The Russell closes up nearly 4%; LNY, WBMD and MMR lead gainers
The Russell 2000 (NYSE:IWM) staged an impressive start to the week, closing up 3.88% on Monday. Today’s small-cap gainers are Landrys Restaurants (NYSE:LNY), WebMD (Nasdaq:WBMD) and McMoRan (NYSE:MMR).
Other Market Watch highlights today included:
• The Russell is now down 29% for the year, while the Dow is off 30% and the S&P 500 is down 33%.
• Small caps lagged large caps today even on the rally, which is a little bit of concern as the same pattern was evident on the recent collapse.
• Techs lagged throughout the day. If the money to invest in tech is choked off, then the risk appetite for smaller-cap stocks is likely to suffer as well.
• Sectors on the rise today include coal stocks, oil equipment and oil services, oil exploration, oil and gas storage, steel, oil refiners, gas utilities, industrial gases and power products.
• On the downside, broadcast and cable TV stocks were lower, as were life health insurers and leisure product stocks.
Small Cap Gainers:
• Landrys Restaurants Inc. jumped 31% on news that the company’s CEO would buy the firm at a 49% premium to its close on Friday. See (NYSE:LNY).
• WebMD surges 26% on shares purchase by HLTH Corp. See (Nasdaq:WBMD).
• McMoRan Exploration Co. jumps some 16% on earnings news. See (NYSE:MMR).
• Allscripts-Misys Healthcare Solutions Inc. was up about 17%, trying to recapture huge losses suffered the last couple of weeks. See (Nasdaq:MDRX).
Small Cap Losers:
• Moody's cuts boat-maker Brunswick Corp. into "junk" territory; shares collapse 23%. See (NYSE:BC).
• Seanergy Maritime Corp. was off 26% and was on target for the lowest daily close in more than a year. See (Nasdaq:SHIP).
• HLTH Corp. plunges 13% after announcement to terminate merger with WebMD. See (Nasdaq:HLTH).
• Developers Diversified tumbles 13.3% on debt disclosure. See (NYSE:DDR).
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