Russell closes on a bad note; IOC, ICTG, SYNA lead gainers
Small-cap stocks got hammered today as worries about the economy amid rising unemployment and fresh profit warnings in the technology sector sparked a wave of selling. Some of today’s small-cap gainers are InterOil (NYSE:IOC), ICT Group (Nasdaq: ICTG) and Synaptics Inc. (Nasdaq:SYNA).
Other Market Watch highlights today included:
• Decliners are leading advancers five to one on the Russell 2000.
• President-elect Obama this morning said his stimulus plan will likely be at the high end of expectations, which helped pull stocks off the lows.
• Intel issued a warning about revenue, which sent chills through the tech sector and kept concerns about the recession on the front burner.
• Before the opening, the ADP National Employment Survey reported that 693,000 private sector jobs were lost in December, a record high for the survey which started in 2001.
Small Cap Gainers:
• InterOil said it commenced drilling into the Antelope reservoir, following the confirmation of gas and condensate at the top of the reef announced on Dec. 31. Shares are 15.7% higher at $17.45. (See NYSE:IOC)
• Customer management outsourcing firm ICT Group is up 12.7% at $6.64 after Tuesday's announcement of a "refocusing" of its resources. (See Nasdaq:ICTG)
• Synaptics Inc. is up 7.3% to $20.38 after news this morning of an upgrade by Lazard Capital. (See Nasdaq:SYNA)
• Avocada company Calavo Growers, Inc. is up 6.6% to $12.51 after reporting record 4Q and FY2008 results before the opening. (See Nasdaq:CVGW)
Small Cap Losers:
• Shoe, accessory and apparel maker Steven Madden Ltd. is down 12.5% to $19.95 after a downgrade by CL King. (See Nasdaq:SHOO)
• The Knot, Inc., a lifestage media company that provides multiplatform media services to the wedding and newlywed markets in the U.S., is down 14% to $7.75. (See Nasdaq:KNOT)
• Payday lending companies EZCorp and First Cash Financial Services are down by double-digit percentages amid expectations the incoming administaration will tighten regulations on the industry. (See Nasdaq:EZPW, Nasdaq:FCFS)
Other Market Watch highlights today included:
• Decliners are leading advancers five to one on the Russell 2000.
• President-elect Obama this morning said his stimulus plan will likely be at the high end of expectations, which helped pull stocks off the lows.
• Intel issued a warning about revenue, which sent chills through the tech sector and kept concerns about the recession on the front burner.
• Before the opening, the ADP National Employment Survey reported that 693,000 private sector jobs were lost in December, a record high for the survey which started in 2001.
Small Cap Gainers:
• InterOil said it commenced drilling into the Antelope reservoir, following the confirmation of gas and condensate at the top of the reef announced on Dec. 31. Shares are 15.7% higher at $17.45. (See NYSE:IOC)
• Customer management outsourcing firm ICT Group is up 12.7% at $6.64 after Tuesday's announcement of a "refocusing" of its resources. (See Nasdaq:ICTG)
• Synaptics Inc. is up 7.3% to $20.38 after news this morning of an upgrade by Lazard Capital. (See Nasdaq:SYNA)
• Avocada company Calavo Growers, Inc. is up 6.6% to $12.51 after reporting record 4Q and FY2008 results before the opening. (See Nasdaq:CVGW)
Small Cap Losers:
• Shoe, accessory and apparel maker Steven Madden Ltd. is down 12.5% to $19.95 after a downgrade by CL King. (See Nasdaq:SHOO)
• The Knot, Inc., a lifestage media company that provides multiplatform media services to the wedding and newlywed markets in the U.S., is down 14% to $7.75. (See Nasdaq:KNOT)
• Payday lending companies EZCorp and First Cash Financial Services are down by double-digit percentages amid expectations the incoming administaration will tighten regulations on the industry. (See Nasdaq:EZPW, Nasdaq:FCFS)
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