Tag - Alot

The Russell 2000 (NYSE:IWM) reversed course Tuesday, unable to sustain upward momentum from Monday’s surge as weakness in financial and homebuilder stocks and numbing results from the Treasury four-week bill auction overwhelmed support from energy and a surprising upside midday spurt on tech stocks. Some of today’s small-cap gainers are DryShips (Nasdaq:DRYS), Excel Maritime Carriers (NYSE:EXM) and Eagle Bulk Shipping (Nasdaq:EGLE).

Other Market Watch highlights today included:

• For the year, the Dow is now down 34%, while the S&P 500 is down 39%.
• The pending home sales report showed a decline of 0.7% in October. 
• Earlier this morning, the Johnson Redbook Retail Sales Index was down 0.8% for the week on a year-over-year basis.
• Today’s pullback in the stock market comes as a logical “breather” following an impressive two-day run that lifted equities to four-week highs.
• Top performers so far today: aluminum, steel, coal, oil and gas drillers, semiconductors, life insurers and automotive retailers.
• Poorest performers today: real estate investment trusts, air freight couriers, food retail firms and railroads.
• Even though physical commodity prices were soft today, commodity stocks retained a supportive bent for the overall equity market.
• Crude oil prices tumbled $1.64 a barrel, or 3.7% to $42.07, but energy stocks were actually up some 1% into the close.

Small Cap Gainers:

• On the upside of things, dry bulk carriers remained a hot ticket, with Excel Maritime Carriers Ltd. (NYSE:EXM) up 38%, Eagle Bulk Shipping Inc. (Nasdaq:EGLE) up 37%, DryShips Inc. (Nasdaq:DRYS) up 36% and Safe Bulkers Inc. (NYSE:SB) climbing 22%.
• Exco Resources Inc. (NYSE:XCO) jumped 28% as the oil and natural gas company announced results on the completion of a Louisiana well.
• KMG Chemicals (Nasdaq:KMGB) up 22% after reporting Q1 results . . .

American Independence Corp. (Nasdaq:AMIC), A Power Energy Generation Systems Ltd. (Nasdaq:APWR) and Tortoise Energy Infrastructure Corp. (Nasdaq:TYG) are among the biggest percentage gainers in Monday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Massmutual Participation Investors (Nasdaq:MPV), Tortoise Energy Capital Corp. (Nasdaq:TYY), Gladstone Commercial 7.75% Pref Shs Series A (Nasdaq:GOODP), CVR Energy Inc. (Nasdaq:CVI), Astro-Med Inc. (Nasdaq:ALOT) and iGate Corp. (Nasdaq:IGTE).

Here are the biggest percentage gainers among small caps:

Rimage Corp (Nasdaq:RIMG), AEP Industries Inc (Nasdaq:AEPI) and Spreadtrum Communications Inc (Nasdaq:SPRD) are among the biggest percentage losers in Monday's trading among companies with market capitalizations under $1 billion.

TASER International Inc (Nasdaq:TASR), Astro-Med Inc (Nasdaq:ALOT) and PAM Transportation Services Inc (Nasdaq:PTSI) are also among the biggest percentage losers.

Pier 1 Imports Inc (Nasdaq:PIR), Southern Community Financial Corp (Nasdaq:SCMF) and UFP Technologies Inc (Nasdaq:UFPT) were additionally included among the results.

Here are the biggest percentage losers among small caps:

Small-cap shares pushed higher shortly after the opening, underpinned by decent earnings news and a lack of follow through on the safe-haven trade that dominated action Tuesday. At 10:01 a.m. ET, the Russell 2000 (NYSE:IWM) was up 3.32, or 0.45%, at 738.97.

The fact that stocks were able to look past yet another record high in crude oil prices was impressive, as most of the overnight news was tilted toward the bearish angle for equities. Crude oil prices climbed past $130 dollars a barrel, but it appeared that move had already been priced into the “fear” quotient during Tuesday’s decline.

In addition to the rally in crude oil, the U.S. dollar took a hit overnight, sinking about 0.7% versus the euro, and 0.3% against the yen. The greenback did appear to trim those losses when the stock market edged higher after the open.

The market has very much been tied to investment flows of late, and there is some thought that the market is underinvested in stocks with huge cash on the sideline. As that cash starts to chase the rally off the March lows, it could be enough to power the market higher, but it’s a tenuous play given strapped discretionary spending for consumers. Days of extremely light volume suggest that the sideline players . . .

Pharmaxis Ltd (Nasdaq:PXSL), Astro-Med Inc (Nasdaq:ALOT) and Gametech International Inc (Nasdaq:GMTC) are among the biggest percentage losers in Monday's trading among companies with market capitalizations under $750 million.

Dynamics Research Corp (Nasdaq:DRCO), Converted Organics Inc (Nasdaq:COIN) and Riverview Bancorp, Inc (Nasdaq:RVSB) are also among the biggest percentage losers.

Here are the biggest percentage losers among small caps:

The Russell 2000 (NYSE:IWM) is continuing its strides in the green midday after a more favorable-than-anticipated leading indicators report distracted traders from climbing oil prices for most of the session. A slew of news from the tech sector also pushed stocks higher midday.

At 12:39 p.m. ET, the Russell had gained 5.70, or 0.77%, to 746.87, while the Dow leaped 133.61, or 1.03%, to 13120.41.

The Leading Indicators report, which aims to predict turning points in the economy, was up 0.1% for April, slightly better than forecasted, and up from a decline in both March and February.

Investors shrugged off a tapered economic outlook from The National Association of Business Economists, or NABE. The group lowered its forecast for economic growth in 2008 to 1.4% from a previously projected 1.8% in February.  Fifty-six percent now think the economy will slide into a recession this year, but that the recession will be short and shallow.
 
“Expect more of this type of reporting with consumer confidence at extremes and potential for a drop of consumer spending to drag U.S. GDP down,” Andy Busch, global foreign exchange strategist for BMO Capital Markets, said in an email. “It's pretty clear that we've had a wave of optimism stemming from a benign U.S. unemployment number and a slew of hawkish Fed commentary with a small US dollar rally.  It's going to be hard to sustain a longer rally in both equities and the U.S. dollar until we can see monthly U.S. housing inventories reduced and we'll get the best indication this Friday with U.S. existing home sales.” 

Shares of Astro-Med Inc. (Nasdaq:ALOT), which makes and distributes specialty printers and electronic instruments, are higher on news after the close on Tuesday that fourth-quarter net sales rose 3.1% to a record level. The West Warwick, R.I.-based company reported that net sales for the three months ended Jan. 31 were $18.13 million, compared with $17.57 million a year earlier. The rise was partially attributed to favorable foreign exchange rates.

At 1:48 p.m. ET, the stock had advanced $0.68, or 8%, to $9.69. For detailed price information and recent news stories about Astro-Med, click ALOT.

The Russell 2000 and the Dow have dipped into negative territory with just over an hour left in trading.  In small cap action, shares of Toreador Resources Corp. (Nasdaq: TRGL) are rising on news the company has begun gas shipments from Turkey, while Astro-Med, Inc.’s stock (Nasdaq: ALOT) is down on news quarterly profit was flat.

At 2:48 p.m. ET the Russell 2000 had shed 0.65 points, or 0.08%, to 839.27.  The Dow Jones Industrial Average was down 1.95 points, or 0.01%, to 13,538.00.

These are the biggest percentage losers among companies with market capitalizations under $500 million: