Tag - Seab

AtriCure Inc. (Nasdaq:ATRC), Electro-Optical Sciences Inc. (Nasdaq:MELA) and Royale Energy Inc. (Nasdaq:ROYL) are among the biggest percentage gainers in Wednesday's trading among companies with market capitalizations under $1 billion.      

Also included among the results: Gilat Satellite Networks Ltd. (Nasdaq:GILT), Overstock.com Inc. (Nasdaq:OSTK), Fuqi International Inc. (Nasdaq:FUQI), PGT Inc. (Nasdaq:PGTI), SeaBright Insurance Holdings Inc. (Nasdaq:SEAB) and MarketAxess Holdings Inc. (Nasdaq:MKTX).   

Here are the biggest percentage gainers among small caps:  

Lincoln Bancorp (Nasdaq:LNCB), SeaBright Insurance Holdings Inc (Nasdaq:SEAB) and Mentor Corp (Nasdaq:MNT) are among the new 52-week lows in Wednesday's trading among companies with market capitalizations under $1 billion.

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

Preferred Bank (Nasdaq:PFBC), Anadigics Inc (Nasdaq:ANAD) and Sonic Solutions (Nasdaq:SNIC) are among the biggest percentage losers in Wednesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Wavecom (Nasdaq:WVCM), Arkansas Best Corp (Nasdaq:ABFS), First Place Financial Corp Ohio (Nasdaq:FPFC), Prestige Brands Holdings Inc (Nasdaq:PBH), SeaBright Insurance Holdings Inc (Nasdaq:SEAB) and FormFactor Inc (Nasdaq:FORM).

Here are the biggest percentage losers among small caps:

After falling off slightly after the opening, small-cap stocks staged a swift rally but then deflated somewhat as oil continued to pull back for a second straight trading session amid mixed corporate earnings reports and as President Bush and the House came to an agreement on a housing bail-out plan.

At 12:30 p.m. ET, the Russell 2000 (NYSE:IWM) was up 0.68, or 0.09%, at 717.50 amidst a broad market rally. The Dow was up 4.39, or 0.04%, to 11,606.89, while the tech heavy Nasdaq gained 9.1, or 0.39%, to 2,313.06 as investors welcomed the deflation in oil prices, which may ease pressure on the consumer and businesses.

Crude oil prices slipped roughly $0.60 dollars a barrel to $127 midday, marking the second consecutive day the commodity has lost its mojo. Today, an increase in U.S. gasoline stockpiles added to the downward pressure on crude. The energy market has been sinking this week as Hurricane Dolly veers away from key production areas in the Gulf of Mexico and on worries about demand for high-priced crude oil amid sluggish economic conditions in the United States and new usage curbs in China.

As crude oil prices have slipped in recent sessions, the U.S. dollar is turning green again, rising against the euro and the yen in mid-day action. The assent in oil, has contributed to the dollars demise this past year, so naturally that correlation has reversed itself today. A stronger dollar often has a bearish impact on global commodity values since so many products are priced in dollars. Also on the commodities front, grains markets are expected to trade sharply lower today amid improving Midwest weather and the firm dollar tone.

President Bush dropped his veto against the House’s housing package that bails out struggling homeowners by offering $3.9 billion for areas containing the most foreclosures. The House is expected to vote on the bill as early as today. Additionally, lawmakers came to a mutual agreement that permits Treasury Secretary . . .

SeaBright Insurance Holdings Inc. (Nasdaq:SEAB) is 16% lower today after Friedman Billings Ramsey downgraded the company to “market perform” from “outperform” ahead of the opening. The research firm cut the price target to $16 from $23. SeaBright reported lower second-quarter earnings after Tuesday’s close. For the quarter ended June 30, net income was $6.4 million, or $0.30 per share, compared with $10.2 million, or $0.49 a share, for the same quarter a year earlier. Revenues were $61.8 million, versus $60.7 million for the period a year earlier.

In today’s trading, shares of the Seattle-based SeaBright are off $2.26 at $12.06. During the past 52 weeks, shares have ranged from $10.64 to $19.98. Today’s trading volume is nearly double the average number of shares.

While competitive pressures are pushing rates and premiums down for many property and casualty insurance providers, two specialty suppliers, SeaBright Insurance Holdings, Inc. (Nasdaq: SEAB) and Tower Group Inc. (Nasdaq: TWGP) are continuing to post robust growth due to their niche focuses. 

Seabright Insurance Holdings specializes in niche products such as maritime workers insurance, alternative dispute resolution (ADR) insurance and State Act workers compensation insurance. It is licensed to sell insurance in 45 states and distributes its products through independent brokers and wholesalers. 

SeaBright is growing premiums faster than the overall market because of its focus on specialty segments of the workers compensation insurance market. Although workers compensation is a huge market (generating premiums of $46 billion annually), premiums declined last year because of competitive pricing. Premium growth is forecast at only 1.5% in 2007, the slowest growth since 1998.

This company is one of only a handful of insurance providers authorized to write maritime coverage under the USL&H Act, a federal law covering longshoremen injured in shipyards and vessel unloading areas. SeaBright is also authorized to provide coverage under the Jones Act, a federal law protecting seamen and offshore workers injured through employer negligence and under OCSLA, which covers maritime workers on off-shore drilling platforms.

In addition, SeaBright is one of a few select insurance companies that provides coverage to employers subject to collectively bargained workers compensation agreements. These agreements, also known as ADR programs, reduce litigation costs by using informal arbitration rather than litigation to resolve disputes. ADR programs are prevalent in California. In addition, SeaBright provides coverage under State Act workers compensation laws, which vary from state to state. SeaBright focuses mainly on State Act workers compensation customers in California, Alaska, Illinois and Hawaii. 

PVF Capital Corp. (Nasdaq: PVFC), SeaBright Insurance Holdings, Inc. (Nasdaq: SEAB) and Semitool, Inc. (Nasdaq: SMTL) are among the biggest percentage gainers in Wednesday's trading among companies with market capitalizations under $500 million.

Here are today's biggest percentage gainers:

Shares of SeaBright Insurance Holdings, Inc. (Nasdaq: SEAB) are on a rampage today after Friedman Billings Ramsey upgraded the provider of multi-jurisdictional workers' compensation insurance to a rating of “outperform” from “marketperform” on stellar second quarter top and bottom line results.

For the three months ended June 30, the Seattle, Wash.-based company late Tuesday reported income of $10.2 million, or $0.49 cents per share, compared with earnings of $9.4 million, or $0.45 per share, in the second quarter of 2006. Analysts polled by Thomson Financial had anticipated earnings of $0.43 per share.

Total revenue for the quarter increased 29.4% to $60.7 million, compared with $46.9 million in the second quarter last year.

On account of the second quarter results, Friedman Billings Ramsey analyst Bijan Moazami is raising his EPS estimates and target price. “The robust top-line growth, combined with favorable loss development in the workers' compensation segment, is giving us enough confidence to increase our projected EPS,” Moazami wrote.

Moazami is raising his earnings per share estimates to $1.95 for 2007 and $2.05 for 2008, up from his previously forecasted estimates of $1.80 and $1.85,respectively. Additionally, Moazami raised his price target to $22 from $21.