Small caps see worst day of 2008; MNT, PGI and TLVT lead gainers

SCI Microbloggers | Dec 01, 2008 4:46pm EST | Comment

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The Russell 2000 (NYSE:IWM) closed down 11.85% today, snapping a string of five consecutive winning sessions with the worst daily loss of the year. Some of today’s small-cap gainers are Mentor Corp. (NYSE:MNT), Premiere Global Services (NYSE:PGI) and Telvent (Nasdaq:TLVT).

Other Market Watch highlights today included:

• The Russell is now down 46% for 2008, while the Dow is down 39% and the S&P 500 is down 44%.
• Credit market safe havens were the preferred outlet of choice today, as investors fled stocks and sought refuge in Treasuries.
• The market got off on the wrong foot today when manufacturing data out of China reflected a big drop in new orders.
• The ISM Manufacturing Survey came in at 36.2, which was below the 38 forecast, and which was also the lowest reading in 26 years.
• Sub-index data on prices paid was the lowest in 59 years and the new orders sub-index was the lowest since 1980.
• Energy, commodity stocks were major decliners today. Crude prices plunged 9.4% to $49.28/barrel, pulling down energy shares in the wash.
• Industrial, precious metals took a beating, platinum was down 7%, palladium down nearly 10%, silver off more than 8% and gold down some 5%.

Small Cap Gainers:

• The biggest mover today was Mentor Corp. (NYSE:MNT), as the maker of breast implants shot some 90% higher on news that the firm would be purchased by Johnson & Johnson (NYSE:JNJ) for $31 a share.
• Premiere Global Services Inc. (NYSE:PGI) rallied 29% as the on-demand communication technology firm benefited from analyst upgrades.
• Telvent (Nasdaq:TLVT) closed up over 12% today following news last week that KKR is reportedly planning to bid for the company.

Small Cap Losers:

• Liz Claiborne Inc. (NYSE:LIZ) tumbled 27%, powered not only by the shopping worries, but by news that LIZ would be dropped out of the S&P 500 because of a rapid erosion in market cap in recent weeks.
• Gulf Island Fabrication Inc. (Nasdaq:GIFI) which lost 26% as the offshore drilling platform specialist got caught in the energy undertow.
• Textainer Group Holdings Ltd. (NYSE:TGH) was off 27% as the world’s largest lessor of intermodal containers collapsed off a nice rally from last week.