Tag - Wnr

Small-cap stocks edged higher this morning, underpinned by a slide in crude oil prices overnight that was extended just before the stock market open. Equities are also oversold following sharp recent declines, which sparked a batch of bottom fishing and profit-taking from the shorts. At 9:51 a.m. ET, the Russell 2000 (NYSE:IWM) was up 5.03, or 0.76%, at 670.81.

Crude oil futures were down more than $4 dollars a barrel just below $141 heading into the U.S. stock market open, which was a welcome pullback after hitting a record high last week above $145. Still, energy prices were expected to find buyers on dips as tension in the Middle East remains high and crude oil stocks are tight.

The dip in crude prices was accompanied by a rise in the U.S. dollar, which was up about 0.5% against the euro and about 0.8% versus the yen. The tone surrounding ECB comments after last week’s rate hike also were perceived as less hawkish than expected, which lent support to the greenback. Within the commodity spectrum, copper prices tumbled about 3% in early trading and grains futures were called sharply lower ahead of their opening later this morning.

Although the stock market was starting out the week on an up note, it’s hard to look past sharp recent declines that have pushed the Dow and small caps into bear market territory once again. In a weekend research report, analysts at Goldman Sachs said that activity in financial markets closely resembles a double-dip slowdown in economic activity, and that the fiscal stimulus package helped drive up the market from . . .

Here are Tuesday’s biggest percentage gainers and losers in midday trading, along with top volume leaders, among companies with a market cap between $50 million and $750 million:

Biggest percentage gainers:

• Allegiant Travel Co. (Nasdaq:ALGT), up 25.4% to $26.08 after the leisure travel company reported first-quarter operating revenue of $133.1 million, up 58% from $84.3 million a year earlier.
• TranS1 Inc. (Nasdaq:TSON), up 19.9% to $12.79 after news that the FDA has cleared one of their minimally evasive surgery procedures for marketing.
• Seacoast Banking Corp. of Florida (Nasdaq:SBCF), up 13.1% to $10.71 after the bank holding company announced first-quarter net income of $1.8 million, or $0.09 per share, compared with $2.8 million, or $0.14 per share, a year earlier. Wall Street analysts expected earnings of $0.10 per share.

Biggest percentage losers:

• Intevac, Inc. (Nasdaq:IVAC), down 23.4% to $12.63 after the maker hard drive equipment said it expects 2008 revenue in the range of $120 million to $150 million and earning of between a loss of $0.25 per share and a profit of $0.15 per share. Analysts expect revenue of $143.9 million and a profit of $0.09 per share.
 • Digi International Inc. (Nasdaq:DGII), down 20.8% to $8.12 after the Minnetonka, Minn.-based company reported early Tuesday that its second-quarter revenue totaled $43.1 million, which fell short of Wall Street’s expectation of $51.1 million.

The South Financial Group (Nasdaq:TSFG), Rimage Corp. (Nasdaq:RIMG) and Monaco Coach Corp. (NYSE:MNC) were among the new 52-week lows established during Wednesday's trading among companies with market capitalizations or values under $750 million.

Western Refining, Inc. (NYSE:WNR), Buckeye Technologies Inc. (NYSE:BKI) and Marlin Business Services Corp. (Nasdaq:MRLN) were also among the 52-week small-cap lows.

Here are today's 52-week small-cap lows: