Small-cap stocks dive down;QI, ARII, and HOC lead gainers
Small-cap stocks took a dive on the opening as the optimism that drove a sterling three-day rally abated amid a backlash from sobering economic data and a fresh batch of downbeat corporate forecasts. However, tech stocks were surprisingly firm today, which helped the overall market bounce off the morning lows. Some of today’s small-cap gainers are Qimonda (NYSE:QI), American Railcar Industries Inc. (Nasdaq:ARII) and Holly Corp. (NYSE:HOC).
Other Market Watch highlights today included:
• Weekly inventory data later this morning could spark a move in energy markets.
• Crude oil prices jumped higher into the stock market open, rising about $1.7 a barrel on hope that the China rate cut would help bolster demand from that key customer.
• The U.S. dollar was up against the euro this morning, rising about 0.8% and was flat against the yen.
• Japan’s massive auto manufacturing firm, Toyota, saw its credit rating lowered for the first time in a decade.
Small Cap Gainers:
• Qimonda up 40% after closing Inotera share deal with Micron. See (NYSE:QI).
• American Railcar Industries Inc. is up 10% as the railcar manufacturer continues to climb off 52-week lows forged last week. See (Nasdaq:ARII).
• Holly Corp. to replace LandAmerica Financial Group in the S&P SmallCap 600. Shares of Holly are trading 6% higher. See (NYSE:HOC).
• Forest Oil up 5% after completing $200M asset sales. See (NYSE:FST).
Small Cap Losers:
• Andersons Inc. was down 27% as the agriculture company revised earnings downward. See (Nasdaq:ANDE).
• Conn’s Inc. was off 13% as the specialty retailer reported earnings. See (Nasdaq:CONN).
• Thomas & Betts lowers 4Q earnings forecast; shares tumble 11%. See (NYSE:TNB).
• Kayne Anderson is down another 10% today after giving an update on leverage ratios earlier this week. See (NYSE:KYN).
Other Market Watch highlights today included:
• Weekly inventory data later this morning could spark a move in energy markets.
• Crude oil prices jumped higher into the stock market open, rising about $1.7 a barrel on hope that the China rate cut would help bolster demand from that key customer.
• The U.S. dollar was up against the euro this morning, rising about 0.8% and was flat against the yen.
• Japan’s massive auto manufacturing firm, Toyota, saw its credit rating lowered for the first time in a decade.
Small Cap Gainers:
• Qimonda up 40% after closing Inotera share deal with Micron. See (NYSE:QI).
• American Railcar Industries Inc. is up 10% as the railcar manufacturer continues to climb off 52-week lows forged last week. See (Nasdaq:ARII).
• Holly Corp. to replace LandAmerica Financial Group in the S&P SmallCap 600. Shares of Holly are trading 6% higher. See (NYSE:HOC).
• Forest Oil up 5% after completing $200M asset sales. See (NYSE:FST).
Small Cap Losers:
• Andersons Inc. was down 27% as the agriculture company revised earnings downward. See (Nasdaq:ANDE).
• Conn’s Inc. was off 13% as the specialty retailer reported earnings. See (Nasdaq:CONN).
• Thomas & Betts lowers 4Q earnings forecast; shares tumble 11%. See (NYSE:TNB).
• Kayne Anderson is down another 10% today after giving an update on leverage ratios earlier this week. See (NYSE:KYN).
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