Russell extends decline into midday; MAPP, PALM, and CBAN lead gainers
Small-cap stocks extended the morning decline into midday trading, with retailer stocks leading the way down. Additional pressure came from sinking energy stocks, a weak tone in some commodity names, tumbling automakers and modest declines in financial shares as well. Some of today’s small-cap gainers are MAP Pharmaceuticals (Nasdaq:MAPP), Palm (Nasdaq:PALM) and Colony Bankcorp (Nasdaq:CBAN).
Other Market Watch highlights today included:
• Restaurants were a hot item on Friday, but were a little cool this morning, perhaps tied to profit-taking and also from the ongoing worries about the economy.
• Credit Suisse analysts lowered its rating on GM to “underperform” and cut their price target to $1.
• Automakers were finding out that the glow from Friday’s $13.4 billion dollar White House bailout had a short shelf-life among investors.
• Crude oil was off more than 3%, slipping back below $41 a barrel as Chinese imports tumbled to the lowest level of the year in November.
Small Cap Gainers:
• MAP Pharmaceuticals up 30% after announcing a worldwide collaboration with AstraZeneca to develop and commercialize a new drug. See (Nasdaq:MAPP).
• Palm gets $100 million investement, shares rally 20%. See (Nasdaq:PALM).
• Colony Bankcorp up 28% after declaring a fourth quarter dividend on Friday. See (Nasdaq:CBAN).
• Benihana awarded Xanadu liquor permit by state; shares pop 12%. See (Nasdaq:BNHNA).
Small Gainers:
• Maguire Properties down 22% after suspending dividend on Friday. See (NYSE:MPG).
• Among small-cap movers, eatery chain Lubys Inc. is down 17%. See (NYSE:LUB).
• Browne & Co. Inc. is down 15% as the marketing communications firm gave back a huge chunk of Friday’s rally. See (NYSE:BNE).
• Oxford Industries Inc. is down 14% as the apparel maker turned south along with other apparel and retail names after a strong performance last week. See (NYSE:OXM).
Other Market Watch highlights today included:
• Restaurants were a hot item on Friday, but were a little cool this morning, perhaps tied to profit-taking and also from the ongoing worries about the economy.
• Credit Suisse analysts lowered its rating on GM to “underperform” and cut their price target to $1.
• Automakers were finding out that the glow from Friday’s $13.4 billion dollar White House bailout had a short shelf-life among investors.
• Crude oil was off more than 3%, slipping back below $41 a barrel as Chinese imports tumbled to the lowest level of the year in November.
Small Cap Gainers:
• MAP Pharmaceuticals up 30% after announcing a worldwide collaboration with AstraZeneca to develop and commercialize a new drug. See (Nasdaq:MAPP).
• Palm gets $100 million investement, shares rally 20%. See (Nasdaq:PALM).
• Colony Bankcorp up 28% after declaring a fourth quarter dividend on Friday. See (Nasdaq:CBAN).
• Benihana awarded Xanadu liquor permit by state; shares pop 12%. See (Nasdaq:BNHNA).
Small Gainers:
• Maguire Properties down 22% after suspending dividend on Friday. See (NYSE:MPG).
• Among small-cap movers, eatery chain Lubys Inc. is down 17%. See (NYSE:LUB).
• Browne & Co. Inc. is down 15% as the marketing communications firm gave back a huge chunk of Friday’s rally. See (NYSE:BNE).
• Oxford Industries Inc. is down 14% as the apparel maker turned south along with other apparel and retail names after a strong performance last week. See (NYSE:OXM).
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