Where the IPO Market is HotThis morning it was reported that payrolls declined at a faster than expected rate and the unemployment rate rose to 9.5%. Neither of these are good news, and the stock market responded with a sharp sell-off. The Dow Industrials fell 212 points or 2.5%, the Nasdaq dropped 49 points or 2.67%, the S&P 500 fell 26 points or 2.8%. Small caps tend to lead, and today was no exception - the Russell 2000 was down 18 points or 3.5%. Because we are heading into a holiday weekend, volume was on the light side. Declining stocks outpaced advancing stocks by a 4 to 1 margin. The biggest loser on the day was Discovery Labs (Nasdaq:DSCO). The stock was cut in half after the FDA delay evaluation of the company's infant respiratory distress drug, Surfaxin. Ironically, several regional banks made today's top advancing stocks list. Crescent Banking Co. (Nasdaq:CSNT) led the way with a 47% gain. OakRidge Financial Services (Nasdaq:BKOR) rose 25% and Virginia Commerce Bancorp (Nasdaq:VCBI) rose 17%. NaviSite (Nasdaq:NAVI) rose 23% on heavy volume on news of a lawsuit settlement. And Matrixx Initiatives (Nasdaq:MTXX) rounds out the big winners with a 18% gain.
AmericanWestBancorp, Insight Enterprises and Barrett Business Services among 52-week lowsAmericanWest Bancorp. (Nasdaq:AWBC), Insight Enterprises, Inc. (Nasdaq:NSIT) and Barrett Business Services, Inc. (Nasdaq:BBSI) were among the new 52-week lows established during Thursday's trading among companies with market capitalizations or values under $750 million. Monarch Casino & Resort, Inc. (Nasdaq:MCRI), The South Financial Group (Nasdaq:TSFG) and Virginia Commerce Bancorp, Inc. (Nasdaq:VCBI) were also among the 52-week small-cap lows. Here are today's 52-week small-cap lows:
Virginia Commerce Bancorp beats Q2 estimates (updated)Virginia Commerce Bancorp Inc. (Nasdaq: VCBI) reported second-quarter earnings above analyst estimates Monday. For the three months ended June 30, the commercial bank reported earnings of $6.9 million, or $0.28 per share, compared with earnings of $6.3 million, or $0.25 per share for the second quarter of 2006. Seven analysts surveyed by Thomson Financial expected second quarter earnings of $0.26 per share. “Obviously the results were better than expected, “said Stifel Nicolaus analyst Megan Malanga. “Virginia Commerce posted lower loss provisions than forecasted due to the mix of loans and credit quality trends that were generally favorable.” Despite a challenging banking environment, Virginia Commerce said it saw a 66% decrease in loan loss provisions, and increases of almost 20% and 14% in loans and non-interest income, respectively.
Russell leads as Dow nears 14,000
The Russell 2000 (NYSE: IWM) is the most bullish of the major indices so far today, while the Dow Jones Industrial Average (INDU) is within reach of 14,000. At 1:03 p.m. ET the Russell 2000 had added 2.59 points, or 0.31%, to 851.06. The Dow was up 32.68 points, or 0.23%, to 13,983.66.
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The bulls went into action as soon as the opening bell rang, following news earlier that the U.S. producer price index, which tracks the price of domestically produced goods, fell at a seasonally adjusted rate of 0.2% in June, according to the Labor Department. Economists were projecting an increase of 0.1%. The statistics suggest that inflation has not picked up despite a tight labor market and the higher price of oil, which is currently at $74 a barrel. The unemployment rate is at 4.5%.
Virginia Commerce Bancorp beats Q2 estimatesShares of Virginia Commerce Bancorp Inc. (Nasdaq: VCBI) climbed 4.86%, or $0.79, to $17.05 Monday morning after the bank reported second quarter earnings above analyst estimates. For the three months ended June 30, Virginia Commerce reported second quarter earnings of $6.9 million, or $0.28 per share, compared with earnings of $6.3 million, or $0.25 per share for the second quarter of 2006. Seven analysts surveyed by Thomson Financial expected second quarter earnings of $0.26 per share. spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer
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