Small-cap stocks hold ground into midday; PLD, EXEL, and TEAM lead gainers
Small-cap stocks were holding ground into mid-session, buoyed by hope for a White House rescue for automakers and by a bounce in tech stocks, real estate investment trusts, homebuilders and gold stocks, which helped counter ongoing weakness in the financial arena. Some of today’s small-cap gainers are Prologis (NYSE:PLD), Exelixis (Nasdaq:EXEL) and TechTeam Global (Nasdaq:TEAM).
Other Market Watch highlights today included:
• The Michigan sentiment survey came in better than expected at 59.1, above the forecast of 55.0.
• Much of the investor focus today will be on trying to decipher just what the Senate’s rejection of the automaker bailout will mean to the market.
• The Nasdaq traded in positive territory briefly about 30 min. after the open, and small caps jumped nearly 10 handles off the morning low.
• Bernard Madoff, former Nasdaq chairman, was arrested and charged with running a fraudulent hedge fund that may have racked up $50B in losses.
Small Cap Gainers:
• Real estate investment trusts (REITS) were on a serious roll today, with small-capper Prologis jumping 26%, reversing a big slide from Thursday. See (NYSE:PLD).
• Bristol-Myers, biotech Exelixis team up on cancer; Exelixis stock is up 18.5%. See (Nasdaq:EXEL).
• TechTeam Global up 16% on light volume. See (Nasdaq:TEAM).
• The Andersons raised to "buy" from "hold" by BB&T; shares pop 15%. See (Nasdaq:ANDE).
Small Cap Losers:
• Chicago Bridge & Iron Co. NV tumbled 17% and has now given back the recent advance tied to plans from President-elect Obama to initiate a massive infrastructure project.
• DryShips cancels its acquisition of four Panamax drybulk carriers. Shares fall 15% in pre-market. See (Nasdaq:DRYS).
• Wunderlich Securities initiates coverage on Warren Resources with a "hold," shares dip 4%. See (Nasdaq:WRES).
• Ciena down another 3.31% in pre-market after seeing a dramatic loss Thursday on a Q4 Loss. See (Nasdaq:CIEN).
Other Market Watch highlights today included:
• The Michigan sentiment survey came in better than expected at 59.1, above the forecast of 55.0.
• Much of the investor focus today will be on trying to decipher just what the Senate’s rejection of the automaker bailout will mean to the market.
• The Nasdaq traded in positive territory briefly about 30 min. after the open, and small caps jumped nearly 10 handles off the morning low.
• Bernard Madoff, former Nasdaq chairman, was arrested and charged with running a fraudulent hedge fund that may have racked up $50B in losses.
Small Cap Gainers:
• Real estate investment trusts (REITS) were on a serious roll today, with small-capper Prologis jumping 26%, reversing a big slide from Thursday. See (NYSE:PLD).
• Bristol-Myers, biotech Exelixis team up on cancer; Exelixis stock is up 18.5%. See (Nasdaq:EXEL).
• TechTeam Global up 16% on light volume. See (Nasdaq:TEAM).
• The Andersons raised to "buy" from "hold" by BB&T; shares pop 15%. See (Nasdaq:ANDE).
Small Cap Losers:
• Chicago Bridge & Iron Co. NV tumbled 17% and has now given back the recent advance tied to plans from President-elect Obama to initiate a massive infrastructure project.
• DryShips cancels its acquisition of four Panamax drybulk carriers. Shares fall 15% in pre-market. See (Nasdaq:DRYS).
• Wunderlich Securities initiates coverage on Warren Resources with a "hold," shares dip 4%. See (Nasdaq:WRES).
• Ciena down another 3.31% in pre-market after seeing a dramatic loss Thursday on a Q4 Loss. See (Nasdaq:CIEN).
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