Tag - Pfcb

The Russell 2000 (NYSE:IWM) closed up 2.47, or 0.55%, at 450.42. Small caps are now down 9.8% for the year, while the Dow is off 9.6% and the S&P 500 is down 7.5%. Some of today’s small-cap gainers were DuPont Fabros (NYSE:DFT), Buffalo Wild Wings (Nasdaq:BWLD) and P.F. Chang’s China Bistro (Nasdaq:PFCB).

Other Market Watch highlights today included:

• Equity markets in Europe and Asia were lower overnight, with financial and consumer product stocks on the slide, which plays into the soft initial tone.
• The retail sales report headline figure came in at plus 1%, which was well ahead of the projection for a slide of 0.7%.
• The weekly unemployment claims report showed that 623,000 workers filed for benefits last week, which was above the projection of 610,000.
• The number of people forced to file for continuing claims marked a record high; the 4-week moving average for claims was at a 26-year peak.
• Retail shares also were struggling today, despite the bullish print on headline monthly retail sales data. The S&P Retail Index was down 1.8%.
• Small-cap stocks edged higher Thursday, a nice reversal from this morning when the market appeared to be in freefall mode.
• Energy markets had a little bit of a divergence today between equities and cash, with crude oil prices closing down 5.4%, losing $1.96 a barrel to $33.98.
• Copper prices tanked in the morning, but also found some buying interest as the stock market righted the ship.

Small Cap Gainers:

• DuPont Fabros popped 37% after reporting Q4 and full-year 2008 results, and enteting into a loan agreement. See (NYSE:DFT).
• Buffalo Wild Wings Inc. gapped higher and shot up some 34% as the . . .

Small-cap stocks plunged early Thursday, dismissing an upbeat retail sales report to focus on dreary corporate profit reports and another somber reading on the employment picture. At 10:02 a.m. ET, the Russell 2000 (NYSE:IWM) was off 9.39, or 2.10% at 438.55, while the Dow was down 2.70% and the big-cap barometer was now at the lowest point since November.

The retail sales report came in at plus 1.0%, which was quite a bit better than the forecast for a slide of 0.7%. Although the upside surprise did help lift stock index futures off the pre-market lows and might have had a brief supportive tone into the regular stock market opening, the general perception of the retail sales report was that it was a “head-scratcher.”

“This increase broke a record six-month string of declines during which spending fell at a 21.1% annualized rate,” Steven Wood, chief economist with Insight Economics, said via email. “However, both November's and December's earlier estimated declines were revised to be modestly deeper. Despite this month's gain, retail sales have fallen at a 16.3% annualized rate over the past three months. Over the past year, retail spending has decreased by a near record 9.7%. Spending at motor vehicle dealers jumped by 1.6% despite a 7.1% decline in unit sales, which is puzzling,” Wood said.

The rise in retail sales also didn’t seem to fit with anecdotal reports on store traffic and consumer retrenchment amid a deepening recession and rising unemployment. Speaking of unemployment, the weekly claims report showed that 623,000 Americans were forced to file for unemployment benefits last week, which was a mild dip from last week’s 26-year peak, but still a larger number than forecast. The number of workers forced to remain on unemployment rolls rose to a new record high and the four-week moving average on claims was at a 26-year high. Simply put, . . .

P.F. Chang's China Bistro (Nasdaq:PFCB) shares are up slightly after the Scottsdale, Ariz.-based restaurant operator increased its 2008 earnings guidance to a range of $1.34 to $1.40 per share, versus a prior range of $1.32 to $1.38 per share. Wall Street analysts expect earnings of $1.33 per share.

In Wednesday morning trading, PFCB shares are up 3.51%, or $1.07, at $31.59. For detailed price information and recent news stories about P.F. Chang's China Bistro, click PFCB.  

Sirtris Pharmaceuticals Inc. (Nasdaq:SIRT), P.F. Chang's China Bistro (Nasdaq:PFCB) and Anadigics, Inc. (Nasdaq:ANAD) are among the most actively traded companies in Wednesday's pre-market trading among those with market capitalizations under $750 million.

YRC Worldwide Inc. (Nasdaq:YRCW), Packeteer, Inc. (Nasdaq:PKTR) and FuelCell Energy, Inc. (Nasdaq:FCEL) are also among the most actively traded small-cap companies in pre-market trading.

Here are the most actively traded small-cap companies in Wednesday's pre-market trading:

Asian cuisine restaurant chain P.F. Chang’s China Bistro, Inc. (Nasdaq: PFCB) reported sales for the fourth quarter rose 16%, but said it expects to incur higher-than-anticipated operating costs.

For the last three months ended Dec. 30, 2007, the small cap booked revenues of $292.6 million, compared with revenues of $252 million for the fourth quarter of 2006. Sales beat the consensus of 17 analysts polled by Thomson Financial of $286.49 million.

The company’s sales breakdown was as follows: P.F. Chang’s China Bistro restaurants accounted for $225.9 million of consolidated revenues, sales from Pei Wei Asian Diner restaurants accounted for $65.9 million of consolidated revenues and sales from Taneko Japanese Tavern restaurant accounted for $0.7 million of consolidated revenues.

Comparable store sales for the quarter declined 1% at the Bistro and decreased 0.5% at Pei Wei, compared with the same period in 2006. P.F. Chang’s attributed the 1% decline in comparable store sales for the Bistro to the net impact of price and menu mix changes driven by a rollout of the chain’s new grill menu.

The company also said it is continuing to experience rising restaurant operating costs, but noted that such costs are forecasted to have a greater impact during the fourth quarter than previously projected.

Shares of P.F. Chang’s (PFCB) were halted in pre-market trading.

P.F. Chang’s China Bistro, Inc. (Nasdaq: PFCB) reported third-quarter earnings a penny above the consensus on Wall Street, while revenues clocked in a shade lower than estimates. The restaurant chain also lowered its guidance for the year.

For the three months ended Sept. 30, the company recorded earnings of $5.3 million for the third quarter, or $0.20 per share, a penny above the mean earnings estimate of 20 analysts surveyed by Thomson Financial of $0.19. For the third quarter of 2006, P.F. Chang’s earned $6.6 million, or $0.25 per share.

Revenues were $270.9 million, compared with $231 million for the third quarter of 2006. Seventeen analysts polled by Thomson were on average forecasting revenues of $271.05 million.

The company also lowered its guidance for 2007. P.F. Chang’s said it’s now forecasting earnings per share between $1.34 and $1.19 based on expectations of lower revenue growth due to anticipated declines in comparable store sales at the company’s Bistro and Pei Wei segments. P.F. Chang’s also attributed the lowered guidance to poorer than expected sales at 2007 new Pei Wei store openings and continued current year trends of rising restaurant operating costs at both its Bistro and Pei Wei segments. The consensus of 21 analysts surveyed by Thomson is for earnings of $1.25 for the full year.

For fiscal 2008, the company said it expects sales weeks for Bistro and Pei Wei to increase approximately 13% and 26%, respectively, through the development of 18 new Bistro restaurants and 25 new Pei Wei restaurants scheduled to open during 2008.

Shares of P.F. Chang’s (PFCB) slid 3.33%, or $0.94, to $28.14 at 11:40 a.m. ET. Shares of P.F. Chang’s have been trading in the range of $27.76 to $47.10 for the past 52 weeks.