Tag - Rmcf

Small-cap stocks remained sharply lower into mid-session trading, pulled down by sinking bank and financial stocks, which cascaded into other groups. A fresh batch of economic data this morning was weak as expected, but relatively tame and did little to lessen ongoing worries about the credit crunch and a deep recession.Some of today’s small-cap gainers were Javelin Pharmaceuticals Inc (NYSE:JAV), Peregrine Pharmaceuticals Inc. (Nasdaq:PPHM) and West Marine, Inc. (Nasdaq:WMAR).

Other Market Watch highlights today included:

• Copper pulled into negative territory on the economy jitters and a strong dollar keeping many physical markets on the defensive.  
• Crude oil futures tumbled below $35 a barrel to fresh contract lows today amid worries about global demand.  
• Energy shares were also starting to sink heading into the afternoon, with the Energy Select Sector SPDR Fund off 2.7%.  
• The KBW Banking Index was down 8.5% at midday and the Financial Select Sector SPDR Fund was off 6.6%. 

Small Cap Gainers:

• Javelin Pharmaceuticals Inc. rallied 21% on a volume spike amid news that the firm signed a $71 million deal for a European marketing partnership. See (NYSE:JAV).  
• Peregrine Pharmaceuticals Inc. climbed 7% to six-month highs on a volume burst. See (Nasdaq:PPHM).  
• West Marine, Inc. raises FY 2008 earnings outlook; shares up 7%. See (Nasdaq:WMAR).
• Rocky Mountain Chocolate Factory Inc. is seeing its best volume in more than a month, rising about 1.7% in the process. See (Nasdaq:RMCF).

Small Cap Losers:

• Liberty Shipping withdraws offer for International Shipholding Corporation; ISH shares fall 25%. See (NYSE:ISH).  
• Marshall & Ilsley is down 23% after falling to a Q4 loss of $403.9M, cutting 850 jobs. See (NYSE:MI).
• Cynsosure Inc. gapped lower and fell 13% as the maker of medical treatment systems for aesthetic procedures released preliminary results. See (Nasdaq:CYNO).   
• Red Robin Gourmet Burgers Inc. is down 12% and has been sinking fast the last several sessions. See (Nasdaq:RRGB).

Small-cap stocks remained sharply lower into mid-session trading, pulled down by sinking bank and financial stocks, which cascaded into other groups. A fresh batch of economic data this morning was weak as expected, but relatively tame and did little to lessen ongoing worries about the credit crunch and a deep recession. At 12:40 p.m. ET, the Russell 2000 (NYSE:IWM) was down 13.18, or 2.91%, at 439.99, slipping to the lowest intraday point since early December.

The slump in financial companies was reflected in the S&P groups, with the worst performing sectors coming from diversified banks, regional banks, diversified financial services firms, investment banks and specialized finance companies. Other groups struggling today included broadcasters, real estate services and trusts, coal and office electronics firms. On the upside, retailers were among the best performers so far today, and the S&P Retail Index was actually up about 1%. Internet retail, home improvement retail, home furnishing retail and automotive retailers were all among the best group performers.

The big drag on stocks this week has come from the banking arena. After getting plowed Wednesday, bank stocks were once again under a selling flurry today. The KBW Banking Index was down 8.5% at midday and the Financial Select Sector SPDR Fund was off 6.6% as Citigroup Inc. (NYSE:C), once the world’s largest bank, appears to be teetering on the edge and the new No. 1 U.S. bank, Bank of America Corp. (NYSE:BAC) says it needs money to absorb losses linked to the Merrill Lynch purchase. BAC shares were off a jaw-dropping 20%, while C was down 16%, as the latter slipped below $4 share.

Energy shares were also starting to sink heading into the afternoon, with the Energy Select Sector SPDR Fund off 2.7%. Crude oil futures tumbled below $35 a barrel to fresh contract lows today amid worries about global demand. Commodities in general were struggling today, with copper pulled into negative territory on the economy jitters and a strong dollar keeping many physical markets on the defensive. The greenback was up about 0.8% against the euro following rate cuts . . .

The Russell 2000 careened at closing Wednesday, plummeting 9.5%, or the second-lowest close in five years. The dramatic close was due to dreadful retail sales, a cautious tone from Federal Reserve Chairman Ben Bernanke and the “beige book” report on the economy that showed activity weakening across the United States. The Russell 2000 is now down 34% for the year, while the Dow is off 35% and the S&P 500 is down 38%. Small-cap gainers today include Tufco Technologies (Nasdaq:TFCO), BankAtlantic (NYSE:BBX) and Rocky Mountain Chocolate (Nasdaq:RMCF). Other Market Watch highlights today included:

• The Commodity Research Bureau Index of 19 physical markets got hammered again today, losing nearly 4.5% while sinking to the lowest level since February 2005.
• Copper prices shed some 8% today.
• The retail sales report out today marked the third consecutive negative reading for retail sales — something that has not happened in some 17 years.
• Today’s freefall represented the largest one-day decline of the year for small caps, just two days after the market put together the biggest one-day advance of 2008.
• Crude drops 5% today, settling under $75 for the first time since Sept. 2007.
• The NY Manufacturing Survey is down 24.6% to the lowest reading in some seven years, adding to the bleak tone from the retail sales figure.

Small Cap Gainers:

• Tufco Technologies (Nasdaq:TFCO) doubles stock buyback program to 200,000 shares; stock soars 40%.
• BankAtlantic Bancorp, Inc. (NYSE:BBX) up 16% as regional banks . . .

Rocky Mountain Chocolate Factory, Inc. (Nasdaq: RMCF) shares are turning sour after the chocolate and candy store franchiser posted third-quarter earnings of $1.27 million, or $0.19 per share, from $1.33 million, or $0.20 per share, a year earlier.

Quarterly sales weren’t sweet either, with revenue falling to $8.77 million, from $9.09 million during the same period of 2006.

The Durango, Colo.-based company’s same-store sales at franchised retail outlets declined about 205% during the recent quarter, compared to the year-ago quarter.

Going forward, Rocky Mountain said it an 8% to 12% increase in fiscal 2008 earnings compared to fiscal 2007.

"The modest decline in third-quarter revenues and earnings was not entirely unexpected and was primarily due to the shifting of specialty market sales to a warehouse club customer from the third quarter of last fiscal year into the second quarter in the current fiscal year, along with a decrease in same-store pounds of product purchased from our factory relative to the prior-year period," CFO Bryan Merryman said in a statement.

In today’s trading, RMCF shares were down 13.74%, or $2.11, at $13.25. Over the last 52 weeks, shares have ranged from $12.59 to $18.04.
 

Rocky Mountain Chocolate Factory, Inc. (Nasdaq: RMCF), a maker of gourmet chocolate and operator of confection stores, announced before the opening that its second-quarter profit increased 28% to $1.3 million, or $0.20 per share, from $1 million, or $0.16 per share, a year earlier.

The Durango, Colo.-based firm’s revenue for the three months ended Aug. 31 was $7.5 million, up 10% from $6.8 million in the year-ago period. Rocky Mountain’s costs and expenses rose slightly to $5.4 million, from $5.1 million.

The company’s income was helped by a 1.6% increase in same-store sales and a corresponding decrease in products purchased by franchisees.

Rocky Mountain’s new agreement with The Grove, Inc., an operator of airport retail stores, was a highlight of the quarter, COO Bryan Merryman said in a statement.

“This is an exciting development for our Company, because retail stores that are currently operated by franchisees at airports, in general, outperform the average Rocky Mountain Chocolate Factory store by a factor of more than two-to-one,” Merryman said in a statement. “We currently have nine retail airport locations in operation and plans call for at least eight additional airport stores to be operating under the agreement with The Grove within the next two years."

The company opened six new stores during the second quarter.

In midday trading, RMCF shares are up 2.14%, or $0.35, at $16.70. Over the last 52 weeks, shares have ranged from $12.57 to $18.10.

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