Tag - SFL

Stocks took another major tumble Monday after news that small-cap insurer American International Group (NYSE:AIG) clocked the biggest operating loss in its history, adding to investor despair. Some of today’s small-cap gainers were ICT Group (Nasdaq:ICTG), FGX International Holdings (Nasdaq:FGXI) and Noven Pharmaceuticals (Nasdaq:NOVN).

Other Market Watch highlights today included:

• The Russell 2000 (NYSE:IWM) closed down 21.22, or 5.45%, to 367.80, while the Dow closed down 4.24% to 6,763.29 and the S&P 500 closed down 4.66% to 700.82.
• For the year, the Russell 2000 is now down 26.35%, the Dow is down 22.95 and the S&P 500 is down 22.41%.
• On the data front today, personal spending rose about 0.6% in January and incomes rose 0.4%, while construction spending fell 3.3%, or more than twice as much as analysts predicted.
• Oil prices plummeted more than 10% today, suggesting energy demand is still being hurt by the deteriorating global economy.
• The U.S. government said it would give AIG another $30 billion in loans, on top of the $150 billion it has already provided to the insurer.
• Back to AIG, the insurer clocked $61.7 billion Q4 loss.
• Global stock markets sharply slumped overnight, with the benchmarks in Britain and Japan down about 4% each.

Small Cap Gainers:

• Business service outsourcer ICT Group, Inc. closed up 64% after Aegis Limited made an acquisition proposal to ICT’s board. See (Nasdaq:ICTG).
• FGX International Holdings Limited saw a 16% uptick following a strong sales and earning release late last week. See (Nasdaq:FGXI).
• Noven Pharmaceuticals is up 11% ahead of its scheduled earnings . . .

Stocks were sharply lower at midday on news this morning that small-cap insurer American International Group Inc. (NYSE:AIG) posted the largest quarterly loss in U.S. corporate history, down $61.7 billion in Q4.

At noon the Russell 2000 (NYSE:IWM) was down 15.25, or nearly 4%, at 373.77, while the S&P 500 was down 3.66% to 708.15, and the Dow was down 3.25% to a staggering 6,833.54 — the first time the index has dipped below 7,000 in 11 years.

Myriad data reports out today showed personal spending rose about 0.6% in January and incomes rose 0.4%, while construction spending fell 3.3%, or more than twice as much as analysts predicted. Even though manufacturing contracted in February for the thirteenth straight month, the pace was slower than expected.

Small caps bucking the downward trend this morning included business service outsourcer ICT Group, Inc. (Nasdaq:ICTG), up nearly 70% after Aegis Limited made an acquisition proposal to ICT’s board. FGX International Holdings Limited (Nasdaq:FGXI) is seeing an 18% uptick following a strong sales and earning release late last week, and Noven Pharmaceuticals is up 10% ahead of its scheduled earnings release on Thursday.

On the downside, Ship Finance International (NYSE:SFL) is down over 23% after reporting a Q4 loss last week.

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