Russell 2000 futures down again

The Russell 2000 (NYSE: IWM) futures are down sharply and the small-cap index will open with a drop.

Helping fuel the bearish mood is Apple Inc. (Nasdaq: AAPL), which forecasted after the close on Tuesday that its second-quarter sales growth will slow to 29% from the 35% growth seen in the first quarter.

The reason: the Cupertino, Calif.-based company does not expect to be able to sustain previously strong sales of its trademark iPod.

Otherwise, Apple reported that its first-quarter profit was $1.58 billion, or $1.76 per share, compared with $1 billion, or $1.14 per share, a year earlier.

Contributing to the pessimism is Motorola Inc. (NYSE: MOT), which forecasted that it will swing to a loss in the current quarter due to sluggish demand for its mobile devices.

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:

• Globecomm Systems, Inc. (GCOM), up 14%.
• Corinthian Colleges, Inc. (COCO), up 11% despite news on Tuesday that it has lowered its 2008 guidance.
• Pharmasset Inc. (VRUS), up 6%.

Biggest percentage losers:

• First Cash Financial Services, Inc. (FCFS), down 22% on news of a decline in fourth-quarter profit.
• Charlotte Russe Holdings, Inc. (CHIC), down 9%.
• Hoku Scientific, Inc. (HOKU), down 9% on news of a fiscal fourth-quarter sales guidance below Wall Street’s expectations.

For access to the full article, you must be a registered member - it's FREE.

Already a member? Please log in below