Russell dives at closing; ATAI, ARYX and IPSU lead gainers

SCI Microbloggers | Nov 12, 2008 4:40pm EST | Comment

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Looks like we’re back in the slump we saw pervade October trading. Small caps plummeted 6.12% today and are now down 41% for the year. Today’s small-cap gainers are ATA Inc. (Nasdaq:ATAI), ARYx Therapeutics (Nasdaq:ARYX) and Imperial Sugar (Nasdaq:IPSU).

Other Market Watch highlights today included:

• Anything currently linked to Russia is trouble; the Russian Stock Exchange closed for two days to stem massive selling in Russian equities.
• For 2008, the Russell is now down 41%, while the Dow is off 38% and the S&P 500 is down 42%.
• Including action since mid-September, this was the eighth session sporting a loss of 5% or more.
• Energy and other commodity values remain a bearish element for many stocks right now.
• Crude oil prices in the U.S. tumbled $3.17 a barrel to $56.16, the lowest closing price since January 2007.
• Copper and aluminum prices slumped to three-year lows in overseas trading (although copper did close slightly higher in U.S. trading).
• Energy shares were a drag on the market, with the Energy SPDR Fund off 8.1%.

Small Cap Gainers:

• ATA Inc. rallied 19% as the Chinese computer testing firm reported earnings. See (Nasdaq:ATAI).
• ARYx Therapeutics swings to profit in Q3; shares up a whopping 47%. See (Nasdaq:ARYX).
• Imperial Sugar Co. jumped nearly 15% as the sugar processing firm extended a recent upside push from the October lows. See (Nasdaq:IPSU).
• Embattled Dow component General Motors Corp. was up 5.4% on talk that legislators are warming up to ideas to help provide financial assistance to U.S. automakers. See (NYSE:GM).

Small Cap Losers:

• American Apparel Inc. tumbled 35% as the company responded to a lawsuit filed by a former employee. See (AMEX:APP).
• Gaylord Entertainment Co. slumped 38% as the hotel and resort operator (including the famed Grand Ole Opry) also fresh 52-week lows. See (NYSE:GET).
• Wimm-Bill-Dann Foods OJSC, Russia’s largest dairy company, tumbled 31% on news that ratings agency Moody’s downgraded the firm’s debt. See (NYSE:WBD).
• Live Nation Inc. fell 26%, snapping important support from the recent bottom while joining the cavalcade of stocks setting new 52-week lows amid analyst downgrades. See (NYSE:LYV).