Tag - SVNT

If you’ve never experienced the painful symptoms of gout, consider yourself lucky. The buildup of uric acid crystals in joints has been likened to having skewers pushed into flesh.

 

It’s estimated that over one million people suffer from gout attacks every year - and if a person with a proverbial skewer sticking out of their joints isn’t a motivated buyer, I don’t know who would be.

 

The company I’m talking about today markets a specialized gout treatment. There are other gout treatments on the market, but this company’s treatment targets chronic cases that haven't responded to other medications. The company has put the potential number of patients at around 172,000, and industry watchdogs have estimated potential annual worldwide sales could range from a low $200 million to upwards of $1 billion. The company has indicated in regulatory filings that the drug would be relatively cheap to manufacture.

Novavax Inc. (Nasdaq:NVAX), Sequenom Inc. (Nasdaq:SQNM) and Biocryst Pharmaceuticals Inc. (Nasdaq:BCRX) are among the most actively traded companies in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Spectrum Pharmaceuticals Inc. (Nasdaq:SPPI), China Medical Technologies Inc. (Nasdaq:CMED), CardioNet Inc. (Nasdaq:BEAT), Immunomedics Inc. (Nasdaq:IMMU), Brigham Exploration Co. (Nasdaq:BEXP) and Savient Pharmaceuticals Inc. (Nasdaq:SVNT).

Huron Consulting Group Inc. (Nasdaq:HURN), Oncothyreon Inc. (Nasdaq:ONTY) and Electro-Optical Sciences Inc. (Nasdaq:MELA) are among the most actively traded companies in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Century Aluminum Co. (Nasdaq:CENX), Savient Pharmaceuticals Inc. (Nasdaq:SVNT), Wright Medical Group Inc. (Nasdaq:WMGI), JA Solar Holdings Co Ltd. (Nasdaq:JASO), Fuqi International Inc. (Nasdaq:FUQI) and Carrols Restaurant Group. (Nasdaq:TAST).

Huron Consulting Group Inc. (Nasdaq:HURN), Savient Pharmaceuticals Inc. (Nasdaq:SVNT) and Vivus Inc. (Nasdaq:VVUS) are among the biggest percentage losers in Monday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Ducommun Inc. (Nasdaq:DCO), First Merchants Corp. (Nasdaq:FRME), Univest Corp of Pennsylvania (Nasdaq:UVSP), Summit Financial Group Inc. (Nasdaq:SMMF), Constant Contact Inc. (Nasdaq:CTCT) and Comfort Systems USA, Inc. (Nasdaq:FIX).

Huron Consulting Group Inc. (Nasdaq:HURN), Savient Pharmaceuticals Inc. (Nasdaq:SVNT) and Synaptics Inc. (Nasdaq:SYNA) are among the most actively traded companies in Monday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Sequenom Inc. (Nasdaq:SQNM), Verigy Ltd. (Nasdaq:VRGY), James River Coal Co. (Nasdaq:JRCC), Spectrum Pharmaceuticals Inc. (Nasdaq:SPPI), ImmunoGen Inc. (Nasdaq:IMGN) and Century Aluminum Co. (Nasdaq:CENX).

Matrixx Initiatives (Nasdaq:MTXX), A Power Energy Generation Systems Ltd (Nasdaq:APWR) and O2Micro International Ltd (Nasdaq:OIIM) are among the most actively traded companies in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: JA Solar Holdings Co Ltd (Nasdaq:JASO), Molecular Insight Pharmaceuticals Inc (Nasdaq:MIPI), Savient Pharmaceuticals Inc (Nasdaq:SVNT), ImmunoGen Inc (Nasdaq:IMGN), Century Aluminum Co (Nasdaq:CENX) and Internet Gold-Golden Lines Ltd (Nasdaq:IGLD).

Early morning weakness in the markets was made up during the afternoon trading hours. The Dow closed just slightly down at 8,497 for a loss of 0.09%. The Nasdaq was up 0.66% for a close of 1,808 and the S&P 500 lost 0.14% to close today at 910.

Small-cap stock investors were rewarded with a 0.65% gain on the Russell 2000 index, a composition of the 2,000 largest small-cap stocks, that closed at 507 today.

Pharma continued it's leadership position in small-caps with Molecular Insight Pharmaceuticals (Nasdaq:MIPI) up 41.3% today as money continues to move into healthcare stocks. Blue Chip pharma stocks followed their upward trajectory, though not nearly as much as small-caps put in, with Abbot Laboratories (NYSE:ABT) up 2.7%, Merck (NYSE:MRK) moved up 1.5%, and Johnson and Johnson (NYSE:JNJ) posted a 1.2% gain.

The other small-cap leader in pharma was Savient (Nasdaq:SVNT) up 35.5% after receiving the recommendation from a panel of arthritis experts who suggested the Food and Drug Administration approved Savient's new gout drug. By a vote of 14 to 1 the panel recommended that the firm's drug, KRYSTEXXA, be granted marketing approval by the FDA. The action date for the FDA's decision is currently set for August 1, 2009.

Other small-cap gainers for today include Alvarion (Nasdaq:ALVR) up 18.3% on news of its $100 million contract with Open Range Communications; Cayman Islands based United America Indemnity (Nasdaq:INDM), a provider of property and casualty insurance products, up 16.4%; and Connecticut based MTM Technologies (Nasdaq:MTM), up 42.8%.

Decliners were lead by Star Scientific (Nasdaq:STSI) which shed 73% off it's opening price to close today at $1.13. Star lost its patent suit against No. 2 cigarette maker RJ Reynolds Tobacco, a unit of Reynolds American (NYSE:RAI). It alleged that RJ Reynolds had infringed in its patents related to the way of growing and treating tobacco plants to prevent nitrosamines from forming. It's believed that in reducing nitrosamines that the cancer-causing agents in tobacco can be significantly reduced. The jury ruled not only that the patents were invalid, but that they should not have been issues. Star said it would seek a new trial or appeal to the U.S. Court of Appeals.

Other small-cap decliners were lead by financials including National Penn Bancshares (Nasdaq:NPBC) down 23.2%; First Financial Service Corp. (Nasdaq:FFKY) down 18.5%; and Provident Community Bancshares (Nasdaq:PCBS) down 16.4%. Larger capitalization bank shares were not immune to the sell-off in financials with Bank of America (NYSE:BAC), Citigroup (NYSE:C), and Wells Fargo (NYSE:WFC) all declining today.

*****On Monday, an influential bank analyst raised his price target for Bank of America (NYSE:BAC) to $19. That implies a 40% jump for BAC. Curiously, this particular analyst didn't cite any improvements to the business or strength in the bank's balance sheet. Rather, he based his analysis on improving investor sentiment.

I don't know about you, but I'm not running out and buying a stock - especially a bank stock - just because investors feel better. No, I'm going to need to see actual evidence that conditions for banks are improving before I wade into those murky waters.

So far, the improvements we've seen in bank fundamentals have been based on accounting changes and government stimulus for the housing market. These measures don't fix the problem; they simply make the symptoms look better.

*****To underscore this point, S&P just cut its ratings on 22 banks because of the potential for further weakening in the sector. The S&P analyst had this to say:

"We believe the banking industry is undergoing a structural transformation that may include radical changes with permanent repercussions…Financial institutions are now shedding balance sheet risk and altering funding profiles and strategies for the marketplace's new reality. Such a transition period justifies lower ratings as industry players implement changes."

Bank of America was not among the banks whose outlook was cut by S&P. And I don't care. So long as the sector is weak and the economy is struggling I'm not going anywhere near banks stocks, improved investor sentiment or not.

*****I know Cold War politics are long over, and that Russia and the U.S. are no longer vying for supremacy, but I still can't help thinking "In your face, Russia" when I read that dollar denominated bonds sold by Russia, China and Brazil performed far better than bonds denominated in those countries own currency.

Russian and Brazilian bonds lost money. China's yuan denominated bonds posted small gains. In every case, dollar denominated bonds made money.

It should be obvious that the BRIC countries (Brazil, Russia, India and China) demand that the world's reserve currency should be manipulated to weaken the influence of the dollar is pure politickin'. Or in the words of a currency strategist quoted by Bloomberg, "It's not up to politicians to determine which currency will be the world reserve currency…In the end the market decides it."

In this case, it should be apparent that the market has spoken.

*****So I won't buy their debt, but I will buy Chinese stocks. Yesterday,   SmallCapInvestor PRO added another Chinese stock to the portfolio. China's one of the few countries in the world that's posting any growth. And investors should absolutely own some Chinese stocks right now. If you want to find out what we're holding in SmallCapInvestor PRO just click HERE.

Savient Pharmaceuticals Inc. (Nasdaq:SVNT), Beverly National Corp. (Nasdaq:BNV) and United America Indemnity Ltd. (Nasdaq:INDM) are among the biggest percentage gainers in Wednesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Digimarc Corp. (Nasdaq:DMRC), Matrixx Initiatives (Nasdaq:MTXX), Ames National Corp. (Nasdaq:ATLO), Ambassadors Group Inc. (Nasdaq:EPAX), RadiSys Corp. (Nasdaq:RSYS) and Badger Meter Inc. (Nasdaq:BMI).

Savient Pharmaceuticals Inc. (Nasdaq:SVNT), Spectrum Pharmaceuticals Inc. (Nasdaq:SPPI) and TriQuint Semiconductor Inc. (Nasdaq:TQNT) are among the most actively traded companies in Monday's trading among companies with market capitalizations under $1 billion.

Also included among the results: JA Solar Holdings Co Ltd. (Nasdaq:JASO), GT Solar International Inc. (Nasdaq:SOLR), AgFeed Industries Inc. (Nasdaq:FEED), Century Aluminum Co. (Nasdaq:CENX), A Power Energy Generation Systems Ltd. (Nasdaq:APWR) and Cal Maine Foods Inc (Nasdaq:CALM).

All major indices were trading down for much of today's session with the Nasdaq leading the losses by shedding 0.19% to close at 1,858.80. In late trading the Dow closed at 8,799.26 for a modest gain of 0.32% and the S&P 500 closed up 0.14% to finish the day at 946.21.

The Russell 2000, the widely followed index of the largest 2,000 small cap stocks, closed down today at 524.32 losing 0.33%.

Leading the small-cap gainers today was Savient Pharmaceuticals (Nasdaq:SVNT) up 56% to close at $9.26 on news that the Food and Drug Administration said that the firm's gout treatment drug, Krystexxa, works. Based in East Brunswick, NJ, Savient makes specialty biopharmaceuticals as was founded in 1980.

Other small-cap leading gainers include WSP Holdings (NYSE:WH) up 24.5%; Independent Bank Corporation (Nasdaq:IBCPO) up 22.4%; and AC Moore Arts & Crafts (Nasdaq:ACMR) up 16.4%.

Small-cap decliners were lead by Hawaii-based Hoku Scientific (Nasdaq:HOKU) down 30.3% to close at $3.05. Hoku, a raw materials provider for the solar industry, announced that it may be unable to fund its operations over the next year and stated that it will not provide guidance for fiscal year 2010.

The other small-cap stocks posting big share price drops include iPCS (Nasdaq:IPCS) down 21.6%; P&F Industries (Nasdaq:PFIN) down 19.9%; and one of Wednesday's big gainers, Corel (Nasdaq:CREL), which slid 18.4%.

*****Its worse in Europe than here in the U.S. Industrial production dropped 1.9% in a particularly cruel April, nearly double the 1% drop that was expected. First quarter GDP was also down 2.5% for the 16 Euro-zone countries.

The recession there seems far from over, and Europe's weakness might be contagious because it should act as a stark reminder just how tenuous global economic recovery is.

*****Oil prices may have just hit their blow-off highs above $72 yesterday. As you know, I was early to the oil stock party. My SmallCapInvestor PRO readers took a 142% gain on one stock, Gulfport Energy (Nasdaq:GPOR), and we're holding +60% on another. And of course, if you've been following closely over the past six months you know that I've been in and out of Graham (AMEX:GHM) several times.

Now, it's getting late and I suspect the party might be ending, at least for a brief pause. I'm not calling for oil prices to crash. And the $33 a barrel price we saw back in February may never be seen again. But oil stocks, and stocks in general, are due for a pullback.

The 2nd Quarter ends June 30. And it would be reasonable to expect institutional investors to lock in some gains. I'm sure they are using put options to do some hedging, which helps explain the recent rise in volatility. But I also won't be surprised to see some outright selling. And it might have started with yesterday's afternoon drop for the indices.

The Dow Industrials were up well over 100 points in the early afternoon, but couldn't hold it as a late wave of selling left it with a gain of just 30. That's the opposite pattern of what we've seen for much of this rally. Institutional investors have been buying late in the day, supporting prices and leaving stocks with daily gains.

Institutional activity usually occurs at the beginning and end of the trading day, so this is something to keep an eye on.

*****Brazil, Russia, China and India contribute 15% to global GDP, but they have 42% of the world's currency reserves. And they may be on the verge of throwing their liquidity weight around.

Bloomberg reports that these countries will hold their first summit next week, and it's widely expected that they will announce that they are increasing their holdings of IMF bonds. Yes, that comes at the expense of U.S. bond holdings.

Apparently, fears of rising deficits and the potential inflation from an expanded money supply in the U.S. are driving them to diversify a bit.

Investors should take note. While the U.S. muddles through, and Europe continues to be mired in recession, the BRIC countries (Brazil, Russia, India and China) are the only countries in the world that can support their economies without taking on debt.

Chinese stocks are the ones I'm bullish on right now. If there is a slight pullback later this month, then Chinese stocks will suffer the least and more importantly, present great buying opportunities before the next leg up. To get my top Chinese selections, click HERE.

*****Finally, as I announced yesterday, TradeMaster Daily Stock Alerts technical analyst Jason Cimpl has graciously agreed to give us a weekly forecast for the stock market. You can access his video analysis and commentary HERE.

Savient Pharmaceuticals Inc. (Nasdaq:SVNT), WSP Holdings Ltd. (Nasdaq:WH) and M & F Worldwide Corp. (Nasdaq:MFW) are among the biggest percentage gainers in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Shamir Optical Industry Ltd. (Nasdaq:SHMR), Meta Financial Group Inc. (Nasdaq:CASH), Pain Therapeutics Inc. (Nasdaq:PTIE), Atlas Pipeline Holdings L P (Nasdaq:AHD), Cowen Group Inc. (Nasdaq:COWN) and NxStage Medical Inc. (Nasdaq:NXTM).

Savient Pharmaceuticals Inc. (Nasdaq:SVNT), ATP Oil & Gas Corporation (Nasdaq:ATPG) and Wind River Systems Inc. (Nasdaq:WIND) are among the most actively traded companies in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: JA Solar Holdings Co Ltd. (Nasdaq:JASO), Century Aluminum Co. (Nasdaq:CENX), ArcSight Inc. (Nasdaq:ARST), Tongxin International Ltd. (Nasdaq:TXIC), Solarfun Power Holdings Co Ltd. (Nasdaq:SOLF) and China Sunergy Co Ltd. (Nasdaq:CSUN).

Life Partners Holdings Inc. (Nasdaq:LPHI), Savient Pharmaceuticals Inc. (Nasdaq:SVNT) and Geron Corp. (Nasdaq:GERN) are among the biggest percentage losers in Friday's trading among companies with market capitalizations under $2 billion.

The Russell 2000 (NYSE:IWM) navigated choppy trading today as investors waited on specifics surrounding the U.S. government’s plan to aid the housing and financial markets. Large financial firms Citigroup and JPMorgan Chase answered a call from lawmakers and regulators made on Thursday and temporarily halted foreclosures today until the government’s plan emerges.

Unclear details made for an unclear trading day, and stocks see-sawed on high, rudderless volatility. In the end, small caps closed down 2.06, or 0.46%, to 448.36, while the Dow closed down 1.04% and the S&P 500 fell 1%.

Aside from the financial rescue plan currently being voted on in the Senate front, bad news was thrown into the trading mix before the opening bell, when a sudden freefall in Lloyds Banking Group sparked a pullback off pre-market highs in stock index futures and pulled down sentiment into the U.S. stock market open. At one point, Lloyds was approaching 40% losses after saying that they would post a bigger loss than expected. Shortly after, Wells Fargo & Co. weighed on bank stocks further when the large cap reported a Q4 loss that was wider than expected.

Many small cap banks suffered on the sour news, especially Allied Irish Banks (NYSE:AIB), which tanked 19% on the close.

Crude oil prices rose 11.27%, or $3.83, to $37.81 per barrel, supported by enthusiasm for the anticipated approval of the U.S. stimulus program. Elsewhere on the commodities front, gold prices were taking a breather today, but have clearly benefited from safe-haven buying recently. Gold is currently at $942 per ounce.

Earlier this morning, the University of Michigan consumer sentiment survey came in at 56.2, which was well below the forecast of 61, and which appeared to trigger a mild selling extension in the stock market. A sub-index of the report on consumer expectations tumbled to the lowest level since May 1980.

Individual small caps on the move today included Savient Pharmaceuticals Inc. (Nasdaq:SVNT), which fell 19% on news that an FDA review of its gout . . .

Savient Pharmaceuticals Inc. (Nasdaq:SVNT), Geron Corp. (Nasdaq:GERN) and Eagle Bulk Shipping Inc. (Nasdaq:EGLE) are among the biggest percentage losers in Friday's trading among companies with market capitalizations under $2 billion.

Small-cap stocks edged slightly lower in choppy early trade, with a downward spike in Europe bank stocks throwing a little cold water on a mild pre-market rise. Support stems from upbeat psychology as investors anticipate final formal approval today on a $789 billion stimulus spending plan. A dour reading on sentiment also played into the cautious early tone. At 9:55 a.m. ET, the Russell 2000 (NYSE:IWM) was down 1.05, or 0.23%, at 449.37.

A sudden freefall in Lloyds Banking Group this morning sparked a pullback off pre-market highs in stock index futures and pulled down sentiment into the U.S. stock market open. At one point, Lloyds was approaching 40% losses after saying that they would post a bigger loss than expected, which sparked spillover selling into Barclays and Royal Bank of Scotland. The volatility in Lloyds was severe, with the stock bouncing back to a 7% loss by the U.S. open. U.S. bank stocks were down about 3% shortly after the open, serving as a primary drag on the overall market indices.

The University of Michigan consumer sentiment survey came in at 56.2, which was well below the forecast of 61, and which appeared to trigger a mild selling extension in the stock market. A sub-index of the report on consumer expectations tumbled to the lowest level since May 1980.

The Obama Administration is looking at establishing a program to help subsidize mortgage payments, which would presumably stem the tide of foreclosures. That news helped spark a late recovery move in stocks Thursday and now faces deeper scrutiny by market watchers today and over the weekend.

Australian lawmakers passed their own stimulus spending program, overcoming some political hurdles that stalled passage earlier this week. The plan calls for $28 billion in spending stimulus projects, joining the U.S., China and other countries . . .

First M&F Corp. (Nasdaq:FMFC), Savient Pharmaceuticals Inc. (Nasdaq:SVNT) and Hanger Orthopedic Group Inc. (NYSE:HGR) are among the biggest percentage gainers in Wednesday's trading among companies with market capitalizations under $2 billion.

First M&F Corp. (Nasdaq:FMFC), Alto Palermo SA (Nasdaq:APSA) and General Cable Corp. (Nasdaq:BGC) are among the biggest percentage gainers in Wednesday morning's trading among companies with market capitalizations under $2 billion.

Clear Channel Outdoor Holdings Inc. (Nasdaq:CCO), WHX Corp. (Nasdaq:WXCO) and Savient Pharmaceuticals Inc. (Nasdaq:SVNT) are among the biggest percentage gainers in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Meritage Homes Corp. (Nasdaq:MTH), Volt Information Sciences Inc. (Nasdaq:VOL), Retalix Ltd. (Nasdaq:RTLX), Bottomline Technologies  Inc. (Nasdaq:EPAY), John Bean Technologies Corp (Nasdaq:JBT) and Saia Inc. (Nasdaq:SAIA).

Small-cap stocks pushed higher in early trading, lifted by news that General Motors Corp. (NYSE:GM) will receive an additional $6 billion in rescue funds, including a $5-billion stake in the financing arm, GMAC. In other developments, a better-than-feared reading on Midwest manufacturing helped soothe the pain from a weak consumer confidence figure. Today's small-cap percentage gainers are Savient Pharma (Nasdaq:SVNT), Franklin Street Properties Corp. (NYSE:FSP), and Elizabeth Arden Inc. (Nasdaq:RDEN).

Other Market Watch highlights included:

• Even though crude oil prices were lower, commodities in general were holding together fairly well, underpinned by a drop in the U.S. dollar against the euro. 
• The Consumer Confidence report came in at 38.0, which was below the forecast of 45.2. Today’s reading marked a record low for consumer confidence as unemployment is on the rise.  
• The Chicago Purchasing Manager’s Survey came in at 34.1, which was better than the forecast and which marked the first rise since August.  
• The Case-Shiller Home Price Index came in at minus 18% in October vs. year-ago levels, which reflects a record annual price decline. However, traders noted the data is dated.  

Small Cap Gainers:

• Savient Pharma is up 11% to $5.47 after news late Mon. that the FDA is giving fast review to its gout drug. See (Nasdaq:SVNT)  
• Franklin Street Properties Corp is up 9.2% after news late Monday it will be added to the S&P SmallCap 600 after Wednesday's close. See (NYSE:FSP)  
• Beauty products company Elizabeth Arden Inc. is up 9.1% to $11.71 after Wedbush Morgan upgrade to "Buy" from "Hold," with a $15 price target. See (Nasdaq:RDEN)  
• AmTrust Financial Services, Inc. is up 8.8% in pre-market, to $12.19. See (Nasdaq:AFSI)


Small Cap Losers:

• Biopharma company Maxygen, Inc., which focuses on developing improved versions of protein drugs, is down 10.4% to $8.11. See (Nasdaq:MAXY)  
• The Finish Line, Inc. is one of the biggest small-cap losers in pre-market trading this morning, down 6.7% to $5.00. See (Nasdaq:FINL)
• Auto supplier Gentex is down 4% in pre-market trading to $7.99 a share. See (Nasdaq:GNTX)  

Small caps closed up nearly 2%, embracing the Fed’s rate cut, a thaw in credit markets and a bounce in commodity-tied stocks. Today’s small-cap gainers are Savient Pharmaceuticals (Nasdaq:SVNT), Savvis (Nasdaq:SVVS) and Hercules Offshore (Nasdaq:HERO).

Other Market Watch highlights today included:

• The rate cut by the Fed coincides with global easing; just last night, central bank officials in China cut rates by 0.27% and European leaders hinted that further rate cuts are possible. 
• It’s possible that the bulls were corralled a little bit today, leery to take a big bullish stand ahead of Thursday’s GDP report.
• Commodities were a key part of the story today, which may explain some of the relative strength in small caps, which have shown a tendency to more closely track commodity trends in recent weeks.
• Crude oil prices jumped some 9%, or more than $5 a barrel, bolstered by oversold conditions and a slide in the U.S. dollar, which tumbled some 1.4% against the euro.
• Copper has soared some 14%, which is particularly interesting because copper is often seen as a proxy for economic activity around the globe. Copper has collapsed in recent weeks, but a stabilization in that market would be a positive sign for the global economy.

Small Cap Gainers:

• BioMimetic Therapeutics reports promising clinical results using injectable bone graft. Shares close up 21%. See (Nasdaq:BMTI).  
• Tessera Technologies shares surged 30% after arbitration ruling. See (Nasdaq:TSRA).  
• Savient Pharmaceuticals announces data in treatment-failure gout . . .

Small caps collapsed today, setting fresh intraday and closing lows. The Russell 2000 (NYSE:IWM) closed down 5%, the lowest daily close since Aug. 2003. Today’s small-cap gainers are Dineequity (Nasdaq:DIN), Penn National Gaming (Nasdaq:PENN) and Riverbed Technology (Nasdaq:RVBD).

Other Market Watch highlights today included:

• Small caps continue to be punished relative to their large-cap brethren as the bear market incites a “bigger is better” mentality.
• The Russell 2000 is now down 41% for 2008, while the Dow is off 38% and the S&P 500 is down 42%.
• Just a few weeks ago, the percentage spread favored the Russell over the Dow by more than 10 percentage points, but when the market went into collapse mode small caps suffered.
• The dollar stormed to fresh highs against the euro today, reaching the highest point since April 2006.
• Commodities have already been tanking in recent weeks, putting commodity sensitive economies like those in South America and Russia in a dire position. 

Small Cap Gainers:

• Dineequity Inc. closed up 54% on surprisingly stout earnings news. See (NYSE:DIN).
• Penn National Gaming closed up nearly 5% after Q3 EPS vaulted on settlement payment, raises 2008 earnings guidance. See (Nasdaq:PENN). 
• UBS raises Riverbed Technology to “neutral” from “sell.” Shares closed up 5%. See (Nasdaq:RVBD). 

Small Cap Losers:

• Savient Pharmaceuticals paced the decliners, closing down some 73% and gapping lower on heavy volume. See (Nasdaq:SVNT). 
• Sunrise Senior Living Inc. tumbled 32% to fresh 52-week lows. See (NYSE:SRZ).
• Telefonica De Argentina closed down 22% as South American ADRs continue to struggle amid pension fund troubles in Argentina and worries about the sharp drop in commodity values. See (NYSE:TAR). 

Small-cap stocks extended the bear market collapse on Monday, setting fresh intraday and closing lows for the move as investor fear of risk amid a global meltdown took a toll on smaller companies. A positive surprise on new home sales helped take some of the edge off the bearish tone, but it wasn’t enough to douse a late flash of selling fire in the small-cap universe. The Russell 2000 (NYSE:IWM) closed down 22.72, or 4.82%, at 448.40, the lowest daily close since August 2003.

Small caps continue to be punished relative to their large-cap brethren as the bear market incites a “bigger is better” mentality among the few speculators willing to take on equity risk at this stage of the economic cycle. The Russell 2000 is now down 41% for 2008, while the Dow is off 38% and the S&P 500 is down 42%. Just a few weeks ago, the percentage spread favored the Russell over the Dow by more than 10 percentage points, but when the market went into collapse mode small caps suffered on a perception that they represent even riskier fare than big corporations.

Along that line of thought, it makes sense that when the market does find a bottom, it will probably take place first in the large-cap universe, then small caps will likely once again start to outperform on the way back up, just like they did once the market pulled out of the 2000 through 2001 economic recession. From a chart perspective, there are still no signs of a bottom in the Russell 2000, but it’s worth noting that even though small caps are at new move lows, the Dow and S&P 500 are still above the Oct. 10 trough (although the late collapse Monday put the S&P 500 on the doorstep of that low). There is also a powerful seasonal for major lows to be set in the month of October, and there are theories sprouting that once the month-end redemptions play out this final week of the month that bargain-hunters will be prominent . . .

Small-cap stocks tumbled to fresh move lows early Monday, slipping to the lowest point on intraday charts since August 2003, but mounted a nice recovery rally on a stronger-than-forecast new home sales release. The early decline was fueled by steep losses in global equity trading overnight, which underscored fear of a global growth slowdown. At 10:05 a.m. ET, the Russell 2000 (NYSE:IWM) was up 3.16, or 0.67%, at 474.28.

The new home sales report came in at an annual rate of 464,000, which was above the forecast of 455,000. Inventories were down as well, slashes to the lowest point since June 2004, and the steepest one-month percentage decline on record, which was embraced by the stock market. However, the sales were enticed by lower prices, as the median sales price dipped to $218,400, the lowest level since September 2004.

After a relatively slow week on the data front last week, today’s new home sales report kicks off a more active run of economic releases this week. In addition, Wednesday’s FOMC and Thursday’s GDP report will be highly anticipated.

There was a massive 61-handle range in S&P 500 futures overnight as the market rejected an initial rally Sunday evening in response to a bruising collapse in stock markets in Asia. Japan’s Nikkei lost some 6% and closed at the lowest point in 26 years. Meanwhile, Hong Kong was off 12.7%, generating the largest one-day drop in nine years. Elsewhere around Asia, losses in the 4% range were common.

Commodities were on the defensive again today, with crude oil prices down about $0.80 a barrel dollars after the stock market opening. Overnight, crude oil prices were down more than $2 a barrel to the lowest point in 17 months, but stabilized when the U.S. stock market’s initial decline was not as bad as feared. Commodities in general were taking a hit this morning, pulled down by a strong tone in the U.S. dollar, which rose to the highest point versus the euro since April 2006. Although crude oil prices were climbing back toward level ground, the firm dollar did spark . . .

Ariba Inc. (Nasdaq:ARBA), DryShips Inc. (Nasdaq:DRYS) and ViroPharma Inc. (Nasdaq:VPHM) are among the most actively traded companies in Monday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Canadian Solar Inc. (Nasdaq:CSIQ), A Power Energy Generation Systems Ltd. (Nasdaq:APWR), Eagle Bulk Shipping Inc. (Nasdaq:EGLE), Savient Pharmaceuticals Inc. (Nasdaq:SVNT), Infinera Corp. (Nasdaq:INFN) and James River Coal Co. (Nasdaq:JRCC).

Here are the most actively traded companies among small caps:

American Commercial Lines Inc. (Nasdaq:ACLI), RCN Corp. (Nasdaq:RCNI) and Savient Pharmaceuticals Inc. (Nasdaq:SVNT) are among the most actively traded companies in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Legacy Reserves Units (Nasdaq:LGCY), FuelCell Energy Inc. (Nasdaq:FCEL), Ciena Corp. (Nasdaq:CIEN), Solarfun Power Holdings Co Ltd. (Nasdaq:SOLF), China Sunergy Co Ltd. (Nasdaq:CSUN) and Secure Computing Corp. (Nasdaq:SCUR).

Here are the most actively traded companies among small caps::

<strong>Perfumania Holdings Inc.</strong> (Nasdaq<a href="/ticker/perf">:PERF</a>),<strong> FirstFed Financial Corp.</strong> (Nasdaq:<a href="/ticker/fed">FED</a>) and <strong>Orthofix International NV</strong> (Nasdaq:<a href="/ticker/ofix">OFIX</a>) are among the biggest percentage losers in Friday's trading among companies with market capitalizations under $1 billion.<br /> <br /> Also included among the results:<strong> Savient Pharmaceuticals Inc.</strong> (Nasdaq:<a href="/ticker/svnt">SVNT</a>), <strong>Echelon Corp</strong>. (Nasdaq:<a href="/ticker/elon">ELON</a>), <strong>Excel Maritime Carriers Ltd. </strong>(Nasdaq:<a href="/ticker/exm">EXM</a>), <strong>Frontier Financial Corp.</strong> (Nasdaq:<a href="/ticker/ftbk">FTBK</a>), <strong>Consolidated Water Co Ltd. </strong>(Nasdaq:<a href="/ticker/cwco">CWCO</a>) and <strong>American Reprographics Co. </strong>(Nasdaq:<a href="/ticker/arp">ARP</a>).<br /> <br /> Here are the biggest percentage losers among small caps:

After opening sharply lower, the Russell 2000 has fallen to a low on the session, as lawmakers continue to haggle about a bailout plan that was once almost a done deal, and after Washington Mutual, one of the nation’s largest thrifts, failed.

At 12:22 p.m. ET the Russell 2000 (NYSE:IWM) had sunken 13.62, or 1.93%, to 692.14.

Negotiations over the $700 billion bailout plan continue on Capitol Hill after what appeared to be a strong compromise unraveled after a meeting at the White House with Congressional leaders and Presidential candidate hopefuls. The compromise was put on hold Thursday night after the House Republicans presented an alternative plan that would allow banks to purchase insurance for toxic mortgages instead of relying on taxpayer money.

This morning; however, House Republicans sent Roy Blunt (R. Mo.), the second top Republican in the House, to resume negotiations on President Bush’s $700 billion bailout plan. Also, in an effort to ease markets, both parties made statements aimed at conveying that both sides are interested in regaining a consensus to pass a plan. President Bush said this morning, “We are going to get a package passed;” while democratic Senators Harry Reid (D., Nev.) and Chris Dodd (D., Conn.) echoed what Bush said. Senator Reid says he perceives a deal can be completed before Monday and that Congress will remain in session until a consensus is reached and a plan is passed.

In a reality check for Washington, federal regulators seized Washington Mutual (NYSE:WM) on Thursday after it became evident to the Federal Deposit Insurance Corp. that there had been such a large run on deposits that the bank no longer had sufficient liquidity to continue operating. WaMu’s collapse marks the biggest bank failure in U.S. history. After taking over the bank, regulators struck a deal with J.P Morgan (NYSE:JPM) to sell the majority of WaMu’s operations to the bank for $1.9 billion. As a result of the deal, JP Morgan supersedes Bank of America as the largest bank in the nation as measured by deposits. The fact that no banks were willing to purchase WaMu until it failed is a sign of the market’s low confidence in the system and is all the more reason for Washington to quickly pass a bailout plan to restore confidence. 

Fears that the bailout plan is stalling, saw continued angst in the credit markets. The spreads between 3-month Libor to 3-month Overnight Index Swap are higher and continue to point to a complete collapse of lending between banks. Short-term money markets continue to be enveloped in disarray. Yields on the one-month and six-month treasures are higher this afternoon, while yields on the two-year and ten-year treasuries are lower, as investors buy up longer-term bonds. Still, on a relative basis bond yields are markedly lower, as investors seek a safe haven for their cash. ...

Shares of Savient Pharmaceuticals, Inc. (Nasdaq: SVNT) are under pressure after the biopharmaceutical company said that it continues to evaluate strategic business development options for its product, pegloticase, but that nothing had materialized. The firm further stated that nothing may come to fruition period.

Shares slipped 11%, or $2 to $16.72 in late morning trading. For detailed price information and news stories on Savient Pharmaceuticals, click SVNT. 

After a green day on Thursday, small caps opened lower on Friday, after it became evident that lawmakers could not come to an agreement on the $700 billion bailout plan and after Washington Mutual (NYSE:WM), one of the nation’s largest thrifts, failed.

At 10:07 a.m. ET the Russell 2000 (NYSE:IWM) was down 10.20, or 1.45%, to 695.54.

Federal regulators seized Washington Mutual on Thursday after it became evident to the Federal Deposit Insurance Corp. that there had been such a large run on deposits that the bank no longer had sufficient liquidity to continue operating. WaMu’s failure marks the biggest bank failure in U.S. history. After taking over the bank, regulators struck a deal with J.P Morgan (NYSE:JPM) to sell the majority of WaMu’s operations to the bank for $1.9 billion. As a result of the deal, JP Morgan supersedes Bank of America as the largest bank in the nation as measured by deposits. The fact that no banks were willing to purchase WaMu until it failed is a sign of the market’s low confidence in the system and is all the more reason for a bailout plan to pass to restore confidence.

Negotiations over the $700 billion bailout plan continue on Capitol Hill after what appeared to be a strong compromise unraveled after a meeting at the White House with Congressional leaders and Presidential candidate hopefuls. The compromise was put on hold after the House Republicans presented an alternative plan that would allow banks to purchase insurance for toxic mortgages instead of relying on taxpayer money. President Bush made a statement this morning to try to reunite Congress behind the plan. The President said, “We are going to get a package passed.”

Fears that the bailout plan is stalling, saw angst continue to overtake the credit markets. The spreads between three-month Libor to three-month Overnight Index Swap are higher and continue to point to a complete collapse of lending between banks. Short-term money markets continue to be enveloped in disarray. Yields on the one-month to six-month treasures are surprisingly higher this morning and remain in positive territory, while yields on the two-year and ten-year treasuries . . .

Savient Pharmaceuticals, Inc. (Nasdaq: SVNT) shares are slightly down after the biopharmaceutical company swung to a third-quarter loss of $14.6 million, or $0.28 per share, below analyst estimates of $0.27 per share and compared with $61.9 million, or $0.05 per share, a year earlier.

“The financial results were in line with our internal expectations,” CEO Christopher Clement said in a statement. “In addition, we recently achieved another important milestone with the completion of our Phase 3 clinical trials for Puricase, our unique treatment option for patients who suffer from treatment-failure gout.”

The firm’s revenue for the three months ended Sept. 30 totaled $2.6 million, above Wall Street projections of $2.3 million and down 84% from $15.9 million a year earlier.

The firm’s results were hurt by generic drug competition, which caused plunging sales of Oxandrin, its treatment for weight gain following involuntary weight loss.

In pre-market trading, SVNT shares are down 1.87%, or $0.27, at $14.15. Over the last 52 weeks, shares have ranged from $7.18 to $15.75.