Stocks tumble at closing; VTIV, GLBC and LL lead gainers

SCI Microbloggers | Nov 06, 2008 4:44pm EST | Comment

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Stocks tumbled yet again today, with the Russell 2000 (NYSE:IWM) closing down 3.65%, losing nearly 10% in the first two days after the U.S. presidential election. Today’s small-cap gainers are inVentive Health (Nasdaq:VTIV), Global Crossing (Nasdaq:GLBC) and Lumber Liquidators (NYSE:LL).

Other Market Watch highlights today included:

• For the year, the Russell is now off 35%, while the Dow is down 34% and the S&P 500 is down 38%.
• Goldman Sachs is predicting that a jolting 300,000 people lost their jobs last month (the consensus forecast is minus 180,000). Goldman also is looking for the unemployment rate to jump to 6.4%, up 0.3% from last month.
• Monthly confidence survey today among corporate CEOs read that 66% of CEOs expect employment to fall in coming months.
• Among S&P sector groups, only homebuilders managed a 1% rise, but there were 10 sectors generating declines greater than 10%.
• Commodities got hammered today, with copper slumping 5%.
• Crude oil fell to 19-month lows yet airline stocks stayed negative; when those two trade in tandem, recession is dominating psychology.
• Energy stocks were a major drag on the market, with the Energy Select Sector SPDR Fund sinking nearly 7%.

Small Cap Gainers:

• inVentive Health Inc. jumped 38% as the provider of commercialization services to pharmaceutical and health care firms reported a jump in third-quarter revenues. See (Nasdaq:VTIV).
• Global Crossing Ltd. rallied 19% as the IP solutions provider also got an earnings-related lift. See (Nasdaq:GLBC).
• Lumber Liquidators' income rose 48% in Q3; shares closed up 18.8%. See (NYSE:LL).
• Simcere Pharmaceutical Group reports rise in Q3 profit, reaffirms FY08 guidance. Shares closed up 18%. See (NYSE:SCR).

Small Cap Losers:

• Syniverse Holdings Inc. slumped 42% as the technology and businesses solutions specialist for telecommunications reported earnings. See (NYSE:SVR).
• Dupont Fabros Technology Inc., a REIT and manager of wholesale data centers, plunged 44% on an earnings slump. See (NYSE:DFT).
• Suntech Power Holdings completes solar photovoltaic installation at Caltech on Wednesday; shares dropped 26.5% today. See (NYSE:STP).
• Shares of Lear Corp. closed down 20% after the automotive supplier recorded a $77.3 million loss in Q3. See (NYSE:LEA).