Tag - Vprt

Small caps soared in the green today, representing an impressive upside breakout through the recent trading range, which was defined loosely by the inauguration day collapse Jan. 20. Some of today’s small-cap gainers were VistaPrint (Nasdaq:VPRT), Fifth Third Bancorp (Nasdaq:FITB) and Eagle Bulk Shipping (Nasdaq:EGLE).

Other Market Watch highlights today included:

• The weekly MBA Mortgage Application Index tumbled 38.8% to 732.1% and is now at the lowest point since the week ended Nov. 21.
• Diversified banks, life health insurers, financial services firms, regional banks and asset management firms were top performers today.
• For 2009, the Russell is off 5.3%, while the Dow is down 4.5% and the S&P 500 is down 3.2%.
• Yields on benchmark 10-year notes went from about flat right after the FOMC statement to rising more than 5% by the stock market close.
• Banks were clearly the star of the stock market show today, with the KBW Banking Index soaring 14%
• Crude oil futures in the U.S. edged higher on the close, gaining . . .

Small-cap stocks stormed higher Wednesday as investors anticipated the government taking quick steps to remove toxic assets from bank balance sheets and perhaps forming a “bad bank” facility to further mop up mettlesome losing bank paper, which would in turn loosen lending habits. The Russell 2000 (NYSE:IWM) rose 17.44, or 3.83%, to 473.02, generating the second-largest one-day gain of the New Year. For 2009, the Russell is off 5.3%, while the Dow is down 4.5% and the S&P 500 is down 3.2%.

As for cleaning bank books of losing paper, it’s a familiar story, one that was supposed to be the focal point of the whole Troubled Asset Relief Program (TARP) in the first place, but which got sidetracked when Bush Administration officials decided they would get more bang for the buck via direct capital infusion into banks. The stock market has repeatedly rallied on signs that the TARP funds would be used to buy up those troubled assets, and momentum under the Obama Administration seems headed that direction, hence investors were happy to gobble up bargains on beaten down bank and financial shares.

The market also got a brief extension of the rise in the afternoon after FOMC members said they were prepared to buy longer-term Treasury products to help lower rates further out on the curve now that Fed funds rates are essentially at zero. The immediate beneficiary of that announcement was the Treasury market, but the U.S. dollar, the Mexican peso and even crude oil futures rallied — at least for a moment — on the news. After a very brief upside pop on the announcement, Treasury prices then started to cascade lower, however, as debt traders in essence called the Fed’s bluff, taking a stance that saying they will buy longer-dated paper just isn’t the same as actually doing it. Yields on benchmark 10-year notes went from about flat right after the FOMC statement to rising more than 5% by the stock market close.

Banks were clearly the star of the stock market show today, with the KBW . . .

VistaPrint Ltd. (Nasdaq:VPRT), Webster Financial Corp. (Nasdaq:WBS) and Wintrust Financial Corp. (Nasdaq:WTFC) are among the biggest percentage gainers in Monday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Dolan Media Co. (Nasdaq:DM), Switch & Data Facilities Co Inc. (Nasdaq:SDXC), CoBiz Financial Inc. (Nasdaq:COBZ), AnnTaylor Stores Corp. (Nasdaq:ANN), World Acceptance Corp. (Nasdaq:WRLD) and Maidenform Brands Inc. (Nasdaq:MFB).

Small-cap stocks jumped higher this morning, buoyed by a rush back into bank and financial stocks amid hope that the government will set up a “bad bank” facility to mop up losing bank investments, which would help clear bank balance sheets. In addition, there is a sense that the Obama Administration is moving back toward the original purpose of the TARP of absorbing bad debt paper, a concept that has repeatedly sparked brief rallies in equities. At 9:52 a.m. ET, the Russell 2000 (NYSE:IWM) was up 9.15, or 2.01%, at 464.73.

Financial and bank stocks were the preferred outlet for bulls this morning. Huge percentage gains were seen for a vast array of banks; Citigroup Inc. (NYSE:C) was up 20% shortly after the open, while Wells Fargo & Co. (NYSE:WFC) was up 19%. The KBW Banking Index was up nearly 10%. Of course, it’s easier to generate jaw-dropping percentage gains on stocks that are only a fraction of where they were a year ago.

There is a chance that some of the enthusiasm on the financial and banking front has also been stoked by optimism ahead of this afternoon’s FOMC statement. With the Fed funds rate effectively near zero, one wouldn’t expect FOMC to carry much weight right now, but there is a chance that the Fed could talk up “non-traditional” means of providing liquidity and putting downside pressure on longer-term rates. The FOMC statement is slated for 2:15 p.m. ET.

The focus on banks and hope for quick action on bank balance sheets via troubled asset relief programs from the government might have diverted attention away from gloomy earnings for a bit, but even the earnings news today has some bright spots that are attracting attention. Over across the pond, business software maker SAP AG topped the earnings forecast and helped European shares move toward a . . .

Century Aluminum Co. (Nasdaq:CENX), Pan American Silver Corp. (Nasdaq:PAAS) and James River Coal Co. (Nasdaq:JRCC) are among the most actively traded companies in Wednesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: A. Schulman Inc. (Nasdaq:SHLM), Ezcorp Inc. (Nasdaq:EZPW), Axsys Technologies Inc. (Nasdaq:AXYS), VistaPrint Ltd. (Nasdaq:VPRT), GenTek Inc. (Nasdaq:GETI) and Gymboree Corp. (Nasdaq:GYMB).

Atlas Pipeline Holdings L. P (Nasdaq:AHD), VistaPrint Ltd. (Nasdaq:VPRT) and CTS Corp. (Nasdaq:CTS) are among the new 52-week lows in Wednesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Clean Energy Fuels Corp. (Nasdaq:CLNE), ECB Bancorp Inc. (Nasdaq:ECBE), Wright Express Corp. (Nasdaq:WXS), Williams-Sonoma Inc. (Nasdaq:WSM), Bruker Corp. (Nasdaq:BRKR) and Oceanfreight Inc. (Nasdaq:OCNF).

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

Small caps continue to trade sideways ahead of the Federal Reserve’s decision due out at 2:15 p.m. Today’s small-cap gainers are Spectra Pharma (Nasdaq:SPPI), Denny's (Nasdaq:DENN) and  Arena Resources (NYSE:ARD).

Other Market Watch highlights today included:

• Part of the rally in commodities was tied to a pullback in the U.S. dollar, as higher dollar values can hinder demand for goods priced in dollar terms.  
• Also on the commodities front, copper was sharply higher, sugar and coffee were up, grains were called sharply higher, and gold and silver were up overnight.
• Energy shares were a big part of Wednesday’s epic stock market rally and could be a firm element in play again today.  
• Crude oil futures were in rally mode this morning, climbing some $4 a barrel on hopes that all these global rate cuts would bolster demand and put a foundation on sinking prices.  
• Small-cap stocks chopped back and forth near steady levels in a relatively calm open, in anticipation of the upcoming FOMC news.

Small Cap Gainers:

• Spectrum Pharma soars after announcing collaboration with Allergan on drug for non-muscle invasive bladder cancer. See (Nasdaq:SPPI). 
• Denny's has vaulted 32% after being upgraded by a Merriman Curhan Ford to buy from neutral on good cost management in Q3  (Nasdaq:DENN) 
• Arena Resources gains after stating it will cut its cap-EX budget by 23% in 2008. See (NYSE:ARD).
• State Bancorp misses on Q3 earnings, yet shares are marginally higher. See (Nasdaq:STBC).


Small Cap Losers:

• Wright Express substantially lowers Q4 and full year guidance below the Street on fuel-price-related derivatives. See (NYSE:WXS).  
• CTS Corp. posts lower Q3 EPS, but EPS still beat the Street. Revenues declined from last year and missed estimates. See (NYSE:CTS).  
• KeyBanc Capital and Needham downgrade Ultimate Software to hold from buy. See (Nasdaq:ULTI).  
• VistaPrint plunges after cutting 2009 outlook, ThinkPanmure cuts rating to accumulate from buy. See (Nasdaq:VPRT).  

CTS Corp. (Nasdaq:CTS), Wright Express Corp. (Nasdaq:WXS) and VistaPrint Ltd. (Nasdaq:VPRT) are among the biggest percentage losers in Wednesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Williams-Sonoma Inc. (Nasdaq:WSM), Atlas Pipeline Holdings L P (Nasdaq:AHD), Clean Energy Fuels Corp. (Nasdaq:CLNE), Ultimate Software Group Inc. (Nasdaq:ULTI), Vocus Inc. (Nasdaq:VOCS) and Stewart Information Services Corp. (Nasdaq:STC).

Here are the biggest percentage losers among small caps:

Small-cap stocks chopped back and forth near steady levels in a relatively calm open, as support from gains in equity markets around the world were countered by mild profit-taking from short-term traders who caught the rally from Tuesday afternoon and weren’t willing to hold that risk through the big FOMC event later today. Today’s small-cap gainers are Silicon Labs (Nasdaq:SLAB), Savvis Inc. (Nasdaq:SVVS) and Odyessey HealthCare Inc. (Nasdaq:ODSY).

Other Market Watch highlights today included:

• Part of the rally in commodities was tied to a pullback in the U.S. dollar, as higher dollar values can hinder demand for goods priced in dollar terms.  
• Also on the commodities front, copper was sharply higher, sugar and coffee were up, grains were called sharply higher, and gold and silver were up overnight.
• Energy shares were a big part of Wednesday’s epic stock market rally and could be a firm element in play again today.  
• Crude oil futures were in rally mode this morning, climbing some $4 a barrel on hopes that all these global rate cuts would bolster demand and put a foundation on sinking prices.  
• Small-cap stocks chopped back and forth near steady levels in a relatively calm open, in anticipation of the upcoming FOMC news.

Small Cap Gainers:

• Silicon Labs said Q3 revenue rose 29%, but was a shade lower than the Street. EPS jumped 50% and clocked in above Street. (Nasdaq:SLAB).  
• SAVVIS Inc. jumped 26% as the IT infrastructure services provider reported a 15% rise in revenue and a net loss of $0.01 a share. See (Nasdaq:SVVS).  
• Odyessey HealthCare Inc. is up 24% as net patient service revenue jumped 65%. See (Nasdaq:ODSY).
• ClickSoftware reports global reseller agreement with SAP, up 10%. See (Nasdaq:CKSW).

Small Cap Losers:

• Wright Express substantially lowers Q4 and full year guidance below the Street on fuel-price-related derivatives. See (NYSE:WXS).  
• CTS Corp. posts lower Q3 EPS, but EPS still beat the Street. Revenues declined from last year and missed estimates. See (NYSE:CTS).  
• KeyBanc Capital and Needham downgrade Ultimate Software to hold from buy. See (Nasdaq:ULTI).  
• VistaPrint plunges after cutting 2009 outlook, ThinkPanmure cuts rating to accumulate from buy. See (Nasdaq:VPRT).  

Shares of VistaPrint Limited (Nasdaq:VPRT) are up 18% after the company’s fourth-quarter results topped Wall Street views. Net income for the fourth-quarter ended June 30 was $10.3 million, or $0.22 per share, compared with $5.4 million, or $0.12 a share, for the same period a year earlier. Not including special items, the company posted earnings of $0.32 a share; analysts had been expecting $0.30 per share. The Bermuda-based company is an online supplier of graphic design services.

At 1:41 p.m. ET, shares are at $30.62, up $4.85 from Thursday’s close. Trading volume has skyrocketed to nearly 3 million shares, almost three times the average.