Russell navigates choppy trading; MELA, PROJ and BBND

The Russell 2000 (NYSE:IWM) navigated choppy trading today as investors waited on specifics surrounding the U.S. government’s plan to aid the housing and financial markets. Some of today’s small-cap gainers were Electro-Optical Sciences Inc. (Nasdaq:MELA), Deltek Inc. (NYSE:PROJ) and BigBand Networks (Nasdaq:BBND).

Other Market Watch highlights today included:

• The University of Michigan consumer sentiment survey came in at 56.2, which was well below the forecast of 61.
• Australian lawmakers passed their own stimulus spending program, overcoming some political hurdles that stalled passage earlier this week.
• Crude oil prices rose 11.27%, or $3.83, to $37.81 per barrel, supported by enthusiasm for the anticipated approval of the U.S. stimulus program.
• Gold prices were taking a breather today, but have clearly benefited from safe-haven buying recently. Gold is currently at $942 per ounce.
• Large financial firms Citigroup and JPMorgan Chase answered a call from lawmakers and regulators made on Thursday and temporarily halted foreclosures today until the government’s plan emerges.
• S sudden freefall in Lloyds Banking Group sparked a pullback off pre-market highs in stock index futures and pulled down sentiment into the U.S. stock market open. At one point, Lloyds was approaching 40% losses after saying that they would post a bigger loss than expected.

Small Cap Gainers:

• Electro-Optical Sciences Inc. (Nasdaq:MELA) jumped 80% as the melanoma specialist announced results of a study and said it will file an application for the FDA.
• Software company Deltek Inc. (Nasdaq:PROJ) soared 35% today after reporting a Q4 net income that fell 14%, but excluding charges, beat Wall Street . . .

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