Russell extended in the red; ABK, DRL, and DL lead gainers
Small-cap stocks extended the bear market collapse Thursday, tumbling to the lowest point since May 2003 as a familiar combination of awful economic data and flight-to-quality money flow was accentuated by a rout in energy stocks. The market generated an impressive midday recovery to positive territory on oversold conditions and erratic bargain hunting but failed to sustain the move. Some of today’s small-cap gainers are Ambac (NYSE:ABK), Doral Financial Corp. (NYSE:DRL) and China Distance Learning (NYSE:DL).
Other Market Watch highlights today included:
• The Energy Select Sector SPDR Fund tumbled some 10% today as energy names were a big drag on index products big and small.
• Crude oil prices tumbled some 8% to three-year lows as fears of sinking global demand continues to hammer energy prices.
• The market will get a break from any major economic reports Friday, allowing other factors to compete for investor attention.
• Benchmark 10-year notes saw yields down more than 6%, an astounding move as investors appeared to pour cash into Treasuries.
Small Cap Gainers:
• Ambac commutes $3.5 billion in CDO exposure; shares skyrocket 80%. See (SEE:ABK).
• Doral Financial Corp. is up 34% after narrowing its Q3 losses by 97%. See (NYSE:DRL).
• China Distance Learning sees a decline in net profits but a rise in net revenue. Shares are up over 13%. See (NYSE:DL).
• Aircastle Limited up 12% after kissing a 52-week low of $2.78 this morning, down from a 52-week high of $28.02. See (NYSE:AYR).
Small Cap Losers:
• Media General shares lost as much as 54% of their value on Thursday after Harbinger Capital sold stock in the newspaper publisher. See (NYSE:MEG).
• Arbor Realty Trust hit a new 52-week low of $1.90, down from a 52-week high of $19.20. Shares are currently down 31%. See (NYSE:ABR).
• Helix Energy Solutions Group Inc. closed down 44% as the offshore development company said that production in the wake of Gulf hurricanes was near 50% of pre-storm levels. See (NYSE:HLX).
• Sandridge Energy Inc. tumbled 42% as the natural gas company set record lows for their stock. See (NYSE:SD).
Other Market Watch highlights today included:
• The Energy Select Sector SPDR Fund tumbled some 10% today as energy names were a big drag on index products big and small.
• Crude oil prices tumbled some 8% to three-year lows as fears of sinking global demand continues to hammer energy prices.
• The market will get a break from any major economic reports Friday, allowing other factors to compete for investor attention.
• Benchmark 10-year notes saw yields down more than 6%, an astounding move as investors appeared to pour cash into Treasuries.
Small Cap Gainers:
• Ambac commutes $3.5 billion in CDO exposure; shares skyrocket 80%. See (SEE:ABK).
• Doral Financial Corp. is up 34% after narrowing its Q3 losses by 97%. See (NYSE:DRL).
• China Distance Learning sees a decline in net profits but a rise in net revenue. Shares are up over 13%. See (NYSE:DL).
• Aircastle Limited up 12% after kissing a 52-week low of $2.78 this morning, down from a 52-week high of $28.02. See (NYSE:AYR).
Small Cap Losers:
• Media General shares lost as much as 54% of their value on Thursday after Harbinger Capital sold stock in the newspaper publisher. See (NYSE:MEG).
• Arbor Realty Trust hit a new 52-week low of $1.90, down from a 52-week high of $19.20. Shares are currently down 31%. See (NYSE:ABR).
• Helix Energy Solutions Group Inc. closed down 44% as the offshore development company said that production in the wake of Gulf hurricanes was near 50% of pre-storm levels. See (NYSE:HLX).
• Sandridge Energy Inc. tumbled 42% as the natural gas company set record lows for their stock. See (NYSE:SD).
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