Tag - Prkr

The Russell 2000 (NYSE:IWM) unraveled in the final hour of trading as the weight of crumbling commodity stocks, a raft of sloppy profit reports and another batch of dreary economic data countered a sturdy performance in retail, homebuilder and bank stocks. Some of today’s small-cap gainers are ParkerVision (Nasdaq:PRKR), Tidelands Bancshares (Nasdaq:TDBK) and Insulet Corp. (Nasdaq:PODD).

Other Market Watch highlights today included:

• The weekly claims report this morning came in at 509,000, historically a big number but below the forecast of 540,000. 
• The four-week moving average on claims rose to 524,500 which was above 518,250 from last week and is at the highest point in 26 years.
• Today investors juggled a raft of disappointing profit reports against the bullish scenario from a fresh batch of global rate cuts.
• For 2008, the Russell is off 43%, while the Dow is down 37% and the S&P 500 is down 42%.
• Energy shares were a major drag on the market today, with crude oil prices tumbling to the lowest level in nearly four years. The Energy Select Sector SPDR Fund tumbled nearly 7%.
• Copper prices slumped to the lowest closing price in more than three years, losing 5% during U.S. trading.
• The Commodity Research Bureau Index of 19 physical markets slipped 3.7% and made new bear market lows. 
• Several firms today announced plans for sizable layoffs, a chilling thought heading into Friday’s monthly employment report.
• Homebuilder stocks, retailers and financial issues staged solid rallies . . .

Small-cap stocks hovered near steady levels into mid-session trading, with support from retail, homebuilder and financial shares countered by sinking energy and technology shares. Some of today’s small-cap gainers are ParkerVision, Inc.  (Nasdaq:PRKR), Tidelands Bancshares (Nasdaq:TDBK) and Insulet Corp. (Nasdaq:PODD).

Other Market Watch highlights today included:

• The slide in physical markets took a toll on energy stocks as well, with the Energy Select Sector SPDR Fund down 3.3%.  
• Crude oil prices tumbled to near four-year lows amid worries about a global recession, finding little comfort in a fresh string of rate cuts  
• In a familiar theme this week, homebuilder shares were still a hot item today. The ISE Homebuilders Index was up more than 7%.  
• The International Council of Shopping Centers said that November sales plunged a record 2.7% on a year-over-year basis.

Small Cap Gainers:

• ParkerVision, Inc. and LG Innotek enter into joint development agreement; PRKR pops 60%. See (Nasdaq:PRKR).
• Tidelands Bancshares up 47% on light volume. See (Nasdaq:TDBK).  
• Insulet Corp. rose 23% as the medical device company that specializes in diabetes continues to climb after bottoming out in late November. See (Nasdaq:PODD). 
• Buckle Inc. rose 22% as the apparel and accessory merchant registered a 15% jump in comp store sales. See (NYSE:BKE).  

Small Cap Losers:

• Dynamex Inc. dropped 21%, gapping lower as the delivery and logistics provider also took a lump after reporting earnings. See (Nasdaq:DDMX).  
• Diamond Foods Inc. gapped lower and tumbled 20% as investors weren’t impressed with earnings results from the snack foods distributor. See (Nasdaq:DMND).  
• Movado Group Inc. is down 15% as the boutique operator and fashion distributor took a hit after releasing earnings. See (NYSE:MOV).

Small-cap stocks hovered near steady levels into mid-session trading, with support from retail, homebuilder and financial shares countered by sinking energy and technology shares. At 12:36 p.m. ET the Russell 2000 (NYSE:IWM) was up 0.06, or 0.01% at 453.82, while the Dow and S&P 500 were both suffering losses approaching 1%.

The International Council of Shopping Centers said that November sales plunged a record 2.7% on a year-over-year basis as very few major retailers were able to generate positive sales numbers. Despite the gloomy news, investors made a risky bet that this marked a bottom point for retailers and that all the bad news was already priced into the market. The S&P Retail Index was actually up nearly 5% at midday.

In a familiar theme this week, homebuilder shares were still a hot item today. The ISE Homebuilders Index was up more than 7%. Small-cap firms like Centex Corp. (NYSE:CTX) were up 12%, while Lennar Corp. (NYSE:LEN) was up about 14%. In recent days, there has been a growing hope that a new push to lower mortgage rates will strike up activity in the downtrodden housing arena, and indeed this week’s MBA Mortgage Application Index jumped a whopping 112% to the highest point since mid-February. That’s not to say all the economic news is roses and cream; after all, today’s factory orders report was below expectations and the worst showing in eight years and the number of Americans forced to file for extended unemployment insurance is at 26 year highs.

The energy market is clearly not comfortable today with the economic picture around the world. Crude oil prices tumbled to near four-year lows amid worries about a global recession, finding little comfort in a fresh string of rate cuts from central bankers in Europe overnight. The slide in physical markets took a toll on energy stocks as well, with the Energy Select Sector SPDR Fund down 3.3%.

Individual small caps making noteworthy moves today include Parkervision Inc. (Nasdaq:PRKR), which gapped higher and soared some 65% on unusually heavy volume amid news that the wireless communications firm has entered into a joint . . .

Small-cap stocks pushed higher in morning trade, overcoming ongoing fears about the credit crunch, particularly as they relate to slumping home financing providers Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE). At 10:02 a.m. ET, the Russell 2000 (NYSE:IWM) was up 4.84, or 0.70%, at 668.39. Shortly after the open, FNM shares collapsed 16%, while FRE was down 18%.

Buyers in the stock market seemed to gain some confidence on news that Federal Reserve Chairman Ben Bernanke’s congressional testimony today will show that the central bank remains focused on financial market turmoil. Wire service reports said that Bernanke would push to let the government “liquidate” any major firm on the cusp of bankruptcy.

The morning seemed full of promise just one hour before the regular opening, with stock index futures charging higher on M&A news, an improved outlook from consumer barometer Wal-Mart (NYSE:WMT) and a bullish surprise on the headline weekly claims report. However, the market turned south about 30 minutes ahead of the open as the credit crunch jitters overtook investor psychology amid talk that FNM and FRE were approaching insolvency. Spreads traded on the firms in the debt market widened substantially after former Federal Reserve official William Poole said the firms may need to be bailed out.

Stock index futures made the overnight high when the weekly claims report came out at 346,000, which was much better than the forecast for 395,000, and which should have alleviated some of the recession fears fanned by last week’s stunning 404,000 claims report. However, continuing claims remained above 3 million, which underscores a difficult labor market picture.

Wal-Mart’s June same-store sales jumped 5.8%, which surpassed analyst expectations for a rise of 3.8%. The retailer followed up the strong sales news by raising their second-quarter outlook, which sparked a rally in overnight trading in WMT, but the stock was basically flat early on today after the open. There is some concern that the bump in WMT June sales may have been bolstered artificially by the fiscal . . .

Crocs Inc. (Nasdaq:CROX), DRDGold, Ltd. (Nasdaq:DROOY) and UAL Corp. (Nasdaq:UAUA) are among the most actively traded companies in Monday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Radyne Corp. (Nasdaq:RADN), East West Bancorp Inc. (Nasdaq:EWBC), The Medicines Company (Nasdaq:MDCO), ParkerVision, Inc. (Nasdaq:PRKR), Advanced Battery Technologies, Inc. (Nasdaq:ABAT), Pool Corporation (Nasdaq:POOL) and Syms Corp. (Nasdaq:SYMS).

Here are the most actively traded companies among small caps:

The Russell 2000 (NYSE: IWM) futures are higher and the small-cap index will open in positive territory.

The bulls are ready for action following news that Wal-Mart Stores, Inc. (NYSE: WMT) posted a 4% rise in fiscal fourth-quarter net income. The Bentonville, Ark.-based company had a profit of $4.1 billion, or $1.02 per share, meeting analysts’ projections and up from $3.94 billion, or $0.95 per share, a year earlier.

The Russell 2000 edged lower on Friday and continues to struggle to sustain buying enthusiasm on the recent rally off the January lows. The Index closed Friday at 701.52, down 3.80 for the day, or 0.54%.

The market will likely focus on market fundamentals and political news early today since we won’t see any economic data until mid-week. Look for resistance at 704, 712 and 721. Meanwhile, support comes in at 693, 688 and 680.

The Russell 2000 (NYSE: IWM) rallied and posted gains for the fourth consecutive day on news that the American consumer remains strong. The small-cap index added 18.06 points, or 2.35%, to 785.60. The Dow Jones Industrial Average (INDU) climbed 205.01 points, or 1.55%, to 13,450.65.

On a year-to-date basis, the Russell 2000 is off 0.23%, while the Dow is up 7.83% and the S&P 500 has risen 4.79%.

The bulls completely dominated trading today on news that personal spending rose a better-than-expected 1.1% in November, according to the U.S. Commerce Department. The increase, the biggest in over three years, came as consumers responded favorably to holiday discounts offered by retailers.

Economists were expecting spending to increase 0.7% after a rise of 0.2% in October.

The news calmed fears that consumers will cut back on spending due to falling home prices and higher energy costs. Consumption is about 70% of gross domestic product.

However, Americans are still apprehensive about the economy and their personal finances.

A Reuters/University of Michigan consumer survey showed that consumer sentiment fell to 75.5 in December from 76.1 in November. That’s the lowest level since September 2005, when the country was dealing with the aftermath of Hurricane Katrina.

Economists had actually forecasted a slightly steeper decline to 74.5. Consumer sentiment measures whether or not consumers feel like spending money.

The Commerce Department also reported that personal income in November rose a lower-than-expected 0.4% following an increase of 0.2% in October.

In corporate news, Merrill Lynch (NYSE: MER) also contributed to the bullish sentiment. A report in The Wall Street Journal claims that the New York-based company will sell a stake of itself for a $5 billion cash injection from Singapore’s state investment company.

ParkerVision, Inc. (Nasdaq: PRKR) shares are soaring after the maker of wireless semiconductors announced it has made a lucrative royalty-bearing licensing deal with an unknown company.

The Jacksonville, Fla.-based company said it expects royalties to be between $5 million and $10 million during the first year. The firm also said the deal has “significant” growth potential.

The unknown customer is scheduled for its initial product launch in late 2008.

“The first commercial licensee of our RF technologies for applications in the mobile handset market is an important milestone for ParkerVision,” CEO Jeffrey Parker said in a statement. “Our customer conducted extensive due-diligence in the evaluation of our prototypes and the underlying technology over the course of many months.”

The Russell 2000 (NYSE: IWM) is posting solid gains as investors react to upbeat news about personal spending and a major corporation. At 2:58 p.m. ET, the small-cap index had climbed 15.72 points, or 2.05%, to 783.26. The Dow Jones Industrial Average (INDU) was up 213.14 points, or 1.61%, to 13,458.78.

The bulls are looking strong this afternoon as stocks are buoyed by news of stronger-than-expected personal spending and calming developments at a major financial player.

Personal spending climbed 1.1% in November, the U.S. Commerce Department reported before the start of trading. The increase, the biggest in over three years, calmed fears that Americans will spend less this holiday season due to falling home prices and higher energy costs.

Economists were expecting spending to increase 0.7% after a rise of 0.2% in October.

The same government report showed that personal income in November rose 0.4%, above October’s 0.2% increase. However, economists were forecasting a 0.5% climb.

The numbers tell us that consumers responded favorably to holiday discounts offered by retailers.

In corporate news, there’s speculation that Merrill Lynch (NYSE: MER) could sell a stake of itself for a $5 billion cash injection from Singapore’s state investment company.

That’s not a surprising move, since many other financial services giants have also sold stakes in order to secure much needed capital to deal with the consequences of the meltdown in the subprime mortgage sector.

Elsewhere, the price of oil has increased $2.29 to $93.35.

The Russell 2000 (NYSE: IWM) is down despite a brief climb into positive territory on news of a plan to bring relief to struggling homeowners. At 2:43 p.m. ET, the small-cap index had lost 3.89 points, or 0.51%, to 763.88. The Dow Jones Industrial Average (INDU) had retreated 43.74 points, or 0.33%, to 13,327.98.

The U.S. Treasury Department is working on a plan to ease the pain of borrowers with subprime adjustable-rate mortgages, Treasury Secretary Henry Paulson said in a speech after the start of trading.

Paulson has been working with members of the mortgage industry on a plan that would help borrowers by freezing their introductory interest rates instead of having them reset to higher rates after a certain period of time, the way it is now. One of the issues currently in discussion is the length of the freeze.

A complete relief package has not yet been hammered out, while Paulson, who was speaking at an event organized by the Treasury Department’s Office of Thrift Supervision, did not give specifics on when a final agreement would be reached.

However, some observers expect a deal to be reached later this week.

Stocks reacted positively to the news, with the Russell 2000 posting gains shortly before 1 p.m. ET, only to fall down again. The Dow stayed in the green for longer before also succumbing to the bearish pull.

In other news, U.S. manufacturing continued to expand in November, but at a slower pace. The Institute for Supply Management’s manufacturing index fell to 50.8 from 50.9 in October. A reading above 50 indicates an expansion.

The Russell 2000 (NYSE: IWM) futures have moved up slightly but the small-cap index will likely open flat.

With little on the economic calendar today, Wall Street will be paying attention to corporate earnings and looking out for more pain stemming from the subprime meltdown.

Investors will also be paying attention to data on manufacturing in November, which will be released after the start of trading, with economists expecting to see evidence of 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:

• China Fire & Security Group, Inc. (CFSG), up 25%.
• JAKKS Pacific, Inc. (JAKK), up 9% on news a lawsuit filed against it by World Wrestling Entertainment Inc. (WWE) will be dismissed.
• Ampal-American Israel Corp. (AMPL), up 8% on news it has purchased a majority stake of an Israeli chemical distribution organization.

Biggest percentage losers:

• ParkerVision, Inc. (PRKR), down 17% after a weekend news article that questioned the viability of its technology.
• China Finance Online Co. Ltd. (JRJC) down 3%.
• Internet Gold Golden Lines Ltd. (IGLD) down 2%.

ParkerVision, Inc. (Nasdaq: PRKR) this morning said it is correcting errors put forth about the developer and marketer of wireless radio frequency technologies in an article in Barron's magazine titled, “The Strange Case of ParkerVison.”

In a press release, ParkerVision stated that “Mike Farmwald and Barb Paldus, who, according to the article, created the website, PV notes, used words such as ‘false,’ ‘stupid,’ and ‘b.s.’ to call into question the validity of the company's technology.”

In response, the small cap said it is unaware of any request from either Farmwald or Paldus to discuss the d2p technology with company management or to request a visit to the company for a demonstration of the technology.

Shares of ParkerVision (PRKR) tumbled 18.62%, or $1.83, to $8 in pre-market trading. Shares of ParkerVision have been trading in the range of $8.98 to $16 for the past 52 weeks.

ParkerVision, Inc. (Nasdaq: PRKR), Lincoln Educational Services Corp. (Nasdaq: LINC) and Learning Tree International, Inc. (Nasdaq: LTRE) are among the most actively traded companies in Monday pre-market trading among those with market capitalizations under $750 million:

Solar cell maker Amtech Systems, Inc. (Nasdaq: ASYS) reported it has received $16.5 million in orders from Asia.

Urstadt Biddle Properties Inc. (NYSE: UBA) declared quarterly dividends of $0.23 for class A common stock and $0.20 for regular common stock. The dividends are payable on July 20.

These are the biggest percentage gainers in Wednesday's trading among companies with market capitalizations under $500 million:

The following are the most actively traded companies in pre-market trading among those with market capitalizations under $500 million: