Russell falls hard Friday morning; SYNA, GERN, and FOR lead gainers
Small-cap stocks fell hard on the opening, pulled down by losses in overseas markets, and ongoing worries about corporate profits as we move through the heart of the earnings season. Some of today’s small-cap gainers were Synaptics (Nasdaq:SYNA), Geron's (Nasdaq:GERN) and Forestar Group Inc. (NYSE:FOR).
Other Market Watch highlights today included:
• Commodities in general could be pressured by a strong run in the U.S. dollar, which was up 1% against the euro, climbing toward six-week highs.
• Crude oil prices tumbled some $2 a barrel ahead of the stock market opening, which should weigh on energy stocks.
• Goldman Sachs: Infrastructure spending is weighted heavily in 2010 and 2011; tax breaks seem “unlikely” to have a meaningful impact on investment of employment.
• Stock markets in Europe and Asia were in retreat mode overnight, which only added to the selling bias early on in U.S. trading.
Small Cap Gainers:
• Synaptics fiscal Q2 profit jumps 49%, guides Q3 sales in line with Street. Stock is trading nearly 8% higher in pre-market. See (Nasdaq:SYNA).
• FDA OKs Geron's first-ever stem-cell treatment trials; shares pop 24% in pre-market. See (Nasdaq:GERN).
• Forestar Group Inc. gapped higher and gained 21% on news that the firm received an unsolicited takeover offer for a cash tender of $15 a share. See (NYSE:FOR).
• StemCells, Inc. rises 6% in pre-market on light volume, extending Thursday's dramatic gains. See (Nasdaq:STEM).
Small Cap Losers:
• Microsemi Corp. fell 19% as the semiconductor firm also slumped after announcing quarterly results. See (Nasdaq:MSCC).
• Wyndham Worldwide Corp. tumbled 16% as the hotel operator gapped lower. See (NYSE:WYN).
• Metal Management Ltd. was off 15% as the metal recycling firm updated earnings. See (NYSE:SMS).
• Labranche & Co. Inc. gapped lower as the trading floor specialist took an earnings-related hit. See (NYSE:LAB).
Other Market Watch highlights today included:
• Commodities in general could be pressured by a strong run in the U.S. dollar, which was up 1% against the euro, climbing toward six-week highs.
• Crude oil prices tumbled some $2 a barrel ahead of the stock market opening, which should weigh on energy stocks.
• Goldman Sachs: Infrastructure spending is weighted heavily in 2010 and 2011; tax breaks seem “unlikely” to have a meaningful impact on investment of employment.
• Stock markets in Europe and Asia were in retreat mode overnight, which only added to the selling bias early on in U.S. trading.
Small Cap Gainers:
• Synaptics fiscal Q2 profit jumps 49%, guides Q3 sales in line with Street. Stock is trading nearly 8% higher in pre-market. See (Nasdaq:SYNA).
• FDA OKs Geron's first-ever stem-cell treatment trials; shares pop 24% in pre-market. See (Nasdaq:GERN).
• Forestar Group Inc. gapped higher and gained 21% on news that the firm received an unsolicited takeover offer for a cash tender of $15 a share. See (NYSE:FOR).
• StemCells, Inc. rises 6% in pre-market on light volume, extending Thursday's dramatic gains. See (Nasdaq:STEM).
Small Cap Losers:
• Microsemi Corp. fell 19% as the semiconductor firm also slumped after announcing quarterly results. See (Nasdaq:MSCC).
• Wyndham Worldwide Corp. tumbled 16% as the hotel operator gapped lower. See (NYSE:WYN).
• Metal Management Ltd. was off 15% as the metal recycling firm updated earnings. See (NYSE:SMS).
• Labranche & Co. Inc. gapped lower as the trading floor specialist took an earnings-related hit. See (NYSE:LAB).
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