Tag - Clwrd

Small-caps stocks opened slightly higher, but slipped into negative territory within 25 minutes as the market juggles positive input from commodities against soft financial shares. There is something of a waiting game going on right now in anticipation of the automaker bailout, FOMC Tuesday and wreckage from the multi-billion investor swindle that was revealed late last week. At 9:57 a.m. ET, the Russell 2000 (NYSE:IWM) was down 1.42, or 0.30%, at 467.01.

The market is waiting for news today on the bailout proposal by White House officials for the beleaguered auto sector. Hopes for a quick package to keep U.S. carmakers away from bankruptcy played a big role in overnight gains in Asian trading.

In addition, market watchers continue to keep tabs on the Madoff trading scandal, to try and see just how deep the losses will run and what impact it will have on high-end investor funds and confidence in the trading community.

The first batch of economic data this week focused on the manufacturing sector of the economy. The numbers were predictably awful, with the New York Manufacturing Survey notching a record low reading of minus 25.8; ironically, that was still better than the projection of minus 27.5, which underscores just how bleak expectations are running right now. In the wake of the NY report, the industrial production release came out at minus 0.6%, which was also better than the forecast for a slide of 0.9%. In overnight action, the Bank of Japan’s “tankan” survey showed the largest collapse in manufacturing confidence in 34 years, but it didn’t stop the Japanese stock market from soaring 5.2% overnight amid hope for a bailout of U.S. automakers.

European shares were basically flat heading into the U.S. open, but Asian markets were in rally mode overnight. In addition to the big gains in Japan, Hong Kong shares were up 1.9%, Taiwan up 2.9%, South Korea up 4.8%, India up 1.4%, Australia up 2.3%, Singapore up 1.9% and China up 0.7%.

Energy markets were on firm footing this morning, which should provide a lift to energy-related stocks. Crude oil prices were up some $3 a barrel into . . .

Small-caps stocks opened slightly higher, but slipped into negative territory within 25 minutes as the market juggles positive input from commodities against soft financial shares. There is something of a waiting game going on right now in anticipation of the automaker bailout, FOMC Tuesday and wreckage from the multi-billion investor swindle that was revealed late last week. Some of today’s small-cap gainers are Gaylord Entertainment Co. (NYSE:GET), Clearwire Corp. (Nasdaq:CLWRD) and Ciena Corporation (Nasdaq:CIEN).

Other Market Watch highlights today included:

• Crude oil prices were up some $3/barrel into the open, pushing back above the key $50 level ahead of an OPEC meeting later this week.
• Energy markets were on firm footing this morning, which should provide a lift to energy-related stocks.  
• European shares were basically flat heading into the U.S. open, but Asian markets were in rally mode overnight.  
• Hopes for a quick package to keep U.S. carmakers away from bankruptcy played a big role in overnight gains in Asian trading.

Small Cap Gainers:

• Gaylord Entertainment Co. jumped 37% following a bullish article in Barron’s. See (NYSE:GET). 
• Clearwire Corp. rose 17% without any apparent fresh news behind the move. See (Nasdaq:CLWRD).  
• Ciena Corporation is up 8.5% in pre-market, recouping some of the drastic losses the stock saw last week after posting an unexpected Q4 loss. See (Nasdaq:CIEN).
• China Sunergy to supply 22MW solar cells to Solarwatt; shares rise 7% in pre-market. See (Nasdaq:CSUN).  

Small Cap Losers:

• Huntsman Corp. tumbled 32% on news that the company terminated a takeover deal from a chemical firm. See (NYSE:HUN).  
• Universal Truckload Services Inc. slumped 18% giving back a nice rally from last week in one quick downside swoon. See (Nasdaq:UACL).  
• Rofin-Sinar Technologies, Inc. falls 12% in pre-market after lowering Q1 2009 revenue guidance. See (Nasdaq:RSTI). 
• UAL Corp., parent company of United Airlines, is down over 3% in pre-market, despite raising $150 million on sale leaseback agreement. See (Nasdaq:UAUA).  

The Russell 2000 (NYSE:IWM) unraveled in the final hour of trading as the weight of crumbling commodity stocks, a raft of sloppy profit reports and another batch of dreary economic data countered a sturdy performance in retail, homebuilder and bank stocks. Some of today’s small-cap gainers are ParkerVision (Nasdaq:PRKR), Tidelands Bancshares (Nasdaq:TDBK) and Insulet Corp. (Nasdaq:PODD).

Other Market Watch highlights today included:

• The weekly claims report this morning came in at 509,000, historically a big number but below the forecast of 540,000. 
• The four-week moving average on claims rose to 524,500 which was above 518,250 from last week and is at the highest point in 26 years.
• Today investors juggled a raft of disappointing profit reports against the bullish scenario from a fresh batch of global rate cuts.
• For 2008, the Russell is off 43%, while the Dow is down 37% and the S&P 500 is down 42%.
• Energy shares were a major drag on the market today, with crude oil prices tumbling to the lowest level in nearly four years. The Energy Select Sector SPDR Fund tumbled nearly 7%.
• Copper prices slumped to the lowest closing price in more than three years, losing 5% during U.S. trading.
• The Commodity Research Bureau Index of 19 physical markets slipped 3.7% and made new bear market lows. 
• Several firms today announced plans for sizable layoffs, a chilling thought heading into Friday’s monthly employment report.
• Homebuilder stocks, retailers and financial issues staged solid rallies . . .

Small-cap stocks unraveled in the final hour of trading as the weight of crumbling commodity stocks, a raft of sloppy profit reports and another batch of dreary economic data countered a sturdy performance in retail, homebuilder and bank stocks. The Russell 2000 (NYSE:IWM) closed down 14.23, or 3.14%, at 439.53, the sixth lowest daily close in more than five years. For 2008, the Russell is off 43%, while the Dow is down 37% and the S&P 500 is down 42%.

Energy shares were a major drag on the market today, with crude oil prices tumbling to the lowest level in nearly four years as energy traders fretted about a global recession which would continue to destroy the demand side of the equation. The Energy Select Sector SPDR Fund tumbled nearly 7%.

The story in commodities ran deeper than just the energy market, however. Copper prices – which are considered a key industrial metal and a proxy for economic health – slumped to the lowest closing price in more than three years, losing 5% during U.S. trading. The Commodity Research Bureau Index of 19 physical markets slipped 3.7% and made new bear market lows, a troubling development when stock market watchers are eagerly trying to find a bottom in equities. The CRB Index is now down 54% from the July peak and is at the lowest point in more than six years.

The market started out the day on shaky footing, as several prominent companies either missed profit projections or lowered guidance. In addition, several firms announced plans for sizable layoffs, a chilling thought heading into Friday’s monthly employment report. DuPont (NYSE:DD) missed the forecast badly, and said it would cut 2,500 jobs, while AT&T (NYSE:T) said it would slash 12,000 jobs. Those sobering jobs reductions came into the teeth of today’s weekly report on unemployment claims. Even though the weekly figure was below projections, the number of Americans who are out of work and forced to file for extended unemployment benefits rose to the highest point in 26 years.

Despite all the dreary news afloat, small-cap stocks actually spent much of the session in positive territory before the final hour meltdown. Homebuilder stocks, retailers and financial issues staged solid rallies most of the day, which . . .

Optimism for a $25 billion aid package for embattled U.S. carmakers may have played a supportive role in the rally action today, with the Russell 2000 (NYSE:IWM) closing up nearly 6%. Some of today’s small-cap gainers are Future Canada China Environment (OBB:FCCE), Newstar Financial (Nasdaq:NEWS) and Standard Register (NYSE:SR).

Other Market Watch highlights today included:

• Commodity markets stabilized Tuesday morning, which was a big relief after crude oil collapsed 9% Monday.
• Optimism for a $25 billion aid package for embattled U.S. carmakers may have played a supportive role in the action today.
• Financial stocks were among the top performers today, with the Financial Select Sector SPDR Fund up 5%. 
• Homebuilder shares were surprisingly stout, with the ISE Homebuilder Index climbing 7.5%. 
• Drug stocks, banks, airlines and insurance companies also were strong performers today.
• Crude oil prices fell $2.32 a barrel, or 4.7% to $46.96. 

Small Cap Gainers:

• Future Canada China Environment Inc. (OBB:FCCE) jumped 50%, but the move took place on very light volume; this unknown entity has suddenly stormed to $15 a share after debuting in mid-October as a nickel stock.
• NewStar Financial (Nasdaq:NEWS) closed up 24% as small financial firms dominated gainers on Tuesday.
• Standard Register (NYSE:SR) jumped 28% as the document services . . .

Small-cap stocks extended the rally into midday trading, boosted by a bounce in financial and energy shares after those sectors were drummed during Monday’s massive rout. Oversold conditions, bargain hunting and optimism about a bailout for beleaguered automakers fueled the upside pop.  Some of today’s small-cap gainers are Colonial Properties Trust (NYSE:CLP), Deltek Inc. (Nasdaq:PROJ) and Williams-Sonoma Inc.  (NYSE:WSM).

Other Market Watch highlights today included:

• Automaker remained higher into midday as investors waited word on progress for an aid package to stave off potential failure for the Big 3.  
• Airline stocks were up 5.5%, outperforming the broad market.
• The ISE Homebuilders Index was up 7% also a sign of relief after all of the economy worries pounded stocks Monday.  
• Among S&P sectors, REITS, wireless telecoms, broadcasting firms and diverse financial services companies were the best performers.


Small Cap Gainers:

• Colonial Properties Trust jumped 38% after the multifamily real estate investment trust announced dividends. See (NYSE:CLP).
• Deltek Inc. rose 34% as the software designer generated a big outside bullish reversal on daily charts following Monday’s swoon. See (Nasdaq:PROJ). 
• Williams-Sonoma Inc. jumped nearly 25% as the retailer operator of Pottery Barn received analyst upgrades. See (NYSE:WSM).  
• Advanced Medical Optics Inc. rose 22%, reversing a sizable decline from Monday. See (NYSE:EYE).  
• US Airways Group Inc. and Alaska Air Group Inc. were both up about 8%, as airline stocks are flying high today. See (NYSE:LCC) and (NYSE:ALK).

Small Cap Losers:

• Palm Inc. tumbled 34% as the smart phone maker lowered quarterly projections. See (Nasdaq:PALM).
• Clearwire Corp. tumbled 20% on reports that the firm may slow its high-speed WiMax wireless network progress because of the tight credit market situation. See (Nasdaq:CLWRD).  
• Skyworks Solutions Inc. gapped lower and slumped 13% after the analog semiconductor firm lowered guidance. See (Nasdaq:SWKS).

Small-cap stocks extended the rally into midday trading, boosted by a bounce in financial and energy shares after those sectors were drummed during Monday’s massive rout. Oversold conditions, bargain hunting and optimism about a bailout for beleaguered automakers fueled the upside pop. At 12:30 p.m. ET, the Russell 2000 (NYSE:IWM) was up 20.74, or 4.97%, at 437.81.

Now that the Russell pushed through the first short-term resistance line at 433.50, the next test will be up at 442 if the market can hold above 433.50 through the afternoon. A pullback should find mild support along 424, then down at 413.50 if things deteriorate.

General Electric Co. (NYSE:GE), seen as a proxy for the overall economy because of its diverse group of products, was up 10% at mid-session, providing a lift not just to large caps, but a ripple through to small caps as well.

In addition, commodity markets were on a rising tide today after getting clobbered Monday, which bolstered commodity shares. Even though crude oil prices were hovering near steady levels, energy stocks were up about 2.5%. Among S&P sectors, REITS, wireless telecoms, broadcasting firms and diverse financial services companies were the best performers. The ISE Homebuilders Index was up 7% also a sign of relief after all of the economy worries pounded stocks Monday. Airline stocks were up 5.5%, outperforming the broad market, with small-cap carriers US Airways Group Inc. (NYSE:LCC) up nearly 8% and another small-cap firm Alaska Air Group Inc. (NYSE:ALK) also up about 8%.

Automaker shares remained higher into midday as investors waited word on progress for an aid package to stave off potential failure for the Big 3. Ford Motor Co. (NYSE:F) submitted a plan calling for $9 billion in loans. The plan would also cancel global executive bonuses, would cut dealers and include development of electric cars. Ford stock was up 10% on the news, leapfrogging (on a percentage basis) General Motors Corp. (NYSE:GM), which was leading Ford overnight, but which . . .