Tag - Orbk

Medicis Pharmaceutical Corp. (Nasdaq:MRX), Navios Maritime Partners LP (Nasdaq:NMM) and Transition Therapeutics Inc. (Nasdaq:TTHI) are among the new 52-week lows in Wednesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Orbotech Ltd. (Nasdaq:ORBK), Mortons Restaurant Group Inc. (Nasdaq:MRT), Capella Education Co. (Nasdaq:CPLA), Bank of Granite Corp. (Nasdaq:GRAN), Oneida Financial Corp. (Nasdaq:ONFC) and CNB Financial Corp. (Nasdaq:CCNE).

Here are the new 52-week lows among small caps:

Middleburg Financial Corp (Nasdaq:MBRG), OfficeMax Inc (Nasdaq:OMX) and Capital Bank Corp (North Carolina) (Nasdaq:CBKN) are among the new 52-week lows in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Heritage Financial Group (Nasdaq:HBOS), ACCO Brands Corp (Nasdaq:ABD), SI Financial Group Inc (Nasdaq:SIFI), Northrim BanCorp Inc (Nasdaq:NRIM), Rediff.com India Ltd (Nasdaq:REDF) and Orbotech Ltd (Nasdaq:ORBK).

Here are the new 52-week lows among small caps:

Small-cap stocks hovered near steady levels in early trading, with pressure from higher crude oil prices offset by a better-than-forecast figure for the Chicago Purchasing survey. At 9:54 a.m. ET, the Russell 2000 (NYSE:IWM) was up 0.42, or 0.06%, at 698.56.

The Chicago Purchasing Manager’s Survey headline figure came in at 49.6, which was well above the forecast for a figure of 48. Despite the bullish surprise on the report, it still marked a fifth consecutive month below 50, which indicates contraction in the Midwest business sector.

Crude oil prices climbed to a fresh record high ahead of the U.S. stock market opening, and remained solidly higher in early U.S. trading. The U.S. dollar pushed to three-week highs against the euro overnight, but backed off those highs and was up about 0.1% versus the euro at the time of the stock market open today. The dollar was down against the yen, sinking about 0.3%, which is supportive to the commodity markets.

Large-cap stocks of note this morning include MBIA Inc. (NYSE:MBI), which was off at 52-week lows amid credit rating downgrades. MBI shares were off 0.7% shortly after the open. Meanwhile, H&R Block Inc. (NYSE:HRB) was up 9.7% after topping analyst estimates for quarterly results.

Broad market sectors on the rise this morning included coal, oil exploration and production, diversified metals and mining, oil and gas storage and transportation and steel stocks. On the downside, food distribution, airlines, specialty stores and food retail stocks were all in the red.

Small caps of note included Aceto Corp. (NYSE:ACET), which was up about 13%, reversing a steep slide from last week amid oversold conditions. Orbotech Ltd. (Nasdaq:ORBK) was up about 14%, recovering from a big slide Friday in . . .

After plunging out of the gate this morning, small-cap stocks continue to bleed mid-session, besieged by a continued troubling outlook for financials, disappointing guidance by tech heavyweights, a lackluster outlook for the auto sector and a slowing economy —  all of which sparked concern for suppressed corporate earnings for the near foreseeable future.

At 1:19 p.m. ET, the Russell 2000 (NYSE:IWM) was down 16.70, or 2.33%, to 699.60, tumbling below a two-month low on April 22. The Dow skidded 241.58, or 2.05%, to reach a low for the year of 11,570.25, while the Nasdaq swooned 61.92, or 2.58%, to 2339.34.

Stocks are under pressure after Goldman Sachs downgraded the brokerage sector to “neutral” from “attractive,” citing a lack of positive catalysts going forward and eroding fundamentals. Goldman claims that investors are focusing more than needed on the possibility of another major bank collapse. The investment bank also downgraded Dow component Citigroup (NYSE:C) to “sell,” pushing the bank down 5% midday. Merrill Lynch (NYSE:MER) shares were off 4%, joining the weakness seen in financial shares after the opening.

Fresh concerns surrounding the health of the auto industry have also surfaced after Goldman Sachs lowered its rating on General Motors Corp. (NYSE:GM) to “sell” from “neutral,” sending shares sinking 10% mid-session.

The tech-heavy Nasdaq has been battered the most today, dragged down by disappointing guidance from tech juggernauts Research in Motion (Nasdaq:RIMM) and Oracle Corp. (Nasdaq:ORCL) Oracle posted solid quarterly results, but provided a cautious outlook for the next quarter. Shares for the third-largest software maker were off 3% early. Rim was downgraded by JMP Securities to market perform from market out perform today The blackberry maker said its revenue and earnings doubled, but issued a cautioned that earnings could come under pressure as it ramps up spending.

In economic news, GDP for the first quarter was upwardly revised to 1%, as expected. The figure is dated as we near the end of the second quarter, but does indicate that the economy did not slide into negative growth to start 2008. Weekly claims figures rose to 384,000 in the latest week, which was slightly above the forecast. Existing home sales clocked in better than expected at plus 2%, with an annual . . .

Small-cap stocks took a nosedive on the opening, knocked to the canvas by yet another rout in financial stocks and by a dramatic morning plunge in technology stocks. At 10:03 a.m. ET, the Russell 2000 (NYSE:IWM) was down 8.99, or 1.25%, at 707.31, reaching the lowest point since April 24.

The tech-laden Nasdaq 100 Index was off about 2% this morning, with big-name tech stocks like Research in Motion (Nasdaq:RIMM) and Oracle Corp. (Nasdaq:ORCL) leading a jolting slide in the tech arena to start the day. RIMM shares were off 10% as its forward guidance disappointed. Oracle reported solid quarterly results, but provided a cautious outlook for the next quarter. Shares for the third-largest software maker were off 3% early.

The selling mood was also fueled this morning by a steep climb in crude oil prices, which shot back above $138 dollars a barrel. Commodity markets look firm to start the day amid a soft tone in the U.S. dollar. Corn prices are called sharply higher, copper prices were up 1.5% overseas and aluminum prices are up 10% so far in June, which keeps nagging inflation fears right in front of the market at a difficult time for the economy and for interest rate policy makers.

Analyst downgrades also took a toll on stocks this morning as researchers at Goldman Sachs lowered its rating on General Motors Corp. (NYSE:GM) overnight to a “sell” from “neutral,” and the stock tumbled 10% shortly after the open. Goldman put Citigroup (NYSE:C) on its sell list and the nation’s top bank slumped more than 5% early. Goldman also slashed its rating on the brokerage industry, so those stocks could be under pressure this morning as well. Merrill Lynch (NYSE:MER) shares were off 4%, joining the weakness seen in financial shares after the opening.

Financial stocks were taking a hit overseas, with European bank Fortis sinking some 10% on news that it will cancel its dividend and raise capital. European stocks were also off more than 1% heading into the U.S. open, while Asia shares were . . .

Photon Dynamics, Inc. (Nasdaq:PHTN) shares climbed more than 31% in Thursday’s pre-market trading after the company announced earlier in the day that Israel-based Orbotech Ltd. (Nasdaq:ORBK) would buy it for $290 million. Orbotech will pay $15.60 per share in cash for all shares of San Jose, Calif.-based Photon’s common stock. The companies expect the deal to close in the second half of 2008.

Photon Dynamics develops systems that enable flat-panel display producers to analyze data from the production line, and Orbotech Ltd. designs, develops and manufactures production solutions for the electronics industry.

Shares of Photon Dynamics were at $15.20 ahead of the bell, about 31.5% above Wednesday’s closing price.

The Russell 2000 (NYSE: IWM) is down more than the other major U.S. indices as credit fears spread on Wall Street.

At 10:38 a.m. ET, the small-cap index had shed 6.28 points, or 0.79%, to 791.50. The Dow Jones Industrial Average (INDU) had lost 52.11 points, or 0.38%, to 13,542.99.

Citigroup Inc. (NYSE: C) announced this morning that it expects additional losses up to $11 billion after already suffering $6.5 billion in credit-related losses in the third quarter. The New York-based bank, the largest in the United States, also said that CEO Charles Prince has left. He is to be replaced by Robert Rubin, a former Treasury secretary and economic advisor to President Clinton.

Analysts are estimating that the credit problems will negatively affect Citi’s fourth-quarter results and are expecting to see a loss. The bank said that its write-offs may increase if markets worsen. It has $55 billion of securities backed by subprime mortgages in its pocket.

Investors had been hoping that this summer’s credit problems were in the past, but recent events put the issue on center stage.

In economic news, growth in the U.S. services industry slowed in October, according to the Institute for Supply Management. Its index of non- manufacturing businesses fell to 54 from 54.8 in September, the group said after the start of trading. The decline was expected by economists. A reading over 50 indicates growth.

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

Biggest percentage gainers:

• Multi-Fineline Electronix Inc. (MFLX), up 27% on news of a higher fourth-quarter profit.
• BioSphere Medical, Inc. (BSMD), up 20%. A company representative could not be reached for comment.
• Ballard Power Systems Inc. (BLDP), up 15% on news it is reviewing strategic options.

Biggest percentage losers:

• Gevity HR Inc. (GVHR), down 28% on news of a lower third-quarter profit and a disappointing fourth-quarter guidance.
• Orbotech Ltd. (ORBK), down 9% on news of a decline in third-quarter profit.
• T-3 Energy Services Inc. (TTES) down 9%. A company representative could not be reached for comment.

The Russell 2000 (NYSE: IWM) futures are lower and the small-cap index will open in negative territory on news of more credit fears.

Citigroup Inc. (NYSE: C) announced this morning that it expects additional losses of $8 billion to $11 billion after already suffering $6.5 billion in credit-related losses in the third quarter. The New York-based bank, the largest in the United States, also said that CEO Charles Prince has left. He is to be replaced by Robert Rubin, a former Treasury secretary and economic advisor to President Clinton.

Analysts are estimating that the credit problems will negatively affect Citi’s fourth-quarter results and are expecting to see a loss.

There will be little in the way of major economic news today, but a monthly national non-manufacturing index will be released at 10 a.m. ET, by the Institute for Supply Management. Economists are expecting to see a slowdown in growth.

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:

• Multi-Fineline Electronix Inc. (MFLX), up 32% on news of a higher fourth-quarter profit.
• iRobot Corp. (IRBT), up 14% on news that a court has partially granted its
request for a preliminary injunction in a lawsuit against former employees.
• Ballard Power Systems Inc. (BLDP), up 12% on news it is reviewing strategic options.

Biggest percentage losers:

• Novacea Inc. (NOVC), down 60% on news its prostate cancer drug did not meet expectations.
• Orbotech Ltd. (ORBK), down 13% on news of a decline in third-quarter profit decline.
• Presstek Inc. (PRST) down 11%.

Shares of Orbotech Ltd. (Nasdaq: ORBK) are treading in the red this morning after the provider of production support for the electronics industry’s supply chain reported its net income for the quarter fell a disappointing 97%.

For the three months ended Sept. 30, the Israeli small cap recorded net income for the third quarter of $0.4 million, or $0.01 per share, compared with net income of $16.2 million, or $0.49 per share, in the third quarter of 2006. Eight analysts polled by Thomson Financial were expecting earnings of $0.13 per share on average.

Net income for the third quarter is attributed to $2.3 million in amortization of intangible assets from the firm’s acquisitions of 3 D - Danish Diagnostic Development A/S and New System Srl made earlier this year.  The bottom-line also includes $1.4 million of share-based compensation expenses in the third quarter without a reduction in income taxes.

Revenues for the third quarter declined 23% to $82.3 million, compared with $106.9 million booked in the third quarter last year. The consensus of five analysts surveyed by Thomson Financial was for revenues of $87.44 million.

Shares of Orbotech (ORBK) slipped 12.82%, or $2.71, to $18.43 in pre-market trading. Shares of Orbotech have been trading in the range of $18.25 to $26.00 for the past 52 weeks.