Russell 2000 futures up
The Russell 2000 (NYSE: IWM) futures are slightly higher and the index may open in positive territory.
The bulls are reacting to news that Citigroup Inc. (NYSE: C) has received a $7.5 billion injection from the Abu Dhabi Investment Authority. The cash will allow the largest U.S. bank to better deal with losses accumulated through bets on securities backed by subprime mortgages.
On Monday, New York-based Citigroup dragged down financial stocks after announcing that it’s embarking on cost-cutting that may result in the firing of up to 45,000 of its over 300,000 employees.
Investors will have their eyes focused on an index of consumer confidence for the month of November, which is scheduled to be released at 10 a.m. ET. Economists are expecting to see a decline.
Here are the biggest percentage gainers and losers in pre-market trading among companies with a market cap between $100 million and $750 million:
Biggest percentage gainers:
• Shamir Optical Industry Ltd. (SHMR), up 10% on news of a rise in third-quarter profit.
• Vanda Pharmaceuticals Inc. (VNDA), up 7% on news the U.S. Food and Drug Administration has accepted the New Drug Application for one of its drugs.
• BigBand Networks Inc. (BBND), up 6% on news more companies are deploying its services.
Biggest percentage losers:
• IRIS International Inc. (IRIS), down 6% on news it will offer up to $125 million in a mix of stock and debt.
• China Fire & Security Group, Inc. (CFSG) down 2%.
• CDC Corp. (CHINA) down 2%.
About the Author
Reporter Alex Alexandrov is based in SmallCapInvestor.com's Washington, D.C. bureau.
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