Small-cap stocks tumbled; PENN, PPC, and ATPG lead gainers
Small-cap stocks tumbled to fresh move lows early Monday, slipping to the lowest point on intraday charts since August 2003, but mounted a nice recovery rally on a stronger-than-forecast new home sales release. The early decline was fueled by steep losses in global equity trading overnight, which underscored fear of a global growth slowdown. Today’s small-cap gainers are Penn National Gaming (Nasdaq:PENN), Pilgrim’s Pride (NYSE:PPC) and ATP Oil & Gas (Nasdaq:ATPG).
Other Market Watch highlights today included:
• Commodities in general were taking a hit this morning, pulled down by a strong tone in the U.S. dollar, which rose to the highest point versus the euro since April 2006.
• Small caps tumbled to fresh move lows early Monday, slipping to the lowest point on intraday charts since August 2003, but mounted a nice recovery on a stronger-than-forecast new home sales release.
• Looking at the chart picture, if the Russell quickly cascades through Friday’s low this morning, then it opens the door to another leg down.
• The strong dollar and fears of a global recession took a toll on commodities, with crude oil down more than $2 a barrel.
• Global stock markets were on fire sale, with Japan’s Nikkei sinking 6% to the lowest close since 1982, while Hong Kong’s Hang Seng index collapsed 12.7%, the largest 1-day drop in 9 years.
Small Cap Gainers:
• Penn National Gaming up 12% after Q3 EPS vaulted on settlement payment, raises 2008 earnings guidance. See (Nasdaq:PENN).
• Pilgrim's Pride gets extension on temporary waiver under its credit facilities through November 26, up 11%. See (NYSE:PPC).
• ATP Oil & Gas to buyback 10% of shares outstanding, shares gain 11%.
See (Nasdaq:ATPG).
• Sohu.com posts Q3 above the Street, guides Q4 above estimates, initiates $150M share repurchase program. See (Nasdaq:SOHU).
Small Cap Losers:
• Natures Sunshine Products Inc. is down 36%, gapping lower, but on light volume. See (Nasdaq:NATR).
• Timken sinks 30% on no fresh news. See (NYSE:TKR).
• Bolt Technology skids 28% on no fresh news. See (Nasdaq:BOLT)
• Seanergy Maritime Corp. is off about 27%, also on a light volume opening slide. See (Nasdaq:SHIP).
• Ariba slides 20% despite an upgrade by Cowen and actions to streamline its sourcing and contract management processes. (Nasdaq:ARBA).
Other Market Watch highlights today included:
• Commodities in general were taking a hit this morning, pulled down by a strong tone in the U.S. dollar, which rose to the highest point versus the euro since April 2006.
• Small caps tumbled to fresh move lows early Monday, slipping to the lowest point on intraday charts since August 2003, but mounted a nice recovery on a stronger-than-forecast new home sales release.
• Looking at the chart picture, if the Russell quickly cascades through Friday’s low this morning, then it opens the door to another leg down.
• The strong dollar and fears of a global recession took a toll on commodities, with crude oil down more than $2 a barrel.
• Global stock markets were on fire sale, with Japan’s Nikkei sinking 6% to the lowest close since 1982, while Hong Kong’s Hang Seng index collapsed 12.7%, the largest 1-day drop in 9 years.
Small Cap Gainers:
• Penn National Gaming up 12% after Q3 EPS vaulted on settlement payment, raises 2008 earnings guidance. See (Nasdaq:PENN).
• Pilgrim's Pride gets extension on temporary waiver under its credit facilities through November 26, up 11%. See (NYSE:PPC).
• ATP Oil & Gas to buyback 10% of shares outstanding, shares gain 11%.
See (Nasdaq:ATPG).
• Sohu.com posts Q3 above the Street, guides Q4 above estimates, initiates $150M share repurchase program. See (Nasdaq:SOHU).
Small Cap Losers:
• Natures Sunshine Products Inc. is down 36%, gapping lower, but on light volume. See (Nasdaq:NATR).
• Timken sinks 30% on no fresh news. See (NYSE:TKR).
• Bolt Technology skids 28% on no fresh news. See (Nasdaq:BOLT)
• Seanergy Maritime Corp. is off about 27%, also on a light volume opening slide. See (Nasdaq:SHIP).
• Ariba slides 20% despite an upgrade by Cowen and actions to streamline its sourcing and contract management processes. (Nasdaq:ARBA).
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