Tag - Ocn

Ocwen Financial Corp. (Nasdaq:OCN), Optimer Pharmaceuticals Inc. (Nasdaq:OPTR) and Life Partners Holdings Inc. (Nasdaq:LPHI) are among the new 52-week highs in Wednesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Lannett Co Inc. (Nasdaq:LCI), Village Super Market Inc. (Nasdaq:VLGEA), Citizens Inc. (Nasdaq:CIA), SXC Health Solutions Corp. (Nasdaq:SXCI), Hot Topic, Inc. (Nasdaq:HOTT) and American Bancorp of New Jersey Inc. (Nasdaq:ABNJ).

Small caps are taking a beating in Friday’s mid-session trading, as crude oil prices surged and credit jitters prompted a broad sell-off in the financial sector. At 12:04 p.m. ET, the Russell 2000 (NYSE:IWM) was down 10.85, or 1.47%, at 726.98.

Small-cap investors tried to rally in the third hour of trading but met resistance at the 730 notch. After the brief resurgence, the small-cap slide is continuing into the afternoon session.

Merrill Lynch (NYSE:MER) started off the selling frenzy after cutting its estimates for regional banks. Rival investment banks Goldman Sachs (NYSE:GS) and JP Morgan (NYSE:JPM) were both in the red in midday trading as well. MER is down 3.9%, GS has fallen about 1% and JPM is off 0.4%.

Crude oil futures have rebounded from the largest one-day decline in about three months. In recent trading, crude has climbed $3.29 to $135.22 a barrel. The rebound in crude prices was accompanied by a falling U.S. dollar, which is down against both the euro and the yen.

Broad market sectors attracting sellers today were airlines, computer storage devices, plastics and rubber, casinos, auto and truck manufacturers, audio and video equipment and computer peripherals. Sectors on the upside included school services, savings and loans banks, gold and silver and oil well services and equipment companies.

The Russell 2000 (NYSE: IWM) posted a steep decline today on news of an unexpected decline in U.S. retail sales and a scare from the financial sector. The small-cap index tumbled 15.05 points, or 2.11%, to 697.43, its lowest closing level in more than one year. The Dow Jones Industrial Average (INDU) fell 277.04 points, or 2.17%, to 12,501.11.

On a year-to-date basis, the Russell 2000 is down 8.96%, while the Dow has lost 5.76% and the S&P 500 has retreated 5.95%.

The odds of a U.S. economic recession increased today and Wall Street responded with a major sell-off.

The bears dominated from the start of trading following news from the U.S. Census Bureau that retail sales in December fell 0.4%, defying expectations of a rise of 0.1%. Sales for November were revised down to a gain of 1% from an initially reported 1.2%.

Purchases excluding automobiles also surprised economists, falling 0.4% instead of posting an increase of 0.1%.

A pullback in consumer spending, which comprises about 70% of U.S. gross domestic product, is a scary development for an economy already besieged by stagnating home prices, higher energy costs and a tightening of credit.

So far this year we have seen the unemployment rate climb to 5% from 4.7% as hiring slowed down significantly in December 2007. It is perhaps not surprising then that on Monday credit card issuer American Express Co. (NYSE: AXP), announced that its card members have become more frugal.

The Russell 2000 (NYSE: IWM) and the other major U.S. indices are languishing deep in negative territory. At 1:55 p.m. ET, the small-cap index had dropped 15.93 points, or 2.24%, to 696.55. The Dow Jones Industrial Average (INDU) was down 229.81 points, or 1.80%, to 12,548.34.

The mood on Wall Street remains bearish following disappointing news from the financial sector and the U.S. economy.

The negative tone was set before the start of trading when Citigroup Inc. (NYSE: C) announced that it swung to a fourth-quarter loss of $9.83 billion, or $1.99 per share, compared with a profit of $5.13 billion, or $1.03 per share, a year earlier.

That’s the biggest loss in the nearly 200-year history of the New York-based bank. Citigroup also reported that it is cutting over 4,000 jobs and has incurred $18.1 billion in pretax write-downs and credit costs.

In the face of such abysmal numbers, Citigroup turned for help to the governments of Singapore and Kuwait, as well as one of its former chairman and a member of the royal family of Saudi Arabia. The investors are chipping in with a cash infusion of $14.5 billion.

Today’s leading economic news is also bearish and fueling more worries of a looming recession.

The U.S. Census Bureau reported before opening that retail sales in December fell 0.4%, while economists were expecting to see a modest increase of 0.1%. Sales for November were revised down to a gain of 1% from an initially reported 1.2%.

The Russell 2000 (NYSE: IWM) is falling fast on news of an unexpected decline in U.S. retail sales and a scare from the financial sector.
 
At 10:54 a.m. ET, the small-cap index had lost 16.94 points, or 2.38%, to 695.54. The Dow Jones Industrial Average (INDU) was down 201.93 points, or 1.58%, to 12,576.22.

The bears are running the show on Wall Street following news that December U.S. retail sales declined more than expected.

The U.S. Census Bureau reported before the start of trading that retail sales in December fell 0.4%, while economists were expecting to see a modest increase of 0.1%. Sales for November were revised down to a gain of 1% from an initially reported 1.2%.

Purchases excluding automobiles also posted a decline of 0.4%, while economists were projecting a rise of 0.1%.

A pullback in consumer spending is a worrying sign for a U.S. economy that has already been hit by stagnating home prices, higher energy costs and a tightening of credit. Fears of a recession are once coming to the forefront.

There was more bearish news coming from the financial sector, with Citigroup Inc. (NYSE: C), the largest American bank by assets, reporting the biggest loss in its history.