Russell slumps lower; LINE and NWPX lead gainers

Small-cap stocks edged lower, pressured by ongoing worries about sluggish economic conditions, slumping corporate profits and soft holiday retail sales. Losses were limited by a firm tone in the commodities arena, which helped support overseas markets in overnight trading. Today's small-cap percentage gainers are Linn Energy LLC (Nasdaq:LINE) and Northwest Pipe Co. (Nasdaq:NWPX).

Other Market Watch highlights included:

• Looking at the short-term picture for today, resistance comes in at 481, then at 491. On the downside, support is at 464, then down at 452.50.
• On the charts, the Russell 2000 will need a breakout through 491 on the upside or 416 on the downside to suggest a dramatic new move is on tap.  
• Gold prices were on a roll, climbing to 11-week highs in European action, which could provide a lift to gold stocks and mining shares if the trend remains in play.  
• Losses were limited by a firm tone in the commodities arena, which helped support overseas markets in overnight trading.

Small Cap Gainers:

• Linn Energy LLC gapped higher and was showing a gain of 19% after a bullish article in Barron’s. See (Nasdaq:LINE).
• Northwest Pipe Co., which makes welded steel pipes, was up 13.2% to $37.65. See (Nasdaq:NWPX).  

Small Cap Losers:

• Comverge, Inc., which makes equipment for improving electric capacity, is down 16.7% to $5.00. See (Nasdaq:COMV).  
• Jones Apparel Group Inc. down 12.7% after late Friday report that it cut back its revolving credit facilities. See (NYSE:JNY). 

For access to the full article, you must be a registered member - it's FREE.

Already a member? Please log in below