Russell remains low into mid-day; APWR, ALDN, and MR lead gainers
Small-cap stocks remained lower into mid-session, pulled down by losses in commodity, financial and technology stocks amid ongoing worries about corporate profits in one of the deepest economic recessions since the Great Depression. Some of today’s small-cap gainers are A-Power (Nasdaq:APWR), Aladdin Knowledge Systems (Nasdaq:ALDN) and Mindray (NYSE:MR).
Other Market Watch highlights today included:
• Corn futures crashed 7%, touching limit down losses and the Gold and Silver Index slumped more than 5%, reflecting losses for mining and metals shares.
• Commodities were hit especially hard today, with crude oil prices tumbling 7% on worries about the global demand picture.
• Overseas markets were lower coming into today’s session, which likely weighed on the market as well.
• The dollar was firm against the euro this morning, which could also weigh on other commodity markets and stocks with close ties to physical markets.
Small Cap Gainers:
• GE joins with A-Power on wind turbine gearbox equipment; shares of A-Power rise 21%. See (Nasdaq:APWR)
• Aladdin Knowledge Systems agrees to buyout at 20% premium; shares rise 14%. See (Nasdaq:ALDN).
• Mindray announces preliminary 2008 operating results; shares pop 14%. See (NYSE:MR).
• The Cooper Companies is up 8% today after declaring a half-year cash dividend last week. See (NYSE:COO).
Small Cap Losers:
• Small-cap gold stock Detour Gold Corp. is down 21%. See (Nasdaq:DRGDF).
• Small-cap coal company Patriot Coal Corp. fell 17.3% as commodities slumped across the board today. See (NYSE:PCX).
• Small-cap eatery Morton’s Restaurant Group Inc. is down 7.8% as restaurant stocks get clobbered. See (NYSE:MRT).
• Homebuilder shares were taking a hit today, with small-cap builders Centex Corp. down 7.7%; KB Home off 6.2% and Meritage Homes Corp. down 10.5%. See (NYSE:CTX), (NYSE:KBH) and (NYSE:MTH).
Other Market Watch highlights today included:
• Corn futures crashed 7%, touching limit down losses and the Gold and Silver Index slumped more than 5%, reflecting losses for mining and metals shares.
• Commodities were hit especially hard today, with crude oil prices tumbling 7% on worries about the global demand picture.
• Overseas markets were lower coming into today’s session, which likely weighed on the market as well.
• The dollar was firm against the euro this morning, which could also weigh on other commodity markets and stocks with close ties to physical markets.
Small Cap Gainers:
• GE joins with A-Power on wind turbine gearbox equipment; shares of A-Power rise 21%. See (Nasdaq:APWR)
• Aladdin Knowledge Systems agrees to buyout at 20% premium; shares rise 14%. See (Nasdaq:ALDN).
• Mindray announces preliminary 2008 operating results; shares pop 14%. See (NYSE:MR).
• The Cooper Companies is up 8% today after declaring a half-year cash dividend last week. See (NYSE:COO).
Small Cap Losers:
• Small-cap gold stock Detour Gold Corp. is down 21%. See (Nasdaq:DRGDF).
• Small-cap coal company Patriot Coal Corp. fell 17.3% as commodities slumped across the board today. See (NYSE:PCX).
• Small-cap eatery Morton’s Restaurant Group Inc. is down 7.8% as restaurant stocks get clobbered. See (NYSE:MRT).
• Homebuilder shares were taking a hit today, with small-cap builders Centex Corp. down 7.7%; KB Home off 6.2% and Meritage Homes Corp. down 10.5%. See (NYSE:CTX), (NYSE:KBH) and (NYSE:MTH).
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