Russell 2000 opens higher

Alex Alexandrov | Mar 19, 2008 10:04am EDT | Comment

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The Russell 2000 (NYSE:IWM) is in positive territory as the momentum from Tuesday’s jump carries over.

At 10:05 a.m. ET, the small-cap index was up 4.11 points, or 0.60%, to 686.04. The Dow Jones Industrial Average (INDU) had climbed 4.39 points, or 0.04%, to 12,397.05.

Small-cap stocks defied the futures to open higher. The index rose more than 4% on Tuesday on news that the U.S. Federal Reserve has decided to lower its target interest rate 0.75% to 2.25% and better-than-expected quarterly results at major investment banks.

Similarly, the bulls today are helped by news before the opening that Morgan Stanley (NYSE:MS) saw a decline in fiscal first-quarter profit but still beat expectations.

Among the small-cap winners this morning is Premier Exhibitions, Inc. (Nasdaq:PRXI). The Atlanta, Ga.-based organizer of exhibitions announced after the close on Tuesday that it has signed a 10-year deal with Luxor Resort & Casino in Las Vegas to organize exhibitions.

On the flip side, shares of bituminous steam and industrial-grade coal miner James River Coal Co. (Nasdaq:JRCC) reported before the start of trading that the Richmond, Va.-based company will sell 3 million shares of common stock.

Also among the losers is SI International, Inc. (Nasdaq:SINT). The Reston, Va.-based provider of information services to the federal government said after Tuesday’s close that it is lowering its first-quarter and full 2008 guidance.