Russell 2000 futures up slightly

The Russell 2000 (NYSE: IWM) futures are a hair above their closing level and the small-cap index will probably open flat.

Investors are cautiously optimistic on news that HSBC Holdings Plc reported a 10% increase in 2007 profit despite billions in bad debts associated with the U.S. housing sector. Europe’s largest bank attributed the positive result to strong growth in Asia.

Small-cap stocks collapsed Friday, gapping lower on the opening and never looking back. In the end, the Russell 2000 closed down 19.54, or 2.77% at 686.18, the third-largest point decline of the year. In today’s trading, chart support comes in at 683, 680 and 675. A breach of the latter could see a support “vacuum” down to 660 toward the 2008 bottom of 650. Meanwhile, resistance is pegged at 694, 701 and 712.

This week is a huge one for economic data, and things start off with a bang this morning as the market will react to the ISM Manufacturing Survey at 10:00 a.m. ET and throughout the day to various vehicle sales numbers.

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:

• CPI International, Inc. (CPII), up 15%.
• The Bon-Ton Stores, Inc. (BONT), up 12% on news its vice chairman has resigned.
• Salix Pharmaceuticals, Ltd. (SLXP), up 5%.

Biggest percentage losers:

• Gehl Co. (GEHL), down 16% on news of a decline in fourth-quarter income from continuing operations.
• Macatawa Bank Corp. (MCBC), down 9%.
• Silicom Ltd. (SILC), down 3%.

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