp. (NYSE:PHH).

Other Market Watch highlights today included:

• The NY Manufacturing Survey came in at -25.4, better than the forecast for -26.1. Still, it was the worst showing on record.
• Libor rates edged slightly higher overnight and have been correcting up slightly after going down every day for a month.
• The market was sharply divided today, with strong gains seen for several sectors, but big losses offsetting in other sectors, which had cumulative effect of keeping index movement relatively stable.
• Crude oil prices had an up and down day, but eventually succumbed to the economic fears and shed $2.09 a barrel, or 3.6% on the day. 
• Philly Fed says U.S. has been in a recession since spring, it will last 14 months, making it the most prolonged growth drought since the Great Depression.

Small Cap Gainers:

• Targanta Therapeutics Corp. (Nasdaq:TARG) rallied 36% on unusually heavy volume on news that the FDA will review an application for a skin infection drug made by the firm.
• CTS Corp. (NYSE:CTS) rose 18% as the electronics manufacturing supplier continued to rally off 52-week lows forged last week.
• PHH Corp. (NYSE:PHH) rose 17% as the financial services firm also tries to . . .

National Financial Partners Corp. (Nasdaq:NFP), H&E Equipment Services Inc.(Nasdaq:HEES) and Pilgrim's Pride Corp. (Nasdaq:PPC) are among the biggest percentage losers in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Citi Trends Inc. (Nasdaq:CTRN), Jos A Bank Clothiers Inc. (Nasdaq:JOSB), Tenneco Inc. (Nasdaq:TEN), Medicis Pharmaceutical Corp. (Nasdaq:MRX), and James River Coal Co. (Nasdaq:JRCC)

Here are the biggest percentage losers among small caps:

National Financial Partners Corp. (NYSE:NFP) lost 23% of its value this morning after reporting that it is having a disappointing third quarter so far.

The New York-based financial services distributor said before the bell this morning that in the first two months of the third quarter of 2008, total revenue declined by approximately 7% and same-store revenue declined by approximately 10% compared with the prior year period.

Meanwhile, operating expenses increased by approximately 11% in the first two months of the third quarter of 2008 compared with the prior year period.

The company warned that the ongoing economic and credit market turmoil, consumer uncertainty impacting transactions in process with AIG, and the recent decision to lengthen mortality tables by a leading life expectancy underwriter could . . .

Multi-Fineline Electronix Inc (Nasdaq:MFLX), Advisory Board Co (Nasdaq:ABCO) and Pacer International Inc (Nasdaq:PACR) are among the biggest percentage losers in Wednesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: National Financial Partners Corp (Nasdaq:NFP), ACCO Brands Corp (Nasdaq:ABD), 21st Century Holding Co (Nasdaq:TCHC), Smith Micro Software Inc (Nasdaq:SMSI), Cambrex Corp (Nasdaq:CBM) and Kulicke & Soffa (Nasdaq:KLIC).

Here are the biggest percentage losers among small caps:

Small-cap stocks edged down in midday trading, pressured by Freddie Mac’s larger-than-expected second-quarter loss and by profit-taking from traders who caught Tuesday’s big rally.

At 12:36 a.m. ET, the Russell 2000 (NYSE:IWM) was down 0.90, or 0.12% at 720.14.

Freddie Mac (NYSE:FRE) has dropped 11% in midday trading on sloppy quarterly earnings and news that the firm will reduce its dividend. The mortgage lender reported a $821 million quarterly loss, setting a gloomy mood for investors. Fannie Mae (NYSE:FNM), another government-chartered lender that often closely tracks Freddie's price moves, was also lower in the midday, off some 7%.

“Reuters reports today that the U.S. Treasury has hired Morgan Stanley in an advisory role to help it analyze and better understand its new authorities to backstop housing finance giants Fannie Mae and Freddie Mac,” Andy Busch, global foreign exchange strategist for BMO Capital Markets said in an email. “Today, Morgan Stanley told thousands of clients this week that they won't be allowed to withdraw money on their home-equity credit lines, said a person familiar with the situation according to Bloomberg. Hmm, the grassy-knoll-conspiracy-theorist inside me thinks that the two are related.”

Crude oil futures had slipped $1.59 to $117.58 a barrel in recent trading. Inventory data this morning showed a larger-than-expected rise in U.S. oil stockpiles. In other commodity news, the U.S. dollar continued its rally in midday trading and is up against both the yen and the euro in recent trading.

Tech stocks were underpinned relative to other index products by surprisingly stout earnings from Cisco Systems Inc. (Nasdaq:CSCO), which was up 6% in the midday. Within the tech arena, Microsoft Corp. (Nasdaq:MSFT) was the beneficiary of positive analyst comments overnight and was up 2.25%.

Small-cap stocks pushed lower, pressured by news of soft earnings and by profit-taking from traders who caught Tuesday’s big rally. At 9:54 a.m. ET, the Russell 2000 (NYSE:IWM) was down 5.15, or 0.71% at 715.89.

Tech stocks were underpinned relative to other index products by surprisingly stout earnings from Cisco Systems Inc. (Nasdaq:CSCO), which was up 5% shortly after the open. Within the tech arena, Microsoft Corp. (Nasdaq:MSFT) was the beneficiary of positive analyst comments overnight and was up 1.5%.

However, the good news on big-cap techs was countered by big losses from a broad spectrum of companies. For example, Whole Foods Market Inc. (Nasdaq:WFMI), missed the earnings projection and tumbled 18% on the open. Also, priceline.com (Nasdaq:PCLN) was down 13% as the company had a cautious forward-looking statement. Freddie Mac (NYSE:FRE) dropped 13% on sloppy quarterly earnings and news that the firm will reduce its dividend.

Crude oil prices were on mildly firm footing this morning awaiting the weekly inventory report, which comes out near 10:35 a.m. ET. Energy prices have tanked in recent days, sinking over 19% from the summer peak to the recent low. The market is a little oversold on short-term momentum readings and vulnerable to a bounce. In addition, an explosion in a pipeline in Turkey and concerns about potential supply disruptions out of Africa were supportive elements in play. As for the inventory report, traders are looking for a build in crude oil stocks of about 300,000 barrels...

The Russell 2000 (NYSE:IWM) declined as news of an emergency sale of Bear Stearns spread fears of financial turmoil. The small-cap index fell 12.42 points, or 1.87%, to 650.48. The Dow Jones Industrial Average (INDU) gained 21.16 points, or 0.18%, to 11,972.25.

On a year-to-date basis, the Russell 2000 has shed 15.08%, while the Dow is down 9.74% and the S&P 500 has retreated 13.06%.

Stocks small and large opened significantly lower on news that investment bank JPMorgan Chase & Co. (NYSE:JPM) has purchased Bear Stearns (NYSE:BSC) for just $2 per share, according to an announcement on Sunday.

The buyout was unprecedented, as the U.S. Federal Reserve gave JPMorgan $30 billion in special financing to complete the deal and prevent further financial turmoil. Shares of Bear Stearns were worth over $170 a year ago, but the company was heavily involved in securities backed by subprime mortgages and was dealt a lethal blow by the housing downturn.

The Fed also lowered its discount rate, the rate at which it lends funds to commercial banks, to 3.25% from 3.50%. The central bank will hold a regularly scheduled policy meeting on Tuesday, with investors expecting a steep cut in its target federal funds rate.