Small-cap stocks rally in midday trading; DPTR, LCC, and CEA lead gainers
Small-cap stocks staged an impressive rally into midday trading, bolstered by signs of thawing in the credit market freeze, month-end bargain hunting and a renewed appetite for riskier market bets amid hope that the October collapse in equities has already priced in the worst of the economic news. Today’s small-cap gainers are Delta Petroleum (Nasdaq:DPTR), US Airways Group Inc. (NYSE:LCC) and China Eastern Airlines Corp. Ltd. (NYSE:CEA).
Other Market Watch highlights today included:
• On the radar screen for this afternoon’s trading is an appearance by Federal Reserve Chairman Ben Bernanke, who will talk about the mortgage market and the economy.
• Looking ahead to next week, the market will get a douse of several key economic indicators, including the big employment report a week from today.
• Today's reports on personal income, the employment cost index and consumer sentiment were rather tame and clearly overshadowed by enthusiasm that October is coming to an end.
• Inter-bank lending rates have tumbled to the 3% zone, down some 14 consecutive trading sessions, and well off the peak above 5% at the beginning of October.
• The top-performing sector so far today has been casinos, followed up by homebuilders, semiconductor equipment, airlines, insurance brokers, construction materials and wireless telecoms.
Small Cap Gainers:
• Delta Petroleum up 10% on Kerkorian Plan to increase holdings. See (Nasdaq:DPTR).
• US Airways Group Inc. is rallying 11% and hit the highest price since March. See (NYSE:LCC).
• China Eastern Airlines Corp. Ltd. gapped higher and soared 27%. See (NYSE:CEA).
• United Stationers Q3 profit rises on higher sales, one-time gains. Shares are treading 17% higher. See (Nasdaq:USTR).
Small Cap Losers:
• Protective Life Corp. down 20% on higher-than-average volume. See (NYSE:PL).
• CommScope Q3 profit rises; sees Q4 revenue below consensus; cuts FY08 revenue outlook. Shares are slumping 26%. See (NYSE:CTV).
• Flagstar Bancorp clocks a loss in 2008 Q3 results; shares dive 26%. See (NYSE:FBC).
• Sunrise Senior Living announces transaction has been terminated. Shares are down 34%. See (NYSE:SRZ).
Other Market Watch highlights today included:
• On the radar screen for this afternoon’s trading is an appearance by Federal Reserve Chairman Ben Bernanke, who will talk about the mortgage market and the economy.
• Looking ahead to next week, the market will get a douse of several key economic indicators, including the big employment report a week from today.
• Today's reports on personal income, the employment cost index and consumer sentiment were rather tame and clearly overshadowed by enthusiasm that October is coming to an end.
• Inter-bank lending rates have tumbled to the 3% zone, down some 14 consecutive trading sessions, and well off the peak above 5% at the beginning of October.
• The top-performing sector so far today has been casinos, followed up by homebuilders, semiconductor equipment, airlines, insurance brokers, construction materials and wireless telecoms.
Small Cap Gainers:
• Delta Petroleum up 10% on Kerkorian Plan to increase holdings. See (Nasdaq:DPTR).
• US Airways Group Inc. is rallying 11% and hit the highest price since March. See (NYSE:LCC).
• China Eastern Airlines Corp. Ltd. gapped higher and soared 27%. See (NYSE:CEA).
• United Stationers Q3 profit rises on higher sales, one-time gains. Shares are treading 17% higher. See (Nasdaq:USTR).
Small Cap Losers:
• Protective Life Corp. down 20% on higher-than-average volume. See (NYSE:PL).
• CommScope Q3 profit rises; sees Q4 revenue below consensus; cuts FY08 revenue outlook. Shares are slumping 26%. See (NYSE:CTV).
• Flagstar Bancorp clocks a loss in 2008 Q3 results; shares dive 26%. See (NYSE:FBC).
• Sunrise Senior Living announces transaction has been terminated. Shares are down 34%. See (NYSE:SRZ).
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