NEW YORK, Jan 29 - Disappointing earnings from Arch Coal Inc dragged midcap energy shares lower on Friday, while uranium stocks were lifted by expectations of higher government loan guarantees for new nuclear reactors.
Miner Arch Coal (ACI.N) reported a sharp drop in quarterly profit, short of analysts' expectations. Its stock lost 14.14 percent to $21.07.
The wider S&P midcap energy index .4GSPE was down 3.5 percent, while Patriot Coal (PCX.N) shed 8.6 percent to $15.49. For details, see [ID:nN29248516]
A rally in the U.S. dollar after better-than-expected economic data also put pressure on resource companies and commodity prices. Smaller companies are linked more closely to changes in currency and commodity prices.
"Those earnings that are generated abroad are worth less when the dollar rallies," said Eric Marshall, director of research at Hodges Capital Management in Dallas, Texas.
Uranium stocks got a boost after an administration official said U.S. President Barack Obama's budget proposal will triple government loan guarantees for new nuclear reactors. Uranium Energy Corp (UEC.A) gained 2.4 percent to $3.01.
Computer Programs & Systems (CPSI.O), a healthcare information technology provider, skidded as much as 23 percent after providing weaker-than-expected results and first-quarter forecast. Its stock ended down 14.5 percent at $37.63.
Wilmington Trust Corp (WL.N) tumbled 14 percent to $13.12 after the midcap company reported a surprise quarterly loss on losses on its investment securities portfolio and a rise in nonperforming assets.
The S&P MidCap 400 index .MID fell 1.4 percent, while the S&P SmallCap 600 index .SML slipped 0.9 percent. In comparison, the benchmark S&P 500 .SPX was down 1 percent.
Both indexes broke a two-month run to end in the negative for January, with the midcaps down 3.3 percent and the small caps losing 3.5 percent.
Offsetting declines, marketing software service provider Acxiom Corp (ACXM.O) gained 9.6 percent to $15.38 as lower costs helped its quarterly results surpass Wall Street's expectations.
Miner Arch Coal (ACI.N) reported a sharp drop in quarterly profit, short of analysts' expectations. Its stock lost 14.14 percent to $21.07.
The wider S&P midcap energy index .4GSPE was down 3.5 percent, while Patriot Coal (PCX.N) shed 8.6 percent to $15.49. For details, see [ID:nN29248516]
A rally in the U.S. dollar after better-than-expected economic data also put pressure on resource companies and commodity prices. Smaller companies are linked more closely to changes in currency and commodity prices.
"Those earnings that are generated abroad are worth less when the dollar rallies," said Eric Marshall, director of research at Hodges Capital Management in Dallas, Texas.
Uranium stocks got a boost after an administration official said U.S. President Barack Obama's budget proposal will triple government loan guarantees for new nuclear reactors. Uranium Energy Corp (UEC.A) gained 2.4 percent to $3.01.
Computer Programs & Systems (CPSI.O), a healthcare information technology provider, skidded as much as 23 percent after providing weaker-than-expected results and first-quarter forecast. Its stock ended down 14.5 percent at $37.63.
Wilmington Trust Corp (WL.N) tumbled 14 percent to $13.12 after the midcap company reported a surprise quarterly loss on losses on its investment securities portfolio and a rise in nonperforming assets.
The S&P MidCap 400 index .MID fell 1.4 percent, while the S&P SmallCap 600 index .SML slipped 0.9 percent. In comparison, the benchmark S&P 500 .SPX was down 1 percent.
Both indexes broke a two-month run to end in the negative for January, with the midcaps down 3.3 percent and the small caps losing 3.5 percent.
Offsetting declines, marketing software service provider Acxiom Corp (ACXM.O) gained 9.6 percent to $15.38 as lower costs helped its quarterly results surpass Wall Street's expectations.
