Russell 2000 closes up 9.26%; NGLS, GTXI, APWR lead gainers

SCI Microbloggers | Oct 13, 2008 4:55pm EDT | Comment

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Small-cap stocks remained in rally mode today, starting out the week with a bang after staging a remarkable 11.5% rally off the lows late Friday afternoon. Investors rushed in to snap up bargains, buoyed by hope that another round of global rescue measures would fortify recent lows as the recession bottom. The Russell 2000 closed up 9.26%, generating the largest one-day advance of the year. Small-cap gainers today included Targa Resources Partners (Nasdaq:NGLS), GTx (Nasdaq:GTXI) and A-Power Energy (Nasdaq:APWR). Other Market Watch highlights today included:

• For the year, the Russell is now down 25.4%, while the Dow is off 29.2% and the S&P 500 is down 31.6%. Amazingly, the Russell is now up more than 20% from the low.
• The poorest performers were real estate investment trusts, homebuilders and regional banks.
• Crude oil prices are up nearly $4 a barrel, gaining a lift from the rally in equity markets around the world.
• Among commodity stocks, oil and gas storage stocks were strong performers, along with metal and mining shares, fertilizer stocks and steel and aluminum firms.
• Much of the hope for a bottom is tied to a thaw in lending practices and the credit market is closed today for the Columbus Day holiday.

Small Cap Gainers:

• Targa Resources Partners (Nasdaq:NGLS) shares spiked 30% after the natural gas company said it will buy back $50 million in shares.
• Shares of GTx (Nasdaq:GTXI) soar 30% after the biopharma firm says phase II clinical trial for cancer induced muscle loss succeeded.
• Tesoro (NYSE:TSO) issues third-quarter earnings guidance above the Street. Shares surge 22%.
• A-Power Energy (Nasdaq:APWR) jumps 24% on reaffirmed third-quarter earnings guidance Friday night.

Small Cap Losers:

• NGP Capital Resources Co. (Nasdaq:NGPC) careens 25% on no fresh news.
• Internet media company Internet Brands (Nasdaq:INET) continues to cede ground. Shares off 14% late morning.
• Peapack-Gladstone Financial (NYSE:PGC) continues skid on no fresh news and despite a wide-spread market rally. Shares down 17% late morning.
• Coeur d'Alene Mines (NYSE:CDE) slips 8% on expectations for lower revenue and a net loss in the third quarter due to lower silver prices.