Tag - Symx

Small-cap stocks closed lower, pulled down by lingering concerns about the Bush Administration’s financial rescue plan currently under review by Congressional lawmakers. Losses were limited throughout the session by a firm tone in tech stocks, but that lift fizzled out in the final half-hour of trading Tuesday as selling interest picked up steam. The Russell 2000 (NYSE:IWM) closed down 11.25, or 1.56% at 709.19. For the year, the small-cap benchmark is off 7.4%, while the Dow is down 18.1% and the S&P 500 is down 19%.

Earlier today, Federal Reserve Chairman Ben Bernanke told the Senate Banking Committee that Congressional approval of the $700-billion financial bailout is “urgently required to stabilize the current bleeding in the banking industry and that failure to act would carry “serious consequences for our financial markets and the economy.”

There are still plenty of questions to be asked about the rescue plan, especially in an election year, but it seems likely that some version of this “Paulson Plan” (named after Treasury Secretary Henry Paulson) will get through Congress. Politically, it’s just too risky not to approve an emergency measure when the banking system, pension plans and a shaky economy are on the line. Still, there are uncertainties about the oversight components of the proposed deal and the actual cost of the program. When the market is faced with uncertainty, history has shown that selling is the most likely path. In addition, if political posturing slows down progress on passage of the plan, then it could stir fear in the stock market.

In addition, there are growing concerns that even with a financial plan in tow, there are still other economic hurdles to clear. If the rescue plan is passed quickly and starts to free up lending habits from banks that are spooked and clogged with bad debts, then it conceivably could be a boon to tech stocks from a growth angle. All that said, it’s not easy to just swallow forking over $700 billion to the same people who played a large role in creating the current crisis — especially when the plan basically gives carte blanche to a very small group of people (with . . .

Royal Bancshares of Pennsylvania Inc. (Nasdaq:RBPAA), Koss Corp. (Nasdaq:KOSS) and Bridge Capital Holdings (Nasdaq:BBNK) are among the biggest percentage gainers in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: MAG Silver Corp. (Nasdaq:MVG), Fidelity Southern Corp. (Nasdaq:LION), FirstCity Financial Corp. (Nasdaq:FCFC), TranS1 Inc. (Nasdaq:TSON), Synthesis Energy Systems Inc. (Nasdaq:SYMX) and Logility Inc. (Nasdaq:LGTY).

Here are the biggest percentage gainers among small caps:

Synthesis Energy Systems Inc. (Nasdaq:SYMX), Mitcham Industries Inc. (Nasdaq:MIND) and Great Northern Iron Ore Properties (Nasdaq:GNI) are among the new 52-week lows in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: B&H Ocean Carriers Ltd. (Nasdaq:BHO), IRSA Depository Receipt (Nasdaq:IRS), Golar LNG (Nasdaq:GLNG), Pioneer Southwest Energy Partners LP (Nasdaq:PSE), Shanghai Pechem Depository Receipt (Nasdaq:SHI) and Macquarie Infrastructure Co LLC. (Nasdaq:MIC).

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

Great Atlantic & Pacific Tea Co Inc. (Nasdaq:GAP), Britannia Bulk Holdings Inc. (Nasdaq:DWT) and Gabelli Gl Gld NR & Inc. (Nasdaq:GGN) are among the  among 52-week lows in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Hecla Mining Co. (Nasdaq:HL), Cascal NV. (Nasdaq:HOO), Templeton Russia & East European Fund Inc. (Nasdaq:TRF), ATMI Inc. (Nasdaq:ATMI), Synthesis Energy Systems Inc. (Nasdaq:SYMX) and Teekay LNG Partners LP. (Nasdaq:TGP).

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

Synthesis Energy Systems Inc. (Nasdaq:SYMX) said ahead of today’s opening it will team up with Consol Energy Inc. (NYSE:CNX) on a coal gasification and liquefaction plant that will produce gas and methanol. The plant will be located in West Virginia. The plant will produce about 720,000 metric tons annually of methanol that can be used as a feedstock in the chemical industry. The plant also should be able to convert methanol production to an estimated 100 million gallons per year of 87-octane gasoline.

Houston-based Synthesis Energy develops commercial gasification technology. Pittsburgh-based Consol Energy is a coal producer.

In today’s trading, shares of Synthesis Energy are at $8.68 at 12:04 p.m. ET, up $0.65 from Friday’s close. The stock has ranged from $5.05 to $15.92 during the past year.

Small-cap stocks edged lower a relatively quiet opening, as jitters about the financial arena and rising crude oil prices were countered by decent earnings news. At 10:00 a.m. ET, the Russell 2000 (NYSE:IWM) was down 3.71, or 0.52%, at 706.63.

Federal regulators seized a couple of small banks over the weekend, which cast a modest negative pall over the financial sector this morning. The FDIC took over the First National Bank of Nevada and First Heritage Bank NA of California and sold the banks to Mutual Omaha Bank. Small banks dominated the list of largest percentage losers on the Nasdaq Exchange early this morning.

Concerns about the health of the financial system pulled down the U.S. dollar, which was off about 0.2% against the euro and 0.1% versus the yen. Treasury prices also were on a bid on the bank failure news, but volume was light.

Crude oil prices were pushing higher early this morning, buoyed by reports of attacks on oil pipelines in Nigeria and a fire at a Kuwait refinery. Crude prices on the NYMEX were up nearly 1% in the morning trade, approaching $124.50 dollars a barrel.

While the crude oil pop and the bank failures were negative elements in play this morning for equities, the news didn’t exactly spark a firestorm of selling in stocks, and investors appeared to be waiting for a stronger directional bias to emerge.

It is a big week for earnings, with about 118 of the S&P 500 slated to report quarterly results. One of the key names this morning was Kraft Foods Inc. (NYSE:KFT), as the maker of Oreo cookies beat the forecast and was up about 2.5% shortly after the open.

One of the biggest percentage movers among large-caps this morning was Amgen Inc. (Nasdaq:AMGN), which jumped nearly 15% on news that a trial for an osteoporosis drug went well. Also, private equity firm Kohlberg Kravis Roberts & Co. announced plans for an IPO, which suggested to some that the market . . .

Synthesis Energy Systems Inc. (Nasdaq:SYMX) announced ahead of the opening it had entered a joint development agreement with the The North American Coal Corporation. The project will evaluate a gas-to-liquids project near Red Hills Mine in Mississippi. If built, the facility could produce synthetic gasoline, chemical feedstocks or synthetic natural gas, the companies said. Synthesis Energy is a Houston-based company that develops and markets gasification technology. North American Coal is a Dallas-based subsidiary of NACCO Industries Inc. (NYSE:NC) that operates surface mines. The companies are currently taking part in a “pre-feasibility study” to determine if “they will engage in a front-end engineering design study to further develop the opportunity.”

In today’s trading, Synthesis Energy is at $8.48, up $0.13 from Tuesday’s close.

Synthesis Energy Systems, Inc. (Nasdaq:SYMX) said this morning that it will offer 10 million shares of its common stock at $9.25 per share. The energy and technology company said it will put the proceeds from the offering toward its Golden Concord project, its YIMA project—if approved, proposed expansion of its Hai Hua project, working capital and general corporate purposes.

Shares gained 5.3%, or $0.51, to $10.05 in pre-market trading. For detailed price information and recent news stories about Synthesis Energy Systems, click SYMX. 

Small-cap stocks pushed higher Thursday, buoyed by a slide in crude oil prices that supported consumer-oriented stocks and energy-sensitive sectors such as manufacturing and airlines. The Russell 2000 (NYSE:IWM) closed up 7.12, or 0.97%, at 737.83.

When crude oil prices slipped back below $134 dollars a barrel, stock market investors perked up, Scott Fullman, market strategist with WJB Capital said in an email interview. By the U.S. close, energy futures had tumbled down to below $132 dollars in response to news that China would hike gasoline and diesel prices by as much as 18%, which could slash demand for energy products in a key growth region.

In addition to the energy lift, Fullman noted that implied volatility levels have contracted on an intraday basis as the expiration of futures and options approach. The market is moving toward “quadruple witching” expirations, which could trigger heightened volatility into things. The concentrated strikes are primarily above current market levels, which could act as an upside magnet on prices into Friday’s session.

Today’s recovery in stock market indices has been impressive given negative economic news earlier this morning, and a steep opening slide in health-care providers. The Philly Fed survey came out at 10:00 a.m. ET and the headline figure was at minus 17.1, well below the forecast for negative 10.0. When the number first came out, stock index products slipped into negative territory, but the reversal in crude oil prices brought the buyers back into the fray.

Health insurers staged a decent bounce off the morning lows, but Coventry Health Care Inc. (NYSE:CVH) still absorbed a 20% decline and the Morgan Stanley Healthcare Payors Index shed about 7% as the market cooled on the outlook for health-care firms. UnitedHealth Group Inc. (NYSE:UNH) slipped about 6% . . .