Tag - ALK

Matrixx Initiatives (Nasdaq:MTXX), Reddy Ice Holdings Inc. (Nasdaq:FRZ) and LCA Vision Inc. (Nasdaq:LCAV) are among the biggest percentage gainers in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Alaska Air Group Inc. (Nasdaq:ALK), Sangamo Biosciences Inc. (Nasdaq:SGMO), Perry Ellis International Inc. (Nasdaq:PERY), SmartHeat Inc. (Nasdaq:HEAT), Media General Inc. (Nasdaq:MEG) and Aristotle Corp. (Nasdaq:ARTL).

Gymboree Corp. (Nasdaq:GYMB), Nymagic Inc. (Nasdaq:NYM) and US Physical Therapy Inc. (Nasdaq:USPH) are among the biggest percentage losers in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Atlas Energy Resources LLC (Nasdaq:ATN), K Swiss Inc. (Nasdaq:KSWS), United America Indemnity Ltd. (Nasdaq:INDM), Legacy Reserves Units (Nasdaq:LGCY), Susser Holdings Corp. (Nasdaq:SUSS) and Alaska Air Group Inc. (Nasdaq:ALK).

Small-cap stocks took flight today, notching the biggest one-day gain of 2009, just one day after sinking to the worst performance of the New Year. The topsy-turvy world of equity market investing set aside the gloom from Tuesday’s slide amid strong earnings from technology bellwether IBM, and money flow benefited stocks as Treasury markets tumbled. The Russell 2000 (NYSE:IWM) soared 23.12, or 5.33%, to 456.76; for the year, small caps are still down 8.5%, on target for the worst January showing in more than 15 years. Meanwhile, the Dow is down 6.2% for the year and the S&P 500 is off 7%.

The fact that small caps led the way on the rally today is a positive sign amid plenty of gloom for the marketplace. Investors will have to become more comfortable embracing risk for the market to truly rally off these bear market lows, and putting their faith in small caps would be an interesting development — but as you can see by the yearly return, that leap of faith hasn’t been made yet.

The market was oversold on short-term momentum studies entering the session after suffering the worst inauguration day collapse in history. An upbeat profit reading from International Business Machines (NYSE:IBM) set the stage for a bounce back rally today, but the market still needs to extend the move to suggest that the inauguration day slide was the anomaly and not today’s recovery.

The market has been buffeted with poor profit reports for months and a . . .

Small-cap stocks staged a solid recovery rally Tuesday, recovering a hefty slice of the historic collapse from Monday’s freefall but remaining in the shadow of that epic decline. Strength today stemmed from short-term oversold conditions, hope for a rescue bail-out of automakers as well as bargain hunting in financial and homebuilder shares. The Russell 2000 (NYSE:IWM) closed up 24.75, or 5.93%, at 441.82. The Russell is now down 42% for 2008, while the Dow is off 37% and the S&P 500 is down 42%.

Optimism for a $25 billion aid package for embattled U.S. carmakers may have played a supportive role in the action today, but stock in General Motors Corp. (NYSE:GM) came tumbling down from a steep morning rally after word got out that November vehicle sales collapsed 41.3% versus the same month last year. Executives from the Big 3 automakers submitted plans to Congress for the bail-out proposal. Ford Motor Co. (NYSE:F) was the first to release their plan, which called for a $9 billion loan, no executive bonuses, a reduction in dealers and new plans for electric cars. Into the close, GM shares were up slightly, while Ford was up about 4%.

Financial stocks were among the top performers today, with the Financial Select Sector SPDR Fund up 5%, including another sizable rise in Citigroup Inc. (NYSE:C), which was up 9%. Smaller banks and financial firms dominated the best percentage movers as well.

Homebuilder shares were surprisingly stout, with the ISE Homebuilder Index climbing 7.5%. Within the small-cap universe, KB Home (NYSE:KBH) jumped 9.5%, Lennar Corp. (NYSE:LEN) rallied 14.1% and Centex Corp. (NYSE:CTX) rose 11.5%. Perhaps the group was simply oversold, and perhaps some of the move was tied to hopes that further rate cuts and the government’s new push on lowering longer-dated debt rates would revive the sagging housing industry. On Monday, Federal Reserve Chairman Ben Bernanke intimated that the Fed could purchase long-term products and that sentiment was echoed today by Philadelphia Federal Reserve Bank President Charles Plosser, who said that the Fed certainly can buy Treasury products and . . .

Small-cap stocks extended the rally into midday trading, boosted by a bounce in financial and energy shares after those sectors were drummed during Monday’s massive rout. Oversold conditions, bargain hunting and optimism about a bailout for beleaguered automakers fueled the upside pop.  Some of today’s small-cap gainers are Colonial Properties Trust (NYSE:CLP), Deltek Inc. (Nasdaq:PROJ) and Williams-Sonoma Inc.  (NYSE:WSM).

Other Market Watch highlights today included:

• Automaker remained higher into midday as investors waited word on progress for an aid package to stave off potential failure for the Big 3.  
• Airline stocks were up 5.5%, outperforming the broad market.
• The ISE Homebuilders Index was up 7% also a sign of relief after all of the economy worries pounded stocks Monday.  
• Among S&P sectors, REITS, wireless telecoms, broadcasting firms and diverse financial services companies were the best performers.


Small Cap Gainers:

• Colonial Properties Trust jumped 38% after the multifamily real estate investment trust announced dividends. See (NYSE:CLP).
• Deltek Inc. rose 34% as the software designer generated a big outside bullish reversal on daily charts following Monday’s swoon. See (Nasdaq:PROJ). 
• Williams-Sonoma Inc. jumped nearly 25% as the retailer operator of Pottery Barn received analyst upgrades. See (NYSE:WSM).  
• Advanced Medical Optics Inc. rose 22%, reversing a sizable decline from Monday. See (NYSE:EYE).  
• US Airways Group Inc. and Alaska Air Group Inc. were both up about 8%, as airline stocks are flying high today. See (NYSE:LCC) and (NYSE:ALK).

Small Cap Losers:

• Palm Inc. tumbled 34% as the smart phone maker lowered quarterly projections. See (Nasdaq:PALM).
• Clearwire Corp. tumbled 20% on reports that the firm may slow its high-speed WiMax wireless network progress because of the tight credit market situation. See (Nasdaq:CLWRD).  
• Skyworks Solutions Inc. gapped lower and slumped 13% after the analog semiconductor firm lowered guidance. See (Nasdaq:SWKS).

Doral Financial Corp. (Nasdaq:DRL), Gymboree Corp. (Nasdaq:GYMB) and The9 Ltd. (Nasdaq:NCTY) are among the biggest percentage gainers in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: ATA Inc. (Nasdaq:ATAI), RC2 Corp. (Nasdaq:RCRC), Alaska Air Group Inc. (Nasdaq:ALK), Hibbett Sports Inc. (Nasdaq:HIBB), Dress Barn Inc. (Nasdaq:DBRN) and Janus Capital Group Inc. (Nasdaq:JNS).

Small-cap stocks extended the opening slide after Treasury Secretary Henry Paulson suggested that the government’s initial plan to rescue our fragile financial system by scooping up bad debt off the books of financial firms wasn’t that great of an idea after all. A lack of confidence in the rescue plan simply added to existing jitters about the economy and the corporate profit outlook. Today’s small-cap gainers are Rex Energy (Nasdaq:REXX), CTC Media (Nasdaq:CTCM) and Ticketmaster (Nasdaq:TKTM).

Other Market Watch highlights today included:

• Anything currently linked to Russia is trouble; the Russian Stock Exchange closed for 2 days to stem massive selling in Russian equities.  
• The U.S. dollar was down mildly against the euro, but absolutely tanking against the Japanese yen, losing some 2.1%.  
• Treasury markets rallied as equity markets tumbled, reflecting flight toward “safe haven” outlets and away from stocks.  
• Small caps are down neaerly 4% after Paulson said the govt. would scrap the original “rescue” plan, in lieu of a better alternative.  

Small Cap Gainers:

• Rex Energy trading up over 10% after clocking a profit in Q3 on Nov. 7. See (Nasdaq:REXX).
• CTC Media reports inducement grant under NASDAQ marketplace rule 4350. Shares up 8.4%. See (Nasdaq:CTCM).  
• Ticketmaster Entertainment posts Q3 revenue increase, removes convenience fees for certain concerts. Shares trading up 6% this morning. See (Nasdaq:TKTM).  
• FalconStor Software, Inc. up 5% on higher-than-average volume. See (Nasdaq:FALC).  

Small Cap Losers:

• Wimm-Bill-Dann Foods OJSC tumbled 24% on news that ratings agency Moody’s downgraded the firm’s debt. See (NYSE:WBD).  
• Though crude prices are down, select airlines are struggling. UAL Corp. is down 23%, US Airways is off 20% and Alaska Air is down 7.5%. See (Nasdaq:UAUA), (NYSE:LCC) and (NYSE:ALK).  
• Central European Distribution Corp., the largest vodka producer in Poland, tumbled 21%. See (Nasdaq:CEDC).  
• Hadera Paper Ltd., an Israeli company that specializes in manufacturing and recycling of paper products, was off 20% after reporting earnings. See (NYSE:AIP).  

Small-cap stocks extended the opening slide after Treasury Secretary Henry Paulson suggested that the government’s initial plan to rescue our fragile financial system by scooping up bad debt off the books of financial firms wasn’t that great of an idea after all. A lack of confidence in the rescue plan simply added to existing jitters about the economy and the corporate profit outlook. At 12:16 p.m. ET, the Russell 2000 (NYSE:IWM) was down 18.46, or 3.83%, at 463.83.

Paulson said that the government was moving toward another round of capital injections into financial institutions, scrapping the original “rescue” of buying up toxic debt as a way to utilize the $700 billion in funds targeted to rescue the market from the credit crisis. Fair or not, the immediate reaction from stock market investors to the news was that they seemed to see the announcement as another sign of a wishy-washy, “putting out fires” approach to the crisis instead of a well-thought, well-executed approach to the problems at hand.

Treasury markets rallied as equity markets tumbled, reflecting flight toward “safe haven” outlets and away from stocks. The yield on benchmark 10-year notes fell 2%. Yields move inverse to price, so the slide on yields reflected demand for the 10-year note product. The U.S. dollar was down mildly against the euro, but absolutely tanking against the Japanese yen, losing some 2.1%.

Individual small caps on the slide today included Wimm-Bill-Dann Foods OJSC (NYSE:WBD), as Russia’s largest dairy company tumbled 24% on news that ratings agency Moody’s downgraded the firm’s debt. Pretty much anything linked to Russia right now is trouble as the Russian Micex Stock Exchange closed for . . .

The Russell staged a dramatic comeback at Friday’s closing, closing up a stunning 4.66%, and shooting nearly 12% off an intraday trough that marked the lowest point since August 2003. Other Market Watch highlights today included:

• In what will be forever remembered as a historic week for the stock market, small caps shed 15.6% in an unprecedented collapse this week.
• From a charting and index perspective, the late recovery move in stocks today was paced by small caps, which was an encouraging sign.
• If small caps start to show a leadership role in the coming days, it could be a sign that a bottom, or at least stabilization is nearby. 
• AMR Corp, Delta and Continental Airlines were among the most actively traded small caps today amid falling oil prices.
• Crude oil prices tumbled 10% today to fresh one-year lows.

Small Cap Gainers:

• Alaska Air Group (NYSE:ALK) closed up about 30% on momentum from the decline in energy prices, late day small-cap recovery moves.
• Ardea Biosciences Inc. (Nasdaq:RDEA) jumped some 39%, recovering from new move lows set Thursday.
• Material Sciences Corp. (NYSE:MSC) up 25.2% on slight increase in Q2 earnings reported Thursday.
• Willis Lease Finance (Nasdaq:WLFC) up 26% after $63M sale of 10 . . .

Small-cap stocks stormed higher in the final 45 minutes of trading, shooting higher on optimism for a big weekend announcement out of G7 finance leaders. The comeback move was likely heightened by oversold conditions ahead of the weekend. Until the late rally, stocks remained in collapse mode for most of Friday as investors pulled money out of equities fearing a prolonged recession amid the global credit crisis. The Russell 2000 (NYSE:IWM) gained 23.28, or 4.66% to 522.48, shooting nearly 12% off an intraday trough that marked the lowest point since August 2003. In what will be forever remembered as a historic week for the stock market, small-caps still shed 96.92, or 15.6% in an unprecedented collapse this week. For the year, the Russell is now down 31.7%, while the Dow is off 36.2% and the S&P 500 is down 38.7%. Small caps are now down 39% from the 2007 record highs, and at the lows today were fast approaching typical declines in the 50% range seen in previous recessions over the last 40 years.

From a charting and index perspective, the late recovery move in stocks today was paced by small caps, which was an encouraging sign. Small caps have been underperforming on the way down in this collapse after over performing their large-cap brethren for years on the way up. If small caps start to show a leadership role in the coming days, it could be a sign that a bottom, or at least stabilization is nearby. All that said, one could argue that it would have been surprising to see the stock market NOT have an oversold bounce ahead of the weekend with the potential promise of a G7 finance statement in the works, so there will still be a desire next week for the market to show that today’s recovery has traction.

This week’s collapse gained momentum despite dramatic moves by central bankers around the world to unclog credit lines. For the first time since the recession gripped the nation in the shadow of the 9/11 attacks seven years ago, central bankers gift wrapped a coordinated rate cut for the market, with the United States, United Kingdom, Eurozone, Swiss, Canadian, Swedish and Chinese authorities . . .

Small-cap stocks turned lower Tuesday, rejecting an impressive morning rally as financial and tech stocks failed to gain traction even with the benefit of a sharp pullback in crude oil prices. The Russell 2000 (NYSE:IWM) closed down 0.99, or 0.13%, at 738.51. For the year, the Russell is down 3.5%, which is quite a shift from the morning rally when the Russell looked poised to post one of the highest daily settlements of the year. The selling pot was stirred among large caps too, with the Dow slipping 0.2% on the day; the Dow is now down 13.1% for the year. In addition, the S&P 500 lost 0.4% Tuesday and is off 13% for 2008.

The dramatic reversal in fortune for stocks today left a mild bearish reversal formation on daily charts as the Russell closed lower after threatening to challenge move highs in the morning. In addition, when a market sinks in the face of seemingly bullish news, it is often considered a classic signal that something else is wrong. In this case, the market seems to be saying that a little relief at the gas pump isn’t enough to fix what ails the economy or the credit crisis.

It’s interesting to note too that the erosion in stocks seemed to coincide with a surge in Treasury markets. The yield on the benchmark 10-year note tumbled nearly 2% to the lowest closing level since late April. Yields move inversely to price, which means that demand for Treasury products (a traditional safe-haven) was strong today. Some of that push for a safety net seemed to move in tandem with the Fitch downgrade of paper debt for mortgage lending giants Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE). If there were concerns in the market about the government-sponsored enterprises, they didn’t really show up in the stock, as shares in FNM rose 8%, while FRE jumped 14%.

The day dawned brightly for equities as investors embraced a huge slide in crude oil prices. Even though the stock market turned lower in the afternoon, crude oil prices still lost about 5% on the day, sinking $5.75 a barrel to $109.71. The stiff decline in energy prices was accompanied by a big rally in the U.S. dollar, and a whole host of commodity markets succumbed to the pressure — all of which would seem . . .

Small-cap stocks continued to climb Thursday, powered by a solid performance in financial, retail and airline stocks, by yet another “good news” economic report and by a sudden downdraft in crude oil prices. The Russell 2000 (NYSE:IWM) gained 14.85, or 2.03%, to 747.79 and is now down 2.38% on the year.

Small caps were strong relative to the S&P 500 and also broke free of a close pattern they had been keeping with tech stocks. The S&P 500 was up 1.48% and is down 11.4% for 2008, while the Nasdaq was up 0.78% and is off 8.1% for the year. Meanwhile, the Dow was up 1.85% and is down 11.6% for the year.

On the financial front, investors continue to gain confidence in government-sponsored enterprises Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE), which has become a source of great relief for banks, insurance firms and a host of other financial shares. FNM rose another 22% today has recovered over 50% from last week’s lows when investors were concerned that all the share equity in GSEs would be rendered worthless. A shakeup in management at FNM and talk that the firm’s balance sheets were not as bleak as feared powered the latest recovery move today.

The ripple effect throughout financials was easy to see, with the Financial Select Sector SPDR Fund climbing 3.8% and the PHLX KBW Banking Index up 4.0%. Big-name firms such as Citigroup Inc. (NYSE:C) and Bank of America Corp. (NYSE:BAC) both registered gains in the 5% range.

Some of the bullish psychology for today’s action was tied to this morning’s upside surprise on the GDP report, which came in at 3.3%, well above the forecast for a rise of 2.7%. The GDP report was just the latest in a friendly string of data surprises this week, including consumer confidence Tuesday and durable goods Wednesday. On its own merit, second-quarter GDP is somewhat dated since we’re nearly two-thirds of the way through the third quarter, but when the market is rallying, it’s . . .

Small-cap stocks are expected to open near steady levels as investors mull over the big two-session advance in prices and short-term longs book profits. The Russell 2000 (NYSE:IWM) was basically unchanged overnight, and large-cap futures indices were narrowly mixed.

The international trade report showed that the U.S. deficit narrowed to minus 56.7 billion, which was better than the forecast for a deficit of minus 61.5 billion, helped by a weaker U.S. currency, which makes exports of U.S. goods more attractive.

The dollar was narrowly mixed right before the trade report, and firmed against the euro after the data. The market will often see big moves in foreign currency markets on the trade report, but the action was quite tame after today’s release.

Stock markets around the world were mixed overnight, with Asia shares primarily lower. Stocks in Russia jumped 3%, but shares in Japan were down 0.9%, Hong Kong off 1%, China down 0.5%, India down 1.8%, Taiwan down 0.4%, Singapore down 0.3% and Australia up 0.5%.

Crude oil prices slipped to three-month lows overnight, but recouped a $1-a-barrel decline heading into the U.S. stock market open, bouncing back from $113 to $114. Some of the overnight selling was tied to news that Russian officials ordered . . .

Small-cap stocks posted a solid rally Tuesday, bolstered by sinking crude oil prices, a strong dollar and enthusiasm over a steady spate of merger and acquisition activity. The Russell 2000 (NYSE:IWM) rose 19.19, or 2.75%, to 716.82, marking the 9th-largest one-day gain of the year.

The recovery bounce in stocks from a morning slide was clearly paced by small caps as the Russell 2000 moved into the green well ahead of its large-cap brethren — and even well before the crude oil collapse gained momentum.

“Crude was helpful to sectors in the market, but today’s action was also dominated by a wave of earnings. The lack of material downside follow through in the financial sector post Wachovia, Keycorp and American Express sparked a bid. The market was able to shrug off the initial bearish news with surprisingly little downside, which is a big positive. In addition, M&A activity is perking up,” said Nick Kalivas, vice president, financial research with MF Global.

Kalivas said that the deal by Brocade Communications Systems (Nasdaq:BRCD) to purchase Foundry Networks Inc. (Nasdaq:FDRY) helped secure a positive tone for the market, particularly in small caps. FDRY gapped higher on huge volume today, and added some 30% to its market cap on the news.

Several airline stocks are in the small- to mid-cap range, and those stocks really took flight today as crude oil tanked. The AMEX Airline Index shot 22% higher today, and small-cap carrier US Airways (NYSE:LCC) jumped a whopping 59% despite reporting huge — but not surprising — quarterly losses. Small-cap firm Alaska Air Group Inc. (NYSE:ALK) was up 19%, while JetBlue Airways Corp. (Nasdaq:JBLU) rallied 20% and UAL Corp. (Nasdaq:UAUA) gained some 63%.

As for crude oil, the market for black gold went into a tailspin, sinking some 3% to 6-week lows. Clearly, the rise in the U.S. dollar went hand-in-hand with the plunge in crude, but one could argue that the dollar rally also played in a role in pulling down commodity prices across many markets. For instance, corn was down 3%, sugar down 3%, orange juice down 2.7% and even gold reversed overnight gains to . . .

DineEquity Inc (Nasdaq:DIN), GSI Group Inc (Nasdaq:GSIG) and Norwood Financial Corp (Nasdaq:NWFL) are among the new 52-week lows in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Gateway Financial Holdings Inc (Nasdaq:GBTS), Webster Financial Corp (Nasdaq:WBS), Continental Airlines Inc (Nasdaq:CAL), Alaska Air Group Inc (Nasdaq:ALK), BGC Partners Inc (Nasdaq:BGCP) and LSB Corp (Nasdaq:LSBX).

Here are the new 52-week lows among small caps:

Small-cap stocks plunged shortly after Friday’s opening, showed resilience during the first hour of trading but have exhibited a downward trend in afternoon trading. The uncertainty surrounding Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE) combined with record-high crude oil prices have spurred a sell-off today. At 2:17 p.m. ET, the Russell 2000 (NYSE:IWM) was down 2.07, or 0.31%, at 668.37.

Investors responded tepidly to Treasury Secretary Henry Paulson’s short statement that the U.S. government is committed to “supporting Fannie Mae and Freddie Mac in their current form as they carry out their important mission.”

Fannie Mae has fallen some 24% this afternoon, and similar losses were pinned on Freddie Mac on high volume. Selling fury was fueled overnight by an article in the New York Times suggesting the government was considering a takeover of the embattled mortgage lending giants as the housing slump and credit crisis wallop the firms.

The freefall in federally chartered corporations, or GSEs, spilled over to the rest of the financial sector, with large caps such as Wachovia Corp. (NYSE:WB) down 9%, Merrill Lynch down 5% and Lehman Bros. (NYSE:LEH) off 15% in afternoon trading.

“Retail and credit issues sparked selling Thursday and remain a concern today. Volatility is high right now,” Nick Kalivas, vice president of financial research with MF Global, told SmallCapInvestor.com in an email interview. “I think FNM and FRE are vulnerable to further losses, but the market is thinking that the government will aid the GSEs in some way and keep the financial system whole.”

Small caps were able to outperform large caps during Thursday’s bounce, but Kalivas said the move was powered more by a recovery in oil and natural gas that sparked money pouring back into small-cap energy firms. “I think it is more a beta trade or a sector trade than a sign of the market’s overall health. I’m not reading . . .

Alaska Air Group Inc. (NYSE:ALK) is down 14% to a 52-week low as higher crude prices drag down the airline industry. Crude oil reached a record high at $147 per barrel today on concerns of Middle East hostility and threats on Nigerian oil facilities. The airline sector as a whole has been hit hard by rising gas prices and is down about 3.8% for the day. Seattle-based Alaska Air is down more than 54% since January. In today’s trading, the company is at $11.67 at 11:45 p.m. ET, down $1.93 from Thursday’s close. After the today’s open, shares fell to $11.31, a 52-week low for the company.

Community Valley Bancorp (CA) (Nasdaq:CVLL), Pzena Investment Management Inc (Nasdaq:PZN) and DineEquity Inc (Nasdaq:DIN) are among the biggest percentage losers in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Gateway Financial Holdings Inc (Nasdaq:GBTS), Webster Financial Corp (Nasdaq:WBS), Alaska Air Group Inc (Nasdaq:ALK), FCStone Group, Inc. (Nasdaq:FCSX), Pacific Sunwear of California Inc (Nasdaq:PSUN) and Continental Airlines Inc (Nasdaq:CAL).

Here are the biggest percentage losers among small caps:

The Russell 2000 (NYSE:IWM) fell hard as investors worried about corporate earnings and reacted to news of record high oil prices. The small-cap index dropped 13.54 points, or 1.90%, to 698.38. The Dow Jones Industrial Average let go 49.18 points, or 0.39%, to 12,527.26.

On a year-to-date basis, the Russell 2000 has declined 8.83%, while the Dow has retreated 5.56% and the S&P 500 is down 7.75%.

Small-cap stocks suffered more than their bigger brothers today as fears that the sagging economy will weaken corporate earnings led to a sell-off. United Parcel Service, Inc. (NYSE:UPS) reported after the close on Tuesday it lowered its first-quarter profit forecast. The Atlanta, Ga.-based company is considered a bellwether because its performance is closely related to the sales of other businesses.

More bearish news came after the start of trading following news reports that investment bank Merrill Lynch & Co., Inc. (NYSE:MER) will likely post a first-quarter loss due to its exposure to subprime loans and commercial real-estate debt.

In economic news, the price of oil briefly touched a record high of $112.21 a barrel on news after the opening that inventories unexpectedly fell . . .

The Russell 2000 (NYSE:IWM) raced ahead on news that a manufacturing index declined less than expected. The small-cap index advanced 17.29 points, or 2.60%, to 681.42. The Dow Jones Industrial Average (INDU) climbed 261.66 points, or 2.16%, to 12,361.32.

On a year-to-date basis, the Russell 2000 has shed 11.05%, while the Dow is down 6.81% and the S&P 500 has retreated 9.46%.

Small-cap stocks opened with a modest rise but picked up steam after 10 a.m. ET, when the Philadelphia Federal Reserve reported that its index of regional manufacturing activity showed a reading of -17 in March, while economists had forecasted -20. The reading for February was -24.

The report is the most-watched regional manufacturing index, considered to be a barometer of manufacturing nationwide. Investors disregarded the fact that the data represent the longest period of contraction in five years and pushed stocks higher.

In other bullish news, an analyst said that mortgage purchases by Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE) will help right the mortgage market. Today the federal government adopted changes that allow the two companies to invest more in mortgages and related securities.

The Russell 2000 (NYSE:IWM) and the Dow have added to their earlier gains. At 3:02 p.m. ET, the small-cap index had climbed 16.61 points, or 2.50%, to 680.74. The Dow Jones Industrial Average (INDU) was up 251.23 points, or 2.08%, to 12,350.89.

Stocks small and large are rising on news after the start of trading that a key factory index came in better than expected. The Philadelphia Federal Reserve reported that its index of regional manufacturing activity showed a reading of -17 in March, while economists had forecasted -20. The reading for February was -24.

The numbers show continued weakness and represent the longest period of contraction in five years.

The Russell 2000 (NYSE: IWM) and the Dow are deep in negative territory on news of liquidity problems at Bear Stearns.

At 12:23 p.m. ET, the small-cap index had shed 14.42 points, or 2.12%, to 665.29. The Dow Jones Industrial Average (INDU) was down 177.96 points, or 1.47%, to 11,967.78.

The bears are running the show on news shortly after the opening that brokerage house Bear Stearns (NYSE: BSC) has seen its cash position deteriorate significantly over the past 24 hours, necessitating emergency short-term financing from J.P. Morgan Chase & Co. (NYSE: JPM) and the New York Federal Reserve.

Bear Sterns has been among the financial companies most severely affected by the meltdown in the subprime mortgage sector.

In economic news, the University of Michigan reported after the start of trading that its preliminary index of consumer confidence fell to 70.5 in early March from 70.8 in February. Economists were expecting to see a steeper decline.

With stocks falling, shares of airline companies are leading the descent.

The Russell 2000 (NYSE: IWM) reversed its earlier gains and fell into negative territory with minutes left in the session. The small-cap index declined 6.50 points, or 0.96%, to 667.31. The Dow Jones Industrial Average (INDU) let go 46.57 points, or 0.38%, to 12,110.24.

On a year-to-date basis, the Russell 2000 has shed 12.89%, while the Dow is down 8.70% and the S&P 500 has decreased 10.87%.

Stocks small and large stumbled with half an hour left in trading, surrendering their earlier gains. Investors were generally bullish and the major U.S. indices spent the majority of the session in the green due to the momentum following the U.S. Federal Reserve’s move on Tuesday to offer up to $200 billion in expanded loans to financial institutions in an effort to ease the credit squeeze.

In economic news, the Mortgage Bankers Association reported before the start of trading that U.S. mortgage applications fell 1.9% for the week ended March 7.

The airlines industry has suffered extreme turbulence since 9/11, from which it has not recovered. Toss in the rapidly rising fuel costs since the 2005 Gulf Coast hurricanes, and you have a double whammy smackdown that has brought many major carriers a trip through bankruptcy.
 
Frontier Airlines Holdings Inc. (Nasdaq: FRNT) and other smaller, regional carriers have fared better. But even with marketing tools such as 50 images of wildlife like grizzly bears, hares and wood ducks gracing the tails of its aircraft and the catchy slogan, “A whole different animal,” Frontier is having a bear of a time in keeping analysts from lumping it indiscriminately with some of its more troubled peers.
 
There are some changes in the air for Denver-based Frontier, however. CEO and President Jeff Potter announced last Thursday that he was resigning, effective September 6, to take another chief executive position outside of the airline industry. The next day Frontier's stock rose nearly 4% to $5.22, lifting the price from the $5.00 52-week low earlier in the week. A few days before that, Sam Addoms, company chairman and co-founder, said he planned to retire at the same time, when Frontier holds its annual shareholders’ meeting. Potter, 47, who rose through the ranks at Frontier, will remain on the company’s board.

Analysts had a neutral to negative view of Frontier before it reported results on July 26 for the quarter ended June 30, the first period in its fiscal 2008 year, and it doesn’t appear as if that report swayed their opinion. The company posted a net loss of $3.5 million, or $0.10 a share, compared with a profit of $4 million, or $0.10 a share, in the same quarter a year earlier. Still, sales grew 13% to $344.8 million.
 
Maybe industry observers need to lighten up, because Frontier is – lightening up, that is. As fuel costs continue to rise, seemingly without a pause, Frontier is in the midst of swapping out the seats in its youthful fleet of Airbus jets with a lighter variety. The company estimates that it can save $5.4 million a year in fuel costs with the switch – and it’s going to be able to add four seats to each plane. Of course, there’s a capital expenditure for the project, which cost it $1.4 million in the quarter in accelerated depreciation costs.