Small-caps steady stay high into midday; MAPP, ABH, and CEA lead gainers
Small-cap stocks remained higher into the midday time frame, but the market did pull back well off the morning highs. A White House lifeline to automakers lifted market sentiment, and tech stocks were solid performers, helping to counter declines in retail and some commodity names, but the morning rise appeared to be on precarious footing heading into afternoon trading. Some of today’s small-cap gainers are MAP Pharmaceuticals (Nasdaq:MAPP), AbitibiBowater (NYSE:ABH) and China Eastern Airlines Corp. (NYSE:CEA).
Other Market Watch highlights today included:
• The poorest performers so far included forest products, steel companies, home improvement retailers, footwear manufacturers and dept stores
• The market could be vulnerable to a “buy-the-rumor, sell-the-fact” response to the automaker bailout now that the package is a known event.
• Energy stocks are up about 1% even though crude oil prices are down about $0.70 a barrel and tumbled to fresh 4 ½-year lows earlier today.
• The best performers are industrial REITs, automobile manufacturers, IT consulting firms, gas utilities companies, managed healthcare firms.
• Small-cap stocks remained higher into the midday time frame, but the market did pull back well off the morning highs.
Small Cap Gainers:
• Midas Inc. jumped 24% as the Canadian life sciences company appears to be breaking out to the upside after an extended bottoming process. See (NYSE:MDS).
• Alamo Group Inc. jumped 22% as the snow removal and tractor equipment product maker has seen unusually wide price swings this week. See (NYSE:ALG).
• Bottomline Technologies rises 18% after announcing a partnership with QAD earlier this week. See (Nasdaq:EPAY)
Small Cap Losers:
• W Holding Company down 28% on lower-than-average volume. See (NYSE:WHI).
• FirstFed Financial is down 15% on heavy short interest. See (NYSE:FED).
• Gushan Environmental Energy down 12% as energy stocks are on the slide today. See (NYSE:GU).
• Gabelli & Co. downgrades Tennant to "sell;" shares fall 10%. See (NYSE:TNC).
Other Market Watch highlights today included:
• The poorest performers so far included forest products, steel companies, home improvement retailers, footwear manufacturers and dept stores
• The market could be vulnerable to a “buy-the-rumor, sell-the-fact” response to the automaker bailout now that the package is a known event.
• Energy stocks are up about 1% even though crude oil prices are down about $0.70 a barrel and tumbled to fresh 4 ½-year lows earlier today.
• The best performers are industrial REITs, automobile manufacturers, IT consulting firms, gas utilities companies, managed healthcare firms.
• Small-cap stocks remained higher into the midday time frame, but the market did pull back well off the morning highs.
Small Cap Gainers:
• Midas Inc. jumped 24% as the Canadian life sciences company appears to be breaking out to the upside after an extended bottoming process. See (NYSE:MDS).
• Alamo Group Inc. jumped 22% as the snow removal and tractor equipment product maker has seen unusually wide price swings this week. See (NYSE:ALG).
• Bottomline Technologies rises 18% after announcing a partnership with QAD earlier this week. See (Nasdaq:EPAY)
Small Cap Losers:
• W Holding Company down 28% on lower-than-average volume. See (NYSE:WHI).
• FirstFed Financial is down 15% on heavy short interest. See (NYSE:FED).
• Gushan Environmental Energy down 12% as energy stocks are on the slide today. See (NYSE:GU).
• Gabelli & Co. downgrades Tennant to "sell;" shares fall 10%. See (NYSE:TNC).
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