Russell stays sharply low into mid-session; JAV, PPHM, and WMAR lead gainers
Small-cap stocks remained sharply lower into mid-session trading, pulled down by sinking bank and financial stocks, which cascaded into other groups. A fresh batch of economic data this morning was weak as expected, but relatively tame and did little to lessen ongoing worries about the credit crunch and a deep recession.Some of today’s small-cap gainers were Javelin Pharmaceuticals Inc (NYSE:JAV), Peregrine Pharmaceuticals Inc. (Nasdaq:PPHM) and West Marine, Inc. (Nasdaq:WMAR).
Other Market Watch highlights today included:
• Copper pulled into negative territory on the economy jitters and a strong dollar keeping many physical markets on the defensive.
• Crude oil futures tumbled below $35 a barrel to fresh contract lows today amid worries about global demand.
• Energy shares were also starting to sink heading into the afternoon, with the Energy Select Sector SPDR Fund off 2.7%.
• The KBW Banking Index was down 8.5% at midday and the Financial Select Sector SPDR Fund was off 6.6%.
Small Cap Gainers:
• Javelin Pharmaceuticals Inc. rallied 21% on a volume spike amid news that the firm signed a $71 million deal for a European marketing partnership. See (NYSE:JAV).
• Peregrine Pharmaceuticals Inc. climbed 7% to six-month highs on a volume burst. See (Nasdaq:PPHM).
• West Marine, Inc. raises FY 2008 earnings outlook; shares up 7%. See (Nasdaq:WMAR).
• Rocky Mountain Chocolate Factory Inc. is seeing its best volume in more than a month, rising about 1.7% in the process. See (Nasdaq:RMCF).
Small Cap Losers:
• Liberty Shipping withdraws offer for International Shipholding Corporation; ISH shares fall 25%. See (NYSE:ISH).
• Marshall & Ilsley is down 23% after falling to a Q4 loss of $403.9M, cutting 850 jobs. See (NYSE:MI).
• Cynsosure Inc. gapped lower and fell 13% as the maker of medical treatment systems for aesthetic procedures released preliminary results. See (Nasdaq:CYNO).
• Red Robin Gourmet Burgers Inc. is down 12% and has been sinking fast the last several sessions. See (Nasdaq:RRGB).
Other Market Watch highlights today included:
• Copper pulled into negative territory on the economy jitters and a strong dollar keeping many physical markets on the defensive.
• Crude oil futures tumbled below $35 a barrel to fresh contract lows today amid worries about global demand.
• Energy shares were also starting to sink heading into the afternoon, with the Energy Select Sector SPDR Fund off 2.7%.
• The KBW Banking Index was down 8.5% at midday and the Financial Select Sector SPDR Fund was off 6.6%.
Small Cap Gainers:
• Javelin Pharmaceuticals Inc. rallied 21% on a volume spike amid news that the firm signed a $71 million deal for a European marketing partnership. See (NYSE:JAV).
• Peregrine Pharmaceuticals Inc. climbed 7% to six-month highs on a volume burst. See (Nasdaq:PPHM).
• West Marine, Inc. raises FY 2008 earnings outlook; shares up 7%. See (Nasdaq:WMAR).
• Rocky Mountain Chocolate Factory Inc. is seeing its best volume in more than a month, rising about 1.7% in the process. See (Nasdaq:RMCF).
Small Cap Losers:
• Liberty Shipping withdraws offer for International Shipholding Corporation; ISH shares fall 25%. See (NYSE:ISH).
• Marshall & Ilsley is down 23% after falling to a Q4 loss of $403.9M, cutting 850 jobs. See (NYSE:MI).
• Cynsosure Inc. gapped lower and fell 13% as the maker of medical treatment systems for aesthetic procedures released preliminary results. See (Nasdaq:CYNO).
• Red Robin Gourmet Burgers Inc. is down 12% and has been sinking fast the last several sessions. See (Nasdaq:RRGB).
For access to the full article, you must be a registered member - it's FREE.
Already a member? Please log in below
Not Registered?
Register today and enjoy all that SmallCapInvestor.com has to offer, including:
- Daily small cap stock profiles.
- Intra-day coverage of Russell 2000 companies.
- Research and insights from our analysts.
- Special reports.
