A green day for the Russell; FCCE, NEWS and SR lead gainers
Optimism for a $25 billion aid package for embattled U.S. carmakers may have played a supportive role in the rally action today, with the Russell 2000 (NYSE:IWM) closing up nearly 6%. Some of today’s small-cap gainers are Future Canada China Environment (OBB:FCCE), Newstar Financial (Nasdaq:NEWS) and Standard Register (NYSE:SR).
Other Market Watch highlights today included:
• Commodity markets stabilized Tuesday morning, which was a big relief after crude oil collapsed 9% Monday.
• Optimism for a $25 billion aid package for embattled U.S. carmakers may have played a supportive role in the action today.
• Financial stocks were among the top performers today, with the Financial Select Sector SPDR Fund up 5%.
• Homebuilder shares were surprisingly stout, with the ISE Homebuilder Index climbing 7.5%.
• Drug stocks, banks, airlines and insurance companies also were strong performers today.
• Crude oil prices fell $2.32 a barrel, or 4.7% to $46.96.
Small Cap Gainers:
• Future Canada China Environment Inc. (OBB:FCCE) jumped 50%, but the move took place on very light volume; this unknown entity has suddenly stormed to $15 a share after debuting in mid-October as a nickel stock.
• NewStar Financial (Nasdaq:NEWS) closed up 24% as small financial firms dominated gainers on Tuesday.
• Standard Register (NYSE:SR) jumped 28% as the document services provider mounted a nice big bounce off Monday’s slide.
Small Cap Losers:
• Sierra Wireless Inc. (Nasdaq:SWIR) tumbled 27% on unusually heavy volume on news that the Canadian provider of mobile modems plans to buy French wireless tech company Wavecom.
• Clearwire Corp. (Nasdaq:CLWRD) tumbled 26% on reports that the firm may slow its high-speed WiMax wireless network progress because of the tight credit market situation.
• Skyworks Solutions Inc. (Nasdaq:SWKS) gapped lower and slumped 16% after the analog semiconductor firm lowered guidance.
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