Tag - Pq

Technology was the driving force behind a rise in both small and mid-cap stocks on Tuesday.

The Standard & Poor's small-cap technology index rose 3 percent. Bank of America Merrill Lynch analysts are impressed with the balance sheets of small-cap technology stocks, noting that they should outshine their large cap brethren.

The Russell 2000 Small Cap Index and the Standard & Poor's Small Cap 600 both gained 2.3 percent in value on Tuesday. The technology-heavy Nasdaq Stock Market gained a similar 2.2 percent, while two other major U.S. stock indexes also held their ground - both the Dow Jones Industrial Average and the Standard & Poor's 500 closed 1.6 percent higher.

Stocks took another major tumble Monday after news that small-cap insurer American International Group (NYSE:AIG) clocked the biggest operating loss in its history, adding to investor despair. Some of today’s small-cap gainers were ICT Group (Nasdaq:ICTG), FGX International Holdings (Nasdaq:FGXI) and Noven Pharmaceuticals (Nasdaq:NOVN).

Other Market Watch highlights today included:

• The Russell 2000 (NYSE:IWM) closed down 21.22, or 5.45%, to 367.80, while the Dow closed down 4.24% to 6,763.29 and the S&P 500 closed down 4.66% to 700.82.
• For the year, the Russell 2000 is now down 26.35%, the Dow is down 22.95 and the S&P 500 is down 22.41%.
• On the data front today, personal spending rose about 0.6% in January and incomes rose 0.4%, while construction spending fell 3.3%, or more than twice as much as analysts predicted.
• Oil prices plummeted more than 10% today, suggesting energy demand is still being hurt by the deteriorating global economy.
• The U.S. government said it would give AIG another $30 billion in loans, on top of the $150 billion it has already provided to the insurer.
• Back to AIG, the insurer clocked $61.7 billion Q4 loss.
• Global stock markets sharply slumped overnight, with the benchmarks in Britain and Japan down about 4% each.

Small Cap Gainers:

• Business service outsourcer ICT Group, Inc. closed up 64% after Aegis Limited made an acquisition proposal to ICT’s board. See (Nasdaq:ICTG).
• FGX International Holdings Limited saw a 16% uptick following a strong sales and earning release late last week. See (Nasdaq:FGXI).
• Noven Pharmaceuticals is up 11% ahead of its scheduled earnings . . .

Battered stocks limped to a dismal Monday close, with the Dow and S&P 500 falling to levels seen in 1997 as investors continue to pull money out on decreased confidence. Some of today’s small-cap gainers were GeoEye Inc.. (Nasdaq:GEOY), Agilysys (Nasdaq:AGYS) and Main Street Capital (Nasdaq:MAIN).

Other Market Watch highlights today included:

• The technology-laden Nasdaq composite index dropped 2.41%, and large-cap tech bellweathers bled red.  
• Tech stocks were getting pummeled today on news from The Wall Street Journal that Yahoo’s new CEO is planning a companywide reorganization.  
• News that the Treasury Department would lead a new bank bailout program that would include the option of allowing the government to increase its ownership in financial institutions did little to support investor confidence.  
• Battered stocks limped to a dismal Monday close, falling to levels seen in 1997 as investors continue to pull money out on decreased confidence.

Small Cap Gainers:

• GeoEye Inc. is up 18% after attaining full operational capability with its GeoEye-1 Satellite. See (Nasdaq:GEOY).
• Arrow ECS helps Agilysys with largest-ever independent system test for utility meter data management industry; shares rise nearly 5%. See (Nasdaq:AGYS).  
• Main Street Capital announces additional SBIC borrowing capacity from stimulus bill; shares climb 7%. See (Nasdaq:MAIN).  

Small Cap Losers:

• HealthSpring shares drop 33% on Medicare rate worries. See (NYSE:HS). 
• Chiquita Brands International is down another 22% today after reporting disappointing earnings on Friday. See (NYSE:CQB).  
• PetroQuest Energy Slips another 24% after reporting a Q4 loss late last week. See (NYSE:PQ).  

PetroQuest Energy, Inc. (NYSE: PQ) shares are up in pre-market trading after the oil and gas company reported third-quarter sales of $65.5 million, above analyst estimates of $62.48 million and up 19% from $55.09 million a year earlier.

The Lafayette, La.-based firm’s profit for the three months ended Sept. 30 totaled $8.04 million, or $0.16 per share, beating Wall Street estimates of $0.14 per share and up 23% from $6.54 million, or $0.13 per share, during the same period of 2006.

The company’s quarterly expenses rose 19% to $52.59 million, from $44.36 million a year earlier.

In pre-market trading, PQ shares are up 3.86%, or $0.49, at $13.20. Over the last 52 weeks, shares have ranged from $10.02 to $15.99.