Russell stages comeback; DORM, ALK and RDEA lead gainers

SCI Microbloggers | Oct 10, 2008 4:47pm EDT | Comment

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The Russell staged a dramatic comeback at Friday’s closing, closing up a stunning 4.66%, and shooting nearly 12% off an intraday trough that marked the lowest point since August 2003. Other Market Watch highlights today included:

• In what will be forever remembered as a historic week for the stock market, small caps shed 15.6% in an unprecedented collapse this week.
• From a charting and index perspective, the late recovery move in stocks today was paced by small caps, which was an encouraging sign.
• If small caps start to show a leadership role in the coming days, it could be a sign that a bottom, or at least stabilization is nearby.
• AMR Corp, Delta and Continental Airlines were among the most actively traded small caps today amid falling oil prices.
• Crude oil prices tumbled 10% today to fresh one-year lows.

Small Cap Gainers:

• Alaska Air Group (NYSE:ALK) closed up about 30% on momentum from the decline in energy prices, late day small-cap recovery moves.
• Ardea Biosciences Inc. (Nasdaq:RDEA) jumped some 39%, recovering from new move lows set Thursday.
• Material Sciences Corp. (NYSE:MSC) up 25.2% on slight increase in Q2 earnings reported Thursday.
• Willis Lease Finance (Nasdaq:WLFC) up 26% after $63M sale of 10 engines completed on Thursday.
• Automotive replacement part dealer Dorman Products (Nasdaq:DORM) up 50%.

Small Cap Losers:

• NL Industries (NYSE:NL) down 39.3%, although TheStreet.com upgraded the stock to "hold" from "sell" on Thursday.
• Charming Shoppes (Nasdaq:CHRS) down 20%, hit new 52-wk low after guiding lower on sales profits.
• Medtox Scientific (Nasdaq:MTOX) down nearly 35% to 52-week lows ahead of a conference call slated for next week to discuss earnings.
• Chesapeake Energy (NYSE:CHK) down nearly 30% as it scrambles to sell assets, cut costs in face of falling energy prices, tightened credit.
• SMH Capital downgrades Brinker International (NYSE:EAT) to “sell” from “buy.” Shares plunge 27%.