Small-cap stocks pull back down; NTCT, PLCM, and AKS lead gainers
Small-cap stocks went into a tailspin in early trading, pulled down by a gloomy report on the jobs front ahead of Friday’s key employment release. In addition, some big companies announced plans to slash workers or cautioned on the outlook, which sent a chill into a market that started out the year on a decent roll. Some of today’s small-cap gainers are NetScout Systems, Inc. (Nasdaq:NTCT), Polycom Inc. (Nasdaq:PLCM) and AK Steel (NYSE:AKS).
Other Market Watch highlights today included:
• Looking at the chart picture, the Russell 2000 finished Tuesday near a test of logical resistance at 514.50 but appears set to retreat from that zone early today.
• The ADP National Employment Report showed a startling drop in jobs of 693,000, way above the forecast for a decline of 480,000.
• The Dow is expected to open about 125 points lower, while the Russell 2000 is seen down about 1.2%, near 508.50.
• U.S. stocks are expected to open lower, pulled down by declines in Europe and a private employment survey this morning that came in weaker-than-expected.
Small Cap Gainers:
• NetScout Systems, Inc. is up 30% to $13.33 after announcing preliminary Q3 results and raising FY2009 guidance Tuesday. (See Nasdaq:NTCT)
• Video-conferencing products maker Polycom Inc. is up 11% in pre-market trading to $15.40 after issuing upward guidance and announcing job cuts late Tuesday. (See Nasdaq:PLCM)
• AK Steel is 7.1% higher at $11.96 after Goldman Sachs upgraded the firm to "Buy" from "Neutral." (See NYSE:AKS)
• Finish Line Inc. is up 6.5% at $5.73 after reporting a narrower 3Q loss after the close Tuesday. (See Nasdaq:FINL)
Small Cap Losers:
• Hill-Rom Holdings, Inc. and Texas Capital BancShares Inc. established new 52-week lows in early trading. (See NYSE:HRC, Nasdaq:TCBI)
• Blyth Inc., which makes home-fragrance products and other household items, is down 11% to $6.19 after a downgrade by Jefferies & Co. (See NYSE:BTH)
• Polymer products maker Landec Corporation is down 23% to $5.65 after news this morning of a downgrade from Northland Securities. (See Nasdaq:LNDC)
Other Market Watch highlights today included:
• Looking at the chart picture, the Russell 2000 finished Tuesday near a test of logical resistance at 514.50 but appears set to retreat from that zone early today.
• The ADP National Employment Report showed a startling drop in jobs of 693,000, way above the forecast for a decline of 480,000.
• The Dow is expected to open about 125 points lower, while the Russell 2000 is seen down about 1.2%, near 508.50.
• U.S. stocks are expected to open lower, pulled down by declines in Europe and a private employment survey this morning that came in weaker-than-expected.
Small Cap Gainers:
• NetScout Systems, Inc. is up 30% to $13.33 after announcing preliminary Q3 results and raising FY2009 guidance Tuesday. (See Nasdaq:NTCT)
• Video-conferencing products maker Polycom Inc. is up 11% in pre-market trading to $15.40 after issuing upward guidance and announcing job cuts late Tuesday. (See Nasdaq:PLCM)
• AK Steel is 7.1% higher at $11.96 after Goldman Sachs upgraded the firm to "Buy" from "Neutral." (See NYSE:AKS)
• Finish Line Inc. is up 6.5% at $5.73 after reporting a narrower 3Q loss after the close Tuesday. (See Nasdaq:FINL)
Small Cap Losers:
• Hill-Rom Holdings, Inc. and Texas Capital BancShares Inc. established new 52-week lows in early trading. (See NYSE:HRC, Nasdaq:TCBI)
• Blyth Inc., which makes home-fragrance products and other household items, is down 11% to $6.19 after a downgrade by Jefferies & Co. (See NYSE:BTH)
• Polymer products maker Landec Corporation is down 23% to $5.65 after news this morning of a downgrade from Northland Securities. (See Nasdaq:LNDC)
For access to the full article, you must be a registered member - it's FREE.
About the Author