Russell closes in the green; LFG, FSYS and INT lead gainers

SCI Microbloggers | Nov 07, 2008 4:41pm EST | Comment

Rating: Unrated [rate it]

The Russell 2000 (NYSE:IWM) pushed higher Friday, shrugging off dreadful data on the nation’s employment picture as investors focused on finding bargains amid oversold conditions. Today’s small-cap gainers are Landamerica Financial (NYSE:LFG), Fuel Systems Solutions (Nasdaq:FSYS) and World Fuel Services (NYSE:INT).

Other Market Watch highlights today included:

• The Russell closed up 2.01% and is now down 34% for the year. Meanwhile, the Dow is off 33% in 2008 and the S&P 500 is down 37%.
• The monthly employment report showed a decline in non-farm payrolls of 240,000, above the original forecast for a loss of 180,000.
• The unemployment rate jumped to a five-year high of 6.5%, which was way above the forecast for a rise to 6.3%.
• The AMEX Pharmaceutical Index rose 4.1%, the tech-laden Nasdaq 100 was up 2.3% and the Energy Select Sector SPDR Fund was up 3.3%.
• Crude oil prices tumbled to a 19-month low ahead of today’s session, but managed a very modest bounce into the weekend.
• Agriculture product companies, aluminum and coal stocks also were solid performers today, while financials lagged the overall move.
• Homebuilders, industrial REITS, wireless telecoms and diversified banks were among the worst performers today.

Small Cap Gainers:

• Landamerica Financial Group Inc. (NYSE:LFG) which jumped 85% on news that the firm would be purchased.
• Fuel Systems Solutions Inc. (Nasdaq:FSYS) rode out the volatile wave in energy markets to a strong third-quarter result and the market embraced their numbers with a 41% rally.
• World Fuel Services Corp. (NYSE:INT) rallied 27%, gapping higher as the marine, aviation and land fuel product merchant also managed to post impressive earnings figures.

Small Cap Losers:

• Genworth (NYSE:GNW) plunged 43% on quarterly loss, dividend cut; may need more capital.
• RHI Entertainment Inc. (Nasdaq:RHIE) slumped 30% as the made-for-television entertainment company released earnings results.
• Macquarie Infrastructure (NYSE:MIC) turns to profit in Q3, cuts dividend; shares closed down 23%.