Russell opens steady in the morning; PCH, TLVT, and JOYG lead gainers
Small-cap stocks opened lower but battled back to steady levels, pressured by profit-taking after Tuesday’s big FOMC rally. Weak profit news on the financial front and lingering worries about the recession prompted a pause in the updraft, which saw small-caps climb to the highest daily close Tuesday since mid-November. Some of today’s small-cap gainers are Cadence Pharmaceuticals Inc. (NYSE:PCH), Telvent (Nasdaq:TLVT) and Joy Global (Nasdaq:JOYG).
Other Market Watch highlights today included:
• This morning, the yield on benchmark 10-year notes was down a whopping 6%, indicating strong demand for underlying Treasury securities.
• The only physical product making huge waves right now is the cocoa market, which rose to 22-year highs in London trading.
• Commodities should find underlying support from the recent slide in the U.S. dollar, which tumbled to 13 ½-year lows against the yen today.
• Emerging market stocks found support overnight, with Hungary’s beaten down stock market climbing 6% amid gains in oil and gas stocks.
Small Cap Gainers:
• Cadence Pharmaceuticals Inc. jumped 48% on news of a positive trial for a post-surgery abdominal pain drug. See (NYSE:PCH).
• Telvent Oversees Lan-Zheng-Chang liquid pipeline operation, the largest liquid pipeline in China. Shares rise 13%. See (Nasdaq:TLVT).
• Joy Global up 11% after Q4 profit rises on strong demand. See (Nasdaq:JOYG).
• Energy Conversion Devices is climbing above 10% despite a maintained "sell" rating by Citi. See (Nasdaq:ENER).
Small Cap Losers:
• Gibraltar Steel Corp. gapped lower and shed 26% building products manufacturer updated guidance and announced the closure of a manufacturing facility. See (Nasdaq:ROCK).
• Soleil Securities initiates coverage on Ducommun with a "sell;" shares fall 13%. See (NYSE:DCO).
• QBE Insurance Group Limited completes PMI Asia acquisition. Shares of PMI are down 10% on the news. See (NYSE:PMI).
• Small-cap homebuilder Hovnanian Enterprises Inc. missed the earnings forecast and HOV shares were off 7.5% shortly after the open. See (NYSE:HOV).
Other Market Watch highlights today included:
• This morning, the yield on benchmark 10-year notes was down a whopping 6%, indicating strong demand for underlying Treasury securities.
• The only physical product making huge waves right now is the cocoa market, which rose to 22-year highs in London trading.
• Commodities should find underlying support from the recent slide in the U.S. dollar, which tumbled to 13 ½-year lows against the yen today.
• Emerging market stocks found support overnight, with Hungary’s beaten down stock market climbing 6% amid gains in oil and gas stocks.
Small Cap Gainers:
• Cadence Pharmaceuticals Inc. jumped 48% on news of a positive trial for a post-surgery abdominal pain drug. See (NYSE:PCH).
• Telvent Oversees Lan-Zheng-Chang liquid pipeline operation, the largest liquid pipeline in China. Shares rise 13%. See (Nasdaq:TLVT).
• Joy Global up 11% after Q4 profit rises on strong demand. See (Nasdaq:JOYG).
• Energy Conversion Devices is climbing above 10% despite a maintained "sell" rating by Citi. See (Nasdaq:ENER).
Small Cap Losers:
• Gibraltar Steel Corp. gapped lower and shed 26% building products manufacturer updated guidance and announced the closure of a manufacturing facility. See (Nasdaq:ROCK).
• Soleil Securities initiates coverage on Ducommun with a "sell;" shares fall 13%. See (NYSE:DCO).
• QBE Insurance Group Limited completes PMI Asia acquisition. Shares of PMI are down 10% on the news. See (NYSE:PMI).
• Small-cap homebuilder Hovnanian Enterprises Inc. missed the earnings forecast and HOV shares were off 7.5% shortly after the open. See (NYSE:HOV).
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