Small-cap stocks turn lower; AIG, GSI, and SCOP lead gainers
Small-cap stocks turned lower into midday trading, pulled down by worries about the economy, sinking REITS, soft financial stocks and concern that a big stimulus plan announced by China overnight might not be enough to jolt worldwide economic conditions out of the doldrums. Today’s small-cap gainers are AIG (NYSE:AFF), General Steel Holdings Inc. (NYSE:GSI) and Scopus Video Networks (Nasdaq:SCOP).
Other Market Watch highlights today included:
• S&P's: U.S. REITS may face more negative rating actions; struggling capital markets, awful real estate fundamentals also threaten REITS.
• Energy traders continue to be ultra sensitive to declines in equities, fearing a troubled economy will squash demand.
• Coal, agriculture products, aluminum, gold, metals and mining stocks and oil and gas drillers are top performers today.
• The Russell was the first major index product to slip into the red, beating the Dow and S&P 500 into negative territory by about an hour.
Small Cap Gainers:
• U.S. plans more aid for AIG; shares up 62%. See (NYSE:AFF).
• General Steel Holdings Inc. rallied 21% ahead of its earnings release on Friday. See (NYSE:GSI).
• Scopus Video Networks announces record Q3 2008 results; shares flying 15% higher. See (Nasdaq:SCOP).
• Top executives to buy back shares of VisionChina Media; shares up 15% in morning trading. See (Nasdaq:VISN).
• Silver Standard last week turned to profit in Q3; shares up 15% today, rising on a commodities boost seen in the market. See (Nasdaq:SSRI)
Small Cap Losers:
• Southwest Water Company slipped 21% after announcing a delay in filings and a postponement on a conference call. See (Nasdaq:SWWC).
• General Growth Properties down nearly 20% after a myriad of class-action lawsuits were announced against the REIT over the weekend. See (NYSE:GGP).
• Clear Channel Outdoor Holdings Q3 profit declines; shares slump 18%. See (NYSE:CCO).
• Newcastle Investment Corp. clocked a Q3 loss on Friday; shares are 17% lower today. See (NYSE:NCT).
Other Market Watch highlights today included:
• S&P's: U.S. REITS may face more negative rating actions; struggling capital markets, awful real estate fundamentals also threaten REITS.
• Energy traders continue to be ultra sensitive to declines in equities, fearing a troubled economy will squash demand.
• Coal, agriculture products, aluminum, gold, metals and mining stocks and oil and gas drillers are top performers today.
• The Russell was the first major index product to slip into the red, beating the Dow and S&P 500 into negative territory by about an hour.
Small Cap Gainers:
• U.S. plans more aid for AIG; shares up 62%. See (NYSE:AFF).
• General Steel Holdings Inc. rallied 21% ahead of its earnings release on Friday. See (NYSE:GSI).
• Scopus Video Networks announces record Q3 2008 results; shares flying 15% higher. See (Nasdaq:SCOP).
• Top executives to buy back shares of VisionChina Media; shares up 15% in morning trading. See (Nasdaq:VISN).
• Silver Standard last week turned to profit in Q3; shares up 15% today, rising on a commodities boost seen in the market. See (Nasdaq:SSRI)
Small Cap Losers:
• Southwest Water Company slipped 21% after announcing a delay in filings and a postponement on a conference call. See (Nasdaq:SWWC).
• General Growth Properties down nearly 20% after a myriad of class-action lawsuits were announced against the REIT over the weekend. See (NYSE:GGP).
• Clear Channel Outdoor Holdings Q3 profit declines; shares slump 18%. See (NYSE:CCO).
• Newcastle Investment Corp. clocked a Q3 loss on Friday; shares are 17% lower today. See (NYSE:NCT).
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