Small-cap stocks extend the morning slide; LL, GCA, and AEL lead gainers
Small-cap stocks extended the morning slide into midday trading, as pressure from a weak economy continues to take a toll on commodity, retail and financial stocks, overshadowing even aggressive rate cuts out of Europe overnight. Today’s small-cap gainers are Lumber Liquidators' (NYSE:LL), Global Cash Access (NYSE:GCA) and American Equity's (NYSE:AEL).
Other Market Watch highlights today included:
• Thomson-Reuters October same-store sales index was off 0.7%, and they pegged today’s retail returns as the worst monthly results in a decade.
• Energy exporters that depend on demand from big consumers were taking a beating, with the Energy Select Sector SPDR Fund down 5.5%.
• The IMF said that developed economies were on track for a full-year contraction for the first time since World War II.
• The malaise continued to bruise commodity markets, with crude oil prices tumbling toward $60 a barrel, or the lowest prices since March.
• The Russell 2000 is down 2% in midday trading.
Small Cap Gainers:
• Lumber Liquidators' income up 48% in Q3; shares soar 18%. See (NYSE:LL).
• Global Cash Access Holdings reports successful Q3 results; shares climb 25%. See (NYSE:GCA).
• American Equity's Q3 2008 operating income increases 41%; shares pop over 33%. See (NYSE:AEL).
• Global Crossing Ltd. rallied 19% as the IP solutions provider also got an earnings-related lift. See (Nasdaq:GLBC).
• Simcere Pharmaceutical Group reports rise in Q3 profit, reaffirms FY08guidance. Shares up 18%. See (NYSE:SCR).
Small Cap Losers:
• LandAmerica dives 33% on delayed third-quarter earnings. See (NYSE:LFG).
• Georgia Gulf Corporation slips to loss in Q3; shares down 28%. See (NYSE:GGC).
• SRA International down 26% on Cowen & Co. downgrade. See (NYSE:SRX).
• Playboy Enterprises sees sharp ad sales drop, shares tumble 22%. See (NYSE:PLA).
Other Market Watch highlights today included:
• Thomson-Reuters October same-store sales index was off 0.7%, and they pegged today’s retail returns as the worst monthly results in a decade.
• Energy exporters that depend on demand from big consumers were taking a beating, with the Energy Select Sector SPDR Fund down 5.5%.
• The IMF said that developed economies were on track for a full-year contraction for the first time since World War II.
• The malaise continued to bruise commodity markets, with crude oil prices tumbling toward $60 a barrel, or the lowest prices since March.
• The Russell 2000 is down 2% in midday trading.
Small Cap Gainers:
• Lumber Liquidators' income up 48% in Q3; shares soar 18%. See (NYSE:LL).
• Global Cash Access Holdings reports successful Q3 results; shares climb 25%. See (NYSE:GCA).
• American Equity's Q3 2008 operating income increases 41%; shares pop over 33%. See (NYSE:AEL).
• Global Crossing Ltd. rallied 19% as the IP solutions provider also got an earnings-related lift. See (Nasdaq:GLBC).
• Simcere Pharmaceutical Group reports rise in Q3 profit, reaffirms FY08guidance. Shares up 18%. See (NYSE:SCR).
Small Cap Losers:
• LandAmerica dives 33% on delayed third-quarter earnings. See (NYSE:LFG).
• Georgia Gulf Corporation slips to loss in Q3; shares down 28%. See (NYSE:GGC).
• SRA International down 26% on Cowen & Co. downgrade. See (NYSE:SRX).
• Playboy Enterprises sees sharp ad sales drop, shares tumble 22%. See (NYSE:PLA).
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