NCI Building Systems, Cynosure and Stepan Company among 52-week lows
Also included among the results: eLong Inc. (Nasdaq:LONG), RadioShack Corp. (Nasdaq:RSH), Northrim BanCorp Inc. (Nasdaq:NRIM), Actuant Corp. (Nasdaq:ATU), Wausau Paper Corp. (Nasdaq:WPP) and Insteel Industries Inc. (Nasdaq:IIIN).
Allegiant Travel, Wausau Paper and California Water Service Group among 52-week highs
Wausau Paper and Allegiant Travel are the new 52-week highs
Small caps remain lower after short-lived data bounce
Small-cap stocks opened lower, slightly trimmed losses after the Consumer Confidence report came out at 10:00 a.m. ET, but then retreated right back to pre-release levels. The report showed an upward revision to the March report, which provided a brief bid to the market, but it was not enough to catch hold (at least immediately). At 10:01 a.m. ET, the Russell 2000 (NYSE:IWM) was down 1.84, or 0.25%, at 723.53.
The Consumer Confidence report was pegged at 62.3 in April, which was in line with the forecast of 62, but the March number was revised upward to 65.9 versus 64.5. Still, the April figure was the lowest in five years.
Next on line … President Bush is slated to hold a press conference at 10:30 a.m. ET, where he is expected to talk about the economy.
The opening action was soft in line with overnight declines on a dip in European shares as Deutsche Bank posted its first quarterly loss in five years, and French tire company Michelin tumbled 9% on sloppy earnings.
Large-cap companies influencing trade this morning included drug company Merck & Co. (NYSE:MRK), which was down 7% on news that the FDA rejected a new cholesterol drug. From an overall stock market picture, the news had a somewhat muted impact, because it lifted Merck competitor Abbott Labs (NYSE:ABT) by 4%. In addition, Visa (NYSE:V) posted decent earnings ahead of the opening, but the financial firm was down 3% in early action.
The S&P 500 stalled approaching the 1,400 level on the latest push upward, and that key figure resistance will be closely watched through the rest of the week’s major economic events. In the Russell 2000, the market yesterday climbed . . .
Wausau Paper down on lower Q3 profit, mill closing
Wausau Paper Corp. (NYSE: WPP) shares are down after the printer and paper manufacturer reported lower third-quarter income and announced a mill closing.
The Mosinee, Wis.-based firm’s third-quarter profit totaled $6.1 million, or $0.12 per share, down from $7.2 million, or $0.14 per share, a year earlier. Quarterly revenue rose to $319.3 million, compared with $306.7 million during the same period of 2006.
“The benefit of market share and operational gains has been muted by fiber cost increases and historically high energy prices,” CEO Thomas Howatt said in a statement. “Nevertheless, we remain confident in our ability to drive long-term profitability through pursuit of our strategic initiatives—niche markets, product development, benchmark customer service, and operational excellence.”
After Tuesday’s close, Wausau Paper said it is closing its Groveton, N.H., paper mill, which will eliminate 300 jobs. The mill is scheduled to close on Dec. 31. Wausau Paper said it expects a $72 million charge as a result of the shutdown. The closure will decrease the firm’s annual printing production by approximately 28%.
The company said it expects fourth-quarter earnings similar to last year’s results, excluding charges related to the mill closure and timberland sales gains.
“Fiber prices continue to rise and signs of economic weakness are emerging as we enter the seasonally weaker fourth quarter,” Howatt said. “Fourth-quarter 2006 results were $0.04 per share, excluding timberland sales gains of $0.10 per share.”
In morning trading, WPP shares are down 3.01%, or $0.31, at $10. Over the last 52 weeks, shares have ranged from $8.56 to $15.60.
