Russell opens higher; SVNT, FSP, and RDEN lead gainers
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).
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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) spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer
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