Russell stays low into mid-session; RPRX, VSEC, and AZZ lead gainers

Small-cap stocks remained lower into mid-session, pressured by worries over the economy following a dour report on the nation’s employment status. Energy shares and homebuilders were taking a hit today, which added to the bearish tilt. Still, the market bounced off the early lows as investors continue to bet that the worst of the recession news is already priced into the market. Some of today’s small-cap gainers are Repros Therapeutics, Inc. (Nasdaq:RPRX), VSE Corporation (Nasdaq:VSEC) and AZZ Incorporated (NYSE:AZZ).

Other Market Watch highlights today included:

•    The Russell 2000 has been hovering around the key 491 support line so far today; a decisive daily close either above or below that point would serve up some clues about near-term price direction.  
•    Losers were swamping winning themes, although gold and tobacco stocks were in positive territory.  
•    Retailers were also taking a hit, with apparel and accessory companies down hard again today.   Jan 09, 2009 12:40pm
•    Looking at sector activity so far today, technology stocks, energy firms, banking shares and homebuilders were pacing the declines.

Small Cap Gainers:

• Repros Therapeutics, Inc. and VSE Corporation established new 52-week highs in early trading. (See Nasdaq:RPRX, Nasdaq:VSEC)  
• JAZZ Incorporated is up 14.4% to $28.31 after a mostly upbeat Q3 earnings report. AZZ makes electrical equipment and components for power generation, transmission, and distribution. (See NYSE:AZZ)  
• Disease-management program administrator Healthways Inc. is up 11% to $11.48 after reporting late Thursday a 13% Q1 profit gain. (See Nasdaq:HWAY)  
• American Medical Systems Holdings Inc. is up 10.7% in pre-market trading, to $9.85, after reporting better-than-expected preliminary Q4 sales after the close Thursday. (See Nasdaq:AMMD)

Small Cap Losers:

• Orexigen Therapeutics Inc. is down 31.4% to $4.15 in pre-market trading, after a report last night that the results of a weight-loss drug fell short of fed requirements. (See Nasdaq:OREX)
• Railway-equipment maker Greenbrier Cos Inc. is down 15.5% to $6.70 after reporting this morning that it swung to a first-quarter loss. (See NYSE:GBX)
• Telecommunications network equipment maker Ciena Corp. is down 5% in pre-market to $8.31. CNBC's Jim Cramer last night put the firm in his "sell block" after a recent run-up in the stock. (See Nasdaq:CIEN)

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