Small-cap stocks in middle territory; ZNH, LVLT, and GM lead gainers

Small-cap stocks opened higher, briefly slipped into negative territory, then climbed back to flat levels in the first 30 minutes of trading. Some pressure was linked to disappointment over the lack of a big stimulus announcement out of the G-20 meeting, a decline in worldwide stocks overnight, and a mild rise in Libor rates. However, a better than expected result on industrial production helped limit the initial damage.  Today's biggest small-cap gainers are China Southern Airlines Co. Ltd. (NYSE:ZNH), Level 3  (Nasdaq:LVLT) and General Motors (NYSE:GM).

Other Market Watch highlights included:

• Energy and commodity stocks have been a big drag on the market in recent weeks, but are oversold.
• Crude oil prices rallied back into positive territory after being down about $1 a barrel earlier this morning.  
• Stock index futures bounced off the lows right before the opening when the industrial production report came in at plus 1.3%.  
• Small caps opened higher, briefly slipped into negative territory, then climbed back to flat levels in the first 30 minutes of trading.  
• The chart retains a bearish slant, is now trading on intraday charts between a double bottom off the recent lows, double top on highs.  

Small Cap Gainers:

• China Southern Airlines Co. Ltd. is up 12% on news that Chinese airlines were asking the government for aid to deal with rising costs and sinking demand. See (NYSE:ZNH).  
• Level 3 plans to raise up to $400M from offering; shares pop 9.2% in pre-market. See (Nasdaq:LVLT).
• General Motors to sell 3% stake in Suzuki for $230 Million, Financial Times Reports. GM Up 6% in pre-market. See (NYSE:GM).
• Vimicro International up 3% in pre-market after reporting Q3 results on Friday. See (Nasdaq:VIMC).  

Small Cap Losers:

• Dryships Inc. treads 2.85% lower in pre-market; shares have dropped about 90% within the last 52 weeks. See (Nasdaq:DRYS).
• United Therapeutics down 30% in pre-market after oral PAH drug fails trial. See (Nasdaq:UTHR).  
• Retalix Ltd. tumbled 28% as the retail software distributor reported earnings. See (Nasdaq:RLTX).  
• A-Power Energy Generation Systems down 12% in pre-market on very light volume. See (Nasdaq:APWR).
• Canadian Solar down nearly 7% in pre-market after Collins Stewart downgraded the solar cell manufacturer to "hold" on Friday. See (Nasdaq:CSIQ).  

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