Computer Programs And Systems, Zhongpin and Sequenom lead small-cap volume in pre-market
Also included among the results: Rambus Inc. (Nasdaq:RMBS), TBS International Ltd. (Nasdaq:TBSI), LHC Group Inc. (Nasdaq:LHCG), Hot Topic, Inc. (Nasdaq:HOTT), GMX Resources Inc. (Nasdaq:GMXR) and Zions Bancorp (Nasdaq:ZION).
LHC Group and Hot Topic are the new 52-week highs on Monday's session.
LHC Group, Almost Family and Allegiant Travel among 52-week highs
Here are the new 52-week highs among small caps:
NL Industries, Vascular Solutions and 99 Cents Only Stores among 52-week highs
Here are the new 52-week highs among small caps:
Conceptus, OfficeMax and Federal Mogul lead small-cap percentage gainers
Also included among the results: DSP Group Inc. (Nasdaq:DSPG), Genco Shipping & Trading Ltd. (Nasdaq:GNK), CAI International Inc. (Nasdaq:CAP), LHC Group Inc. (Nasdaq:LHCG), TierOne Corp. (Nasdaq:TONE) and RehabCare Group, Inc. (Nasdaq:RHB).
Here are the biggest percentage gainers among small caps:
Russell riding high in the green; LHCG, RAIL, and BMTI lead gainers
Other Market Watch highlights today included:
• Norway also joined in on the rate cut fervor as countries around the world toss cheap money at businesses in a drive to thaw frozen credit lines.
• Hong Kong shot up some 10% and Taiwan was up 6%, as those countries announced rate cuts following the Fed’s rate cut Thursday.
• Stock markets around the world were in rally mode overnight, with the world stock index up 2.5%, powered by steep gains in some Asian markets.
• Crude oil futures trimmed overnight gains and were hovering near steady levels on the stock market opening.
• The energy sector should be a focal point today following Exxon Mobil Corp.’s quarterly earnings figure, which topped the forecast.
Small Cap Gainers:
• LHC Group shares jumped 29% as the home nursing services provider reported a quarterly increase in revenue. See (Nasdaq:LHCG).
• Freightcar reported robust third-quarter results that crushed analysts’ estimates. Results were owed to cost controls. Shares up 27%. See (Nasdaq:RAIL).
• BioMimetic Therapeutics reports promising clinical results using injectable bone graft. Shares up over 27%. See (Nasdaq:BMTI).
• Brush Engineered Materials Inc. got an earnings lift this morning, climbing 13%. See (NYSE:BW).
Small Cap Losers:
• Polypore International beats on Q3 results, guides full year revenues below the Street, EPS straddle consensus. See (NYSE:PPO).
• Iris International Q3 results miss Street, guides full year below consensus. See (Nasdaq:IRIS).
• JDS Uniphase Q1 EPS beat Street: $0.11 vs. $0.09. On GAAP basis, narrows loss. (Nasdaq:JDSU).
• Brocade and Foundry Networks to amend merger terms: Foundry's shareholders to receive $16.50 in cash for each share. See (Nasdaq:FDRY).
LHC Group: The leader in home-health care
It doesn’t take a CAT scan to figure out the U.S. health-care system is sick. Companies such as LHC Group Inc. (Nasdaq:LHCG) might be the prescription to help make it better.
Anyone who’s trekked off to the hospital for treatment knows that patients are going to be quickly whisked out the door afterwards. Home-health care demand is rising to a fever pitch, especially since more than 37 million Americans are aged 65 or older, and perhaps 10% need health-related assistance. That’s where LHC Group, a 14-year-old company in Lafayette, La., comes into play.
The home-health industry is highly fragmented, with many of the services coming from small, privately run operations — which account for roughly 90% of the business. Public companies like LHC Group and its competitors can shave costs from follow-up treatment after hospitalization for acute conditions — and better deal with insurance paperwork.
The Bayou Country base of operations should provide a hint to LHC Group’s niche: it focuses on rural-area geriatric care. LHC operates in 13 states, mostly in the South, and has 198 service locations (doubling since 2005). The 4,500 employees visit more than 60,000 patients annually.
LHC Group estimates its in-home care costs at $50 daily, compared to several hundred dollars in a nursing home or thousands during a hospital stay. With an aging population, Medicare enrollment is expected to double around 2030, from 42.5 million in 2005...
LHC Group
It doesn’t take a CAT scan to figure out the U.S. health-care system is sick. Companies such as LHC Group Inc. (Nasdaq:LHCG) might be the prescription to help make it better.
Anyone who’s trekked off to the hospital for treatment knows that patients are going to be quickly whisked out the door afterwards. Home-health care demand is rising to a fever pitch, especially since more than 37 million Americans are aged 65 or older, and perhaps 10% need health-related assistance. That’s where LHC Group, a 14-year-old company in Lafayette, La., comes into play.
The home-health industry is highly fragmented, with many of the services coming from small, privately run operations — which account for roughly 90% of the business. Public companies like LHC Group and its competitors can shave costs from follow-up treatment after hospitalization for acute conditions — and better deal with insurance paperwork.
The Bayou Country base of operations should provide a hint to LHC Group’s niche: it focuses on rural-area geriatric care. LHC operates in 13 states, mostly in the South, and has 198 service locations (doubling since 2005). The 4,500 employees visit more than 60,000 patients annually.
LHC Group estimates its in-home care costs at $50 daily, compared to several hundred dollars in a nursing home or thousands during a hospital stay. With an aging population, Medicare enrollment is expected to double around 2030, from 42.5 million in 2005...
Almost Family, Vivus and TeleCommunication Systems among 52-week highs
Also included among the results: National Presto Industries Inc (Nasdaq:NPK), LHC Group Inc (Nasdaq:LHCG), Interwoven Inc (Nasdaq:IWOV), National Research Corp (Nasdaq:NRCI), Safety Insurance Group Inc (Nasdaq:SAFT) and Herley Industries Inc (Nasdaq:HRLY).
Here are the new 52-week highs among small caps:
Cougar Biotechnology, LHC Group and National Research among 52-week highs
Also included among the results: FPIC Insurance Group Inc (Nasdaq:FPIC), National Presto Industries Inc (Nasdaq:NPK), Peerless Manufacturing Co (Nasdaq:PMFG), Emergent BioSolutions Inc (Nasdaq:EBS), Republic Banc KY Ord Shs (Nasdaq:RBCAA) and Herley Industries Inc (Nasdaq:HRLY).
Here are the new 52-week highs among small caps:
LHC Group hits 52-week high on acquisition news
At 11:35 a.m. ET, shares are at $29.20, up about $1.29, or 4.6%, from Friday’s close. The stock hit a 52-week high of $29.29 shortly after the opening bell.
Gentiva Health Services, CryoLife and Computer Task Group among 52-week highs
Also included among the results: LHC Group Inc (Nasdaq:LHCG), Overhill Farms Inc (Nasdaq:OFI), Ness Technologies Inc (Nasdaq:NSTC), Allos Therapeutics Inc (Nasdaq:ALTH), Parlux Fragrances Inc (Nasdaq:PARL) and National Research Corp (Nasdaq:NRCI).
Here are the new 52-week highs among small caps:
LHC Group jumps 20% to 52-week high on solid Q2 earnings
“The second quarter of 2008 was a breakout quarter for the LHC Group family and the first quarter in which the company experienced the full impact of the Medicare reimbursement changes. We also see these results as confirmation of the ability of our management team to successfully adapt to changes in the reimbursement environment. I believe our performance by every measure should be an indicator of what lies ahead,” said CEO Keith G. Myers, in a statement.
Shares of the Lafayette, La.-based post-acute health care services provider hit a 52-week high of $28.37 early in the trading session. At 1:24 p.m. ET, shares are at $28.18, up $4.78 from Wednesday’s close. Trading volume has soared to nearly 900,000 shares.
Cadence Pharmaceuticals, Zones and PharmaNet Development Group lead small-cap percentage gainers
Also included among the results: Famous Daves of America Inc (Nasdaq:DAVE), MasTec Inc (Nasdaq:MTZ), Richardson Electronics (Nasdaq:RELL), LHC Group Inc (Nasdaq:LHCG), iStar Financial (Nasdaq:SFI) and Dawson Geophysical Co (Nasdaq:DWSN).
Here are the biggest percentage gainers among small caps:
Sector Watch: Home health-care stocks
Home health-care providers will benefit from expanding Medicare enrollments, which are forecast to increase to 76.8 million by 2030 from 39.6 million in 2000. Rising home health-care spending, which is expected to grow nearly five-fold to $155 billion by 2017, reflects America’s patient preferences for care delivered at home, and the cost advantages of home health care. Costs for a day in a hospital or at a skilled nursing facility, for example, are estimated at $3,800 and $490, respectively, whereas a typical homecare visit costs around $100.
Almost Family, Inc. provides home health-care services in the Mid-West, East Coast and South. The company’s visiting nurse division supplies Medicare-certified home health nursing services to patients in need of recuperative care, while the personal care division provides in-home patient care on an as-needed, hourly or in-live basis. At year-end 2007, Almost Family operated 33 Medicare-certified home health agencies with 51 locations and 22 personal care locations.
The market reacted favorably to Almost Family’s June announcement that it was acquiring East Coast competitor Patient Care in a move that expanded the company’s presence in the Northeast with eight new locations; shares hit a 52-week high. The deal enables Almost Family to expand its footprint via new start-ups and will be . . .
Russell 2000 surges midday on greenback
At 1:41 p.m. ET, the Russell 2000 (NYSE:IWM) was up 12.26, or 1.71%, to 728.44, while the Dow spiked 183.03, or 1.43%, to 13,003.16.
The greenback has been charging higher today. Midday, the dollar had rallied more than 1% against the euro to $1.5451 — its highest point since late March. The dollar’s rally comes on the heels of Wednesday’s 25 basis point cut in the fed funds rate.
“[The] market is indicating to the Fed that the Fed has done enough,” Andy Busch, Global foreign exchange strategist for BMO Capital Markets said in an email. “Sometimes it is more important to see how the market reacts to data/event rather than the data/event themselves. This is the case today, as we had relatively weak jobless claims coupled with as expected personal income/personal spending and the U.S. dollar rallied hard. To me, this signals a clear break in the downtrend for the U.S. dollar.”
As the dollar rallied, crude oil dipped $2.58 to $110 a barrel, after tumbling hard yesterday on a jump in inventories.
In economic news, better-than-expected numbers from the ISM Manufacturing Survey and consumer spending helped lift stocks.
The ISM Manufacturing Survey — released at 10:00 a.m. ET — came in at 48.6%, slightly above the forecasted 48%. While, anything below 50 signifies contraction, the index has not fallen far enough to signal a broader recession. Skittish traders were also calmed after the Commerce Department reported this morning that consumer spending rose a more-than-predicted 0.4% in March. Consumer spending accounts for two-thirds of the GDP.
On a cloudier economic note, investors shrugged off worse-than-expected economic data. The Construction Spending report, which came out this morning, was down 1.1%, which was below the forecasted loss of 0.6%.
Weekly Jobless Claims data reported this morning before the opening also clocked in worse than anticipated. For the week ended April 26, jobless claims jumped to 380,000, above the forecasted 360,000.
LHC Group, Volcom and PC Connection lead small-cap percentage gainers
LHC Group, Inc. (Nasdaq:LHCG), Volcom, Inc. (Nasdaq:VLCM) and PC Connection Inc. (Nasdaq:PCCC) are among the biggest percentage gainers in Thursday's trading among companies with market capitalizations under $750 million.
Encore Capital Group (Nasdaq:ECPG), O2MICRO Intl Ltd. (Nasdaq:OIIM) and Comsys IT Partners (Nasdaq:CITP) are also among the top small-cap percentage gainers.
Here are Thursday's biggest percentage gainers among small caps:
Russell opens in the green
Small-cap shares pushed higher after a soft opening, lifted by a firm U.S. dollar and ideas that Wednesday afternoon’s dramatic downturn after the rate cut announcement may have been overdone. At 10:02 a.m. ET, the Russell 2000 (NYSE:IWM) was up 2.82, or 0.39%, at 719.00.
The ISM Manufacturing Survey — released at 10:00 a.m. ET — came in at 48.6%, which was up just slightly from the forecast at 48.0% . The market was little changed immediately after the report. The Construction Spending report also came out in tandem with ISM, and was down 1.1%, which was below the forecast for a loss of 0.6%.
Weekly Claims data this morning came out before the opening, and showed a jump to 380,000, which was above the forecast. The rise in jobless claims keeps concern about the economy and the employment picture on the front burner ahead of Friday’s big monthly jobs report. Given relatively soft price action since FOMC, investors appear to be in the mood to either book profits on winning longs ahead of that jobs event risk, or else sit on the sidelines and wait for the number before diving back into the fray.
The dollar was on a charge this morning, jumping well over 100 bps, or nearly 0.9%, versus the euro to the highest point since late March. Crude oil was down . . .
LHC Group's price target reduced by two research firms
LHC Group, Inc. (Nasdaq: LHCG) shares are down after the health-care services company’s price target was reduced to $21 from $27 by equity research firm Avondale Partners. Avondale maintained its “market outperform” rating on the stock.
“After a 20% sell-off, we feel that the company’s valuation in relation to their guidance remains attractive and we believe that the guidance could be conservative,” Derrick Dagnan, who covers LHC Group for Avondale Partners, said. “Rather than toss the baby out with the bath water, we will maintain our rating.”
Investment bank Deutsche Bank Securities maintained its “hold” rating on LHC but also reduced its target price to $21.
In afternoon trading, LHCG shares are down 2.25%, or $0.39, at $16.91. Over the last 52 weeks, shares have ranged from $15.04 to $33.14.
COO: LHC Group to watch costs, improve operations
LHC Group, Inc. (Nasdaq: LHCG) COO John Indest said the health-care services company adjusted its management and staffing, sharpened its reporting methods and educated its sales force to improve results. Indest made the comments during a midday conference call.
For 2008, LHC expects revenue in the range of $325 million to $350 million and earning of between $1.25 and $1.35 per share.
“As it relates to guidance, we have been listening to our investors and believe it is appropriate to provide guidance for 2008,” CEO Keith Myers said. “Our purpose is to enable investors to more clearly understand the short-term impact of CMS Final Rule [governing prescription drug prices] and help manage expectation.”
After Wednesday’s closing, LHC posted fourth-quarter earnings of $2.7 million, or $0.15 per share, compared with $6.9 million, or $0.40 per share, a year earlier. Analysts expected earnings of $0.37 per share. The firm’s profits were damaged by a one-time charge related to bad debt of $3.9 million, or $0.14 per share.
Quarterly revenue rose 26% to $81.2 million, from $64.7 million during the prior-year period. Analysts predicted revenue of $80.3 million.
Small caps narrow losses
At 2:29 p.m. ET the Russell 2000 had lost 0.72 points, or 0.09 percent, to 813.85. The Dow Jones Industrial Average was up 40.39 points, or 0.31 percent, to 13,103.30.
