Small caps moving up

The Russell 2000 (NYSE: IWM) is gaining ground after opening little changed this morning as Veterans Day leaves investors with little news to analyze.

At 10:02 a.m. ET, the small-cap index had added 1.93 points, or 0.25%, to 774.31. The Dow Jones Industrial Average (INDU) was up 22.60 points, or 0.17%, to 13,065.34.

Corporate deal-making is coming into focus this morning, following an announcement by International Business Machines Corp. (NYSE: IBM) that it will buy Cognos Inc. (TSE: CSN), a Canadian maker of business intelligence software, for $5 billion.

The offer was expected, as Armonk, N.Y.-based IBM’s rivals had previously also made purchases of intelligence software companies.

Meanwhile, online broker E*Trade Financial Corp. (Nasdaq: ETFC) was downgraded by Citigroup Inc. (NYSE: C) and the possibility of bankruptcy was raised.

Here are the current biggest percentage gainers and losers among companies with a market cap between $100 million and $750 million:

Biggest percentage gainers:

• Globecomm Systems Inc. (GCOM), up 15% on news of a contract with the U.S. Army.
• Dice Holdings Inc. (DHX), up 11%.
• ChemGenex Pharmaceuticals Ltd. (CXSP), up 10%.

Biggest percentage losers:

• Alto Palermo S.A. (APSA), down 24%.
• Basin Water Inc. (BWTR), down 13%.
• ExlService Holdings Inc. (EXLS) down 9%.

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