Russell scales higher in mid-session; BMI, DRCO, and MNLU lead gainers
Small-cap stocks reversed morning losses and climbed into positive territory, sparked by talk that the “mark-to-market” accounting rules might be suspended to provide additional relief to banks and financial institutions to weather the current crisis. In addition, solid action for tech stocks and gains for retailers amid same-store sales reports provided further bullish fodder. Some of today’s small-cap gainers were Badger Meter Inc. (NYSE:BMI), Dynamics Research Corp. (Nasdaq:DRCO) and Mainland Services Inc. (Nasdaq:MNLU).
Other Market Watch highlights today included:
• Even though individual store results were spotty, the S&P Retail Index was up about 2.5% at midday, clearly outpacing the general market.
• Retail stocks provided a surprising source of strength today, despite a bevy of mostly disappointing monthly sales reports.
• Outside of the recovery bounce in financials, the stock market also found support from tech shares.
• The KBW Banking Index rallied about 6% off the early low and briefly traded in positive territory.
Small Cap Gainers:
• Badger Meter Inc. rose 20% as the liquid flow specialist received an earnings-related boost. See (NYSE:BMI).
• Dynamics Research Corp. rallied 21% as the technology management firm updated guidance. See (Nasdaq:DRCO).
• Mainland Services Inc., an oil exploration firm, jumped 37% to the highest point since November. See (Nasdaq:MNLU).
• Kelly Services Inc. jumped 50% on ultra light volume without any apparent fresh news after hitting a new low Wednesday. See (Nasdaq:KELYB).
Small Cap Losers:
• Gartner Inc. fell 22% as the IT firm beat the earnings estimate, but presented a gloomy 2009 outlook. See (NYSE:IT).
• Life Time Fitness Inc. slumped 13% as the operator of workout facilities released preliminary earnings news. See (NYSE:LTM).
• Corporate Executive Board Co. fell 17% as the executive networking firm announced earnings after the close Wednesday. See (Nasdaq:EXBD).
Other Market Watch highlights today included:
• Even though individual store results were spotty, the S&P Retail Index was up about 2.5% at midday, clearly outpacing the general market.
• Retail stocks provided a surprising source of strength today, despite a bevy of mostly disappointing monthly sales reports.
• Outside of the recovery bounce in financials, the stock market also found support from tech shares.
• The KBW Banking Index rallied about 6% off the early low and briefly traded in positive territory.
Small Cap Gainers:
• Badger Meter Inc. rose 20% as the liquid flow specialist received an earnings-related boost. See (NYSE:BMI).
• Dynamics Research Corp. rallied 21% as the technology management firm updated guidance. See (Nasdaq:DRCO).
• Mainland Services Inc., an oil exploration firm, jumped 37% to the highest point since November. See (Nasdaq:MNLU).
• Kelly Services Inc. jumped 50% on ultra light volume without any apparent fresh news after hitting a new low Wednesday. See (Nasdaq:KELYB).
Small Cap Losers:
• Gartner Inc. fell 22% as the IT firm beat the earnings estimate, but presented a gloomy 2009 outlook. See (NYSE:IT).
• Life Time Fitness Inc. slumped 13% as the operator of workout facilities released preliminary earnings news. See (NYSE:LTM).
• Corporate Executive Board Co. fell 17% as the executive networking firm announced earnings after the close Wednesday. See (Nasdaq:EXBD).
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