Russell continues morning slide; FCE.B, GW and OFIX lead gainers
Small-cap stocks reversed course, putting a brief but sharp morning slide on awful economic data in the rear-view mirror as investors gobbled up homebuilding, retail and financial shares and set aside any economic worries stirred by sobering private employment and services sector activity reports. Some of today’s small-cap gainers are Forest City Enterprises Inc. (Nasdaq:FCE.B), Grey Wolf Inc (NYSE:GW) and Orthofix Intl. (Nasdaq:OFIX).
Other Market Watch highlights today included:
• Crude oil prices stabilized after weekly inventory reports showed a decline in crude oil stockpiles and a drop in refined products.
• Obama: Automakers appear to be formulating “more serious” business models to help justify a government bailout of the ailing sector.
• The ISE Homebuilders Index jumped 10% and small-cap homebuilders were among the best performers in the group.
• The ability to rally after a bad reading on the ADP Employment Survey ahead of Friday’s big monthly employment report was a positive sign.
Small Cap Gainers:
• Forest City Enterprises Inc. jumped 26% as the commercial property firm benefited from the bounce in homebuilder and REITS. See (Nasdaq:FCE.B).
• Grey Wolf Inc. rose 23% as the oil and gas driller announced a merger deal with Precision Drilling Trust. See (NYSE:GW).
• Orthofix Intl. climbed 21% on news that a large owner in the firm is pushing for it to call a special shareholder meeting and sell a medical business unit, reduce corporate overhead. See (Nasdaq:OFIX).
• Other small-cap homebuilders rallying today were Lennar Corp., which was up 8%, and KB Home, which soared 16%. See (NYSE:LEN) and (NYSE:KBH).
Small Cap Losers:
• Infineon Technologies sees a widened Q4 loss; shares careen 38%. See (NYSE:IFX).
• IIVI Inc. was off 15% as the electronics and telecommunications manufacturing company revised guidance downward. See (Nasdaq:IIVI).
• Alpha Natural Resources Inc. fell 14% as the coal miner revised guidance. See (NYSE:ANR).
• Bucyrus sinks 7.4% in pre-market after completing its purchase of Czech firm, OKD Bastro. See (Nasdaq:BUCY).
Other Market Watch highlights today included:
• Crude oil prices stabilized after weekly inventory reports showed a decline in crude oil stockpiles and a drop in refined products.
• Obama: Automakers appear to be formulating “more serious” business models to help justify a government bailout of the ailing sector.
• The ISE Homebuilders Index jumped 10% and small-cap homebuilders were among the best performers in the group.
• The ability to rally after a bad reading on the ADP Employment Survey ahead of Friday’s big monthly employment report was a positive sign.
Small Cap Gainers:
• Forest City Enterprises Inc. jumped 26% as the commercial property firm benefited from the bounce in homebuilder and REITS. See (Nasdaq:FCE.B).
• Grey Wolf Inc. rose 23% as the oil and gas driller announced a merger deal with Precision Drilling Trust. See (NYSE:GW).
• Orthofix Intl. climbed 21% on news that a large owner in the firm is pushing for it to call a special shareholder meeting and sell a medical business unit, reduce corporate overhead. See (Nasdaq:OFIX).
• Other small-cap homebuilders rallying today were Lennar Corp., which was up 8%, and KB Home, which soared 16%. See (NYSE:LEN) and (NYSE:KBH).
Small Cap Losers:
• Infineon Technologies sees a widened Q4 loss; shares careen 38%. See (NYSE:IFX).
• IIVI Inc. was off 15% as the electronics and telecommunications manufacturing company revised guidance downward. See (Nasdaq:IIVI).
• Alpha Natural Resources Inc. fell 14% as the coal miner revised guidance. See (NYSE:ANR).
• Bucyrus sinks 7.4% in pre-market after completing its purchase of Czech firm, OKD Bastro. See (Nasdaq:BUCY).
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