Tag - NASDAQCM:BIDZ

The Russell 2000 (NYSE:IWM) dove again Tuesday, closing down over 2% and rejecting a brief afternoon bounce into positive territory. Today’s small-cap gainers are Optimer Pharmaceuticals (Nasdaq:OPTR), Clear Channel Outdoor Holdings (NYSE:CCO) and Hospitality Properties Trust (NYSE:HPT).

Other Market Watch highlights today included:

• For the year, small caps are off 37%, while the Dow is down 34% and the S&P 500 is down 39%.
• Energy, insurance, retail, technology and financial stocks were major sources of weakness today.
• Homebuilders, drug stocks, agriculture products and home entertainment software companies lagged the overall market downdraft.
• Russia is the second-largest oil producer in the world and in addition to the commodity woes right now, had to raise interest rates today to fight off capital outflow and inflation.
• Crude oil prices tumbled to 20-month lows, slipping below $59 a barrel as concerns about demand continue to chip away at commodity valuation.
• Data from China overnight showed that import growth was slowing and that inflation was at a 17-month low.
• The slide in physical markets gained momentum as the dollar rallied against the euro, with the greenback up 1.5% as the day progressed.
• The Commodity Research Bureau Index of 19 commodity markets tumbled some 3%, sinking to the lowest point since December 2003.

Small Cap Gainers:

• Optimer Pharmaceuticals Inc. jumped 87% on news that the firm’s antibiotic drug met late-stage trial goals. See (Nasdaq:OPTR).
• Clear Channel Outdoor Holdings closed up 27% despite being downgraded . . .

Small-cap stocks remained in negative territory into mid-session, pressured by worries about corporate profitability in a sluggish economic environment around the world. Today’s small-cap gainers are Russ Berrie (NYSE:RUS), Clear Channel Outdoor  (NYSE:CCO) and Hospitality Properties Trust (NYSE:HPT).

Other Market Watch highlights today included:

• As for the insurers, analysts at Goldman Sachs lowered ratings on the group and the S&P Insurance Index was down 6% at midday.  
• Real estate services are getting hammered today, as are tire, rubber and automobile manufacturers, wireless telecoms and insurance stocks.  
• The only area showing decent strength is agriculture products.
• Crude oil prices tumbled to 20-month lows today, slipping below $59 a barrel, which kept energy and commodity stocks on the defensive.  
• Credit futures are near contract highs, with European bond futures making contract highs today, which shows that money flow is into credit instruments, not equities.  

Small Cap Gainers:

• Russ Berrie reports Q3 results; shares pop 30%. See (NYSE:RUS).  
• Clear Channel Outdoor Holdings up 25% despite being downgraded to "market perform." See (NYSE:CCO).  
• Hospitality Properties Trust reported solid third-quarter earnings and rose 16%. See (NYSE:HPT).
• MGIC Investment Corp. up 12% in lower-than-average volume. See (NYSE:MTG).  
• Hill International up 9% after being honored as "Construction Management Firm of the Year" by the Developers & Builders Alliance. See (NYSE:HIL).  

Small Cap Losers:

• Bidz.com Inc. shed 35% after the online retailer slashed the full-year outlook, a numbing concept into the key holiday shopping season. See (Nasdaq:BIDZ).  
• Stillwater Mining warns it will not break even on PGM mining without operational changes; shares dive 30%. See (NYSE:SWC).  
• PHH Corp. on Monday reported a wider Q3 loss; shares still reeling, down 25% today. See (NYSE:PHH).  
• Strategic Hotels reports net loss last week, shares down 9% today. See (NYSE:BEE).  

Small-cap stocks remained in negative territory into mid-session, pressured by worries about corporate profitability in a sluggish economic environment around the world. At 12:21 p.m. ET, the Russell 2000 (NYSE:IWM) was off 10.23, or 2.07%, at 482.87; meanwhile, losses in the Dow and S&P 500 were running about 1% deeper than what was seen in small caps.

European shares tumbled about 4% for the day, following step with steep declines on many Asian bourses, which clearly sent a chill through American equities as well. Declines in Russia got so bad that they halted trading until Thursday with a 12% loss in tow. Central bank officials in Russia actually raised rates today, hoping to fight capital flight and inflation. Credit futures are near contract highs, with European bond futures making contract highs today, which shows that money flow is into credit instruments, not equities.

Meanwhile, crude oil prices tumbled to 20-month lows today, slipping below $59 a barrel, which kept energy and commodity stocks on the defensive. Looking at S&P sector activity so far today, the only area showing decent strength is agriculture products. Meanwhile, real estate services are getting hammered; tire and rubber and automobile manufacturers are hurting, wireless telecoms are getting clobbered, insurance stocks are down hard, metals and mining shares are down, life insurers are taking a hit and coal stocks are getting smoked.

As for the insurers, analysts at Goldman Sachs lowered ratings on the group . . .

Sangamo Biosciences Inc. (Nasdaq:SGMO), DryShips Inc. (Nasdaq:DRYS) and Bidz com Inc, (Nasdaq:BIDZ) are among the most actively traded companies in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Taleo Corp. (Nasdaq:TLEO), Centennial Communications Corp. (Nasdaq:CYCL), Solarfun Power Holdings Co Ltd. (Nasdaq:SOLF), Eagle Test Systems Inc. (Nasdaq:EGLT), Crucell NV ADR (Nasdaq:CRXL) and Canadian Solar Inc. (Nasdaq:CSIQ).

Here are the most actively traded companies among small caps:

Small-cap stocks edged down in midday trading, pressured by Freddie Mac’s larger-than-expected second-quarter loss and by profit-taking from traders who caught Tuesday’s big rally.

At 12:36 a.m. ET, the Russell 2000 (NYSE:IWM) was down 0.90, or 0.12% at 720.14.

Freddie Mac (NYSE:FRE) has dropped 11% in midday trading on sloppy quarterly earnings and news that the firm will reduce its dividend. The mortgage lender reported a $821 million quarterly loss, setting a gloomy mood for investors. Fannie Mae (NYSE:FNM), another government-chartered lender that often closely tracks Freddie's price moves, was also lower in the midday, off some 7%.

“Reuters reports today that the U.S. Treasury has hired Morgan Stanley in an advisory role to help it analyze and better understand its new authorities to backstop housing finance giants Fannie Mae and Freddie Mac,” Andy Busch, global foreign exchange strategist for BMO Capital Markets said in an email. “Today, Morgan Stanley told thousands of clients this week that they won't be allowed to withdraw money on their home-equity credit lines, said a person familiar with the situation according to Bloomberg. Hmm, the grassy-knoll-conspiracy-theorist inside me thinks that the two are related.”

Crude oil futures had slipped $1.59 to $117.58 a barrel in recent trading. Inventory data this morning showed a larger-than-expected rise in U.S. oil stockpiles. In other commodity news, the U.S. dollar continued its rally in midday trading and is up against both the yen and the euro in recent trading.

Tech stocks were underpinned relative to other index products by surprisingly stout earnings from Cisco Systems Inc. (Nasdaq:CSCO), which was up 6% in the midday. Within the tech arena, Microsoft Corp. (Nasdaq:MSFT) was the beneficiary of positive analyst comments overnight and was up 2.25%.

Online jewelry retailer Bidz.com, Inc. (Nasdaq:BIDZ) is seeing some upside in pre-market trading after reporting robust second-quarter results late Tuesday that trumped the consensus on Wall Street. The firm also raised full-year guidance and issued third-quarter guidance above analysts’ estimates.

Bidz.com experienced a strong quarter due to continued demand for the company’s jewelry products, increases in the number of new buyers, selling price per order, average items sold per day, customer traffic, and gross margin dollars per order. The company also stated that there is still a ‘tremendous opportunity’ to capture a larger share of the global jewelry market, which according to the company is expected to reach $213 billion worldwide by 2010.

Shares gained 10%, or $0.89, to $10.39 in pre-market trading. For detailed price information and recent news stories about Bidz.com, click BIDZ.

Diamond Management & Technology Consultants Inc (Nasdaq:DTPI), Pool Corporation (Nasdaq:POOL) and Royale Energy Inc (Nasdaq:ROYL) are among the most actively traded companies in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Iconix Brand Group Inc (Nasdaq:ICON), Netlogic Microsystems Inc (Nasdaq:NETL), Ricks Cabaret International Inc (Nasdaq:RICK), Bidz com Inc (Nasdaq:BIDZ), National Coal Corp (Nasdaq:NCOC) and Canadian Solar Inc (Nasdaq:CSIQ).

Here are the most actively traded companies among small caps:

Bidz.com (Nasdaq:BIDZ) said this morning that Russell Investments has added the online auctioneer of jewelry to its preliminary list for the Russell 3000 index. The official reconstitution of the index will be disclosed after the market close on June 27, 2008.

Shares gained 3.5%, or $0.36, to $10.74 in pre-market trading. For detailed price information and recent news stories about Bidz.com, click BIDZ.

Online jewelry auctioneer Bidz.com (Nasdaq:BIDZ) said this morning that it was the winning bidder of a large lot of finished jewelry in the bankruptcy auction of LID Ltd., one of the world’s largest manufacturers of diamond jewelry. Bidz said it paid nearly $24 million for the jewels and said it expects to begin auctioning off its new inventory in early June.

Shares gained 6%, or $0.73, to $12.98 in pre-market trading. For detailed price information and recent news stories about Bidz.com, click BIDZ.   

After rising during morning trading, the Russell 2000 (NYSE:IWM) hit resistance at 733.59 at 10:45 a.m. ET, and has continued to slide in Wednesday’s trading action. At 1:59 p.m. ET, the Russell was down 6.12, or 0.84%, at 723.67.

Federal Reserve Bank of Kansas City President Thomas Hoenig gave the bears support after he said late Tuesday that inflationary pressures “now stand at unacceptably high levels.” Hoenig is not a current voting member of the policy-making Federal Open Market Committee. U.S. consumers are feeling the pinch on their wallet, especially with oil prices surging to record highs. In recent trading, June crude oil contracts were up $1.51 to $123.35 a barrel.

A rising U.S. dollar combined with a positive productivity report kept investors bullish during early trading. In afternoon trading, the greenback is up to $1.5387 versus the euro. The U.S. dollar closed at $1.5524 against the Euro on Tuesday.

Also encouraging the bulls was the Labor Department’s Wednesday morning announcement that non-farm business productivity increased at an annual rate of 2.2% during the first quarter. Economists anticipated a 1.5% increase. Unit labor costs rose slower than expected at an annual rate of 2.2%, compared with . . .

Small-cap stocks pushed higher in early trading action, lifted by a surge in the U.S. dollar, and by yet another economic report that surprised on the upside. At 9:54 a.m. ET, the Russell 2000 (NYSE:IWM) was up 1.52, or 0.21%, at 731.31.

The greenback was on a roll this morning, gaining about 0.9% versus the euro, which would put the buck on a pace to close at the highest level since late March. Dollar strength also was noted against the yen, with dollar/yen rates up nearly 0.7% into the U.S. stock market opening.

Equities markets were lower in after-hours trading, but started to move toward the green after the monthly productivity report beat expectations. The headline figure for productivity came in at a gain of 2.2%, which was above the forecast for a rise of 1.6%. Typically, the productivity report has only a modest impact on stocks, but it did appear to move the S&P 500 about four handles. Perhaps of greater significance is that the productivity report was yet another economic release that topped the forecast, feeding good news to a market that might need it with small caps closing at 13-week highs Tuesday. There’s an old saying in the market that “you have to feed a bull, not necessarily a bear.”

Despite the jump in the U.S. dollar, crude oil prices were still hovering in rare air after setting record intraday and closing price values Tuesday. Amid supply concerns out of Africa, geopolitical strife in the Middle East and analyst forecasts calling for sharp gains in crude oil in coming months, “black gold” remains strong and . . .

The Russell 2000 (NYSE:IWM) futures are higher and the small-cap index will likely open in the green.

Small-cap stocks are poised for a bullish opening on news that Citigroup Inc. (NYSE:C) is near a deal to sell approximately $12 billion of leveraged loans and bonds to a group of private equity firms, according to news reports. A potential sale will help the bank improve its balance sheet.

Small-cap stocks had another lackluster, range-bound session Tuesday and remain in a holding pattern waiting for a breakout move. In the end, the Russell 2000 closed down 0.76, or 0.11%, at 711.92.

Look for support today at 705.50, 700 and 694, while resistance should be seen at 717, 725 and 731.

The market could face yet another sluggish session today, with very little on the economic calendar. The 10:00 a.m. ET Wholesale Inventory report typically doesn’t move stocks. Fed Chair Bernanke is making an appearance at 9:30 a.m. ET, but is only giving opening remarks at a Jumpstart Coalition meeting, and probably won’t jolt the markets.

The Russell 2000 (NYSE: IWM) and the other major U.S. indices remain deep in negative territory on economic worries.

At 11:45 a.m. ET, the small-cap index was down 10.62 points, or 1.50%, to 695.10. The Dow Jones Industrial Average (INDU) had retreated 192.86 points, or 1.53%, to 12,389.32.

Stocks small and large are posting significant declines on bearish economic news and a historic loss at insurer American International Group, Inc. (NYSE: AIG).

The National Association of Purchasing Managers-Chicago reported after the opening that its index of regional business conditions fell to a lower-than-expected level of 44.5 in February from 51.5 in January. A reading below 50 indicates a contraction.

Meanwhile, the University of Michigan said after the opening that its index of consumer confidence fell to a reading of 70.8 in February. That’s up from the preliminary estimate of 69.6 but still represents the worst result in over 15 years.

Bidz.com, Inc. (Nasdaq: BIDZ) shares are declining after the online auctioneer jewelry reported after Thursday’s close that CEO Dave Zinberg terminated his 10b5-1 trading plan. The Culver City, Calif.-based company’s board reinstated his yearly salary of $290,000 and made Zinberg eligible for an annual bonus, effective March 1. Zinberg’s plan was originally implemented during the summer of 2007, after the chief executive reduced his annual salary to $1 with no stock option grants.

After Thursday’s close, Bidz.com reported fourth-quarter earnings of $8.2 million, or $0.29 per share, up from $1 million, or $0.04 per share, a year earlier. The results met Wall Street analysts’ expectation of earning $0.29 per share.

Quarterly revenue rose to $63.2 million, up 68% from $37.6 million during the year-ago period. Analysts, on average, projected revenue of $63 million.

Going forward, Bidz.com expects first-quarter revenue of between $59 million and $61 million with earnings in the range of $0.14 to $0.16 per share. Wall Street expects earnings of $0.15 per share on $60.8 million in revenue.

BIDZ.com, Inc. (Nasdaq: BIDZ) shares are climbing after investment research firm American Technology Research initiated coverage on the company with a “buy” rating and a $19 price target.

The stock is in a “special situation” and has been severely oversold after an accusatory report against the company was released in late November, Tim Boyd, an Internet analyst for American Technology Research, said in a phone interview. The extremely bearish report, released by the stock blog Citron Research, said the company does business with a convicted felon and said the online jewelry auctioneer’s inventory seemed unusually high.

“There were some interesting points [in the report], but I found once I dug deep enough, there were rebuttals for each of the points,” Boyd said. “Although it had some hair to it, the report was nothing more than innuendo.”

In his report, Boyd noted that the firm’s unique business model, “bargain hunter” appeal and robust traffic growth will keep Bidz.com humming. The company is also trading at retail multiples and Boyd said e-commerce stocks that trade at retail multiples are undervalued. He also expects the Culver City, Calif.-based company to meet or beat Wall Street estimates for the fourth quarter.

In midday trading, BIDZ shares are soaring 17.59%, or $1.53, at $10.23. The stock has had a bumpy ride over the last 52 weeks, with shares ranging from $4.90 to $22.50.

Bidz.com, Inc. (Nasdaq: BIDZ), an online auctioneer of jewelry, said today that it has repurchased 100,000 shares of its common stock for $886,000.

The shares, which were repurchased at $8.86 per share, represent approximately 0.4% of the small cap’s estimated 24.6 million outstanding shares as of Dec. 31, 2007.

In June 2007, the company authorized a stock buyback program for up to $5 million of its outstanding common stock to be repurchased through the open market. Bidz.com has $4.1 million of authorization remaining under its program.

Shares of Bidz.com (BIDZ) gained $0.29, or 3.23%, to $9.26 in pre-market trading. Shares of Bidz.com have been trading in the range of $4.90 to $22.50 for the past 52 weeks.

The Russell 2000 (NYSE: IWM) posted gains today as some of the world’s most influential central banks announced a plan to ease the credit squeeze. The small-cap index rose 5.44 points, or 0.71%, to 771.71. The Dow Jones Industrial Average (INDU) advanced 41.13 points, or 0.31%, to 13,473.90.

On a year-to-date basis, the Russell 2000 is down 2%, while the Dow has added 8.01% and the S&P 500 has climbed 4.94%.

The bulls ran the show today as investors cheered news that the U.S. Federal Reserve and four other major central banks will inject billions into global money markets to boost bank lending.

The Fed will allow depository institutions to receive billions in short-term funds at rates below the ones it normally charges for loans. Similar initiatives were announced by the central banks of Canada, England, Switzerland and the European Union.

The Fed also set that it has created “swap” lines with the European Central Bank and the Swiss National Bank, for $20 billion and $4 billion respectively. That allows the two banks to make dollar loans in their jurisdictions. Previously, foreign central banks were unable to inject funds in anything other than their own currency.

ParkerVision, Inc. (Nasdaq: PRKR), Lincoln Educational Services Corp. (Nasdaq: LINC) and Learning Tree International, Inc. (Nasdaq: LTRE) are among the most actively traded companies in Monday pre-market trading among those with market capitalizations under $750 million:

BIDZ.com, Inc. (Nasdaq: BIDZ) shares are rising after the online jewelry auctioneer reported gross sales of $1 million on Nov. 29. The Culver City, Calif.-based firm said the sales broke company records for a 24-hour period.

“This marks the first time that we have achieved $1 million gross sales in one day,” CEO David Zinberg said in a statement. “This milestone is thanks, in large part, to our ever increasing selection of merchandise and our very broad customer base who understand value.” 

The positive announcement comes on the heels of a scathing report released by Citron Research on Monday. Citron is short selling shares of Bidz.com. On Thursday, Bidz.com said it was investigating possible wrongdoing by Citron’s editor, Andrew Left. Left accused Bidz.com for irregular bidding and said one of the firm’s major shareholders and suppliers has a criminal past.

As a result of investigating several irregular auctions, the company banned certain merchants from selling TVs and “may or may not take similar action with other merchants,” Zinberg said in a statement provided to SeekingAlpha.com on Friday. Auction Bytes, a trade publication that covers the online auction industry, reported after Thursday’s close that two online sellers said Bidz.com is shutting down its Certified Merchants program.

In afternoon trading, BIDZ shares are up 0.17%, or $0.02, at $11.74. Over the last 52 weeks, shares have ranged from $4.90 to $22.50.

The Russell 2000 (NYSE: IWM) moved down today but the Dow Jones Industrial Average (INDU) posted a modest gain on news of reports showing a coming slowdown in U.S. economic growth. The small-cap index fell 3.98 points, or 0.52%, to 766.06. The Dow added 22.28 points, or 0.17%, to 13,311.73.

On a year-to-date basis, the Russell 2000 has lost 2.71%, while the Dow is up 6.71% and the S&P 500 has advanced 3.75%.

Stocks began the session in the red as investors worried that an economic slowdown is imminent even though gross domestic product grew at an impressive 4.9% annual rate during the third quarter of 2007, according to the Commerce Department. That’s an upward revision from the preliminary figure of 3.9%.

“The upward revision to third-quarter GDP is not all good news,” said Arun Raha, vice president of economic research and consulting for the North American operations of reinsurance company Swiss Re, in an email. “Apart from the higher-than-expected exports, we also got a higher-than-previously-estimated inventory buildup, which accounted for a large part of the increase.”

“My view on fourth-quarter growth remains pessimistic,” Raha concluded, echoing the fears of many investors.

Helping the bears control trading in the morning was news from the U.S. Labor Department that jobless claims for the week ended Nov. 24 rose 23,000 to 352,000, the highest number since February. The revised figure for the preceding week is 329,000.

The four-week moving average was 2,589,250, an increase of 20,500 from the preceding week’s revised average of 2,568,750.

“Employment is a lagging indicator, and as activity slows, we’ll see some softening in the job market,” said Raha. “The bad news on this front is yet to come.”

Bad news of a different kind came shortly after the start of trading, when the U.S. Census Bureau reported that new home sales for October missed projections. The numbers showed an increase of 1.7% to 728,000, but the total from September was revised down sharply to 716,000 from 770,000 previously.

The median sales price of new houses was $217,800, 15% cheaper compared with a year earlier, when the average new home cost $250,400.

BIDZ.com, Inc. (Nasdaq: BIDZ) shares are soaring after the online jewelry auctioneer announced it is investigating possible wrongdoing by editor Andrew Left of Citron Research and will report trading activity to regulators. Left wrote a scathing report on Monday that sent BIDZ.com shares plummeting. He accused the company of irregular bidding and said one of the firm’s major shareholders and suppliers has a criminal past.

After publishing the report, Left said his website was hit with a denial of service attack that left Citron Research inaccessible for a period of time.

BIDZ.com said recent trading activity may have constituted “naked” short selling, or when traders sell borrowed shares without having borrowed them first. Because the practice falsely creates more sellers than buyers and usually artificially lowers a company’s share price, the practice is considered illegal under Securities and Exchange Commission rules. BIDZ.com said in a release that it reported recent trading activity to the Nasdaq and the SEC.

The Culver City, Calif.-based firm also warned investors that trading will be “volatile” over the next several days as sellers continue to short sell shares or cover their short positions. BIDZ.com said it “believes and is confident that the market will ultimately recognize the value in Bidz.com shares and the regulators will evaluate the recent trading activity and address any wrongful conduct.”

Ben Homer, who worked in Bidz.com’s customer service department during 2004, said he isn’t surprised at Citron’s report.

The Russell 2000 (NYSE: IWM) is falling on news of a rise in weekly U.S. jobless claims and despite higher-than-expected third-quarter economic growth.

At 10:43 a.m. ET, the small-cap index was missing 2.73 points, or 0.35%, to 767.31. The Dow Jones Industrial Average (INDU) was down 22.35 points, or 0.17%, to 13,267.10.

The U.S. economy grew at an impressive 4.9% annual rate during the third quarter of 2007, the Commerce Department reported before the opening. That’s an upward revision from the preliminary figure of 3.9%.

Economists were expecting a slightly more modest upward adjustment to a rate of 4.8%.

The fast rate of growth was largely due to a surge in exports, which rose 18.9% instead of the initially reported
16.2%. Imports increased 4.3%, while the preliminary numbers had forecasted a rise of 5.2%.

However, consumer spending increased a less-than-expected 2.7%, a sign that American consumers are getting tired in the face of stagnating home prices and high energy costs. Consumption is about 70% of gross domestic product.

Residential fixed investment, which includes housing, fell 19.7%, reflecting the ongoing slump in the housing sector.

Despite the economy’s strong third-quarter performance, the highest quarterly pace since 2003, a sharp slowdown is still in the cards.

The U.S. Labor Department reported before the start of trading that jobless claims for the week ended Nov. 24 rose 23,000 to 352,000, the highest number since February. The revised figure for a week earlier is 329,000.

The Russell 2000 (NYSE: IWM) jumped more than 3% today as investors seized on speculation of an upcoming interest rate cut. The small-cap index gained 26.77 points, or 3.60%, to 770.04. The Dow Jones Industrial Average (INDU) added 331.01 points, or 2.55%, to 13,289.45.

On a year-to-date basis, the Russell 2000 has lost 2.21%, while the Dow has advanced 6.53% and the S&P 500 is up 3.70%.

The bulls completely dominated today’s session, their enthusiasm fueled by speculation that the U.S. Federal Reserve is considering lowering its target interest rate when it next meets on Dec. 11.            

It all started with U.S. Federal Reserve vice chairman Donald Kohn, who told an audience in New York the current economic conditions “require flexible and pragmatic policymaking—nimble is the adjective I used a few weeks ago.”

“The increased turbulence of recent weeks partly reversed some of the improvement in market functioning over the late part of September and in October,” Kohn explained. “Should the elevated turbulence persist, it would increase the possibility of further tightening in financial conditions for households and businesses.”

Investors interpreted the remarks as a sign that the U.S. central bank is mulling a cut in the federal funds rate, the rate at which commercial banks make overnight loans to each other. The Fed lowered the rate to 4.50% from 4.75% when it last met on Oct. 31.

Stocks opened strong and added to their gains as the session progressed.

It’s a good thing Kohn focused investors’ attention away from the economy, because the data that came out today painted a bleak picture.

The Russell 2000 (NYSE: IWM) and the Dow Jones Industrial Average (INDU) are big gainers as investors see signs of a future rate cut. At 1:54 p.m. ET, the small-cap index had added 23.64 points, or 3.18%, to 766.91. The Dow was up 316.54 points, or 2.44%, to 13,274.98.

“Uncertainties about the economic outlook are unusually high right now,” U.S. Federal Reserve vice chairman Donald Kohn told an audience in New York earlier today. “In my view, these uncertainties require flexible and pragmatic policymaking—nimble is the adjective I used a few weeks ago.”

The bulls are on a tear because that remark is being interpreted as a hint that the central bank is considering a cut in its target interest rate when it next meets on Dec. 11.

On Oct. 31, the Fed lowered the federal funds rate, the rate at which commercial banks make overnight loans to each other, to 4.50% from 4.75% to prevent a sharp economic downturn and ease the credit crunch.

Speaking of the economy, the numbers that came out today were not pretty.

The U.S. Census Bureau reported before the opening that orders for durable goods, which are goods intended to last at least three years, unexpectedly declined 0.4% in October to $214.45 billion.

New orders for non-defense capital goods, an important measure of business spending, also fell.

Business spending is about 20% of U.S. gross domestic product.

More bad economic news came after the opening when the National Association of Realtors reported a 1.2% drop in U.S. existing home sales.

The Russell 2000 (NYSE: IWM) is posting strong gains despite news of worse-than-expected durable goods orders and a drop in existing home sales.

At 10:44 a.m. ET, the small-cap index had advanced 20.49 points, or 2.76%, to 763.76. The Dow Jones Industrial Average (INDU) was up 230.87 points, or 1.78%, to 13,189.31.

The U.S. Census Bureau reported before the opening that orders for durable goods, which are goods intended to last at least three years, declined 0.4% in October to $214.45 billion. Economists were expecting orders to stay flat after falling a downwardly revised 1.4% in September.

New orders for non-defense capital goods, an important measure of business spending, fell 3.1% to $72.5 billion.

That tells us that businesses are growing cautious, another sign of a pending slowdown in economic growth.

Investors will also have their eyes on the U.S. Federal Reserve, which will release its “beige book” of information about regional economic conditions at 2 p.m. ET.

More bad economic news came in the form of a 1.2% drop in U.S. existing home sales.

The National Association of Realtors reported after the start of trading that existing home sales for October fell to an annual pace of 4.97 million from revised 5.03 million in September. Economists were expecting a more modest decline to an annual rate of five million.

BIDZ.com, Inc. (Nasdaq: BIDZ) shares are plunging after CEO David Zinberg denied a report released on Monday that said the online auctioneer of jewelry holds excessive inventory, engages in shill bidding and said the firm’s largest supplier is a convicted felon. Citron Research, the source of the report, holds a short position on the stock. Zinberg said the company will take legal action against Citron during the next few days.

During a Tuesday evening conference call, Zinberg called Citron’s report “untruthful and negative” and said BIDZ has no cash flow issues. The firm’s high inventory is a part of a conscious strategy, he said, and the BIDZ has historically held low inventories. On the company’s “F” rating from the Better Business Bureau, the chief executive said there are 241 complaints on file compared with eight million items sold.

Zinberg also denied any shill bidding, saying it is against company policy. He could not explain why some bidders are paying above-market prices for televisions, but said BIDZ receives no revenue from electronic sales. He called accusations that he is paid 30,000 shares each month “absolutely false.”

In an attempt to calm investors, BIDZ said before Tuesday’s opening that the company had record Thanksgiving weekend sales.

“We are pleased to see such a dramatic improvement to our holiday sales,” David Zinberg said in a statement. “It is a testament to the attractiveness of our unique auction format and our continued focus on delighting the customer. We believe that consumers are discovering that there is no other place to go to for quality jewelry at our prices.” 

Citron said it will release a second part of its BIDZ report that might cause the stock to sink further.

“Stay tuned for part two in order to get more clarity of the business model of BIDZ,” Citron Editor Andrew Left said in the report. “If the previous quarter is indicative of future performance, Citron believes that Bidz.com will end up in the same bucket as Medifast (NYSE: MED), Housevalues (Nasdaq: SOLD), Escala (OTC: ESCL), and Syntax Brillian (Nasdaq: BRLC).”

Investors were not appeased by the conference call and BIDZ shares are down 23.97%, or $2.85, at $9.04 in morning trading. Over the last 52 weeks, shares have ranged from $4.90 to $22.50.

The Russell 2000 (NYSE: IWM) futures are higher and the small-cap index will likely open in positive territory.

The bulls look poised for action this morning despite news of a third consecutive monthly decline in orders for durable goods.

The U.S. Census Bureau reported that orders for durable goods, which are supposed to last at least three years, declined 0.4% in October to $214.45 billion. Economists were expecting orders to stay flat after falling a downwardly revised 1.4% in September.

That tells us that businesses are reining in spending, which feeds fears of a coming slowdown in economic growth.

Investors will also have their eyes on other economic data set to be released later today. The National Association of Realtors will announce home sales for October at 10 a.m. ET, while the U.S. Federal Reserve will release its “beige book” of information about regional economic conditions at 2 p.m. ET.

Here are the biggest percentage gainers and losers in pre-market trading among companies with a market cap between $100 million and $750 million:

Biggest percentage gainers:

• China Finance Online Co. Ltd. (JRJC), up 15% on news it has completed the acquisition of 85% equity interest of a licensed securities brokerage firm in Hong Kong.
• City Telecom (H.K.) Ltd. (CTEL), up 9%.
• Neutral Tandem, Inc. (TNDM), up 6%.

Biggest percentage losers:

• BIDZ.com, Inc. (BIDZ), down 16% on news the CEO has denied a report claiming the company engages in shill bidding, holds excessive inventory.
• Central Garden & Pet Co. (CENT) down 15% on news of a fiscal fourth-quarter net loss.
• Tercica Inc. (TRCA) down 8%.

The Russell 2000 (NYSE: IWM) and the other major indices posted solid gains today on news that Citigroup Inc. (NYSE: C) received a cash injection of $7.5 billion. The small-cap index added 8.20 points, or 1.12%, to 743.27. The Dow Jones Industrial Average (INDU) rose 215 points, or 1.69%, to 12,958.44.

On a year-to-date basis, the Russell 2000 has shed 5.61%, while the Dow has added 3.88% and the S&P 500 has advanced 0.82%.

The futures were pointing up and stocks climbed out of the gate on news after the close on Monday that the Abu Dhabi Investment Authority has purchased a 4.9% stake in the largest U.S. bank for $7.5 billion.

The cash will help New York-based Citigroup better deal with billions of dollars in losses due to the purchase of securities backed by subprime mortgages. News came out on Monday that Citi, which suffered a loss in the third quarter, may have to slash as many as 45,000 workers from its payroll in an effort to return to profitability.

Today the bank was a bullish force on Wall Street, even though some analysts suggested that Citi may still need to raise more capital.

Stocks were rising steadily until 10 a.m. ET, when the Conference Board reported a larger-than-expected drop in consumer confidence for November.

The business organization said that its index of consumer confidence fell to 87.3 from a downwardly revised level of 95.2 in October. That’s the lowest reading since the aftermath of Hurricane Katrina in October 2005 and a sign that Americans are getting more tightfisted in the face of higher energy costs and declining home prices.

The Russell 2000 (NYSE: IWM) and the Dow Jones Industrial Average (INDU) are posting solid gains despite news of worse-than-expected declines in consumer confidence and home prices. At 2:27 p.m. ET, the small-cap index was up 5.84 points, or 0.79%, to 740.91. The Dow had added 184.12 points, or 1.44%, to 12,927.56.

Stocks are bullish this afternoon as investors react to news after Monday’s close that Citigroup Inc. (NYSE: C) has sold 4.9% of itself to the Abu Dhabi Investment Authority for $7.5 billion. That’s the investment arm of the emirate of Abu Dhabi, one of the seven emirates in the United Arab Emirates.

News that the largest U.S. bank appears to be returning to solid ground after posting a loss in the third quarter unleashed the bulls. The cash infusion will help the bank get a better handle on billions of dollars on losses from subprime mortgages, which resulted in the recent departure of the CEO.

The bulls briefly slowed down and the Russell 2000 dipped into negative territory after 10 a.m. ET, when the Conference Board announced that its index of consumer confidence for November fell to a two-year low of 87.3 from a downwardly revised level of 95.2 in October. That’s the fourth consecutive drop and a sign that Americans are less willing to spend money.

That’s a problem for the economy because consumption comprises about 70% of gross domestic product. Most economists expect a slowdown in growth in the fourth quarter of 2007 and the first half of 2008, with some even forecasting a recession.

Investors looked saddened for a moment, but the mood didn’t last. The bears also failed to gain traction following a report that U.S. home prices fell 4.5% in the third quarter from a year earlier. That’s the steepest decline since the Standard & Poor’s Case-Shiller housing index was introduced in 1987.

BIDZ.com, Inc. (Nasdaq: BIDZ), China Finance Online Co. (Nasdaq: JRJC) and Genesco Inc. (NYSE: GCO) are among the biggest percentage losers in Tuesday's trading among companies with market capitalizations under $750 million.

Here are today's biggest percentage losers:

The Russell 2000 (NYSE: IWM) is in the green even though news of a sharp decline in November consumer confidence shaved earlier gains.

At 10:37 a.m. ET, the small-cap index had added 4.24 points, or 0.58%, to 739.31. The Dow Jones Industrial Average (INDU) had advanced 115.34 points, or 0.91%, to 12,858.78.

Wall Street was bullish before the start of trading on news that Citigroup Inc. (NYSE: C) has sold 4.9% of itself to the Abu Dhabi Investment Authority for $7.5 billion. The cash infusion will allow the largest U.S. bank to better deal with losses accumulated through bets on securities backed by subprime mortgages.

New York-based Citigroup posted a loss during the third quarter, hurt by more than $6 billion in writedowns. The bank could face even larger losses in the fourth quarter.

Futures were pointing higher and small and large-cap stocks rose out of the gate.

But the rally quickly lost steam after 10 a.m. ET, when the Conference Board announced a larger-than-expected drop in consumer confidence for November.

Shares of Bidz.com (Nasdaq: BIDZ) are treading lower in pre-market trading despite the online auctioneer of jewelry’s reaffirmation of financial guidance and strong holiday sales report.

The Culver City, Calif.-based company reaffirmed its guidance provided on Nov. 12, for the fourth quarter, fiscal 2007 and fiscal 2008.

For the fourth quarter ending Dec. 31, Bidz expects revenue to be in the range of $56 million to $58 million. Three analysts polled by Thomson are on average forecasting revenues of $57.44 million.

For 2007, the company expects revenue in the range of $180 million to $182 million and gross margin of approximately 27% to 28%. Three analysts polled by Thomson are on average anticipating revenues of $181.34 million.

For 2008, Bidz expects revenues to be in the range of $225 million to $230 million and gross margin of approximately 27% to 28%. Bidz said it anticipates fully taxed GAAP EPS of $0.47 to $0.51. Three analysts polled by Thomson are on average projecting revenues of $229.66 million.

The small cap also noted that sales during the Thanksgiving holiday weekend, from Friday through Sunday were up 78% over last year.

News didn’t stop the bearish sentiment pervading the broader market. Shares of Bidz.com (BIDZ) trailed 1.27%, or $0.21, to $16.35 in pre-market trading. Shares of Bidz.com have been trading in the range of $4.90 to $22.50 for the past 52 weeks.

BIDZ.com, Inc. (Nasdaq: BIDZ), Hoku Scientific, Inc. (Nasdaq: HOKU) and Canadian Solar Inc. (Nasdaq: CSIQ) are among the most actively traded companies in Tuesday pre-market trading among those with market capitalizations under $750 million:

The Russell 2000 (NYSE: IWM) and the Dow fell today on news of rising mortgage defaults and credit market losses. The small-cap index dropped 19.96 points, or 2.64%, to 735.07. The Dow Jones Industrial Average (INDU) let go 237.44 points, or 1.83%, to 12,743.44.

On a year-to-date basis, the Russell 2000 has shed 6.65%, while the Dow has added 2.16% and the S&P 500 is down 0.66%.

Stocks posted big losses today following news that HSBC Holdings PLC (NYSE: HBC) could face billions in losses and Citigroup Inc. (NYSE: C) is planning job cuts in a move to return to profitability.

London-based HSBC may have to absorb losses of up to $12 billion due to bets placed on securities backed by subprime mortgages, according to an analyst from Goldman Sachs Group, Inc. (NYSE: GS). HSBC, which is Europe’s largest bank, may also need to rescue two of its funds by putting $45 billion of their assets onto its balance sheet.

More bad news came from Citigroup, which announced that it is looking for ways to improve efficiency and cut costs in order to return to profitability after mortgage writedowns led it to report a loss in its most recent quarter

Although Citigroup, the largest U.S. bank, did not say how many of its over 300,000 employees will be getting pink slips, a news report from business news channel CNBC put the figure at between 17,000 and 45,000.

The fact that two of the world’s largest banks are in the crosshairs of the fallout from the subprime mortgage meltdown scared investors and put stocks on the downward trajectory.

The Russell 2000 opened in positive territory but reversed course within an hour after the start of trading, while the Dow stayed on both sides of the flat line until about 1 p.m. ET, when the bears established their dominance.

The Russell 2000 (NYSE: IWM) and the other major U.S. indices are in negative territory due to more credit concerns. At 2:37 p.m. ET, the small-cap index had lost 9.27 points, or 1.23%, to 745.76. The Dow Jones Industrial Average (INDU) was missing 50.81 points, or 0.39%, to 12,930.07.

The bears have returned to action this afternoon following news that HSBC Holdings PLC (NYSE: HBC), Europe’s largest bank, may need to rescue two of its funds by putting $45 billion of their assets onto its balance sheet.

Additionally, the London-based financial services giant may face losses of up to $12 billion due to bets placed on securities backed by subprime mortgages, according to an analyst from Goldman Sachs Group, Inc. (NYSE: GS).

The news once again demonstrates that losses associated with the meltdown in the subprime mortgage sector continue to plague the financial system. Many financial institutions have had to deal with tighter liquidity and have responded by tightening credit. A number of U.S. mortgage lenders have even gone bankrupt.

Contributing to the credit jitters is Citigroup Inc. (NYSE: C), which announced today that it is looking for ways to improve efficiency and cut costs after mortgage writedowns led it to report a loss in its most recent quarter. News reports claim the New York-based bank could cut anywhere between 17,000 and 45,000 jobs in an effort to return to profitability.

Elsewhere, the price of oil has eased $0.72 to $97.46.

The Russell 2000 (NYSE: IWM) futures are pointing south and the small-cap index will most likely fall on news of poor corporate earnings and downgrades.

Investment bank Goldman Sachs Group, Inc. (NYSE: GS) downgraded financial services giant Citigroup Inc. (NYSE: C) to “sell” from “neutral” on fears that it could suffer up to $15 billion in write-downs on collateralized debt obligations over the next two quarters.

The financial services sector has been hit hard by fallout from the meltdown in the subprime mortgage sector, which began after the U.S. housing prices started to stagnate in the second quarter of 2006.

The troubled housing sector is one reason why Lowe’s Companies, Inc. (NYSE: LOW), the nation’s second largest home improvement retailer, announced today that its third-quarter profit fell 10.2%. The Mooresville, N.C.-based company also lowered its fourth-quarter and full-year outlook.

No major economic releases are coming out today.

Here are the biggest percentage gainers and losers in pre-market trading among companies with a market cap between $100 million and $750 million:

Biggest percentage gainers:

• Helicos BioSciences Corp. (HLCS), up 10%.
• Micrel, Inc. (MCRL), up 9% on news it has signed a contract to supply commercial solar cells.
• BIDZ.com Inc. (BIDZ), up 6%.

Biggest percentage losers:

• Sify Technologies Ltd. (SIFY), down 15%.
• China Sunergy Co. Ltd. (CSUN) down 5% on news of a wider third-quarter loss.
• AuthenTec Inc. (AUTH) down 4%.

Small-cap stocks jumped nearly 3% today, propelled by surprise earnings from Wal-Mart and an easing of credit fears. The Russell 2000 (NYSE: IWM) added 22.06 points, or 2.88%, to 789.15, snapping a two-day losing streak. The Dow Jones Industrial Average (INDU) gained 319.54 points, or 2.46%, to 13,307.09, its first rise in four sessions.

On a year-to-date basis, the Russell 2000 has advanced 0.22%, while the Dow has risen 6.67% and the S&P 500 has added 4.55%.

Trading got off to a bullish start this morning on news that Wal-Mart Stores Inc. (NYSE: WMT) saw a 7.9% increase in third-quarter profit at its U.S. stores, while revenue rose 8.9%.

The result pleasantly surprised analysts and eased fears that the U.S. consumer was cutting back on spending. Americans do about 10% of their shopping at the Bentonville, Ark.-based retailer, which began offering discounts two weeks earlier than last year to lure customers.

Stocks were gaining momentum, with the Russell 2000 adding more than 1% within the first 30 minutes of trading.

The bears had no chance, even after Bank of America Corp. (NYSE: BAC) said that it projects a fourth-quarter pre-tax charge of $3 billion due to its purchase of collateralized debt obligations that have plummeted in value because of the stagnating U.S. housing market. Collateralized debt obligations are loans—such as mortgages—that are pooled together and sold to institutional investors as a package.

The Russell 2000 (NYSE: IWM) is posting gains this afternoon as investors respond to better-than-expected earnings from Wal-Mart and a drop in the price of oil. At 2:17 p.m. ET, the small-cap index had advanced 14.25 points, or 1.86%, to 781.34. The Dow Jones Industrial Average (INDU) was up 223.54 points, or 1.72%, to 13,211.09.

Futures were higher and the day began on a bullish note following news that Wal-Mart Stores Inc. (NYSE: WMT) reported a 7.9% increase in third-quarter profit at its U.S. stores, while revenue rose 8.9%. The increase was primarily due to discounts that began two weeks earlier than last year.

The result pleasantly surprised analysts and eased fears that the U.S. consumer was cutting back on spending. Americans do about 10 percent of their shopping at the Bentonville, Ark.-based retailer.

Stocks’ upward trajectory was not affected by news that Bank of America Corp. (NYSE: BAC) is projecting a fourth-quarter pre-tax charge of $3 billion due to its purchase of collateralized debt obligations. Like many other financial actors, the second largest bank in the United States is taking a hit from fallout of the stagnation in the housing market.

Jewelry auctioneer Bidz.com, Inc. (Nasdaq: BIDZ), after Monday’s close posted third-quarter results above the Street’s view and raised full-year revenue guidance, pushing shares up to a new 52 week high today.

Shares of Bidz.com bolted 16.16%, or $2.36, to a new 52 week high of $16.96 at 12:46 p.m. ET. Shares of Bidz.com have been trading in the range of $4.90 to $15.19 for the past 52 weeks.

For the three months ended Sept. 30, the Culver City, Calif.-based company recorded net income of $3.6 million, or $0.14 per share, a 27% surprise above the Thomson mean earnings estimate of $0.11 per share. For the third quarter of 2006, net income was $997,000, or $0.04 per share. The small cap said the increase in net income was due primarily to higher gross profit margins on increased revenues.

Net revenue was $40.1 million, a 48% increase over the $27.1 million reported for the third quarter of 2006. Analysts polled by Thomson had anticipated revenues of $37.71 million.

Bidz.com attributed the increase to growth in demand for its jewelry products and the increase in average sales amount per order. During the third quarter, the company said it lowered its acquisition cost per new buyer and increased its number of new buyers, orders per day, while increasing its average order value.

Gross margin grew to 31.7%, compared with 24.6% in the same period of 2006 due to amortized co-op marketing contributions that reduced the company’s cost of sales by $833,000 or 2.1% of net revenue.

The company said it anticipates gross margins for the fourth quarter to continue to improve over last year on account of continued receipt of co-op marketing dollars and continued elimination of any major shipping promotions.

The Russell 2000 (NYSE: IWM) is posting solid gains following news that Wal-Mart reported a rise in its third-quarter financials.

At 10:20 a.m. ET, the small-cap index had added 9.28 points, or 1.21%, to 776.37. The Dow Jones Industrial Average (INDU) was up 121.93 points, or 0.94%, to 13,109.48.

The bulls are back in action following news before the start of trading that Wal-Mart Stores Inc. (NYSE: WMT) reported a 7.9% increase in third-quarter profit at its U.S. stores, while revenue rose 8.9%.

The Bentonville, Ark.-based company, the world’s largest retailer, had a profit of $2.86 billion, or $0.70 per share, compared with $2.65 billion, or $0.63 per share, a year ago. That’s above Wall Street’s expected earnings of $0.67 per share and on revenue of $91.67 billion.

Wal-Mart also improved its fiscal 2008 earnings guidance.

Meanwhile, home improvement retailer The Home Depot Inc. (NYSE: HD) announced a 27% drop in its third-quarter earnings, reflecting the ongoing stagnation in the U.S. housing market.

Overseas, London’s FTSE 100 index slipped 0.1%, while Tokyo’s Nikkei 225 index surrendered 0.5%.

No major economic releases are scheduled for today.

Here are the current biggest percentage gainers and losers among companies with a market cap between $100 million and $750 million:

Biggest percentage gainers:

• US BioEnergy Corp. (USBE), up 13% on news of a rise in third-quarter profit.
• BIDZ.com (BIDZ), up 15% on news of a rise in third-quarter profit.
• School Specialty Inc. (SCHS), up 12% on news of a rise in fiscal second-quarter profit.

Biggest percentage losers:

• TravelCenters of America LLC. (TA), down 17% on news it swung to a third-quarter loss.
• Regeneration Technologies Inc. (RTIX) down 12% on news it has purchased Tutogen Medical Inc. (TTG) for $263 million.

China Shenghuo Pharmaceutical Hldg, Inc. (AMEX: KUN), Cape Fear Bank Corp. (Nasdaq: CAPE) and SulphCo, Inc. (AMEX: SUF) are among the biggest percentage gainers in Thursday's trading among companies with market capitalizations under $750 million.

Here are today's biggest percentage gainers:

KongZhong Corp. (Nasdaq: KONG), China BAK Battery Inc. (Nasdaq: CBAK) and China Techfaith Wireless Comm. Tech. Ltd (Nasdaq: CNTF) are the most actively traded companies in Friday pre-market trading among those with market capitalizations under $500 million:

China Natural Resources Inc. (Nasdaq: CHNR), Spire Corp. (Nasdaq: SPIR) and BIDZ.com, Inc. (Nasdaq: BIDZ) were among the new 52-week highs established Monday among companies with market capitalizations or values under $500 million.

Here are today's 52-week small-cap highs:

RTW, Inc. (Nasdaq: RTWI), Optium Corp. (Nasdaq: OPTM) and Sonic Solutions (Nasdaq: SNIC) are among the biggest percentage losers in Friday's trading among companies with market capitalizations under $500 million.

Here are today's biggest percentage losers:

CyberSource Corp. (Nasdaq: CYBS) reported it agreed to buy Authorize.Net Holdings Inc. (Nasdaq: ANET) for approximately $565 million in a stock and cash deal.

Trump Entertainment Resorts, Inc. (Nasdaq: TRMP) reported that James B. Perry, its president and CEO, is leaving effective July 1.

Keryx Biopharmaceuticals (Nasdaq: KERX) announced the resignation of its senior VP and CFO Ronald Renaud, which will be effective June 27. Mark Stier, the New York, N.Y.-based company’s chief accounting officer, will assumer Renaud’s responsibilities.

These are the biggest percentage losers in Monday's trading among companies with market capitalizations under $500 million: