Russell opens high; DRYS, EMX, and EGLE lead gainers
Small-cap stocks opened higher, bolstered by hope that a rescue package for embattled U.S. automakers is finally within reach. Still, Republican lawmakers have been threatening some type of filibuster, so tension about the proposed $15 billion bailout remains high. Worries about fresh corporate profit warnings could take some starch out of buying enthusiasm, but an early bounce in commodities should provide support to stocks with commodity themes. Some of today’s small-cap gainers are DryShips (Nasdaq:DRYS), Excel Maritime (NYSE:EXM) and Eagle Bulk Shipping (Nasdaq:EGLE).
Other Market Watch highlights today included:
• Crude oil prices were on the rebound this morning, climbing about $2 a barrel amid talk of OPEC production cuts.
• The wholesale inventory report came out at minus 1.1%, which was quite a bit worse than the forecast for a drop of 0.1%.
• Republican lawmakers have been threatening some type of filibuster, so tension about the proposed $15 billion bailout remains high.
• Today watch to see how miners react to news that Rio Tinto (3rd-largest mining co.) will slash 13% of its workforce, reduce capital spending.
Small Cap Gainers:
• Drybulk shippers are rallying again today with DryShips Inc. up 21%, Excel Maritime Carriers Ltd. up 17% and Eagle Bulk Shipping Inc. up 15%. See (Nasdaq:DRYS), (NYSE:EXM) and (Nasdaq:EGLE).
• South African paper maker Sappi Ltd. jumped 16% with the overall commodities rise and as South African shares in general were in rally mode this morning. See (NYSE:SPP).
• Arc Sight Inc. rallied 13% as the security solutions provider got an earnings-related lift. See (Nasdaq:ARST).
• West Coast Bancorp to open new branch in Dundee, Oregon on Jan. 5; shares up 4% in after hours. See (Nasdaq:WCBO).
Small Cap Losers:
• ADC Telecommunications Inc. tumbled 15% after releasing quarterly results. See (Nasdaq:ADCT).
• Arena down 12% in pre-market after insomnia drug candidate fails in study. See (Nasdaq:ARNA).
• Metalico files shelf registration, shares down 2% in after hours. See (NYSE:MEA).
Other Market Watch highlights today included:
• Crude oil prices were on the rebound this morning, climbing about $2 a barrel amid talk of OPEC production cuts.
• The wholesale inventory report came out at minus 1.1%, which was quite a bit worse than the forecast for a drop of 0.1%.
• Republican lawmakers have been threatening some type of filibuster, so tension about the proposed $15 billion bailout remains high.
• Today watch to see how miners react to news that Rio Tinto (3rd-largest mining co.) will slash 13% of its workforce, reduce capital spending.
Small Cap Gainers:
• Drybulk shippers are rallying again today with DryShips Inc. up 21%, Excel Maritime Carriers Ltd. up 17% and Eagle Bulk Shipping Inc. up 15%. See (Nasdaq:DRYS), (NYSE:EXM) and (Nasdaq:EGLE).
• South African paper maker Sappi Ltd. jumped 16% with the overall commodities rise and as South African shares in general were in rally mode this morning. See (NYSE:SPP).
• Arc Sight Inc. rallied 13% as the security solutions provider got an earnings-related lift. See (Nasdaq:ARST).
• West Coast Bancorp to open new branch in Dundee, Oregon on Jan. 5; shares up 4% in after hours. See (Nasdaq:WCBO).
Small Cap Losers:
• ADC Telecommunications Inc. tumbled 15% after releasing quarterly results. See (Nasdaq:ADCT).
• Arena down 12% in pre-market after insomnia drug candidate fails in study. See (Nasdaq:ARNA).
• Metalico files shelf registration, shares down 2% in after hours. See (NYSE:MEA).
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