Tag - Odsy

Odyssey Healthcare Inc. (Nasdaq:ODSY), Zion Oil and Gas Inc. (Nasdaq:ZN) and HMS Holdings Corp. (Nasdaq:HMSY) are among the new 52-week highs in Friday's trading among companies with market capitalizations under $1 billion.

Small-cap stocks chopped back and forth near steady levels in a relatively calm open, as support from gains in equity markets around the world were countered by mild profit-taking from short-term traders who caught the rally from Tuesday afternoon and weren’t willing to hold that risk through the big FOMC event later today. Today’s small-cap gainers are Silicon Labs (Nasdaq:SLAB), Savvis Inc. (Nasdaq:SVVS) and Odyessey HealthCare Inc. (Nasdaq:ODSY).

Other Market Watch highlights today included:

• Part of the rally in commodities was tied to a pullback in the U.S. dollar, as higher dollar values can hinder demand for goods priced in dollar terms.  
• Also on the commodities front, copper was sharply higher, sugar and coffee were up, grains were called sharply higher, and gold and silver were up overnight.
• Energy shares were a big part of Wednesday’s epic stock market rally and could be a firm element in play again today.  
• Crude oil futures were in rally mode this morning, climbing some $4 a barrel on hopes that all these global rate cuts would bolster demand and put a foundation on sinking prices.  
• Small-cap stocks chopped back and forth near steady levels in a relatively calm open, in anticipation of the upcoming FOMC news.

Small Cap Gainers:

• Silicon Labs said Q3 revenue rose 29%, but was a shade lower than the Street. EPS jumped 50% and clocked in above Street. (Nasdaq:SLAB).  
• SAVVIS Inc. jumped 26% as the IT infrastructure services provider reported a 15% rise in revenue and a net loss of $0.01 a share. See (Nasdaq:SVVS).  
• Odyessey HealthCare Inc. is up 24% as net patient service revenue jumped 65%. See (Nasdaq:ODSY).
• ClickSoftware reports global reseller agreement with SAP, up 10%. See (Nasdaq:CKSW).

Small Cap Losers:

• Wright Express substantially lowers Q4 and full year guidance below the Street on fuel-price-related derivatives. See (NYSE:WXS).  
• CTS Corp. posts lower Q3 EPS, but EPS still beat the Street. Revenues declined from last year and missed estimates. See (NYSE:CTS).  
• KeyBanc Capital and Needham downgrade Ultimate Software to hold from buy. See (Nasdaq:ULTI).  
• VistaPrint plunges after cutting 2009 outlook, ThinkPanmure cuts rating to accumulate from buy. See (Nasdaq:VPRT).  

Small-cap stocks chopped back and forth near steady levels in a relatively calm open, as support from gains in equity markets around the world were countered by mild profit-taking from short-term traders who caught the rally from Tuesday afternoon and weren’t willing to hold that risk through the big FOMC event later today. At 9:51 a.m. ET, the Russell 2000 (NYSE:IWM) was up 1.59, or 0.33%, at 484.14.

The durable goods report came in above expectations, with a gain of 0.8%, compared with the forecast for a slide of 1.1%. However, the previous month’s data was revised downward, which took some of the bullish edge off the number. The market initially extended overnight gains on the headline figure, but quickly sliced away that advance.

Also on the data front, the MBA Mortgage Application Index jumped 16.8%, but remains 30% below year-ago levels and is hovering near 8-year lows as the housing market remains mired in a slump.

Now that the modest morning data is out of the way, the market will be free to focus on what the Federal Reserve will do this afternoon and what the statement accompanying the rate cut will mean to the market. Fed funds futures have priced in a 100% chance for a 50-basis-point cut and were even pricing in about a 40% chance for a 75-bp cut. Although about 70% of economists were forecasting a 50-bp cut today by the Fed, there is still a minority out there looking for just a 25-bp cut.

Rate cut fever is certainly in the air today, and not just because of anticipation ahead of the big Fed announcement. Overnight, central bank officials in China cut rates by 0.27%, marking the third rate cut in six weeks by the fourth-largest economy in the world. Earlier this week, officials with the European Central Bank seemed to hint that rate cuts were quite possible in the near-term. Investors are hoping that the rate cuts around the world will further thaw the frozen credit market, adding to . . .

Sciele Pharma Inc. (Nasdaq:SCRX), Isle of Capri Casinos Inc. (Nasdaq:ISLE) and Ameristar Casinos Inc. (Nasdaq:ASCA) are among the most actively traded companies in Monday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Odyssey Healthcare Inc. (Nasdaq:ODSY), Progenics Pharmaceuticals Inc. (Nasdaq:PGNX), Avid Technology Inc. (Nasdaq:AVID), Salix Pharmaceuticals Ltd. (Nasdaq:SLXP), Morgans Hotel Group Co. (Nasdaq:MHGC) and CV Therapeutics Inc. (Nasdaq:CVTX).

Here are the most actively traded companies among small caps:

The Russell 2000 (NYSE: IWM) was the only major U.S. index to gain today as investors digested economic news. The small-cap index added 2.48 points, or 0.36%, to 699.91. The Dow Jones Industrial Average (INDU) fell 34.95 points, or 0.28%, to 12,466.16.

On a year-to-date basis, the Russell 2000 is down 8.63%, while the Dow has retreated 6.02% and the S&P 500 has trimmed 6.48%.

Small-cap stocks made sharp moves in both directions but spent the second half of trading in positive territory and managed to close with a small gain despite a late-session sell-off.

The day began with news of a report from the U.S. Labor Department that consumer prices rose 0.3% in December. That’s above economists’ projected increase of 0.2% but below November’s 0.8% jump.

That means that total inflation in 2007 inflation was 4.1%, the highest rate since 1990.

However, December core inflation, which excludes food and energy, was 0.2%, following an increase of 0.3% in November.

Core inflation for all of 2007 was 2.4%, which is slightly above the U.S. Federal Reserve’s preferred range between 1% and 2%.

Shares of VistaCare, Inc. (Nasdaq: VSTA) are surging this morning after the provider of hospice services in the United States said that it will be acquired by one of the largest providers of hospice care, Odyssey HealthCare, Inc. (Nasdaq: ODSY), for $8.60 per share in cash.

The transaction is said to be structured as a two-step acquisition. The first step is a cash tender offer for all outstanding shares of VistaCare common stock followed by a cash merger in which Odyssey would acquire any remaining outstanding shares of VistaCare common stock.

The transaction is expected to be completed in the first quarter of 2008.

Shares of VistaCare (VSTA) jumped 19.65%, or $1.38, to $8.39 at 10:46 a.m. ET. Shares of VistaCare have been trading in the range of $6.05 to $10.79 for the past 52 weeks.

The Russell 2000 (NYSE: IWM) and the other major U.S. indices are posting declines following more economic and financial news.
 
At 10:26 a.m. ET, the small-cap index had lost 3.08 points, or 0.44%, to 694.35. The Dow Jones Industrial Average (INDU) was down 36.90 points, or 0.30%, to 12,464.21.

Stocks small and large opened in the red but quickly recovered some of their losses, with the Russell 2000 even briefly visiting positive territory before declining again.

Grabbing the headlines is JPMorgan Chase & Co. (NYSE: JPM), which reported that fourth-quarter net income declined to below analysts’ expectations due to about $1.3 billion in writedowns for subprime-mortgage investments.

However, revenue outpaced Wall Street’s projections.

The New-York-based banking heavyweight also said that credit card spending slowed in December, a worrying sign that Americans might be cutting back on their spending.

In economic news, the U.S. Labor Department reported before the start of trading that consumer prices rose 0.3% in December. That’s above economists’ projected increase of 0.2% but below November’s 0.8% jump.

However, for all of 2007 inflation has added 4.1%, the highest rate since 1990.

The Russell 2000 (NYSE: IWM) futures have fallen and the small-cap index will open lower.

Consumer prices rose 0.3% in December, the U.S. Labor Department reported this morning. That’s above economists’ projected increase of 0.2% but below November’s 0.8% jump.

However, for all of 2007 inflation has added 4.1%, the highest rate since 1990.

December inflation for all items excluding food and energy was 0.2%, following an increase of 0.3% in November.

Elsewhere, JPMorgan Chase & Co. (NYSE: JPM) reported that fourth-quarter net income declined to below analysts’ expectations due to about $1.3 billion in writedowns for subprime-mortgage investments.

The news comes a day after rival Citigroup Inc. (NYSE: C) declared the largest loss in its history, also due to the meltdown in the subprime mortgage sector.

Here are the biggest percentage gainers and losers in pre-market trading among companies with a market cap between $100 million and $750 million:

Biggest percentage gainers:

• VistaCare, Inc. (VSTA), up 20% on news it will be acquired by Odyssey HealthCare Inc. (ODSY) for about $147.1 million.
• Charlotte Russe Holdings, Inc. (CHIC), up 12% on news of a rise in first-quarter sales.
• Life Partners Holdings, Inc. (LPHI), up 11%.

Biggest percentage losers:

• California Pizza Kitchen, Inc. (CPKI), down 22% on news it has lowered its fourth-quarter guidance.
• Courier Corp. (CRRC), down 17% on news of a decline in fourth-quarter profit and revenue.
• Stereotaxis, Inc. (STXS), down 12% on news of fourth-quarter guidance below expectations.

Wall Street kicked off to a bullish opening as investors anticipate the start of the quarterly earnings season.

At 9:59 a.m. ET the Russell 2000 had added 0.17 points, or 0.02 percent, to 852.48. Dow Jones Industrial Average was up 27.24 points, or 0.20 percent, to 13,638.92.

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

Odyssey HealthCare Inc.’s (Nasdaq: ODSY) stock surged in after-hours trading Friday after the Dallas-based hospice care provider announced plans to buy back $50 million of outstanding shares of its common stock over the next 12 months.

Shares had climbed $0.70, or 5.5%, to $13.40 in extended hours activity. Odyssey’s stock has traded as low as $11.85 (on Jan. 30) and as high as $18.25 (on Aug. 2) in the past year.

More than 813,000 shares had changed hands, compared with an average three-month daily volume of about 257,000 shares.

Based on the May 3, 2007, closing price of $12.36, approximately 4.0 million shares, or 12% of the company's shares outstanding, could be repurchased for $50 million. The repurchased shares will be added to the treasury shares of the company and may be used for employee stock plans and for other corporate purposes.

Dublin, Ohio-based home builder Dominion Homes Inc. (Nasdaq: DHOM) reported after the close Friday a doubling of its first-quarter net loss – to $11.5 million, or $1.41 per diluted share, compared with a net loss of $5.1 million, or $0.63 per diluted share last year. For the quarter ended March 31, revenue also plunged – to $33.8 million, from the delivery of 165 homes, compared with revenue of $61.8 million, or the delivery of 315 homes, in the prior year period. The company’s stock closed today down $0.40, or 6.7%, to $5.60. One analyst polled by Thomson First Call had estimated a net loss of $0.86 per share.

Shares of Quovadx Inc. (Nasdaq: QVDX) continued to edge higher in extended-hours trading Friday after the firm announced first-quarter results. Shares were up $0.05, or 1.6%, to $3.15 after having closed up 4% at $3.10. The Greenwood Village, Colo.-based software company said it swung to a net profit of $12.8 million, or $0.30 per share, on revenue of $13.5 million, compared with a net loss of $7.8 million, or $0.19 per share, in the year-ago period. The results from the latest period included a gain of $15.4 million, or $0.37 a share, from the sale of CareSciene. Earlier in the day, Quovadx said its pending acquisition by Battery Ventures had been amended to include a purchase price of $139.1 million, or $3.20 a share, up from the $136.7 million, or $3.15 a share, offered last month.