Russell rebounds higher in mid-session; DDR, BBND, and UDRL lead gainers
Small-cap stocks continued to grind higher into midday, with energy, real estate trusts and financial shares showing the way. A recovery bounce in crude oil and oversold conditions on energy stocks sparked money flow into that arena and provided a lift to the overall market. Some of today’s small-cap gainers were Developers Diversified Realty Corp. (NYSE:DDR), BigBand Networks Inc. (Nasdaq:BBND) and Union Drilling Inc. (Nasdaq:UDRL).
Other Market Watch highlights today included:
• Bernanke said this morning that TARP funds should be directed toward toxic mortgage-backed assets, relieving many traders.
• On the commodities scene, gold climbed and copper reversed a big overnight decline in Asia to trend higher.
• Energy stocks appeared to get a lift from a recovery rally in crude oil futures, which reversed a $1 per barrel decline in overnight trading.
• The worst performers were electronic component makers, aluminum stocks, tire companies, industrial conglomerates and auto manufacturers
Small Cap Gainers:
• Small-cap REIT Developers Diversified Realty Corp. soared 18% as the shopping center management firm recovered from steep losses Monday. See (NYSE:DDR).
• BigBand Networks Inc. rallied 17% as investors appeared to be taking a stab that the video networking solutions firm will announce decent earnings Thursday afternoon. See (Nasdaq:BBND).
• Among the various energy companies in rally mode today, natural gas firm Union Drilling Inc. was up 13%. See (Nasdaq:UDRL).
Small Cap Losers:
• Cepheid gapped lower and fell 18% gene analysis firm reported earnings that didn’t match up with investor expectations. See (Nasdaq:CPHD).
• Prestige Brands lowers guidance; stock slumps over 13%. See (NYSE:PBH).
• AMB Property Corp. slipped 8% as the firm made some dividend announcements. See (NYSE:AMB).
• Liz Claiborne lowers view, inks credit amendment; stock slides 4%. See (NYSE:LIZ).
Other Market Watch highlights today included:
• Bernanke said this morning that TARP funds should be directed toward toxic mortgage-backed assets, relieving many traders.
• On the commodities scene, gold climbed and copper reversed a big overnight decline in Asia to trend higher.
• Energy stocks appeared to get a lift from a recovery rally in crude oil futures, which reversed a $1 per barrel decline in overnight trading.
• The worst performers were electronic component makers, aluminum stocks, tire companies, industrial conglomerates and auto manufacturers
Small Cap Gainers:
• Small-cap REIT Developers Diversified Realty Corp. soared 18% as the shopping center management firm recovered from steep losses Monday. See (NYSE:DDR).
• BigBand Networks Inc. rallied 17% as investors appeared to be taking a stab that the video networking solutions firm will announce decent earnings Thursday afternoon. See (Nasdaq:BBND).
• Among the various energy companies in rally mode today, natural gas firm Union Drilling Inc. was up 13%. See (Nasdaq:UDRL).
Small Cap Losers:
• Cepheid gapped lower and fell 18% gene analysis firm reported earnings that didn’t match up with investor expectations. See (Nasdaq:CPHD).
• Prestige Brands lowers guidance; stock slumps over 13%. See (NYSE:PBH).
• AMB Property Corp. slipped 8% as the firm made some dividend announcements. See (NYSE:AMB).
• Liz Claiborne lowers view, inks credit amendment; stock slides 4%. See (NYSE:LIZ).
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