Tag - XL

Forced liquidations, fear of a global recession and a worrisome corporate profit picture sparked another stiff sell-off in small-cap stocks, capping off a bruising week that saw the Russell 2000 (NYSE:IWM) sink to the lowest close in more than five years. The Russell closed down 18.80, or 3.84%, at 471.12 and is now down 38% for 2008. The Dow is off 37% this year, while the S&P 500 is down 40%. Today’s small-cap gainers are Hansen Medical (Nasdaq:HNSN), Rubicon Technology (Nasdaq:RBCN) and IPC Holdings (Nasdaq:IPCR).

Other Market Watch highlights today included:

• Today’s slump underscored the fact that the credit crisis and economic crunch we’ve been feeling in America is also very much a global problem.
• This morning, data in Great Britain revealed that the U.K. economy contracted for the first time in 16 years, which ignited the largest one-day slide in the pound since 1992. 
• Also, Argentinean officials are pondering taking over billions in pension funds, Asian equities and European bourses are at five-year lows and even commodity markets are in a scary freefall.
• Crude oil prices plunged again today, sinking 5% to 17-month lows at $64.15 a barrel.
• The Commodity Research Bureau Index of 19 physical markets collapsed to the lowest point since January 2004 and is down more than 50% from the spring highs.

Small Cap Gainers:

• IPC Holdings gained 18% on no fresh news. See (Nasdaq:IPCR).  
• Rubicon Technology gained 24% at closing. See (Nasdaq:RBCN).  
• Hansen Medical closed up 30% after its bottom-line beat estimates and revenues soared in Q3. See (Nasdaq:HNSN).   
• Insituform Tech posted a 16% spike in Q3 EPS that beat the Street, as it made progress in its N. Am sewer rehabilitation operations. See (Nasdaq:INSU).

Small Cap Losers:

• Ariba Inc. closed down 22% on sloppy earnings results. See (Nasdaq:ARBA).  
• Technitrol Inc. tumbled some 35% on sloppy earnings news. See (NYSE:TNL).  
• XL Capital closed down 13% after Moody’s put the insurer on watch for downgrade on posting a Q3 loss due to bailing out Syncora Holdings. See (NYSE:XL).  

Dorman Products Inc (Nasdaq:DORM), XL Capital Ltd (Nasdaq:XL) and Prospect Capital Corp (Nasdaq:PSEC) are among the biggest percentage gainers in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Willis Lease Finance Corp (Nasdaq:WLFC), Eastern Virginia Bankshares Inc (Nasdaq:EVBS), West Bancorp Inc (Nasdaq:WTBA), Ardea Biosciences Inc (Nasdaq:RDEA), Western Alliance Bancorp (Nasdaq:WAL) and PacWest Bancorp (Nasdaq:PACW).

Here are the biggest percentage gainers among small caps:

Small-cap stocks slipped into negative territory shortly after the open as a pullback in crude oil prices was offset by soft economic data and yet another soft tone in the financial sector. At 10:02 a.m. ET, the Russell 2000 (NYSE:IWM) was off 2.10, or 0.29%, at 728.62.

The Philly Fed survey came out at 10:00 a.m. ET and the headline figure came in at minus 17.1, which was well below the forecast for minus 10. The prices-paid index for the Philly Fed report was at the highest point since 1980. Also, at 10:00 a.m. ET, the leading indicators report came in just slightly better than the forecast, but the indicators data is somewhat dated, whereas the Philly survey is for June, so the market tends to react more to the Fed survey.

Before the opening today, weekly claims data came in slightly above the forecast at 381,000 and the four-week moving average for claims edged higher, which was a mild negative.

Health insurers were taking a beating this morning after Coventry Health Care Inc. (NYSE:CVH) lowered its outlook for the year. CVH shares tumbled 23% shortly after the open and pulled other stocks in the group down. WellPoint Inc. (NYSE:WLP) was off 5%, while Aetna Inc. (NYSE:AET) was down 4% and UnitedHealth Group Inc. (NYSE:UNH) was down 9%. The Morgan Stanley Healthcare Payors Index was down 7.3% early today.

Lehman analysts downgraded some farm insurance firms, saying that crop insurers were facing the worst losses in 15 years as floods ravage the Midwest, reducing spring plantings. Within that group, Ace Ltd. (NYSE:ACE) was down just 0.1%, XL Capital Ltd. (NYSE:XL) was off 1.2%, PartnerRe Ltd. (NYSE:PRE) down 0.6% . . .