Russell 2000 rises
The Russell 2000 (NYSE: IWM) futures are higher and the small-cap index will likely open in positive territory.
The bulls look poised for action this morning despite news of a third consecutive monthly decline in orders for durable goods.
The U.S. Census Bureau reported that orders for durable goods, which are supposed to last at least three years, declined 0.4% in October to $214.45 billion. Economists were expecting orders to stay flat after falling a downwardly revised 1.4% in September.
That tells us that businesses are reining in spending, which feeds fears of a coming slowdown in economic growth.
Investors will also have their eyes on other economic data set to be released later today. The National Association of Realtors will announce home sales for October at 10 a.m. ET, while the U.S. Federal Reserve will release its “beige book” of information about regional economic conditions at 2 p.m. ET.
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:
• China Finance Online Co. Ltd. (JRJC), up 15% on news it has completed the acquisition of 85% equity interest of a licensed securities brokerage firm in Hong Kong.
• City Telecom (H.K.) Ltd. (CTEL), up 9%.
• Neutral Tandem, Inc. (TNDM), up 6%.
Biggest percentage losers:
• BIDZ.com, Inc. (BIDZ), down 16% on news the CEO has denied a report claiming the company engages in shill bidding, holds excessive inventory.
• Central Garden & Pet Co. (CENT) down 15% on news of a fiscal fourth-quarter net loss.
• Tercica Inc. (TRCA) down 8%.
About the Author
Reporter Alex Alexandrov is based in SmallCapInvestor.com's Washington, D.C. bureau.
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