Russell closes down 2.18%; OPTR, CCO and HPT lead gainers

SCI Microbloggers | Nov 11, 2008 4:49pm EST | Comment

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The Russell 2000 (NYSE:IWM) dove again Tuesday, closing down over 2% and rejecting a brief afternoon bounce into positive territory. Today’s small-cap gainers are Optimer Pharmaceuticals (Nasdaq:OPTR), Clear Channel Outdoor Holdings (NYSE:CCO) and Hospitality Properties Trust (NYSE:HPT).

Other Market Watch highlights today included:

• For the year, small caps are off 37%, while the Dow is down 34% and the S&P 500 is down 39%.
• Energy, insurance, retail, technology and financial stocks were major sources of weakness today.
• Homebuilders, drug stocks, agriculture products and home entertainment software companies lagged the overall market downdraft.
• Russia is the second-largest oil producer in the world and in addition to the commodity woes right now, had to raise interest rates today to fight off capital outflow and inflation.
• Crude oil prices tumbled to 20-month lows, slipping below $59 a barrel as concerns about demand continue to chip away at commodity valuation.
• Data from China overnight showed that import growth was slowing and that inflation was at a 17-month low.
• The slide in physical markets gained momentum as the dollar rallied against the euro, with the greenback up 1.5% as the day progressed.
• The Commodity Research Bureau Index of 19 commodity markets tumbled some 3%, sinking to the lowest point since December 2003.

Small Cap Gainers:

• Optimer Pharmaceuticals Inc. jumped 87% on news that the firm’s antibiotic drug met late-stage trial goals. See (Nasdaq:OPTR).
• Clear Channel Outdoor Holdings closed up 27% despite being downgraded to "market perform." See (NYSE:CCO).
• Hospitality Properties Trust reported solid third-quarter earnings and rose 20%. See (NYSE:HPT).
• Radian Group closed up 13.5% after reporting last week a Q3 profit. See (NYSE:RDN).
• Russ Berrie reports Q3 results; shares popped 16% today. See (NYSE:RUS).

Small Cap Losers:

• Sangamo BioSciences Inc. tumbled 66%, gapping lower on unusually heavy volume as a nerve drug failed a mid-stage trial. See (Nasdaq:SGMO).
• Genworth Financial falls 52% on U.S. commercial paper plan ouster. See (NYSE:GNW).
• Bowne & Co. posts Q3 loss, cuts jobs; shares plummet 40%. See (NYSE:BNE).
• Bidz.com Inc. shed 31% after the online retailer slashed the full-year outlook, a numbing concept into the key holiday shopping season. See (NYSE:BIDZ).