Russell falls lower into midday; IPCS, SPAR, and UNAM lead gainers
Small-cap stocks turned lower into mid-session trading, unable to sustain a mild morning rise as ongoing worries about the economy came back to the forefront following dreadful data on home sales. As expected, homebuilders were among the hardest hit stocks so far today, with retailers, banks and auto manufacturers also acting as a drag on the market. Some of today’s small-cap gainers are iPCS (Nasdaq:IPCS), Spartan Chassis (Nasdaq:SPAR) and Unico American Corporation (Nasdaq:UNAM).
Other Market Watch highlights today included:
• The top performing sector groups today included industrial real estate investment trusts, health care facilities, aluminum companies, Internet retail stocks and hotels.
• Financial shares were holding up reasonably well, but banks were a noticeable source of strain in the financial arena.
• The ongoing fretting about the economy pulled down crude oil prices, which slipped below $39 a barrel, off about 3.7% at midday.
• The worst performers so far today have been the automakers.
Small Cap Gainers:
• Spring Nextel affiliate iPCS up 18% on lower-than-average volume. See (Nasdaq:IPCS).
• Spartan Chassis has reached an agreement with the U.S. government in connection with an investigation of military contracting in South Carolina. Shares climb 14%. See (Nasdaq:SPAR).
• Unico American Corporation up 13.3% today after announcing on Monday that it would repurchase an additional 500,000 shares. See (Nasdaq:UNAM).
• Ocean Shore Holding, Inc. announces completion of subscription offering and plans for syndicated community offering. Shares pop 13%. See (Nasdaq:OSHC).
Small Cap Losers:
• K-V Pharmaceutical Co. tumbled 39% to fresh 52-week lows. See (NYSE:KV.A).
• American Greetings Corp. slumped 21% as the greeting card company took an earnings-related hit. See (NYSE:AM).
• AsiaInfo Holdings Inc. was down 17% as the telecom software firm announced filings to offer stock. See (Nasdaq:ASIA).
• Jones Apparel Group Inc. was off 16% adding to the sizable decline incurred Monday. See (NYSE:JNY).
Other Market Watch highlights today included:
• The top performing sector groups today included industrial real estate investment trusts, health care facilities, aluminum companies, Internet retail stocks and hotels.
• Financial shares were holding up reasonably well, but banks were a noticeable source of strain in the financial arena.
• The ongoing fretting about the economy pulled down crude oil prices, which slipped below $39 a barrel, off about 3.7% at midday.
• The worst performers so far today have been the automakers.
Small Cap Gainers:
• Spring Nextel affiliate iPCS up 18% on lower-than-average volume. See (Nasdaq:IPCS).
• Spartan Chassis has reached an agreement with the U.S. government in connection with an investigation of military contracting in South Carolina. Shares climb 14%. See (Nasdaq:SPAR).
• Unico American Corporation up 13.3% today after announcing on Monday that it would repurchase an additional 500,000 shares. See (Nasdaq:UNAM).
• Ocean Shore Holding, Inc. announces completion of subscription offering and plans for syndicated community offering. Shares pop 13%. See (Nasdaq:OSHC).
Small Cap Losers:
• K-V Pharmaceutical Co. tumbled 39% to fresh 52-week lows. See (NYSE:KV.A).
• American Greetings Corp. slumped 21% as the greeting card company took an earnings-related hit. See (NYSE:AM).
• AsiaInfo Holdings Inc. was down 17% as the telecom software firm announced filings to offer stock. See (Nasdaq:ASIA).
• Jones Apparel Group Inc. was off 16% adding to the sizable decline incurred Monday. See (NYSE:JNY).
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