Benzinga's Microcap Movers for Friday August 3, 2012
Below are highlights from Benzinga's daily coverage of small cap and microcap securities making big moves:
ATP Oil & Gas
Shares of ATP Oil & Gas (NASDAQ: ATPG), the Houston, TX developer of oil and natural gas properties, rose 21.43% Friday on higher than average volume.
There was no specific news to account for the move. ATPG has been the subject of many rumors, including chatter of a possible bankruptcy filing which surfaced on July 26.
ATP Oil & Gas closed at $1.36 on Friday.
Community Financial Corp.
Shares of Community Financial Corporation (NASDAQ: CFFC), the Staunton, VA holding company for Community Bank, rose 41.03% Friday on 27 times average, volume.
City Holding Company (NASDAQ: CHCO) and Community Financial Corporation announced Friday the execution of a definitive agreement by City to acquire Community and its wholly owned subsidiary, Community Bank. Community operates nine branches along the I-81 corridor in western Virginia and two branches in Virginia Beach, Virginia. The Merger will significantly expand City's presence in Virginia. City recently completed the acquisition of Virginia Savings Bank, headquartered in Front Royal, Virginia. Virginia Savings Bank had assets of $130 million while Community has assets of $500 million.
City and Community anticipate the transaction will be completed in the first quarter of 2013, pending regulatory approvals, the approval of Community shareholders, and the completion of other customary closing conditions. The directors of Community have agreed to vote their shares in favor of the Merger.
Community Financial Corp. closed at $5.50 on Friday.
Shares of Performance Technologies (NASDAQ: PTIX), the Rochester, NY supplier of advanced network communications solutions, fell 21.05% Friday on 14 times average volume.
PT announced Thursday its unaudited financial results for the second quarter 2012.
Revenue in the second quarter 2012 amounted to $5.0 million, compared to $8.5 million in the second quarter 2011. Revenue for the six months ended June 30, 2012 amounted to $13.4 million, compared to $18.1 million during the corresponding period in 2011.
"We are obviously very disappointed with these results following two profitable quarters," said John Slusser, president and chief executive officer. "As experienced by almost all of our peers and channel partners in the network communications marketplace, capital expenditures for telecom and government network infrastructure significantly declined in the second quarter. Our second quarter revenues were further impacted by significantly lower shipments to our traditionally largest customer. Due to these circumstances and widely held concerns that any global economic recovery may be stalling, we will be reassessing our business expectations during the next quarter.
Performance Technologies closed at $1.50 on Friday.
The information in this article is taken from public sources, press releases, and websites that cannot always be verified. Please note that investing in microcap stocks is highly speculative. The companies mentioned here are for information purposes only. Benzinga makes no claim as to the suitability of these stocks as an investment. Neither Benzinga nor its staff recommend that you buy, sell, or hold any security. We do not offer investment advice, personalized or otherwise. Benzinga recommends that you conduct your own due diligence and consult a certified financial professional for personalized advice about your financial situation.
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