Tag - Wrld

Rigel Pharmaceuticals Inc. (Nasdaq:RIGL), MSC Software Corp. (Nasdaq:MSCS) and Blue Nile Inc. (Nasdaq:NILE) are among the most actively traded companies in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: World Acceptance Corp. (Nasdaq:WRLD), MAP Pharmaceuticals Inc. (Nasdaq:MAPP), Century Aluminum Co. (Nasdaq:CENX), Ciena Corp. (Nasdaq:CIEN), Helen of Troy Ltd. (Nasdaq:HELE) and Solarfun Power Holdings Co Ltd. (Nasdaq:SOLF).

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. Some of today’s small-cap gainers were Regis Corp. (NYSE:RGS), World Acceptance Corp. (Nasdaq:WRLD) and UCBH Holdings (Nasdaq:UCBH).

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.  
• 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.   
• The KBW Banking Index was up nearly 10%.   Small-cap stocks jumped higher this morning, buoyed by a rush back into bank and financial stocks.

Small Cap Gainers:

• Regis Corp. charged 24% as the beauty salon and hair restoration company reported earnings. See (NYSE:RGS).
• Small-loan consumer finance company World Acceptance Corp. gapped higher and rallied 20% on solid earnings news. See (Nasdaq:WRLD).  
• UCBH Holdings is up 14% in pre-market on very light volume. See (Nasdaq:UCBH).
• Huntington Bancshares and Ronald A. Katz Technology Licensing settle patent lawsuit and enter into license agreement; HBAN rises 12% in pre-market. See (Nasdaq:HBAN).  

Small Cap Losers:

• Century Aluminum Co. tumbled 30% as the firm announced plans for a common stock offering. See (Nasdaq:CENX).  
• Plantronics Inc. was down 9% as the headset maker took an earnings-related hit. See (NYSE:PLT).  
• Amylin Pharmaceuticals reports 2008 financial results; shares fall 6% in pre-market. See (Nasdaq:AMLN).

 

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 . . .

DryShips Inc (Nasdaq:DRYS), Ciena Corp (Nasdaq:CIEN) and Franklin Electric Co Inc (Nasdaq:FELE) are among the most actively traded companies in Monday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Mobile Mini Inc (Nasdaq:MINI), World Acceptance Corp (Nasdaq:WRLD), Umpqua Holdings Corp (Nasdaq:UMPQ), P.F. Chang's China Bistro, Inc (Nasdaq:PFCB), TBS International Ltd (Nasdaq:TBSI) and Pool Corporation (Nasdaq:POOL).

Umpqua Holdings Corp. (Nasdaq:UMPQ), Wright Medical Group Inc. (Nasdaq:WMGI) and Lance Inc. (Nasdaq:LNCE) are among the most actively traded companies in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Conceptus Inc. (Nasdaq:CPTS), World Acceptance Corp. (Nasdaq:WRLD), GMX Resources Inc. (Nasdaq:GMXR), Luminex Corp. (Nasdaq:LMNX), SunPower Ord. (Nasdaq:SPWRA) and Franklin Electric Co Inc. (Nasdaq:FELE).

The Russell 2000 (NYSE:IWM) is soaring on news of strong earnings from other major players and despite a steep loss at Citigroup Inc. (NYSE:C). At 12:23 p.m. ET, the small-cap index had jumped 15.78 points, or 2.23%, to 723.78. The Dow Jones Industrial Average was up 261.85 points, or 2.07%, to 12,882.34.

Stocks small and large are posting impressive gains as investors hope that there is relief in sight for the financial sector.

The sentiment is based on Citigroup’s announcement before the opening that its first-quarter net loss was a ghastly $5.1 billion, or $1.02 per share, worse than the $0.95 per share expected by analysts.

However, investors were expecting worse and actually took the numbers as a bullish sign, particularly as revenues came in above expectations and write-downs from the credit crunch were not as bad as some feared.

With the financial sector posting gains, small caps are no exception. Shares of World Acceptance Corp. (Nasdaq:WRLD), which is in the small-loan consumer . . .

Here are the current biggest percentage gainers and losers, along with top volume leaders, among companies with a market cap between $100 million and $750 million:


• NVE Corp. (NVEC), up 30% on news of a rise in third-quarter profit and an analyst upgrade.
• World Acceptance Corp. (WRLD), up 24% on news of an increase in third-quarter net income.
• VanceInfo Technologies Inc. (VIT), up 22%.


• Mercury Computer Systems, Inc. (MRCY), down 31% on news of a disappointing fiscal third-quarter earnings outlook.
• Flotek Industries, Inc. (FTK), down 29% on news it has lowered its earnings guidance for 2007.
• Shenandoah Telecommunications Co. (SHEN), down 18%.

The Russell 2000 (NYSE: IWM) futures are treading flat this morning as traders digest a slew of economic news and dreary corporate news surrounding the credit crunch.

The Labor Department reported this morning reported that initial jobless claims for the week ended Dec. 22 increased by 349,000, compared with an increase of 346,000 the previous week.

Durable goods orders for the month of November edged up a less-than-forecasted 0.1% from October’s 0.4% decline. Economists were forecasting an increase of 2.5%.

The Mortgage Bankers Association released its weekly Mortgage Applications Survey — a survey that tracks mortgage applications volume for new homes purchased and for mortgage refinancing activity — for  the week ending Dec 21. Mortgage applications slid to 603.8 from last week’s 653.8.

In corporate news, Goldman Sachs issued a note late Wednesday speculating that financial juggernaut Citigroup Inc. (NYSE: C) might have to slash its dividend by 40% in light of now greater-than-forecasted write-downs for bad bets on collateralized debt obligations. Goldman is now projecting write-downs in the neighborhood of $18.7 billion, up from the investment bank’s previous estimate of $11 billion.

In related news surrounding the unfolding of the credit crisis, Fitch Ratings put 205 residential mortgage-backed securities backed by bond insurers, including MBIA and Ambac Financial Group, on review for a downgrade.

World Acceptance Corp. (Nasdaq: WRLD) CEO A. McLean said the consumer loan finance company continues to explore expansion through acquisitions. McLean made the comments during a morning conference call.

“Acquisitions continue to be an important part of our overall growth strategy,” the chief executive said. “Our gross is also supported by the new offices we continue to open.”

McLean said that although the Greenville, S.C.-based company has accelerated new office openings, the firm’s expense ratios are falling back to “historical levels.”

Concerning the company’s expansion into Mexico, McLean said World Acceptance opened eight new offices during the last six months, bringing the Mexican office total to 23 at Sept. 30. In Mexico, the company has about 20,000 accounts, or about $8.7 million in gross loans, he said.

“We’ve consistently been able to generate new accounts,” McLean said.

New Mexican offices are able to recoup expenses three times faster than similar offices in the United States, he said. However, he noted that American branches are “right on budget and they’re opening on time.”