Russell 2000 futures edge up

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

There is no major economic news scheduled for today, but the Dallas Federal Reserve President’s speech at 1:30 p.m. ET is likely to make headlines.

Among small-cap companies, Ballard Power Systems Inc. (Nasdaq: BLDP), which makes fuel cells, said that it expects to ship twice as many units in 2008, bringing in total revenues of between $65 million and $75 million.

Small-cap stocks staged a dramatic bearish reversal Thursday, as the Russell 2000 rejected a promising morning rise to shed 13.74, or 1.94% to 696.28 by the close. The market continues to reflect indecision within the recent range – unwilling to sustain a dynamic move in either direction.

The market will be able to navigate through today's session unencumbered by outside economic news. It will be interesting to see if the Russell starts to falter below the 700 swing line after four sessions of see-saw action along that point so far this week. Look for support Friday at 694, 688 and 680; resistance comes in at 703.50, 712 and 717.

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:

• The9 Limited (NCTY), up 13% on news that fourth-quarter profit declined but beat expectations.
• Switch & Data Facilities Company, Inc. (SDXC), up 8%.
• Balchem Corp. (BCPC), up 4%.

Biggest percentage losers:

• Cbeyond Inc. (CBEY), down 29% on news of 2008 revenue guidance below expectations.
• Quidel Corp. (QDEL), down 12% on news of a decline in fourth-quarter profit.
• Ruths Chris Steak House, Inc. (RUTH), down 9% on news of a decline in fourth-quarter profit.

Kevin Pendley contributed to this report.

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