Tag - AMEX:LBY

Small-cap stocks slipped 1.89% late Friday, as a bleak report on the housing sector, options expiration volatility and ongoing worries about the economy offset a spate of positive earnings in the tech arena. Today’s small-cap gainers are CIT Group (NYSE:CIT), Universal Stainless & Alloy Products (Nasdaq:USAP) and Ambac Financial Group (NYSE:ABK). Other Market Watch highlights today included:

• BMO Capital's Andy Busch to SCI: "There is a serious need to educate the banking sector participants on the changes in the Treasury programs the Fed programs directed at easing the credit crunch." 
• Outside of the gold market, commodity stocks were doing well today, with coal, steel, gas utilities, oil exploration, gas storage and agriculture products all up. 
• On the downside, anything tied to housing was struggling, including home furnishing stocks and homebuilder shares. Bank stocks and financial shares were also lagging the general market. 
• The expiration of options on stocks today likely played a role in some of the market’s struggles as the directional bias into expiration is clearly toward lower prices. 
• Crude oil jumped some $4 a barrel today as the market anticipates . . .

The Russell 2000 (NYSE:IWM) remained a smidge lower into the midday, but well off the morning lows as gains in the technology arena spilled over into the broad market. Concerns about the economy, a moribund housing market and expiration jitters kept a lid on some buying interest, but the market was trying to spark a rally heading toward the afternoon. Today’s small-cap gainers are UAL Corp. (Nasdaq:UAUA), CIT (NYSE:CIT) and Ambac Financial Group (NYSE:AKT). Other Market Watch highlights today include:

• Light, sweet crude for November delivery is up $1.66 to $71.51 a barrel. On Thursday, it sank to a 14-month low on worries about a deep global recession obliterating fuel demand.
• BMO Capital's Andy Busch to SCI: "There is a serious need to educate the banking sector participants on the changes in the Treasury programs the Fed programs directed at easing the credit crunch." 
• Outside of the gold market, commodity stocks were doing well today, with coal, steel, gas utilities, oil exploration, gas storage and agriculture products all up. 
• On the downside, anything tied to housing was struggling, including home furnishing stocks and homebuilder shares. Bank stocks and financial shares were also lagging the general market. 
• The expiration of options on stocks today likely played a role in some of the market’s struggles as the directional bias into expiration is clearly toward lower prices. 

Small Cap Gainers:

• CIT (NYSE:CIT) loss widens; vendor finance write-down hurts. Shares of the finance company are soaring 47%.
• United Air’s parent UAL Corp. (Nasdaq:UAUA) is up 20% today, extending its rise from Thursday.
• Ambac Financial Group (NYSE:AKT) is soaring nearly 30% on news . . .

Libbey Inc. (NYSE: LBY) CEO John Meier said the maker of tableware products is battling a sputtering economy by raising prices and diversifying its products and clients. Meier made the comments during a midday conference call.

“Looking ahead to 2008, Libbey is not immune to the travails of the U.S. economy. Admittedly, our core food-service business has been touched,” Meier said. “The necessary price increases implemented in late-2007 will provide some respite. We will just have to fight even harder for any and all new installations that may be available to us and rely on our installed base for existing repeat orders.”

The chief executive said the firm’s broadened international business and diversified North American business will serve the company well.

“Our business, as it did in 2007, is showing resilience in strategic areas, thanks to our increasing diversity both from the perspective of client groupings and geographic diversity,” Meier said.

The CEO also said 2008 has started out on a positive note.