Tag - Staa

Small-cap stocks closed slightly lower Friday, pulled down by pre-weekend profit-taking and losses in small-cap energy names as crude oil tumbled to a 15-week closing low. The Russell 2000 (NYSE:IWM) finished Friday’s action down 1.01, or 0.13% at 753.37, which stands as the third highest daily close of the year and the highest weekly close of 2008. For the first time in a while, large-cap products were noticeably firmer than small-caps, with the Dow up 0.38% Friday to 11659.90, and the S&P 500 up 0.41% at 1298.20. For the year, the Russell is down 1.65%, while the Dow is off 12.0% and the S&P 500 is down 11.5%.

Normally, crude oil price declines have been a supportive element for small-cap stocks, and while that psychology is still in play, there were enough commodity-tied small-cap shares in the red Friday to pull down the Russell relative to the Dow and S&P 500. Among broad market sectors, coal, gold, metals and mining, oil and gas drillers, oil production and steel stocks were the worst performers.

Crude oil futures finished out the week at 15-week closing lows, slipping about 1% Friday just below $114 dollars a barrel. Although there are many stocks that stand to benefit from a stabilization in crude oil price declines, the general consensus is that further downside probing in the energy market would be an overall bullish element for equities because it would free up consumer spending for other areas...

Staar Surgical Co. (Nasdaq:STAA), Micromet Inc. (Nasdaq:MITI) and NCI Inc. (Nasdaq:NCIT) are among the new 52-week highs in Friday's trading among companies with market capitalizations under $1 billion.       

Also included among the results: Wilshire Bancorp Inc. (Nasdaq:WIBC), Hanger Orthopedic Group Inc. (Nasdaq:HGR), Industrial Services of America Inc. (Nasdaq:IDSA), Hawk Corp. (Nasdaq:HWK), North American Galvanizing & Coatings Inc. (Nasdaq:NGA) and Parlux Fragrances Inc. (Nasdaq:PARL).  

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

Delta Apparel Inc. (Nasdaq:DLA), Champion Enterprises Inc. (Nasdaq:CHB) and Staar Surgical Co. (Nasdaq:STAA) are among the biggest percentage gainers in Friday's trading among companies with market capitalizations under $1 billion.    

Also included among the results: Lithia Motors Inc. (Nasdaq:LAD), QCR Holdings Inc. (Nasdaq:QCRH), Tween Brands Inc. (Nasdaq:TWB), Deltek Inc. (Nasdaq:PROJ), Oplink Communications Inc. (Nasdaq:OPLK) and Ricks Cabaret International Inc. (Nasdaq:RICK).        

Here are the biggest percentage gainers among small caps:     

Staar Surgical Company (Nasdaq: STAA), a manufacturer of ophthalmic products,  reported this morning that it will acquire the interests of all other shareholders in Canon Staar Co., Inc., a joint venture that was formed by Staar, Canon Inc. and Canon Marketing Japan, Inc. in 1988 to develop, manufacture and sell in Japan products using Staar's technology.

Staar will pay the Canon companies $4 million in cash and 1.7 million newly issued shares of Series A Convertible Preferred Stock for its interest, and will acquire the 50% interest in Canon Staar currently owned by the Canon companies. The Series A Convertible Preferred Stock will be convertible into common stock at a one-to-one ratio and under certain circumstances will be redeemable for cash at $4 per share.

After the transaction closes Staar will be renamed Staar Japan, Inc. and become a wholly owned subsidiary of Staar.

Shares of Staar Surgical (STAA) were halted in pre-market trading.