Tag - Scmf

Stocks extended losses during midday trading today, pushed down by poor housing data and by lackluster comments from Fed Chairman Ben Bernanke.

At 12:01 pm ET, the Russell 2000 (NYSE:IWM) was down 6.17, or 1.68%, at 361.63, while the S&P 500 is down 0.79% to 695.25 and the Dow is still below 7,000, currently down 0.46% at 6,732.23.

According to new data released by the National Association of Realtors this morning, the number of homebuyers purchasing existing homes fell 7.7% to a new low of 80.4 in January. Economists were predicting a January reading of 85.1.

Also this morning, Bernanke reiterated to Congress that any semblance of economic recovery hinges on the U.S. government’s ability to stabilize ailing financial markets. The comments did little to soothe investor fears.

Small caps seeing solid rises today included Bruker Corporation (Nasdaq:BRKR), up over 6% after releasing Q4 2008 results and issuing FY 2009 revenue guidance above analysts’ predictions. Also Southern Community Financial Corp. (Nasdaq:SCMF) is up 20% on very light volume, and Einstein Noah Restaurant Group (Nasdaq:BAGL) is up 18% after its Q4 EPS beat the Street.

On the downside, ICT Group careened 23% after rejecting Aegis’ acquisition offer.

Lending Profits

It is a strange sight to see the Dow Industrials trading at 6,700. That’s still a level from 1997. And it still indicates that people don’t want to own stocks. At this point, it seems to be as much about available capital for investment as a willingness to invest.

Valuations are low, the Dow is trading with a P/E of around 20. But that’s still not as low as it’s been during past recessions.

Still, it might be helpful to add some flavor to the current P/E ratio of the Dow. Consider that Citigroup and Bank of America don’t have earnings. Neither do Ford, GM, Alcoa. It’s safe to say that earnings at JP Morgan, American Express, . . .

LCA Vision Inc (Nasdaq:LCAV), PowerSecure International Inc (Nasdaq:POWR) and Targanta Therapeutics Corp (Nasdaq:TARG) are among the biggest percentage losers in Wednesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Blue Phoenix Solutions (Nasdaq:BPHX), Naugatuck Valley Financial Corp (Nasdaq:NVSL), Monroe Bancorp (Nasdaq:MROE), Southern Cmnty Finl Corp (Nasdaq:SCMF), HEICO Corp (Nasdaq:HEI) and Rex Stores Corp (Nasdaq:RSC).

Here are the biggest percentage losers among small caps:

Rimage Corp (Nasdaq:RIMG), AEP Industries Inc (Nasdaq:AEPI) and Spreadtrum Communications Inc (Nasdaq:SPRD) are among the biggest percentage losers in Monday's trading among companies with market capitalizations under $1 billion.

TASER International Inc (Nasdaq:TASR), Astro-Med Inc (Nasdaq:ALOT) and PAM Transportation Services Inc (Nasdaq:PTSI) are also among the biggest percentage losers.

Pier 1 Imports Inc (Nasdaq:PIR), Southern Community Financial Corp (Nasdaq:SCMF) and UFP Technologies Inc (Nasdaq:UFPT) were additionally included among the results.

Here are the biggest percentage losers among small caps:

Small-cap stocks pushed higher Thursday, with the Russell 2000 (NYSE:IWM) climbing 8.96, or 1.27%, to 717.07. Small caps assumed leadership among equity index products on the rise, fueled by a bounce in the U.S. dollar and a drop in crude oil prices. Financial stocks and insurers provided a significant lift to equities big and small, with Merrill Lynch (NYSE:MER) jumping nearly 8% as the company raised its dividend, and insurance giant Travelers (NYSE:TRV) climbing 5% as the company upgraded its 2008 outlook.

Commodities took a tumble today, which may have eased some of the food and energy fears that have weighed on investor psyche and made headlines in national and international media. Just two days after a USA Today poll said that rising food costs were a major concern for a majority of consumers, news hit around the country of rice being rationed at grocery stores because of shortages. However, the Commodity Research Bureau Index tumbled 1.6% today, which may have provided a lift to stocks, especially since crude oil came off about $3 per barrel from its lofty perch.

Investors also appeared to breathe a sigh of relief about the economic outlook when weekly claims came out at 342,000, much better than the forecast of 375,000. Even though durable goods orders were relatively soft and the New Home Sales report was awful, market focus seemed to settle in on the claims data as a bright enough spot to counter the other economic news. As it stands, the durables data tends to fluctuate quite a bit month-to-month, and everyone already knows that the housing market is floundering. The only data of note Friday morning comes from the Michigan . . .