Russell 2000 futures rise

The Russell 2000 (NYSE: IWM) futures are higher and the small-cap index will probably open with a gain.

The bulls are poised for action on news that networking products maker and tech sector heavyweight Cisco Systems Inc. (Nasdaq: CSCO) received an analyst upgrade.

In economic news, the U.S. Labor Department reported that jobless claims for the week ended Feb. 16 fell 9,000 to 349,000 from the preceding week’s upwardly revised total of 358,000.

Economists were expecting a rise to 349,000 from an originally reported 348,000.

The Russell 2000 posted an impressive recovery rally off the morning slide Wednesday, notching a bullish reversal on daily chart patterns in the process. The index finished up 7.68, or 1.09% at 710.02. If the market can sustain upward momentum today, resistance comes in just overhead at 712, then at 721 and 731. Meanwhile, support is at 695, 688 and 680.

It will be interesting to see if the market can once again rise after morning economic data, as traders will have to navigate Leading Indicators and Philly Fed releases at 10:00 a.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:

• Sequenom, Inc. (SQNM), up 10% despite news of a wider fourth-quarter loss.
• American Railcar Industries, Inc. (ARII), up 10% on news of a rise in fourth-quarter earnings.
• First Advantage Corp. (FADV), up 8% on news of a rise in fourth-quarter earnings.

Biggest percentage losers:

• VASCO Data Security International, Inc. (VDSI), down 29% on news of a decline in fourth-quarter profit.
• 3SBio Inc. (SSRX), down 23% despite news of a rise in fourth-quarter net income.
• Novatel Wireless, Inc. (NVTL), down 19% on news of a disappointing first-quarter earnings guidance.

Kevin Pendley contributed to this report.

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