Small caps eke out a gain; CVI, SB and ABR lead gainers

SCI Microbloggers | Nov 03, 2008 5:11pm EST | Comment

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Selling interest today was offset by optimism over steady declines for inter-bank lending rates and ideas the bad news on the economy has already been priced into the stock market. The Russell 2000 (NYSE:IWM) closed up 0.18%, posting a fifth-consecutive higher close, something that hasn’t happened since April. Today’s small-cap gainers are CVR Energy (NYSE:CVI), Arbor Realty Trust (NYSE:ABR) and Safe Bulkers (NYSE:SB).

Other Market Watch highlights today included:

• The ISM Manufacturing Survey came in at 38.9%, which was below the forecast of 42% and marked the lowest manufacturing activity index in 26 years.
• For the year, the Russell is now down 30%, while the Dow is off 30% and the S&P 500 is down 34%.
• Today's trading was easily the calmest session seen since the collapse began back in mid-September.
• Airlines appeared to get a lift from another pullback in crude oil prices, which were down $3.90 a barrel, or about 5.7%.
• The AMEX Airline Index rose 5.6% to the highest point since Sep. 22 and is now up 85% since the Oct. 10 low.
• Wireless telecoms were the top performers, followed by tire and rubber stocks, multiline insurers, life health insurers, glass and metal container stocks, gold and aluminum.
• Casinos were out of favor so far today after posting solid gains late last week. Oil exploration and oil production stocks were also down, as were department stores, home improvement retail, automotive retail and oil and gas storage stocks.

Small Cap Gainers:

• Marine drybulk transportation services company Safe Bulkers is climbed above 21% ahead of Q3 earnings release after today's close. See (NYSE:SB).
• Arbor Realty Trust Inc. closed up 25%, climbing above the 20-day moving average for the first time in a month. See (NYSE:ABR).
• Advanced Medical Optics Inc. surged 21% following solid earnings news from Friday. See (NYSE:EYE).
• CVR Energy Inc. closed up 28%, extending a big rally that started Friday. It's set to release earnings Thursday. See (NYSE:CVI).

Small Cap Losers:

• Lydall, Inc. closed down 19% on lower Q4 results due to the weak automotive market. See (NYSE:LDL).
• AtriCure Inc. tumbled 39% on news that the firm is under investigation by the Department of Justice for potential false claims on the company’s surgical devices. See (Nasdaq:ATRC).
• Ness Technologies profit rises 121%; shares close down 19% today. See (Nasdaq:NSTC).