Small-cap stocks push higher; THRX, TARG, and GM lead gainers
Small-cap stocks pushed higher into mid-session, supported by gains in airlines, retailers and energy stocks. Small-caps were firm relative to large-cap stocks which were pulled down by big financials and tech companies. Today's biggest small-cap gainers are Theravance Inc. (Nasdaq:THRX), Targanta Therapeutics Corp. (Nasdaq:TARG) and General Motors (NYSE:GM).
Other Market Watch highlights included:
• The U.S. dollar was down more than 1% against the euro, which also helped the tone in commodity stocks.
• Crude oil prices pulled higher amid talk of OPEC cuts and the hijacking of a big Saudi oil freighter.
• Financial shares continue to be a drag on large-cap indices, with the Financial SPDR Fund off about 2%.
• The market was sharply divided today, with strong gains seen for several sectors, but big losses offsetting in other sectors, which had cumulative effect of keeping index movement relatively stable.
Small Cap Gainers:
• Theravance Inc. climbed 15% as the company said that a skin infection drug showed capability to fight deadly bacteria See (Nasdaq:THRX).
• Targanta Therapeutics Corp. jumped 34% on news that an FDA committee will review the firm’s new application for skin infections. See (Nasdaq:TARG).
• General Motors Corp. is up about 11% as the automaker continues to benefit from expectations that the U.S. government will extend a helping hand to carmakers. See (NYSE:GM).
• First stores open at Developers Diversified Realty's Homestead Pavilion late last week; shares up 8% today. See (NYSE:DDR).
Small Cap Losers:
• Central European Media Enterprises Ltd. slumped 21%, tumbling to fresh 52-week lows following analyst downgrades last week. See (Nasdaq:CETV).
• Horizon Lines down nearly 10% following last week's news that the company would cut fuel surcharges by 5.5%. See (NYSE:HRZ).
• Allied Capital Corporation down 12% today after analysts said last week that the company faces liquidity issues. See (NYSE:ALD).
• Live Nation Inc. treads 16.4% lower today as recession fears continue to hurt the ticket industry. See (NYSE:LYV).
Other Market Watch highlights included:
• The U.S. dollar was down more than 1% against the euro, which also helped the tone in commodity stocks.
• Crude oil prices pulled higher amid talk of OPEC cuts and the hijacking of a big Saudi oil freighter.
• Financial shares continue to be a drag on large-cap indices, with the Financial SPDR Fund off about 2%.
• The market was sharply divided today, with strong gains seen for several sectors, but big losses offsetting in other sectors, which had cumulative effect of keeping index movement relatively stable.
Small Cap Gainers:
• Theravance Inc. climbed 15% as the company said that a skin infection drug showed capability to fight deadly bacteria See (Nasdaq:THRX).
• Targanta Therapeutics Corp. jumped 34% on news that an FDA committee will review the firm’s new application for skin infections. See (Nasdaq:TARG).
• General Motors Corp. is up about 11% as the automaker continues to benefit from expectations that the U.S. government will extend a helping hand to carmakers. See (NYSE:GM).
• First stores open at Developers Diversified Realty's Homestead Pavilion late last week; shares up 8% today. See (NYSE:DDR).
Small Cap Losers:
• Central European Media Enterprises Ltd. slumped 21%, tumbling to fresh 52-week lows following analyst downgrades last week. See (Nasdaq:CETV).
• Horizon Lines down nearly 10% following last week's news that the company would cut fuel surcharges by 5.5%. See (NYSE:HRZ).
• Allied Capital Corporation down 12% today after analysts said last week that the company faces liquidity issues. See (NYSE:ALD).
• Live Nation Inc. treads 16.4% lower today as recession fears continue to hurt the ticket industry. See (NYSE:LYV).
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