Tag - Cbi

Small-cap stocks pushed higher on the opening, lifted by a rally in overseas markets, weekend talk of a huge infrastructure stimulus plan from President-elect Obama and a bounce in commodity stocks.  Some of today's small-cap gainers included Chicago Bridge & Iron Co. (NYSE:CBI), Polypore International Inc. (NYSE:PPO) and Clean Energy (Nasdaq:CLNE).

Other Market Watch highlights included:

• A big part of the early rise in stocks was tied to news this weekend that Obama was planning a massive infrastructure stimulus project.  
• The Mexican peso, South African rand were both in rally mode, as money flow into emerging markets and commodity exporters was in vogue.  
• Some of the support in commodities was tied to a slide in the U.S. dollar, which was down 1.2% against the euro.  
• Crude oil prices were up $2.70/barrel into the open, trying to mount a bounce after hitting 4-year lows Friday, falling 25% last week.

Small Cap Gainers:

• Getting a lift from the infrastructure talk and the announcement of dividends, Chicago Bridge & Iron Co. N.V. rose 17%. See (NYSE:CBI).  
• Polypore International Inc. jumped 17%, climbing above the 20-day moving average with conviction for the first time since late August. See (NYSE:PPO).  
• Clean Energy opens large-scale LNG production plant; stock is 13.7% higher in pre-market. See (Nasdaq:CLNE). 
• Canadian Solar up 13% in pre-market, buoyed by President-elect Obama's plans to ramp up infrastructure spending. See (Nasdaq:CSIQ).  

Small Cap Losers:

• Allos Therapeutics slumping 21% in pre-market, reports Propel trial results. See (Nasdaq:ALTH). 
• The Talbots announces CFO retires, hires a new COO. Shares fall over 12%. See (NYSE:TLB).
• Blyth cuts earnings outlook, down 4% in light after-hours trade. See (NYSE:BTH).  
• ESI, Zygo report early termination of HSR waiting period for planned merger; shares of ESIO fall 3.3% in pre-market. See (Nasdaq:ESIO).  

Small-cap stocks pushed higher on the opening, lifted by a rally in overseas markets, weekend talk of a huge infrastructure stimulus plan from President-elect Obama and a bounce in commodity stocks. At 9:57 a.m. ET, the Russell 2000 (NYSE:IWM) was up 10.19, or 2.21%, at 471.28.

Crude oil prices were up about $2.70 a barrel into the stock market open, trying to mount a bounce after hitting four-year lows Friday and tumbling some 25% last week while generating the largest percentage decline in some 18 years. Copper prices also were higher overseas, and soft commodities like sugar and cocoa were soaring in early U.S. trading.

Some of the support in commodities was tied to a slide in the U.S. dollar, which was down 1.2% against the euro. The dollar was up 0.4% against the yen, but that was more of a reflection of a riskier mentality in play after last week’s big stock market bounce off the bearish jobs picture (the low-yielding yen tends to find support in safe-haven times). So, just where is the FX flow moving today? The Mexican peso and South African rand were both in rally mode today, as money flow into emerging markets and commodity exporters was in vogue.

A big part of the early rise in stocks was tied to news this weekend that Obama was planning a massive infrastructure stimulus project, which sparked a rise in engineering and commodity stocks in Asia and Europe that rode the tide into U.S. action this morning. Obama also said that U.S. automakers should not be allowed to fail, and the Senate is meeting today to discuss bailout packages for U.S. vehicle firms. Shortly after the open, General Motors Corp. (NYSE:GM) was up 19.1%, while Ford Motor Co. (NYSE:F) was up 15.4%.

Despite the feel-good tone present in the glow of Friday’s triumphant stock market rally despite dreary employment data, there were spots of worrisome news in play. Dow Chemical Co. (NYSE:DOW) announced plans to close 20 plants . . .

Small-cap stocks pressed lower in early trading, pulled down by losses in overseas equities trading, a swollen inflation picture from morning economic data and ongoing jitters over financial shares. At 10:02 a.m. ET, the Russell 2000 (NYSE:IWM) was down 8.60, or 1.20% at 707.55. The Russell is testing short-term support along the 707.50 line; a breach of that point would put the next key support point near 701.00.

This morning’s personal income report provided a mixed picture within the data series, with personal income better than expected, and consumer spending above forecast. However, the market focused on the inflation portion of the report, which showed the year-over-year PCE price index at 4.1%, the highest rate in 17 years. And even though headline personal income was better than expected at 0.1% vs. the projection for a dip of 0.2%, it was still the smallest rise since April 2007. The factory orders report at 10:00 a.m. ET came in at 1.7%, which was well above the forecast for a rise of 0.7%.

In stock market trading around the world, equities were out of favor overnight. Japan’s Nikkei was off 1.2%, Hong Kong’s Hang Seng down 1.5%, and China’s stock market down 2.3%. Elsewhere, Taiwan was down 0.3%, as was Australia. Meanwhile, Singapore was down 1.0%, South Korea off 1.9% and India down 0.5%.

European shares were also down heading into the U.S. stock market open, with financial shares acting as a drag after HSBC reported a 28% decline in first half profits and reported a hefty $14 billion debt write down tied to bad U.S. home loans and other asset losses. Major U.S. banks Citigroup (NYSE:C), Bank of America (NYSE:BAC) and Wachovia (NYSE:WB) were down 2.7%, 2.1% and 4.0%, respectively, shortly after the open. Earlier this morning, Oppenheimer analyst Meredith Whitney predicted on CNBC that housing prices were on tap for further losses and she painted a dreary picture for banks, investment banks and brokers.

Some large-caps to keep an eye on today that could spill trends over into the small-cap arena include Chicago Bridge& Iron Co. (NYSE:CBI), which could get a boost after a bullish article in Barron’s over the weekend. Other stocks finding favor in Barron’s include railroad firms Union Pacific (NYSE:UNP) and Canadian National Railway Co. (NYSE:CNI).

Some relief for stocks could come from a pullback in crude oil prices this morning, with futures down more than $1 a barrel, slipping below $124. Bears were pointing to rising output from OPEC on the supply side, and pinched demand from major customers tied to high prices and soft economic growth. However, a new storm was brewing in the Gulf of Mexico, which could keep the bears in check. Elsewhere on the commodity inflation front, platinum prices tumbled 5% overnight as concerns about a global slump in the automotive industry take hold. Copper prices – which are a key indicator of global demand – slumped to 4-month lows. There was some thought that demand from China would basically be at a standstill for a few weeks for the Olympics, which kick off later this week. Also, orange juice and coffee futures were taking a hit this morning, so physical goods price pressures were not a big concern early today for equities.