Tag - Epl

Small-cap stocks pushed higher on the opening, but gains were short of expectations built on pre-market futures activity. Support was tied to further declines in lending rates and advances in overseas equities, but the focus today was clearly on the elections underway in the United States. Today’s small-cap gainers are Safe Bulkers Inc. (NYSE:SB), Bruker Corp. (Nasdaq:BRKR) and ReneSola (Nasdaq:SOLA).

Other Market Watch highlights today included:

• With a little more than 70% of the S&P 500 reporting results so far, profits have been down about 10%, which is slightly below expectations.
• Bank stocks were strong performers in Europe thanks to the lower lending rates, and U.S. banks were also in rally mode this morning.   Nov 04, 2008 10:07am
• Libor rates are now down more than 2% from the peak seen in the credit crisis when banks were so mistrustful that they weren’t even lending to each other.  
• On the inter-bank lending front, three-month Libor rates tumbled to a five-month low and are now below the levels in place before the stock market collapse in September.  
• The factory orders report came out at minus 2.5%, which was below the forecast for a decline of 1.5%. Market noticeably trimmed gains afterward.  

Small Cap Gainers:

• Safe Bulkers Inc. continued to be a hot stock as the marine transporter jumped 31% after being one of the biggest small-cap movers on Monday. See (NYSE:SB).  
• Bruker Corp. is up 16% after reporting Q3 results on Monday. See (Nasdaq:BRKR).  
• ReneSola updates production capacity plans, shares trading 8.5% higher on unusual volume. See (Nasdaq:SOLA).  
• Simcere Pharmaceutical Group up 10% on light volume. See (NYSE:SCR).

Small Cap Losers:

• Kenexa Corp. down 28% as the employment search firm reported earnings, CEO says that the “business environment deteriorated” toward end of quarter with difficult economic climate. See (Nasdaq:KNXA).
• Herbalife tops with Q3 EPS but misses with sales and guides below Street; shares down 16% in pre-market. See (NYSE:HLF).  
• EDF unit completes Eagle Energy Partners acquisition; shares of Energy Partners careen 15%. See (NYSE:EPL).
• Coldwater Creek falls 6% in after hours. Expects Q3 loss, pulls Q4 guidance. See (Nasdaq:CWTR).  

The Russell 2000 (NYSE: IWM) is down on news that some small banks could go bankrupt. At 2:04 p.m. ET, the small-cap index had declined 10.23 points, or 1.43%, to 706.21. The Dow Jones Industrial Average (INDU) was off 124.80 points, or 0.98%, to 12,569.48.

Small regional banks that have invested in real estate could fail, according to U.S. Federal Reserve chairman Ben Bernanke. The comments were made in front of the Senate Banking Committee and helped stocks extend their losses.

Larger banks are in better shape and should not have serious problems, the Fed chief explained. Bernanke also said that he does not think the United States will experience “stagflation,” a period of inflation combined with slow or no economic growth.

The Dow and the Russell 2000 have been in the red since the start of trading. Among the small-cap losers is footwear maker Rocky Brands Inc. (Nasdaq: RCKY).

The Nelsonville, Ohio-based company reported after the close on Wednesday that its fourth-quarter net loss widened to $23.6 million, or $4.31 per share, compared with a net loss of $0.08 million or $0.01 per share a year earlier.

“Revenues came in below our expectations, which we attribute to low demand for the company’s outdoor and western footwear products,” wrote David Meyer, an analyst with investment bank Brean Murray & Co., in a research note released today. “While the firm’s business continues to struggle a bit, we are maintaining our ‘hold’ rating due to the cheap valuation.”