Tag - Qrcp

Small-cap stocks started out the week with a thud, sinking hard and fast amid concerns about the relentless credit crisis and a potential slowdown in global growth. The Russell 2000 (NYSE:IWM) tumbled 17.06, or 2.31%, to 720.54, generating the largest one-day decline in about four weeks. The Russell is now down 5.93% for the year, while the Dow is down 14.1% after slipping 2.08% Monday. The S&P 500 lost 1.96% today and is off 13.7% for the year.

Financial stocks were once again bloodied, as investors are not confident in bank, brokerage or insurance shares amid slumping economic conditions and uncertainty about the extent of debt write-downs emanating from the mortgage and housing swoon. American International Group (NYSE:AIG) tumbled to 13-year lows today, sinking 5.7% on analyst downgrades, and other financial stocks were also pummeled. The up-and-down (mostly down) world at Lehman Brothers Holdings Inc. (NYSE:LEH) took a turn for the worse today as concerns were voiced about the proposed Korean buyer that emerged late last week. LEH slumped 11.2% on the talk. The Financial Select Sector SPDR Fund shed 3.3% and the PHLX KBW Banking Index was off 3.2%. Nearly every large name bank was in the red today, and that selling momentum spread easily into small-cap financial stocks as well.

Fresh data on the housing arena failed to instill confidence in the bulls that things were ready to improve. Even though the headline figure on existing home sales came in above the forecast (plus 3.1% versus plus 0.9%), there were still troubling elements in the report, included a record high supply of homes on the market and steep price declines from last year. The market will get more data on the housing picture with Tuesday morning’s Case-Shiller Home Price Index, and then later in the morning from the New Home Sales report.

Financials and the never-ending credit crisis weren’t the only worries facing investors today. Talk that the International Monetary Fund was lowering global growth projections was troubling for technology, small-cap and industrial names, and today’s index losses were paced by the tech-laden Nasdaq 100 and the Russell 2000. Within the tech sector, big firms like Apple Inc. (Nasdaq:AAPL) and Research in Motion Ltd. (Nasdaq:RIMM) lost 2.3% and 3.1%, respectively. On the industrial front, Caterpillar Inc. (NYSE:CAT) and 3M Company (NYSE:MMM) were . . .

Quest Resource Corp.’s (Nasdaq:QRCP) stock lost nearly one-quarter of its value this morning as the Oklahoma City, Okla.-based energy company’s chairman and chief executive officer, Jerry Cash, resigned in the wake of an investigation into a “questionable transfers of company funds” to an entity controlled by Cash.

The resignation followed resignation followed the discovery, in connection with an inquiry from the Oklahoma Department of Securities, of the transfer of what appears to involve about $10 million.

Cash was also chairman and CEO of Quest Energy Partners LP (Nasdaq:QELP), which is also down 18% on the news, and Quest Midstream Partners LP.

Members of the three boards formed a joint special committee that has retained Andrews Kurth LLP to lead the investigation. Meanwhile, Quest’s CFO David Grose was placed on a paid administrative leave of absence during the investigation. Quest has reported this matter to, and intends to fully cooperate with, the U.S. Securities and Exchange Commission and other appropriate governmental and regulatory organizations.

By mid-day, Quest Resource Corp’s stock is at $5.22, down $1.71 from Friday’s close.

For detailed price information and news stories on Quest Resource Corp., click QRCP.

Small-cap stocks fell hard into mid-session trading, pulled down by renewed concerns about the ongoing credit crisis, which continues to haunt the financial arena. In addition, fretting about a global growth slowdown kept tech stocks and industrial shares on the defensive. At 12:45 p.m. ET, the Russell 2000 (NYSE:IWM) was down 17.79, or 2.41%, at 719.81.

The International Monetary Fund has lowered its global growth forecast for the next two years, which could stunt expansion for tech stocks and industrial companies that sell aggressively overseas. Small-cap stocks have tended to mirror price action in the tech arena of late and both the Russell 2000 and the tech-laden Nasdaq 100 were pacing today’s sharp slide in equities.

Financial stocks were sinking once again today, with the PHLX KBW Banking Index off nearly 3%. Almost every big-name financial, bank and brokerage stock was in the red today, which spilled into the smaller-cap financial names as well. Jitters about the financial situation were heightened by yet another bank failure over the weekend, as Federal regulators seized control of the Columbian Bank and Trust Company, which marked the ninth bank failure of the year.

Regional banks and insurance firms were among the worst performers today in the stock market, but the array of losing sectors was surprisingly diverse, with steel, construction materials, casinos and electrical equipment manufacturers all incurring stiff losses. The only sector seeing decent gains today was home furnishings…it is rare to see declines spread across such a diverse area of equities.

Small-caps on the move today include Quest Resource Corp. (Nasdaq:QRCP), which was down about 25% amid news of a change in leadership positions at the firm. Also, Quest Energy Partners LP (Nasdaq:QELP), tumbled 18% on unusually . . .

As energy policy quickly emerges as a hot topic of debate on the minds of voters in the 2008 presidential election, the oil and gas exploration industry has been thrust into the spotlight. For better or for worse, this theme will remain dominant for some time to come, and should put the spotlight on small-cap companies such as Oklahoma City-based Quest Resources (Nasdaq:QRCP).

At a market cap of $209 million, Quest is a fully integrated exploration and production company positioned in the Cherokee Basin of southeast Kansas and northeast Oklahoma. It was incorporated in 1982 and today has two distinct business segments: gas and oil production, and the gathering, processing, transporting and selling of natural gas.

The company conducts its gas and oil production segment through its Quest Energy Partners (Nasdaq:QELP) subsidiary. This subsidiary works to develop coal bed methane in a 15-county region in the Cherokee Basin, where it is one of the largest producers of natural gas with an average net daily production of over 50 million cubic feet equivalent (Mmcfe). At the end of 2007, this division had more than 2,200 gross gas wells in operation and was looking to drill and connect another 325 this year.

Quest currently operates its natural gas pipelines business segment through Quest Midstream Partners, a privately held subsidiary that could go public before the end of 2008. Midstream Partners owns approximately 2,000 miles of natural gas gathering pipelines and over 1,100 miles of natural gas pipelines in Oklahoma, Kansas and Missouri.

Despite a recent pullback in its share price, Quest Resources has put together a remarkable run this year for its shareholders. Year-to-date, Quest’s common stock has risen 25%. The company’s operating results have played an integral role . . .

Quest Resource Corp (Nasdaq:QRCP), Boston Pri Finl Holdings (Nasdaq:BPFH) and Vasco Data Security International Inc (Nasdaq:VDSI) are among the most actively traded companies in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: TASER International Inc (Nasdaq:TASR), Vital Signs Inc (Nasdaq:VITL), HireRight Inc (Nasdaq:HIRE), SIERRA WIRELESS INC (Nasdaq:SWIR), MKS Instruments Inc (Nasdaq:MKSI) and Crocs Inc (Nasdaq:CROX).

Here are the most actively traded companies among small caps:

Quest Energy Partners L.P. (Nasdaq:QELP) announced ahead of the opening today it had completed the purchase of natural gas and oil producing wells in the Appalachian Basin from Quest Resource Corporation (Nasdaq:QRCP) for a cash consideration of $72 million. The wells have developed reserves with an estimated 32.9 billion cubic feet of natural gas equivalent.

“QELP is acquiring long-lived natural gas producing properties that are immediately accretive to distributable cash flow per unit, add geographic and geologic diversity, receive premium natural gas pricing, and offer numerous low-risk development opportunities,” said Jerry Cash, chairman and CEO of the general partner of Quest Energy, in a statement.

Oil and gas exploration and production company Quest Resource Corp. (Nasdaq:QRCP) said this morning that it has appointed oil and gas industry veteran Thomas Lopus to the position of executive vice president of Quest Eastern Resource. Lopus will direct all of Quest's natural gas and oil exploration and production activity in the Eastern United States. He has more than 27 years of experience in the oil and gas industry.

Shares gained 6.5%, or $0.96, to $15.80 in pre-market trading. For detailed price information and recent news stories on Quest Resource, click QRCP.

Aladdin Knowledge Systems Ltd (Nasdaq:ALDN), Quest Resource Corp (Nasdaq:QRCP) and Allscripts Healthcare Solutions Inc (Nasdaq:MDRX) are among the most actively traded companies in Wednesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Superior Bancorp (Nasdaq:SUPR), PrivateBancorp Inc (Nasdaq:PVTB), Triangle Capital Corp (Nasdaq:TCAP), Halozyme Therapeutics Inc (Nasdaq:HALO), Pacific Sunwear of California Inc (Nasdaq:PSUN) and Orion Marine Group Inc (Nasdaq:OMGI).

Here are the most actively traded companies among small caps:

China Sky One Medical Inc (Nasdaq:CSY), Quest Resource Corp (Nasdaq:QRCP) and Fuel Systems Solutions Inc (Nasdaq:FSYS) are among the new 52-week highs in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Multi-Fineline Electronix Inc (Nasdaq:MFLX), Met-Pro Corp (Nasdaq:MPR), Hanger Orthopedic Group Inc (Nasdaq:HGR), Pioneer Southwest Energy Partners LP (Nasdaq:PSE), Atlas Acquisition Holdings Corp (Nasdaq:AXG) and HireRight Inc (Nasdaq:HIRE).

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

Small-cap stocks edged lower Monday, unable to sustain an intraday run to fresh five-month highs as longs took profits, record crude oil prices deterred new buyers and tech stocks reversed course. In the end, the Russell 2000 (NYSE:IWM) dipped 2.72, or 0.37%, to 738.45.

Small-caps trailed buying enthusiasm in large caps much of the day, which was a caution sign that the intraday push was on tenuous footing. When tech stocks started to reverse course, recoiling from new highs, it put a chill on buyers in most of the major index products. Within large-cap tech stocks, the spotlight was on SanDisk Corp. (Nasdaq:SNDK), which tumbled about 7.6% amid concerns about the consumer spending outlook.

Crude oil prices continue to be a focal point for stock market traders as the economy teeters on a tightrope of recovery, balancing higher energy and food costs versus the spending habits of strapped consumers. Crude oil prices jumped to a fresh record high this morning and closed at a new all-time peak above $127 dollars a barrel. Gasoline pump prices around the nation have been spiking higher in recent days, and prices in the Chicago metropolitan area moved past $4 dollars a gallon this weekend, an ominous sign heading toward the peak summer driving and vacation season.

This morning’s leading indicators report may have brought a few stray buyers out of the woods, but that release seldom has a dynamic impact on immediate trading decisions as most of the data is considered dated. For instance, today’s leading indicators report was for the April time frame, and although the headline figure . . .

The Russell 2000 (NYSE: IWM) and the Dow Jones Industrial Average (INDU) fell for the second day in a row on news of housing and subprime concerns and record oil prices. The small-cap index let go 6.01 points, or 0.72%, to 823.35. The Dow lost 71.86 points, or 0.51%, to 13,912.94.

On a year-to-date basis, the Russell 2000 has increased 4.56%, while the Dow has added 11.53%.

Predictions by high-level U.S. officials that the slump in the housing sector will get worse and slow down economic growth brought out the bears today, as small and large caps ended in the red for the second consecutive day.

After the close on Monday, Fed chairman Ben Bernanke said that the slump in the housing sector is expected to get worse and be a drag on economic growth going into 2008. Treasury Secretary Henry Paulson made similar comments at Georgetown University’s law school today, adding that the federal government should work to avoid foreclosures and prevent property values from falling further.

As if to confirm the downcast predictions, the National Association of Home Builders announced that its monthly home builder confidence index fell more than expected in October to a record low.

Contributing to the negative mood was news of weaker-than-expected third-quarter earnings for Wells Fargo & Company (NYSE: WFC). CEO John Stumpf blamed disruptions in the credit markets.

Occam Networks, Inc. (Nasdaq: OCNW), Fuwei Films Co., Ltd (Nasdaq: FFHL) and Schmitt Industries, Inc. (Nasdaq: SMIT) are among the biggest percentage losers in Tuesday's trading among companies with market capitalizations under $750 million.

Here are today's biggest percentage losers:

The Russell 2000 (NYSE: IWM) and the Dow Jones Industrial Average (INDU) are down, depressed by news of record high oil prices and fears stemming from the troubled U.S. housing sector. At 1:39 p.m. ET, the small-cap index was down 2.41 points, or 0.29%, to 826.95. The Dow had retreated 63.57 points, or 0.45%, to 13,921.23.

There’s no stopping the price of oil, up $0.87 to a record high of $87 due to tight inventories as winter approaches and tensions along the border between Iraq and Turkey. On Monday the cabinet of Turkish prime-minister Tayyip Erdogan asked parliament for approval to launch an attack on Kurdish rebels in northern Iraq.

An increase in the price of oil could put the squeeze on consumers and slow down economic growth.

The bears are also emboldened by renewed fears about the state of the U.S. housing sector and the negative effects of the meltdown in the subprime mortgage market.

U.S. Federal Reserve chairman Ben Bernanke got things started when he told the Economic Club of New York after the close on Monday that the slump in the housing sector is expected to get worse and will act as a drag on economic growth into early 2008.

Wells Fargo & Company (NYSE: WFC) reported before the start of trading that net income for the third quarter was $2.28 billion, or $0.68 per share, a rise of 4% compared with a net income of $2.19 billion, or $0.64 per share, during the second quarter of 2006.

Shares of Pinnacle Gas Resources, Inc. (Nasdaq: PINN) received a jolt on news before the opening that the independent energy company is being purchased by Quest Resource Corp. (Nasdaq: QRCP) for about $207 million.

Pinnacle stockholders will receive 0.6584 shares of Quest common stock for each share of Pinnacle common stock they own. Like Quest, Oklahoma City-based Pinnacle is a small-cap natural gas developer and producer. The stock-for-stock merger has been unanimously approved by both boards and will result in a combined company with a stock market capitalization of approximately $450 million.

“The combination of Quest and Pinnacle is an excellent fit and builds substantial scale for our stockholders,” said Pinnacle president and CEO Peter Schoonmaker in a statement. “The merger combines dominant acreage and operating positions in two prolific low risk resource plays with over one million acres under lease that will allow considerable growth in production, reserves and pipeline development.”

After the merger, which is expected to close in the first half of 2008 pending shareholder approval, Pinnacle will operate as a unit of Quest. Quest’s current stockholders will own 55% and Pinnacle’s current stockholders will own the remaining 45%. Jerry Cash, Quest’s current chairman, president, and CEO, will retain his position.

At 12:51 p.m. ET, shares of Pinnacle Gas Resources (PINN) had added $1.22, or 25%, to $6.08. The previous 52-week high of $8.75 was reached on May 15, while the 52-week low of $3.55 was touched on Aug. 16.

The Russell 2000 (NYSE: IWM) and the other major U.S. indices are sagging this morning on news of record oil prices and poor third-quarter earnings.

At 10:33 a.m. ET, the small-cap index had shed 5.43 points, or 0.65%, to 823.93. The Dow Jones Industrial Average (INDU) was off 87.78 points, or 0.63%, to 13,897.01.

The price of oil has continued climbing to record highs, up more than $0.60 and approaching $87 a barrel. The increase is due to tight inventories as winter approaches and tensions along the border between Iraq and Turkey. On Monday the cabinet of Turkish prime-minister Tayyip Erdogan asked parliament for approval to launch an attack on Kurdish rebels in northern Iraq.

In corporate news, health-care products maker Johnson & Johnson (NYSE: JNJ) reported that its third-quarter profit fell 7.7% despite a 12.7% increase in sales.

Contributing to the bearish mood this morning is news after the close on Monday that U.S. Federal Reserve chairman Ben Bernanke told the Economic Club of New York that the slump in the housing sector is expected to get worse and will act as a drag on economic growth into early 2008.

In economic news, Federal Reserve’s monthly index of industrial production, showed a small rise for September. The index, which measures the change in the production of the nation’s factories, mines and utilities, added 0.1%, as projected. However, the reading for August was revised down to 0% from a previously reported increase of 0.2%.

Shares of Quest Resource Corp. (Nasdaq: QRCP) got a boost Friday morning after the natural gas producer said its subsidiary Quest Energy Partners L.P. filed with the Securities and Exchange Commission for an initial public offering of 8.75 million common units.

In the filing, the Oklahoma City-based company said it plans to use the proceeds from the offering along with a $75 million credit facility to pay off debt under existing credit facilities of its parent, Quest Resource.

The filing did not divulge the price range of the shares to be offered, but specified a total maximum offering price of $211.3 million.

Shares of Quest Resource climbed 9.39%, or $1.03, to $12.00 Friday morning.

Developer and marketer of software solutions and services Smith Micro Software, Inc. (Nasdaq: SMSI), announced the availability of its new StuffIt Wireless Windows Mobile Edition today.

Shares of Cleveland BioLabs Inc. (Nasdaq: CBLI) were up on a report that the U.S. Department of Defense may be the first customer for the company’s radiation protection compound called Protectan or CBLB502.

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

Boston-based Sonesta International Hotels Corp. (Nasdaq: SNSTA) announced at the start of trading it has initiated a review of strategic options available for enhancing shareholder value.

Draper, Utah-based 1-800 CONTACTS, Inc. (Nasdaq: CTAC) announced at the start of trading it agreed to be purchased by Fenway Partners for $24.25 per share, or about $340 million. The acquisition price is 21% premium over the company’s closing price on Friday, June 1.

Houston-based KMG Chemicals, Inc. (Nasdaq: KMGB) announced its CEO David Hatcher has resigned from his position, but will continue to be “actively involved” as chairman. The specialty chemicals business also announced revenue of $28 million for the third quarter ended April 30, up from $21 million in the year-ago period. The company recorded net income of $3.8 million, or $0.34 a share, up from $1.85 million, or $0.20 per share, a year earlier.

Oklahoma City-based Quest Resource Corp. (Nasdaq: QRCP) said it plans an IPO of a new partnership for the natural gas company’s exploration and production operations.

Hayward, Calif.-based Cholestech Corp. (Nasdaq: CTEC) announced this morning it agreed to be bought by Inverness Medical Innovations, Inc. (AMEX: IMA) for $21.02 a share, or about $326.3 million.

San Diego-based Accredited Home Lenders Holding Co. (Nasdaq: LEND) announced it agreed to be acquired by Lone Star Funds for $15.10 per share, or about $400 million, in cash. The mortgage banking company said the deal is expected to be closed in the third quarter ending Sept. 30.

Danbury, Conn.-based FuelCell Energy, Inc. (Nasdaq: FCEL) announced its distribution partner POSCO Power has sold 5.1 megawatts of new power plants in South Korea

Aquamarine Capital Management, which owns a 2.3% stake in Everlast Worldwide Inc. (Nasdaq: EVST), said this morning it will vote against the $146 million buyout offer from Hidary Group for the boxing equipment maker because it believes the price is not high enough.

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

Phazar Corp. (Nasdaq: ANTP) announced Thursday evening that the company’s Antenna Products unit received a $0.9 million order from the Spanish telecom company Page Iberica S.A. The Madrid-based company ordered four Multiport Antenna Systems. Phazar said the order will be shipped in October for installation at a Spanish NATO site.

Sporting goods equipment maker Everlast Worldwide Inc. (Nasdaq: EVST) announced Friday morning it agreed to be acquired by Hidary Group for $26.50 a share, or more than $146 million, in cash. Hidary’s offer is a 30% premium over Everlast’s average closing price over the last month. The all-cash offer, which still has to be approved by Everlast’s shareholders, should make Everlast private by the third quarter ending Sept. 30, the company said.

Great Lakes Dredge & Dock Corp. (Nasdaq: GLDD) received a bullish mention Thursday evening by MSNBC pundit Jim Cramer. The Illinois, Ill.-based business provides dredging, marine construction and demolition services.

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