Small-cap stocks plummeted; INSU, ALGN, and HITT lead gainers
In one of the more jarring and widely anticipated stock market openings in history, small-cap stocks plummeted to fresh bear market lows while hitting the lowest point since August 2003. The freefall was precipitated by a collapse in overseas markets amid profit warnings in Asia, ongoing worries about a worldwide economic slowdown and talk of forced liquidation. Today’s small-cap gainers are Insituform Tech (Nasdaq:INSU), Align Technology (Nasdaq:ALGN) and Hittite Microwave (Nasdaq:HITT).
Other Market Watch highlights today include:
• We are heading toward one of the worst months in stock market history and while everyone seems to be trying to peg the bottom, there are no signs yet that one is in place.
• The yield on benchmark 10-year notes was down more than 4%. The yield on 30-year bonds tumbled to the lowest in history since the product issuance began back in 1977.
• With equity markets in panic liquidation mode and investors scrambling for a safe-haven outlet, demand for Treasury products has been extreme
Small Cap Gainers:
• Insituform Tech posted a 66% spike in Q3 EPS that beat the Street, as it made progress in its N. Am sewer rehabilitation operations. (Nasdaq:INSU).
• Align Technology will cut 111 jobs; shares surge 20%. See (Nasdaq:ALGN).
• Hittite Microwave up 4%, marginally ahead of the bell: posted Q3 EPS above the Street. See (Nasdaq:HITT).
• Take-Two Interactive soaring 110% in pre-market trading, yet no fresh news. See (Nasdaq:TTWO).
Small Cap Losers:
• Avid Technology Inc. is down 25% following soft earnings news See (Nasdaq:AVID).
• American River Bankshares tumble 22% on no fresh news. See (Nasdaq:AMRB).
• Central European Media Enterprises Ltd. is off 22%, sinking to fresh 52-week lows
See (Nasdaq:CETV).
• Vimpelcom skids 21%, as rumors swirl that the CEO will resign. See (NYSE:VIP).
• China Eastern Airlines Corp. Ltd. is down 17% and is another example of a firm that has collapsed from triple-digit stock values a year ago. See (NYSE:CEA).
:CEA
Other Market Watch highlights today include:
• We are heading toward one of the worst months in stock market history and while everyone seems to be trying to peg the bottom, there are no signs yet that one is in place.
• The yield on benchmark 10-year notes was down more than 4%. The yield on 30-year bonds tumbled to the lowest in history since the product issuance began back in 1977.
• With equity markets in panic liquidation mode and investors scrambling for a safe-haven outlet, demand for Treasury products has been extreme
Small Cap Gainers:
• Insituform Tech posted a 66% spike in Q3 EPS that beat the Street, as it made progress in its N. Am sewer rehabilitation operations. (Nasdaq:INSU).
• Align Technology will cut 111 jobs; shares surge 20%. See (Nasdaq:ALGN).
• Hittite Microwave up 4%, marginally ahead of the bell: posted Q3 EPS above the Street. See (Nasdaq:HITT).
• Take-Two Interactive soaring 110% in pre-market trading, yet no fresh news. See (Nasdaq:TTWO).
Small Cap Losers:
• Avid Technology Inc. is down 25% following soft earnings news See (Nasdaq:AVID).
• American River Bankshares tumble 22% on no fresh news. See (Nasdaq:AMRB).
• Central European Media Enterprises Ltd. is off 22%, sinking to fresh 52-week lows
See (Nasdaq:CETV).
• Vimpelcom skids 21%, as rumors swirl that the CEO will resign. See (NYSE:VIP).
• China Eastern Airlines Corp. Ltd. is down 17% and is another example of a firm that has collapsed from triple-digit stock values a year ago. See (NYSE:CEA).
:CEA
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