Fifth Up Day Lead by Quest Energy Partners
Stocks closed higher for a fifth day in a row as in investors were encouraged by a successful Treasury bond auction and consumer products maker Proctor & Gamble (NYSE: PG) confirmed its earnings forecast for this quarter and suggested that sales should improve in the next quarter.
The Dow closed at 9,627, up 80 points; the Nasdaq finished at 2,084, up 24 points; and the S&P 500 ended the day at 1,044, up nearly 11 points.
The Russell 2000, the leading index for the top 2,000 small-cap stocks, finished up over 7 points to end the session at 594.
Advances lead declines by a margin of 3 to 1 on the NYSE and Amex and
AIG Shares Surge 20% After Reporting First Profits in Almost 2 Years
Stocks put up an impressive rally today after two straight days of decline. June payroll numbers and bank recovery and strength data were the underlying drivers of today's run. Even the beleaguered American International Group (NYSE:AIG) saw shares surge 20% to $27.14 on news that it had posted its first profit in nearly two years.
The Dow closed at 9,370.07, up 113.81 points; the Nasdaq pushed back through and held over the 2,000 mark to end the week at 2,000.25, up 27.09 points; and the S&P 500 got back over the psychological hurdle of 1,000 to finish at 1,010.48, up 13.40 points for the day.
The Russell 2000, a composite of the 2,000 leading small-cap stocks, close up 14.78 points to end the day at 572.40. This represents a 2.65% gain for the day versus daily gains of only 1.23%, 1.37%, and 1.34% for the Dow, Nasdaq, and S&P 500, respectively.
Small-cap volume price gainers were lead by Media General (NYSE:MEG), up 31.25%. Media General was followed by Crocs (Nasdaq:CROX), up 28.57%; YRC Worldwide (Nasdaq:YRCW) up 25.56%; Aircastle Limited (NYSE:AYR) up 23.30%; and Cogent Communications (Nasdaq:CCOI), up 22.09%.
*****The unemployment rate…fell? 247,000 people lost their job in July and that was enough to push the jobless rate down to 9.4% from 9.5%.
July was a lot better than June, when 443,000 people lost their jobs. And the talking heads are already saying its more evidence that the economy is stabilizing.
What I want to know is: how does the unemployment rate drop after 274,000 more people become unemployed? Were there that many employed 17 year-olds with a birthday in July? Or was it the upward revision of 43,000 to May and June payroll number?
Despite today’s nice number, unemployment is still expected to rise into double digits early in 2010. And unemployment is expected to average 9.8% for all of 2010. That means that whatever growth we have right now is about we can expect for next year.
*****It’s clear that investors are buying stock in the hope that that growth will return to the global economy sooner than pretty much every economist on the planet expects. Or maybe they’re buying stock just because prices are moving higher.
But there are plenty of potential surprises looming. Last week, Treasury Secretary Geithner said the unemployment rate may not peak until the second half of 2010. Now, imagine if stocks stay strong into next year and the unemployment rate remains stable. Investors will assume the economy is poised for a growth. I bet they’d be pretty disappointed if unemployment spiked in August or September of 2010.
*****Whatever happens next year, socks are rallying strongly today. As well they should. The unemployment rate is falling, money is cheap and the government has declared that there is no downside.
The Treasury is considering canceling the 20-year Treasury inflation-protected security (TIPS) and issuing a 30-year TIPS. This can be interpreted as a bold insurance to investors against inflation.
As we know, investors, especially foreign buyers of American debt like China, are worried about inflation and weak U.S. dollar. If the Treasury issues longer dated TIPS, it’s essentially saying that it will reimburse investors if inflation does rise sharply. That’s either bravado, or a sincere belief that inflation is not as much as an issue as some fear.
Either way, the government has backed just about every other negative potential in the current economy, why not take on inflation too?
*****TIPS are one way to protect you money against inflation. Buying commodities is another. My Global Commodity Investing advisory service is doing quite well as commodity prices continue to rise. You can learn more here.
*****I’d like to thank SCI Daily readers for your help with the T-shirt slogan contest to support the launch of my first book, The Small Cap Investor: Secrets to Winning Big with Small Cap Stocks. We're taking submissions on the Small Cap Investor page on Facebook or by email (tshirt@smallcapinvestor.com) until Sunday, August 9th.
Everyone who submits a T-shirt slogan will get a 30-day, 100% complimentary subscription to my SmallCapInvestor PRO advisory service. The winner gets a one-year subscription to ALL of my advisory and trading services (a $2,680 value), plus a signed copy of the book and three t-shirts.
*****Now, here’s TradeMaster Daily Stock Alerts technical analyst Jason Cimpl and his weekly video market forecast. It’s been a wild week and investors need to know what’s going happen next week. Click here to view Jason’s video charting analysis; it’s free.
*****The Managed America web video conference is coming up next Monday, August 10 at 6:00 P.M. It's free to attend and you can register right now. Click here to register for this free online event.
That's it for today. Have a great weekend.
Russell 2000 Over 570, First Time Since October 13th
Stocks generally continued their upward trajectory and extended the rally today. The Dow closed up 33.63 points today to finish at 9,320.19; the Nasdaq finished up 2.70 points at 2,011.31; and the S&P 500 held over 1,000 to finished 1,005.61, up 2.98 points.
The Russell 2000 index finished up 4.38 point at 570.16.
Leading small-cap price gainers include Xerium Technologies (NYSE:XRM), up 33%; Georgia Gulf Corporation (NYSE:
Declining small-caps include WPT Enterprises (Nasdaq:WPTE) down 26%; The Phoenix Company (NYSE:PNX) down 19%; and Mellanox Technologies (Nasdaq:MLNX) down 17%.
*****Oil prices are slightly lower this morning. That should mean stocks will trade lower today as well. And while many are saying the fundamentals of this economic recovery do not support current prices for stocks or oil, I wouldn't get too excited about an imminent trade-worthy decline.
More likely, we will see any dip get bought by the bulls. And I doubt any dip will last for more than two days…
*****Sometimes, the financial markets can be very simpleminded--even downright dumb. And I believe now is one of those times. The federal government has committed to pouring as much cash into the economy as is necessary to keep prices from falling too much. And that may be all we need to know.
After all, banks can make money when they have the ability to borrow at 0.5% interest. They can make more money in fees when the government is sponsoring mortgage loan modifications. And when the government forced banks to raise more capital by selling stock, Goldman Sachs (NYSE:GS) may have made as much as $1 billion in profit from fees associated with secondary offerings.
Car companies and banks can make money from the Cash for Clunkers programs. Auto sales rose 13% in June, helped by this program. Heck, Ford (NYSE:F) posted its first rise in sales since 2007!
*****Some estimate that 40% of the world's wealth was lost in the wake of Lehman's collapse and the financial crisis. The only way to get that money back is to earn it. But companies aren't really earning money the old-fashioned way -- government policies are focused on allowing companies to do just that.
Sure, it's a form of trickle down economics. And while the long-term success may be questionable as there are always unintended consequences, make no mistake about the effect on the short-term. Assets are being reflated. Home values, stock prices, commodities - all can be expected to move higher.
*****Thanks to everyone who has sent in submissions for The Small Cap Investor: Secrets to Winning Big with Small Cap Stocks T-shirt contest. In case you don't know, my first book is coming out on
Submissions have already been posted to the Small Cap Investor Facebook page and we're holding this contest open for just a little longer to get your idea. Post your submission on the Small Cap Investor page on Facebook
Small Cap Investor page on Facebook send it to tshirt@smallcapinvestor.com. We're keeping this open until Sunday, August 9th.
Everyone who submits a T-shirt slogan will get a 30-day, 100% complimentary trial to my SmallCapInvestor PRO advisory service. The winner gets a one-year subscription to
*****The Managed
Ian Wyatt
Editor
Daily Profit
P.S. Tomorrow is NewsletterAdvisors.com Wednesday where we interview one of the country's top investment experts. We're fortunate to have Carla Pasternak of High-Yield Investing and High-Yield International, two of the leading publications for dividend and income investments. Don't miss tomorrow's edition of Daily Profit with our in-depth interview with Carla.
VirnetX Holding Up on Patent Infringement Action
Stocks continued Thursday's rally as investors reacted to news about the second quarter
The Dow closed up 16.93 to finish the week at 9,171.39; the Nasdaq finished down at 1,978.50, losing 5.80 points after showing gains for most of the day; and the S&P 500 close up 0.72 points to finish at 987.47.
Stocks in the Russell 2000 closed down 0.09 points to end at 557.71.
Leading small-cap gainers include VirnetX Holding (AMEX:VHC) up 112%; Anadys Pharmaceuticals (Nasdaq:ANDS) up 44%; Inovio Biomedical (AMEX:INO) up 38%; and Integra Bank (Nasdaq:
Small-cap decliners were lead by notebook computer parts maker Synaptics (Nasdaq:SYNA) down 33% on news that the firm had disclosed fiscal 2010 growth will be slower than expected. Analysts immediately downgraded the stock driving prices down immediately at the open.
Other small-cap decliners include iStar Financial (NYSE:
*****Today was the big one. Say what you want about yesterday's rally, the reaction to this morning's 2Q GDP number should be expected to influence trading going forward.
Now, I'm going to let TradeMaster Jason Cimpl's morning commentary to his traders provide the in-depth analysis to the GDP number:
Second quarter annualized rate GDP was reported at -1.0%, compared to the consensus of -1.5%.
First quarter GDP was revised lower to a 6.4% decline from the previous reading of a decline of 5.5%. Personal consumption fell 1.2% (the consensus had been 0.5%).
This market might be crazy enough to ignore the downward revision from the previous quarter, but how can they possibly brush off that personal consumption reading?
Personal consumption is the largest portion of GDP. This number should have investors concerned.
Volume numbers today will be a big tell if the street really likes the GDP figures. At the end of the day, GDP is a lagging indicator, so don't expect that today is the game changer.
Thanks, Jason.
He's got his Friday video online where he'll do a quick recap of the market for the week and more importantly, provide guidance on market direction and action for the coming week. Click here to watch Jason's video analysis.
*****Deutsche Bank (NYSE:DB) CEO Josef Ackerman says "The crisis is not over." He told Bloomberg that "[b]ad loans are the next wave. Banks that have fared relatively well so far will also be affected by this."
As evidence, problem loans at Deutsche Bank rose 44% on the last quarter. Deutsche Banks has raised its loss reserves to $1.4 billion and also reduced its balance sheet and risk-taking.
*****I continue to view oil as a critical leading indicator for global economic recovery. So long as oil prices remain strong, investors are clearly ignoring current demand statistics and focusing instead on future demand and slack production growth.
For instance, Europe's third largest oil company, Total SA (NYSE:TOT) reported that production fell 7.3% in its 2nd quarter. That puts Total's production back to year 2000 levels.
The reason is obvious: demand is down, and Total, like most oil companies, is cutting back on investment in new production because prices are down.
Despite a slight rise in production, Chevron (NYSE:CVX) reported a 51% drop in revenues. It would seem likely that the revenue shortfall will affect Chevron's investments in new production, too.
The big question, though, is if investors will shift their focus to current demand numbers. At some point, declining profitability and continuing economic weakness should bring oil prices down.
*****It's pretty clear now that trends like weak GDP, weak demand for oil, rising unemployment we've seen emerging from the financial crisis and recovery will be with us for a long time.
Clearly, these conditions will have a profound effect on your investments in the months and years ahead.
And because many of these conditions are a direct result of government bailouts, I'm calling the condition Managed America.
We're hosting a video conference to look forward to investing strategies for the remainder of 2009 and beyond, and to explore my concept of Managed America and how you can still make profitable investments. The U.S. economy has changed and investors need to understand the changes in order to make the best investments.
The Managed America video conference will air on August 10, 2009 at 6:00 P.M. You can register for this important event when you click HERE.
Best Regards,
Ian Wyatt
Editor
Daily Profit
NVGN Small-Cap Leader Second Consecutive Day
For much of today's trading session stocks were weighed down by falling crude oil prices and an update to the IMF's expectations for the world economy.
Oil continued its six day slide dropping to barely over $60 a barrel from an eight month high of $73 just last week. The IMF announced that it expects the world economy to shrink by 1.4% in 2009, as opposed to its earlier estimate of 1.3%. Still, it did counter that by stating that growth in 2010 should be 2.5%, versus its April estimate of 1.9%.
The Dow closed up 15 points in a late move to finish at 8,178. The Nasdaq inched up just 1 point to close at 1,747 and the S&P 500 was down just slightly at 880.
The Russell 2000, an index of 2,000 small-cap companies, closed down 0.94% at 480.
Leading small-cap decliners was ARYx Therapeutics (Nasdaq:ARYX) down 43% after news was released of the failure of it's anticoagulant agent. The company announced that data from its studies of Tecarfarin did not indicate any statistically significant superiority over Warfarin, a commonly used blood-thinning drug.
Other decliners include Southern Community Financial (Nasdaq:SCMFO) down 23%; American Axle & Manufacturing Holding (NYSE:AXL) down 23%; Atlantic Southern Financial Group (Nasdaq:ASFN) down 17%; and YRC Worldwide (Nasdaq:YRCW) down 24%.
YRC was down yesterday on news that management and Teamsters union officials had still not found an agreeable resolution to YRC's continuing financial worries. Today the stock tumbled further as talks appeared to go nowhere on Wednesday. In addition to a slowing economy calling for less trucking, YRC has been hampered with integration costs from its Yellow and Roadway operations as well as picking up the tab on multi-employer pension plans. YRC participates in the Central States multi-employer pension fund and as other trucking companies have disappeared over the years YRC's responsibilities within the fund have grown. As with many other large industries, YRC is facing mounting pension liabilities that are hampering its ability to weather the recession.
Small-cap gainers were lead by Novogen Limited (Nasdaq:NVGN) up 31%. This is on top of Tuesday's 37% gain on news that the Novogen-licensed oncology drug Phenoxodiol showed great promise in treating acute lymphoid leukemia and may have applications treating autoimmune disease as well.
Other small-cap gainers include fellow pharmaceutical Targacept (Nasdaq:TRGT) up 28% on news that development of its ADHD drug will move forward in studies. The company will receive a $10 million payment from development partner AstraZeneca (NYSE:AZN) and remains eligible to receive an additional $100 million. Leaders also include Internet Initiative Japan (Nasdaq:IIJI) up 23% and biotech firm Amgen (Nasdaq:AMGN) up 14%.
*****Yesterday, Reuters reported that the delinquency rate on credit card debt hit 6.6% in the first quarter of 2009. On mortgage loans, delinquencies hit 3.5%.
I can virtually guarantee both numbers were higher in the second quarter. And I expect them to move still higher in the future.
Unemployment will continue to rise. And even when it stops rising, it's not going to magically reverse course, not when the U.S. economy is only growing 1% or 2% a year.
The recession we're possibly on the verge of exiting has been unique. It wasn't a consumer-led recession. Rather, it was a fundamental recession brought on by weakness in the very foundations of the U.S. economy.
You don't wake up from this with just a hangover. You wake up without your car because you just wrecked it and your driver's license has been suspended and you now have to take a bus wherever you want to go.
*****That's why the IMF and the G-8 is now calling for more stimulus packages and funds. The G-8 is meeting in Italy. The U.S. appears to be in "wait and see" mode, despite some calls for more stimulus programs. And rightfully so. The U.S. done a lot, maybe more than it should, to throw money into the system. It's time for some others to step up and do what they can do.
At the same time the G-8 is talking stimulus, it's also talking about how to reign in stimulative monetary policy. This undoubtedly a good thing. We're all well aware that if rates don't rise, and liquidity gets sopped up, then inflation could run rampant.
Of course, inflation is not much of a threat now. But once the global economy starts growing again, central banks will have to respond with higher rates, even though growth won't be robust. (If you're interested in loading up on the stocks that will outperform once inflation hits click here for my Inflation Busters report.)
*****This is a very interesting time for investors. It's going to be critical to be in the right stocks, and in the right sectors. Equally important will be avoiding sectors that are facing significant headwinds. Financials still seem to be among the most vulnerable sectors, while technology and healthcare are demonstrating a lot of promise.
Investing in this new economic paradigm (which I haven't come up with a name for yet) is going to be a common theme for us here in SCI Daily.
Russell closes down 0.4%; YRCW, AXYS and INOD lead gainers
Today was a near flat day, with most indices eking out a close in the green a day after Citigroup (NYSE:C) reported that it is still operating at a profit. Some of today’s small-cap gainers were YRC Worldwide (Nasdaq:YRCW), Axsys Technologies (Nasdaq:AXYS) and Innodata Isogen (Nasdaq:INOD).
Other Market Watch highlights today included:
• Stocks navigated choppy trading Wednesday, with the Russell 2000 closing down 1.48, or 0.4%, to 366.27. The Dow closed up 0.05% to 6,929.76, and the S&P 500 closed up 0.24% to 721.35.
• For the year, the Russell is down 26.67%, the Dow is down 21.03% and the S&P 500 is down 20.14%.
• Analysts are warning that the rally seen Tuesday and part of today willl be short-lived due to deep problems etched within the banking industry.
• Oil prices fell more than 7% today as U.S. inventories swelled with surplus crude and traders started to doubt whether OPEC would cut production further.
• Lower tax revenue and massive government spending on the bank bailout pushed the federal deficit to $765 billion in the first five months of the budget year.
Small Cap Gainers:
• YRC Worldwide stock jumped 44.5% on expectations of an improved second quarter for the company. See (Nasdaq:YRCW).
• Axsys Technologies, a manufacturer of defense surveillance and imaging systems, closed up 32.48% after the small cap put itself up for sale in an auction that drew a first round of bids earlier this week. See (Nasdaq:AXYS).
• Innodata Isogen reported a second straight year of record revenue; shares rose 21%. See (Nasdaq:INOD).
Small Cap Losers:
• NCI Building closed down 38% after posting a Q1 net loss on Tuesday. See (NYSE:NCS).
• WSP Holdings issued FY 2009 guidance below analysts' estimates, sending shares 35% lower. See (NYSE:WH).
• Online travel website Orbitz tumbled 26% as competitor Expedia waived flight booking fees. See (NYSE:OWW).
Global markets up ...
Stocks opened in the green and are continuing their positive trot through midday, buoyed by Tuesday’s news that beleaguered Citigroup (NYSE:C) is operating at a profit.
At 12:27 pm ET, the Russell 2000 (NYSE:IWM) was up 1.39, or 0.38%, at 369.14, while the Dow was up 0.02% at 6,927.77, and the S&P 500 was up 0.22% at 721.18.
Like Tuesday, financial stocks are leading the markets higher today on the Citigroup news, while tech stocks are also seeing a boost after large-cap benchmark Hewlett-Packard’s rating was upgraded.
While the market seems to be in recovery mode, don’t relax just yet. Analysts are warning that the rally will be short-lived and that there remain deep problems etched within the banking industry.
Small-cap stocks trending upward today include On Assignment, Inc. (Nasdaq:ASGN), 23% higher on lower-than-average volume, and YRC Worldwide Inc. (Nasdaq:YRCW), which is 11% higher despite making Moody’s “Bottom Rung List.” Axsys Technologies (Nasdaq:AXYS), a manufacturer of defense surveillance and imaging systems, is up 34% after the small cap put itself up for sale in an auction that drew a first round of bids earlier this week.
Global Markets Up …
Finally, early strength for stocks on Tuesday didn’t turn to weakness. In fact, . . .
Russell sinks at opening; YRCW and SQNM lead gainers
Other Market Watch highlights today included:
• Copper tumbled 5% on the opening, yet another worry sign for the economy as copper is a key component in construction.
• Traders say that concerns over the appointment of Timothy Geithner to Treasury Secretary has played into the overall market malaise.
• Earlier this morning the import price series tumbled 4.2%, well below the forecast for a drop of 0.5%.
• Within the economic data news, business inventories came in at minus 0.7%, slightly below the forecast for a drop of 0.5%.
Small Cap Gainers:
• YRC Worldwide Inc. up 10.3% in pre-market today, paring some of the losses the stock saw earlier this week after it was downgraded late last week. See (Nasdaq:YRCW).
• Sequenom up 3% in pre-market after commencing an exchange offer to acquire EXACT Sciences. See (Nasdaq:SQNM).
Small Cap Losers:
• Under Armour Inc. announced preliminary results that were sloppy and UA’s stock took a 15% hit early this morning. See (NYSE:UA).
• Biopharmaceutical company Crucell N.V. down 5.7% in pre-market on very light volume. See (Nasdaq:CRXL).
• ZymoGenetics, Inc. down 4.3% in pre-market, giving back some of the huge losses the stock clocked on Tuesday. See (Nasdaq:ZGEN).
Palm, DryShips and A Power Energy Generation Systems lead small-cap volume in pre-market
Also included among the results: Human Genome Sciences Inc (Nasdaq:HGSI), Aladdin Knowledge Systems Ltd (Nasdaq:ALDN), Eagle Bulk Shipping Inc (Nasdaq:EGLE), YRC Worldwide Inc (Nasdaq:YRCW), TXCO Resources Inc (Nasdaq:TXCO) and Oceanfreight Inc (Nasdaq:OCNF).
DryShips, TBS International and AsiaInfo Holdings lead small-cap volume in pre-market
Also included among the results: Arkansas Best Corp. (Nasdaq:ABFS), YRC Worldwide Inc. (Nasdaq:YRCW), Allos Therapeutics Inc. (Nasdaq:ALTH), Questcor Pharmaceuticals Inc. (Nasdaq:QCOR), Almost Family Inc. (Nasdaq:AFAM) and PetMed Express Inc. (Nasdaq:PETS).
Collective Brands, Insulet and DineEquity lead small-cap percentage gainers
Also included among the results: Duff & Phelps Corp (Nasdaq:DUF), YRC Worldwide Inc (Nasdaq:YRCW), W.R. Grace & Co (Nasdaq:GRA), Brown Shoe Company Inc (Nasdaq:BWS), Crescent Banking Co (Nasdaq:CSNT) and OfficeMax Inc (Nasdaq:OMX).
Energy Solutions, Domino's Pizza and NewStar Financial lead small-cap percentage losers
Also included among the results: Winmark Corp. (Nasdaq:WINA), HSN Inc. (Nasdaq:HSNI), Innospec Inc.(Nasdaq:IOSP), Lear Corp. (Nasdaq:LEA), YRC Worldwide Inc. (Nasdaq:YRCW) and 3D Systems Corp. (Nasdaq:TDSC).
Here are the biggest percentage losers among small caps:
Media General, First Financial Service and BCB Bancorp lead small-cap percentage losers
Also included among the results: YRC Worldwide Inc. (Nasdaq:YRCW), Dorman Products Inc. (Nasdaq:DORM), Zale Corp. (Nasdaq:ZLC), Lululemon Athletica Inc. (Nasdaq:LULU), SI Financial Group Inc. (Nasdaq:SIFI) and Seabridge Gold Inc. (Nasdaq:SA).
Here are the biggest percentage losers among small caps:
Sellers making noise again as financials sink
Small-cap stocks resumed the decline into mid-session trading Tuesday, unable to sustain an opening bounce as worries about the economy and slumping financial shares overshadowed supportive news on the credit front. At 12:29 p.m. ET, the Russell 2000 (NYSE:IWM) was down 10.13, or 1.70%, at 584.60.
Financial stocks — especially banks — were a drag on the market, with the PHLX KBW Banking Index down some 4%, paced by a whopping 15% slide in Bank of America Corp. (NYSE:BAC) as the nation’s No. 2 bank released disappointing earnings ahead of schedule and said they would slash dividends and raise $10 billion in capital.
Real Estate Investment Trusts (REITS) were also taking a hit today, as were financial services firms, investment banks and automotive manufacturers. The Financial Select Sector SPDR was down 2.4% at midday.
Commodity stocks were on the mend today, after getting clobbered for weeks on end. The U.S. dollar was off about 1% against the euro, which helped some commodities priced in dollar terms, and crude oil prices were higher, which lent a boost through the asset class. Interestingly, small-cap stocks were the weakest index product today, unable to find support from commodities after tracking those shares reasonably closely for weeks.
Losses were limited somewhat by oversold conditions and by enthusiasm for a new commercial paper facility that the Federal Reserve will open to help businesses access cheaper credit amid clogged lines. Still, the fact that the market has not been able to sustain rallies with that news suggests that investors remain troubled by the economic picture and don’t yet see the end-game on the long-running credit . . .
Ameristar Casinos, Seanergy Maritime and PeopleSupport lead small-cap percentage losers
Also included among the results: Trina Solar Ltd. (Nasdaq:TSL), SL Industries Inc. (Nasdaq:SLI), SuccessFactors Inc. (Nasdaq:SFSF), UAL Corp (Nasdaq:UAUA), YRC Worldwide Inc. (Nasdaq:YRCW) and Dendreon Corp. (Nasdaq:DNDN).
Here are the biggest percentage losers among small caps:
YRC Worldwide, AgFeed Industries and A Power Energy Generation Systems among 52-week lows
Also included among the results: CBL & Associates REIT (Nasdaq:CBL), OfficeMax Inc. (Nasdaq:OMX), Arlington Tankers Ltd. (Nasdaq:ATB), Xyratex Ltd. (Nasdaq:XRTX), Bowne & Co Inc. (Nasdaq:BNE) and Consolidated Graphics Inc. (Nasdaq:CGX).
Here are the new 52-week lows among small caps:
YRC Worldwide, Kosan Biosciences and China Precision Steel lead small-cap volume in pre-market
Also included among the results: New Oriental Energy & Chemical Corp (Nasdaq:NOEC), NGAS Resources Inc (Nasdaq:NGAS), TASER International Inc (Nasdaq:TASR), Origin Agritech Ltd (Nasdaq:SEED), Mellanox Technologies Ltd (Nasdaq:MLNX) and China Sunergy Co Ltd (Nasdaq:CSUN).
Here are the most actively traded companies among small caps:
Small caps continue downward slide
Small-cap stocks began Friday’s trading session higher, but are skidding into the red after figures from the University of Michigan showed American consumer sentiment at a 26-year low. At 1:43 p.m. ET, the Russell 2000 (NYSE:IWM) was down 3.35, or 0.47%, at 713.72.
Among small caps, Progenics Pharmaceuticals, Inc. (Nasdaq:PGNX) is up 30% after the Tarrytown, N.Y.-based company’s constipation drug won FDA approval. YRC Worldwide Inc. (Nasdaq:YRCW) is up about 29% after the transportation services company said early Friday that it expects second-quarter profit in-line with Wall Street expectations. Wilshire Bancorp, Inc. (Nasdaq:WIBC) is up 17% after the Los Angeles-based community bank posted first-quarter net income of $7.1 million, or $0.24 per share, compared with analysts’ expectation of earning $0.20 per share.
Among small-cap losers, shipping and logistics company Horizon Lines, Inc. (NYSE:HRZ) is down about 18% after cutting its 2008 forecast due to weakness in Puerto Rico. Acacia Research-Acacia Technologies (Nasdaq:ACTG) is down 18% after the Newport, Calif.-based company, which develops, acquires, licenses and enforces patented technologies, reported a first-quarter loss of $3.9 million, . . .
Friday's leading pre-market gainers and losers
Here are the biggest percentage gainers and losers in Friday’s pre-market trading among companies with a market cap between $50 million and $750 million:
Biggest percentage gainers:
• Progenics Pharmaceuticals, Inc. (Nasdaq:PGNX), up 23.7% after the Tarrytown, N.Y.-based company’s constipation drug won FDA approval.
• Pure Bioscience (Nasdaq:PURE), up 18.6% on no significant news from the El Cajun, Calif.-based bio-science firm.
• YRC Worldwide Inc. (Nasdaq:YRCW), up 12.7% after the transportation services company said early Friday that it expects second-quarter profit in-line with Wall Street expectations.
Biggest percentage losers:
• SiRF Technology Holdings Inc. (Nasdaq:SIRF), down 14.1% after posting a wider-than-expected first-quarter loss.
• ScanSource, Inc. (Nasdaq:SCSC), down 12.5% after reporting that it expects fourth-quarter revenue in the range of $540 million to $560 million. Wall Street anticipates $562.7 million.
• UCBH Holdings, Inc. (Nasdaq:UCBH), down 11.5% after reporting a 92% plunge in first-quarter income.
Pre-market: Sirtris Pharmaceuticals, P.F. Chang's China Bistro and Anadigics lead small-cap volume
Sirtris Pharmaceuticals Inc. (Nasdaq:SIRT), P.F. Chang's China Bistro (Nasdaq:PFCB) and Anadigics, Inc. (Nasdaq:ANAD) are among the most actively traded companies in Wednesday's pre-market trading among those with market capitalizations under $750 million.
YRC Worldwide Inc. (Nasdaq:YRCW), Packeteer, Inc. (Nasdaq:PKTR) and FuelCell Energy, Inc. (Nasdaq:FCEL) are also among the most actively traded small-cap companies in pre-market trading.
Here are the most actively traded small-cap companies in Wednesday's pre-market trading:
Small caps retreat
The Russell 2000 (NYSE:IWM) posted a decline as investors consolidated their positions following Tuesday’s big rally. The small-cap index declined 17.80 points, or 2.61%, to 664.13. The Dow Jones Industrial Average (INDU) lost 293 points, or 2.36%, to 12,099.66.
On a year-to-date basis, the Russell 2000 has shed 13.30%, while the Dow is down 8.78% and the S&P 500 has let go 11.57%.
Small-cap stocks opened in the green but lost steam and reversed midway through the session. The bullish sentiment in the morning was partially attributed to news that Morgan Stanley (NYSE:MS) beat analysts’ expectations despite reporting a decline in fiscal first-quarter profit.
That’s good news for investors worried that the pain that from Bear Stearns (NYSE:BSC) could spread to other investment banks.
