Tag - Wmar

<strong>West Marine Inc.</strong> (Nasdaq:<a href="/ticker/wmar">WMAR</a>), <strong>Patni Computer Systems&nbsp;</strong>(Nasdaq:<a href="/ticker/pti">PTI</a>) and <strong>Sourcefire Inc.</strong> (Nasdaq:<a href="/ticker/fire">FIRE</a>) are among the new 52-week highs in Thursday's trading among companies with market capitalizations under $1 billion.<br /> <br /> Also included among the results: <strong>GHL Acquisition Units</strong> (Nasdaq:<a href="/ticker/ghq.u">GHQ.U</a>),<strong> AEP</strong> <strong>Industries Inc.</strong> (Nasdaq:<a href="/ticker/aepi">AEPI</a>), <strong>Dynamics Research Corp.</strong> (Nasdaq:<a href="/ticker/drco">DRCO</a>), <strong>Steven Madden Ltd.</strong> (Nasdaq:<a href="/ticker/shoo">SHOO</a>) and &nbsp;<strong>Destination Maternity Corp.</strong> (Nasdaq:<a href="/ticker/dest">DEST</a>).

Georgia Gulf Corp. (Nasdaq:GGC), Brunswick Corp. (Nasdaq:BC) and Quaker Chemical Corp. (Nasdaq:KWR) are among the biggest percentage gainers in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: West Marine Inc. (Nasdaq:WMAR), Sourcefire Inc. (Nasdaq:FIRE), Tenneco Inc. (Nasdaq:TEN), Callaway Golf Co. (Nasdaq:ELY), OfficeMax Inc. (Nasdaq:OMX) and Olympic Steel Inc. (Nasdaq:ZEUS).

Small-cap stocks remained sharply lower into mid-session trading, pulled down by sinking bank and financial stocks, which cascaded into other groups. A fresh batch of economic data this morning was weak as expected, but relatively tame and did little to lessen ongoing worries about the credit crunch and a deep recession.Some of today’s small-cap gainers were Javelin Pharmaceuticals Inc (NYSE:JAV), Peregrine Pharmaceuticals Inc. (Nasdaq:PPHM) and West Marine, Inc. (Nasdaq:WMAR).

Other Market Watch highlights today included:

• Copper pulled into negative territory on the economy jitters and a strong dollar keeping many physical markets on the defensive.  
• Crude oil futures tumbled below $35 a barrel to fresh contract lows today amid worries about global demand.  
• Energy shares were also starting to sink heading into the afternoon, with the Energy Select Sector SPDR Fund off 2.7%.  
• The KBW Banking Index was down 8.5% at midday and the Financial Select Sector SPDR Fund was off 6.6%. 

Small Cap Gainers:

• Javelin Pharmaceuticals Inc. rallied 21% on a volume spike amid news that the firm signed a $71 million deal for a European marketing partnership. See (NYSE:JAV).  
• Peregrine Pharmaceuticals Inc. climbed 7% to six-month highs on a volume burst. See (Nasdaq:PPHM).  
• West Marine, Inc. raises FY 2008 earnings outlook; shares up 7%. See (Nasdaq:WMAR).
• Rocky Mountain Chocolate Factory Inc. is seeing its best volume in more than a month, rising about 1.7% in the process. See (Nasdaq:RMCF).

Small Cap Losers:

• Liberty Shipping withdraws offer for International Shipholding Corporation; ISH shares fall 25%. See (NYSE:ISH).  
• Marshall & Ilsley is down 23% after falling to a Q4 loss of $403.9M, cutting 850 jobs. See (NYSE:MI).
• Cynsosure Inc. gapped lower and fell 13% as the maker of medical treatment systems for aesthetic procedures released preliminary results. See (Nasdaq:CYNO).   
• Red Robin Gourmet Burgers Inc. is down 12% and has been sinking fast the last several sessions. See (Nasdaq:RRGB).

Small-cap stocks turned lower Tuesday, rejecting an impressive morning rally as financial and tech stocks failed to gain traction even with the benefit of a sharp pullback in crude oil prices. The Russell 2000 (NYSE:IWM) closed down 0.99, or 0.13%, at 738.51. For the year, the Russell is down 3.5%, which is quite a shift from the morning rally when the Russell looked poised to post one of the highest daily settlements of the year. The selling pot was stirred among large caps too, with the Dow slipping 0.2% on the day; the Dow is now down 13.1% for the year. In addition, the S&P 500 lost 0.4% Tuesday and is off 13% for 2008.

The dramatic reversal in fortune for stocks today left a mild bearish reversal formation on daily charts as the Russell closed lower after threatening to challenge move highs in the morning. In addition, when a market sinks in the face of seemingly bullish news, it is often considered a classic signal that something else is wrong. In this case, the market seems to be saying that a little relief at the gas pump isn’t enough to fix what ails the economy or the credit crisis.

It’s interesting to note too that the erosion in stocks seemed to coincide with a surge in Treasury markets. The yield on the benchmark 10-year note tumbled nearly 2% to the lowest closing level since late April. Yields move inversely to price, which means that demand for Treasury products (a traditional safe-haven) was strong today. Some of that push for a safety net seemed to move in tandem with the Fitch downgrade of paper debt for mortgage lending giants Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE). If there were concerns in the market about the government-sponsored enterprises, they didn’t really show up in the stock, as shares in FNM rose 8%, while FRE jumped 14%.

The day dawned brightly for equities as investors embraced a huge slide in crude oil prices. Even though the stock market turned lower in the afternoon, crude oil prices still lost about 5% on the day, sinking $5.75 a barrel to $109.71. The stiff decline in energy prices was accompanied by a big rally in the U.S. dollar, and a whole host of commodity markets succumbed to the pressure — all of which would seem . . .

Sciele Pharma Inc. (Nasdaq:SCRX), International Shipholding Corp. (Nasdaq:ISH) and West Marine Inc. (Nasdaq:WMAR) are among the biggest percentage gainers in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Union Drilling Inc. (Nasdaq:UDRL), UAL Corp. (Nasdaq:UAUA), PacWest Bancorp (Nasdaq:PACW), Cooper Tire & Rubber Co. (Nasdaq:CTB), DineEquity Inc. (Nasdaq:DIN) and Einstein Noah Restaurant Group Inc. (Nasdaq:BAGL).

Here are the biggest percentage gainers among small caps:

The Russell 2000 (NYSE:IWM) fell for the first time this week on news of an unexpected decline in February orders for durable goods. The small-cap index lost 3.16 points, or 0.45%, to 702.11. The Dow Jones Industrial Average (INDU) was off 109.74 points, or 0.88%, to 12,422.86.

On a year-to-date basis, the Russell 2000 has shed 8.34%, while the Dow is down 6.35% and the S&P 500 has decreased 8.66%.

Stocks small and large opened in negative territory and never looked up on news before the start of trading that orders for manufactured durable goods fell 1.7% in February, according to the U.S. Census Bureau. Economists were . . .

The Russell 2000 (NYSE:IWM) is firmly in negative territory following the latest news of bearish economic reports. At 2:31 p.m. ET, the small-cap index had retreated 4.93 points, or 0.70%, to 700.34. The Dow Jones Industrial Average (INDU) was down 125.29 points, or 1%, to 12,407.31.

The bears are firmly in control as investors digest news of data that indicate the U.S. economy is in trouble.

Orders for manufactured durable goods fell 1.7% in February, according to the U.S. Census Bureau. Economists were expecting durable goods to increase 0.8% after falling a downwardly revised 4.7% in January.

The same report also showed that orders for nondefense capital goods excluding aircraft, an important measure . . .

West Marine, Inc. (Nasdaq:WMAR) CEO Geoffrey Eisenberg said the boating supplies and accessories retailer is assuming continued economic softness and a challenging environment in 2008. Eisenberg, however, noted that the firm remains optimistic about its long-term prospects. The chief executive made the comments during a midday investor conference call.

Going forward, the Watsonville, Calif.-based firm’s plans reflect “cautious expectations,” he said. Eisenberg said West Marine will revise pricing and product margins, as well as open bigger flagship stores in larger markets. The company plans on opening a 30,000 square-foot location in Jacksonville, Fla., he said.

“We have set our plans for the year based a conservative expectation for sales due to industry and economic conditions,” CFO Thomas Moran said.

For fiscal 2008, West Marine said in a statement that it expects earnings in the range of $0.02 to $0.09 per share and sales of between $660 million and $670 million. Wall Street analysts, on average, expect 2008 earnings of $0.24 per share on sales of $680 million. West Marine also said it expects a decrease in comparable-store sales ranging between 3.5% to 5%.

The earnings estimate does not include expenses related to an ongoing SEC investigation regarding the accounting restatement of several . . .

The Russell 2000 (NYSE: IWM) and the other major U.S. indices are posting modest declines on news of poor December retail sales.
 
At 10:57 a.m. ET, the small-cap index was down 4.72 points, or 0.66%, to 707.40. The Dow Jones Industrial Average (INDU) had lost 29.67 points, or 0.23%, to 12,705.64.

Small-cap stocks started the day in negative territory but quickly recovered as investors apparently weighed news of disappointing December retail sales against news of a government report that showed an unexpected decline in weekly jobless claims.

The bearish pre-market mood was due to news of weak December sales at the major U.S. retailers. The main culprits appear to be the early Thanksgiving holiday, which moved some shopping days to November, as well as the deep discounts that many retailers offered to lure in shoppers.

Small-cap retailers also failed to impress, with music and apparel seller Hot Topic, Inc. (Nasdaq: HOTT) reporting that December same-store sales dropped 6.2%, leading the company to lower its fourth-quarter earnings guidance.

Similarly, Watsonville, Calif.-based boating supply retailer West Marine, Inc. (Nasdaq: WMAR) announced fourth-quarter results that disappointed analysts, while Cost Plus, Inc. (Nasdaq: CPWM) said that holiday same-store sales declined.

On the bright side, apparel retailer Eddie Bauer Holdings, Inc. (Nasdaq: EBHI) announced that fourth-quarter same-store revenue rose 4.8%.

Shares of West Marine, Inc. (Nasdaq: WMAR) are treading lower in pre-market trading after the boating supplies retailer reported a disappointing fourth quarter and fiscal sales below analysts’ estimates.

The Watsonville, Calif.-based company attributed its quarterly sales results to a $4.2 million decrease in sales attributable to closed stores and a $2.9 million decrease in comparable store sales. Yearly results were primarily due to a $28.6 million sales decrease due to closed stores as well as a $11.4 million decrease in comparable store sales.

Net sales for the three months ended Dec. 29, 2007 were $117.8 million, below the $120.67 million five analysts polled by Thomson Financial were on average projecting. The current quarter’s sales represented a decline of 4.9% from net sales of $123.8 million for the same quarter last year.

Comparable store sales for the fourth quarter decreased 3%. 

Net sales for fiscal 2007 were $679.1 million, short of the $681.45 million six analysts were on average projecting. Sales for the year decreased $37.5 million, or 5.2%, from sales of $716.6 million booked in 2006

Shares of West Marine (WMAR) slipped 6.77%, or $0.49, to $6.75 in pre-market. Shares of West Marine have been trading in the range of $6.95 to $18.38 for the past 52 weeks.

The Russell 2000 (NYSE: IWM) futures are pointing down and the small-cap index will open lower on news of weak retail sales.

Small-cap stocks are set for a bearish opening following news of weak December retail sales. Among the big name retailers seeing disappointing sales is Target Corp. (NYSE: TGT), which reported that net sales for the five weeks ended Jan. 5 increased a paltry 0.1%, compared with 0.6% a year earlier.

Weak retail sales could be a sign of a decline in consumption, a development which could have negative consequences for economic growth since consumption is about 70% of U.S. gross domestic product.

Elsewhere, investors will be paying attention to a speech by U.S. Federal Reserve Chairman Ben Bernanke at 1 p.m. ET.

Here are the biggest percentage gainers and losers in pre-market trading among companies with a market cap between $100 million and $750 million:


• Spectrum Control, Inc. (SPEC), up 5% on news of a positive business outlook for fiscal 2008.
• LanOptics Ltd. (LNOP), up 4%.
• O2Micro International Ltd. (OIIM), up 3%.


• West Marine, Inc. (WMAR), down 7% on news of a decline in fourth-quarter same-store sales.
• CV Therapeutics, Inc. (CVTX), down 6%.
• Canadian Solar Inc. (CSIQ), down 6%.

 

West Marine, Inc. (Nasdaq: WMAR), a specialty retailer of boating supplies and accessories, said this morning that comparable store sales edged up for the third quarter and clocked in a shade above analysts’ estimates. 

For the three months ended Sept. 29, the Watsonville, Calif.-based company said comparable store sales increased 0.3%. West Marine recorded net sales of $187.5 million for the third quarter, a decrease of 4.1% from net sales of $195.6 million a year ago, after the company closed 35 stores in 2006. Six analysts polled by Thomson Financial had, on average, forecasted sales of $186.67 million.

West Marine said that while there have not been indications of broader positive momentum in the boating market, the northeastern United States season was longer and stronger than in recent years.

The firm also noted that the Florida market continued to be “very weak” and that sales of higher-priced discretionary items, such as electronics, continue to dwindle.

Shares of West Marine (WMAR) were halted in pre-market trading.

Graham Corp. (AMEX: GHM), MC Shipping Inc. (AMEX: MCX) and GPC Biotech AG (Nasdaq: GPCB) are among the biggest percentage gainers in Monday's trading among companies with market capitalizations under $500 million.

Here are today's biggest percentage gainers:

Specialty retailer of boating supplies and accessories West Marine, Inc. (Nasdaq: WMAR) reported Thursday that second quarter comparable store sales declined 2.9% for the thirteen weeks ended June 30, 2007.

“As was described in our earnings guidance on June 26th, sales results during the peak part of the season reflected lower than expected levels of boating activity and were disappointing,” West Marine’s CEO Peter Harris said. “Even in this challenging environment, we continue to focus on maximizing sales by serving our customers and achieving high merchandise in-stock levels.”

Harris said that softness was most apparent in Florida. He said weaker sales of higher-priced discretionary items, and in-store traffic levels, which West Marine believes reflect boat usage, were lower than anticipated. 

The Watsonville, Calif.-based company said it booked net sales of $247.8 million for the period, a decrease of 6.3% from net sales of $264.5 million last year. According to West Marine, the decrease in sales can be attributed to the closing of under-performing locations during the second half of last year.

The U.S. Food and Drug Administration has recommended that Vasogen Inc. (Nasdaq: VSGN) conduct a confirmatory study to support a pre-market approval filing for the drug Celacade, which treats chronic heart failure, the Canadian biotechnology company announced this morning. Shares are up $0.16, or 7%, to $2.35.

Jones Soda Co. (Nasdaq: JSDA) has entered into an agreement with two Japanese companies and one American company for the exclusive rights to use PHARMA GABA, a naturally produced form of an amino acid, the Seattle-based soda maker said after Tuesday’s close. The stock had added $1.02, or 7%, to $14.85.

Specialty retailer of boating supplies West Marine, Inc. (Nasdaq: WMAR) lowered sales and earnings guidance Tuesday.

The California-based company announced today that it is revising its full year 2007 earnings guidance to be in the range of $0.24 to $0.34 per share, compared with previously issued guidance in the range of $0.45 to $0.55 per share. West Marine further states that comparable store sales for the year are now estimated to decrease between 1.5% and 2.5%. Sales for fiscal year 2007 are expected to be approximately $683 million to $688 million.

“As we move through the peak season, boating activity throughout the country has not shown signs of recovery, and revenues have been disappointing,” said West Marine’s CEO Peter Harris.

West Marine is encountering softness in the southeast; especially in Florida, which is a key boating market for the company. The company said that sales of higher-priced discretionary items, such as electronics, have been weak, and in-store traffic levels, which are reflective of boat usage, have been lower than expected.

In an earnings call in April the company said that a continued weakness in the broader marine industry would impact future sales generation. Since that call, company officials said that there have not been improvements in revenue that would be needed to meet this year’s previously expected results.

The Russell 2000 and the other major indices are falling despite news of strong earnings at Morgan Stanley and a fall in bond yields.

At 10:15 a.m. ET the Russell 2000 has lost 1.91 points, or 0.23 percent, to 846.43. Dow Jones Industrial Average was down 4.39 points, or 0.03 percent, to 13,631.03.

Investors reacted well to news that New York-based financial services giant Morgan Stanley (NYSE: MS) reported a 40% increase in its second-quarter net income, while revenue rose 32% to $11.52 billion.

Elsewhere, the yield on the U.S. government’s 10-year Treasury note has fallen to 5.13%, easing concerns of higher borrowing costs. Bond yields help determine rates on loans and mortgages.