Tag - Cdns

The Russell 2000 careened at closing Wednesday, plummeting 9.5%, or the second-lowest close in five years. The dramatic close was due to dreadful retail sales, a cautious tone from Federal Reserve Chairman Ben Bernanke and the “beige book” report on the economy that showed activity weakening across the United States. The Russell 2000 is now down 34% for the year, while the Dow is off 35% and the S&P 500 is down 38%. Small-cap gainers today include Tufco Technologies (Nasdaq:TFCO), BankAtlantic (NYSE:BBX) and Rocky Mountain Chocolate (Nasdaq:RMCF). Other Market Watch highlights today included:

• The Commodity Research Bureau Index of 19 physical markets got hammered again today, losing nearly 4.5% while sinking to the lowest level since February 2005.
• Copper prices shed some 8% today.
• The retail sales report out today marked the third consecutive negative reading for retail sales — something that has not happened in some 17 years.
• Today’s freefall represented the largest one-day decline of the year for small caps, just two days after the market put together the biggest one-day advance of 2008.
• Crude drops 5% today, settling under $75 for the first time since Sept. 2007.
• The NY Manufacturing Survey is down 24.6% to the lowest reading in some seven years, adding to the bleak tone from the retail sales figure.

Small Cap Gainers:

• Tufco Technologies (Nasdaq:TFCO) doubles stock buyback program to 200,000 shares; stock soars 40%.
• BankAtlantic Bancorp, Inc. (NYSE:BBX) up 16% as regional banks . . .

Small caps have plunged over 6% this afternoon, as recession fears have gripped stocks. Already concerned about still frozen credit piping, a slew of lackluster economic data and a sobering speech by Fed Chairman Ben Bernanki only served to push the market lower. Small-cap gainers today include Trina Solar (NYSE:TSL), BankAtlantic (NYSE:BBX) and China Mass Media (NYSE:CMM). Other Market Watch highlights today included:

• Looking at the chart picture for small caps, the market appears to be consolidating after a breathtaking bounce off the lows.
• Sectors bucking the decline were few and far between, but soft drink makers, airlines and biotechs attracted some buyers.
• Other sectors on the decline included construction and farm machinery and consumer finance.
• Commodity themes slid early today, with metal and mining stocks, coal, oil and gas drillers, steel, oil exploration and aluminum all taking a hit.
• The NY Manufacturing Survey is down 24.6% to the lowest reading in some seven years, adding to the bleak tone from the retail sales figure. 

Small Cap Gainers:

• Trina Solar (NYSE:TSL) jumps 16% after raising third-quarter revenue guidance and reaffirmed full year guidance.
• BankAtlantic Bancorp, Inc. (NYSE:BBX) up 8.53% as regional banks are seeing a boost today.
• China Mass Media Intl Adv Corp. (NYSE:CMM) up nearly 7.25% on light volume.

Small Cap Losers:

• iStar Financial's (NYSE:SFI) shares tumble 30%. Last week Fitch gave a negative outlook on the small cap.
• Callaway Golf (Nasdaq:CDNS) slips 16% after Stephens Inc. analyst cut earnings estimates for companies in the sports and leisure sector.
• Jones Apparel (NYSE:JNY) shares tumble 25% to lowest level since 1995, after the retailer cut its forecast on soft consumer spending.