Tag - OVTI

Small-cap stocks took a dive on the opening, pulled down by slumping technology shares in Europe and in the United States and by a bruising private report on employment which sent shivers through the market ahead of Friday’s big monthly jobs report. At 10:01 a.m. ET, the Russell 2000 (NYSE:IWM) was down 8.93, or 2.02%, at 432.89.

Shares in Europe were pressured by sloppy earnings for Infineon, the second-largest semiconductor maker across the pond. Here in the United States, tech bellwether Research in Motion Ltd. (Nasdaq:RIMM), makers of those nifty Blackberry units, tumbled 5% early today after revealing preliminary profit results that were disappointing. RIMM set fresh 52-week lows this morning and the stock is down 75% from the June peak.

In addition, retail sales missed the forecast in the eurozone and a report on services sector activity also disappointed. Speaking of services sector numbers, the ISM Non-Manufacturing Survey came out at 10:00 a.m. ET, with the headline figure at 37.3%, which was way below the forecast of 42.8%.

Elsewhere on the data front, the productivity report came in better than expected this morning, but was overshadowed by the ADP survey and the ISM release. Also, the weekly MBA Mortgage Application survey jumped 11% as prospective home buyers were enticed by a slide in mortgage rates (was this report part of the “story” behind Tuesday’s big rise in homebuilder stocks)?
 
Crude oil prices were relatively stable early this morning, hovering near Tuesday’s closing levels. The downside of that story (at least for energy companies) is that Tuesday’s close was at three-year lows. Big-cap energy firm Slumberger Ltd. (NYSE:SLB) issued a warning right before the opening that 2008 results will miss analyst expectations, which could ripple throughout the energy spectrum today. The Energy Select Sector SPDR Fund was off 2.6% shortly after the open, . . .

Isramco Inc. (Nasdaq:ISRL), Silicon Graphics Inc. (Nasdaq:SGIC) and Targanta Therapeutics Corp. (Nasdaq:TARG) are among the biggest percentage gainers in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: John B  San Filippo & Son (Nasdaq:JBSS), OmniVision Technologies Inc. (Nasdaq:OVTI), NuStar GP Holdings LLC. (Nasdaq:NSH), Nashua Corp. (Nasdaq:NSHA), MAKO Surgical Corp. (Nasdaq:MAKO) and NewBridge Bancorp (Nasdaq:NBBC).

Here are the biggest percentage gainers among small caps:

The Russell 2000 (NYSE: IWM) posted a gain for the first time in 2008 as most of the major U.S. indices ended a turbulent session in positive territory. The small-cap index climbed 2.35 points, or 0.33%, to 723.95. The Dow Jones Industrial Average (INDU) advanced 27.31 points, or 0.21%, to 12,827.49.

On a year-to-date basis, the Russell 2000 has lost 5.49%, while the Dow is down 3.30% and the S&P 500 has retreated 3.55%.

Small-cap stocks went on a rollercoaster ride that ended with a late-session rally that pushed the index into the green. Equities started the day higher, then fell abruptly after about 30 minutes and bounced around for the remainder of trading.

With no major news releases scheduled for today, investors turned their attention to future policy actions aimed at improving the U.S. economy and preventing a recession.

“The housing downturn and credit disruption will weigh on our economy and impose a penalty on our economic growth,” Treasury secretary Henry Paulson said in a speech to the New York Society of Securities Analysts this afternoon. “We will likely have further indications of slower growth in the weeks and months ahead.”

However, Paulson did not mention any new measures the Bush administration is planning to keep the economy moving forward and reiterated his belief that there will be no recession.

“While growth looks to have slowed considerably in the last part of 2007, our economy remains resilient and I expect it to continue to grow,” he said.

Also addressing the economy was President Bush, who called on the U.S. Congress to make some of his income tax cuts permanent and urged the passing of a number of housing-related proposals.