Russell 2000 little changed

Alex Alexandrov | Nov 14, 2007 10:21am EST | Comment

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The Russell 2000 (NYSE: IWM) is flat on news of a slowdown in retail sales for October and despite a lower-than-expected increase in producer prices.

At 10:15 a.m. ET, the small-cap index was up 0.49 points, or 0.06%, to 789.64. The Dow Jones Industrial Average (INDU) was up 195.95 points, or 0.01%, to 13,309.04.

Growth in U.S. retail sales slowed to 0.2% in October, the Commerce Department reported before the start of trading. That’s in line with economists’ forecasts but below the upwardly revised increase of 0.7% in September.

The numbers indicate that consumers have become a little more reluctant to spend money due to declining home values and higher gasoline prices. As a result, economic growth will most likely moderate in the fourth quarter of 2007.

Consumption is about 70% of gross domestic product.

Turning to inflation, the U.S. producer price index, which measures the average changes in prices received by domestic producers for their output, increased 0.1% in October. The Labor Department also reported that the core index, which excludes food and energy, stayed put after rising 0.1% in September.

Economists were expecting both measurements to rise 0.2%. The data tells us that inflation remained in check in October.

Overseas, London’s FTSE 100 index added 0.4%, while Tokyo’s Nikkei 225 rose 2.5%.

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

Biggest percentage gainers:

• Greater Community Bancorp. (GFLS) up 37% on news it will be bought by Oritani Financial Corp. (ORIT) for $187 million.
• Canadian Solar Inc. (CSIQ), up 21% on news it swung to a third-quarter profit.
• 3SBio Inc. (SSRX), up 16% on news of a rise in third-quarter earnings.

Biggest percentage losers:

• Basin Water Inc. (BWTR), down 18% on news of a third-quarter loss.
• Oritani Financial Corp. (ORIT), down 15% on news it will buy Greater Community Bancorp (GFLS) for $187 million.
• GateHouse Media Inc. (GHS) down 13% on news of a third-quarter loss.