Russell remains in the red; GYMB, KLAC, and DBRN lead gainers
Small-cap stocks remained lower into midday trading, but were also well off the morning lows as oversold conditions, erratic bargain-hunting, firm tech and retail stocks helped limit some of the gloom surrounding the latest economic news. The market continued to fret about the fate of domestic automakers, and continued to suffer money flow exit into safe-haven docks. Some of today’s small-cap gainers are Gymboree Corp. (Nasdaq:GYMB), KLA-Tencor Corp (Nasdaq:KLAC) and Dress Barn (Nasdaq:DBRN).
Other Market Watch highlights today included:
• The Energy Select Sector SPDR Fund was off 6.7% at mid-session.
• Crude oil prices tumbled below $50 a barrel, reaching the lowest point since May 2005 and energy stocks were taking a beating today.
• The market continues to fret about the fate of domestic automakers, and continued to suffer money flow exit into safe-haven docks.
• The chart structure for small caps is awful right now, with the Russell 2000 in freefall mode through support points that date back more than five years.
Small Cap Gainers:
• Gymboree Corp. is up 25% in afternoon trading as the children’s retailer beat the earnings forecast. See (Nasdaq:GYMB).
• Analysts' projections of KLA-Tencor Corp. remain unaffected after the semiconductor company announced it would cut 15% of its workforce. Shares up 10.3%. See (Nasdaq:KLAC).
• Dress Barn up about 10% on an increase in Q1 net earnings. See (Nasdaq:DBRN).
• True Religion Apparel up nearly 6% today following a surge in Q3 profits reported earlier this month. See (Nasdaq:TRLG).
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).
• REITs continue to bleed red in the weathered economy and ProLogis is no exception. Shares of the REIT are down over 22%. See (NYSE:PLD).
• Suntech Power Holdings cuts forecast, shares fall to all-time low of $5.33. See (NYSE:STP).
Other Market Watch highlights today included:
• The Energy Select Sector SPDR Fund was off 6.7% at mid-session.
• Crude oil prices tumbled below $50 a barrel, reaching the lowest point since May 2005 and energy stocks were taking a beating today.
• The market continues to fret about the fate of domestic automakers, and continued to suffer money flow exit into safe-haven docks.
• The chart structure for small caps is awful right now, with the Russell 2000 in freefall mode through support points that date back more than five years.
Small Cap Gainers:
• Gymboree Corp. is up 25% in afternoon trading as the children’s retailer beat the earnings forecast. See (Nasdaq:GYMB).
• Analysts' projections of KLA-Tencor Corp. remain unaffected after the semiconductor company announced it would cut 15% of its workforce. Shares up 10.3%. See (Nasdaq:KLAC).
• Dress Barn up about 10% on an increase in Q1 net earnings. See (Nasdaq:DBRN).
• True Religion Apparel up nearly 6% today following a surge in Q3 profits reported earlier this month. See (Nasdaq:TRLG).
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).
• REITs continue to bleed red in the weathered economy and ProLogis is no exception. Shares of the REIT are down over 22%. See (NYSE:PLD).
• Suntech Power Holdings cuts forecast, shares fall to all-time low of $5.33. See (NYSE:STP).
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