Russell opens high; MAPP, ABH, and CEA lead gainers
Small-cap stocks opened higher, bolstered by news that the White House extended a rescue loan to beleaguered automakers, which sparked money flow into stocks and away from credit markets. Commodities are on weak footing this morning and credit ratings for a bevy of financial firms were lowered overnight, which could limit some buying enthusiasm. Investors will be on the lookout for pockets of unexpected volatility today as “quadruple witching” expirations take place. Some of today’s small-cap gainers are MAP Pharmaceuticals (Nasdaq:MAPP), AbitibiBowater (NYSE:ABH) and China Eastern Airlines Corp. (NYSE:CEA).
Other Market Watch highlights today included:
• Obscured by this morning’s auto enthusiasm was news that credit ratings agencies were downgrading financial and bank companies overnight .
• As for crude oil, the market on “black gold” was down $1.50 a barrel into the stock market open, which could weigh on energy shares again.
• With the U.S. dollar in rally mode this morning (up about 2% against the euro), it’s likely that commodity markets in general will struggle.
• Heading into today’s action, stock markets overseas were on the defensive, with Asian equities slipping about 0.6%.
Small Cap Gainers:
• MAP Pharmaceuticals gapped higher and gained 47% on news of a deal with AstraZeneca to develop a pediatric asthma drug. See (Nasdaq:MAPP).
• AbitibiBowater addresses NYSE listing standards; shares rise 27%. See (NYSE:ABH).
• China Eastern Airlines Corp. Ltd. rose 12%, jumping in response to news out of China overnight that jet fuel prices were cut by the Chinese government. See (NYSE:CEA).
• GeoMet up 12% on lower-than-average volume. See (Nasdaq:GMET).
Small Cap Losers:
• PDL spins off biotech assets, moves headquarters to Tahoe; shares plummet 26%. See (Nasdaq:PDLI).
• Ceradyne down 20% in pre-market on very light volume, giving back some of the immense gains the stock saw over the last week. See (Nasdaq:CRDN).
• Intrepid Potash, Inc. falls over 12% after lowering FY 2008 production guidance. See (NYSE:IPI).
• Gardner Denver to cut 9% of salaried workforce; slashes forecast. Shares fall 5.3%. See (NYSE:GDI).
Other Market Watch highlights today included:
• Obscured by this morning’s auto enthusiasm was news that credit ratings agencies were downgrading financial and bank companies overnight .
• As for crude oil, the market on “black gold” was down $1.50 a barrel into the stock market open, which could weigh on energy shares again.
• With the U.S. dollar in rally mode this morning (up about 2% against the euro), it’s likely that commodity markets in general will struggle.
• Heading into today’s action, stock markets overseas were on the defensive, with Asian equities slipping about 0.6%.
Small Cap Gainers:
• MAP Pharmaceuticals gapped higher and gained 47% on news of a deal with AstraZeneca to develop a pediatric asthma drug. See (Nasdaq:MAPP).
• AbitibiBowater addresses NYSE listing standards; shares rise 27%. See (NYSE:ABH).
• China Eastern Airlines Corp. Ltd. rose 12%, jumping in response to news out of China overnight that jet fuel prices were cut by the Chinese government. See (NYSE:CEA).
• GeoMet up 12% on lower-than-average volume. See (Nasdaq:GMET).
Small Cap Losers:
• PDL spins off biotech assets, moves headquarters to Tahoe; shares plummet 26%. See (Nasdaq:PDLI).
• Ceradyne down 20% in pre-market on very light volume, giving back some of the immense gains the stock saw over the last week. See (Nasdaq:CRDN).
• Intrepid Potash, Inc. falls over 12% after lowering FY 2008 production guidance. See (NYSE:IPI).
• Gardner Denver to cut 9% of salaried workforce; slashes forecast. Shares fall 5.3%. See (NYSE:GDI).
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