Tag - Ffex

Small-cap stocks remained slightly higher into midday trading as the market was on track to eclipse Wednesday’s tame affair as the new “sleepiest” market day of the season. The market was underpinned by gains for energy stocks, automakers and assorted commodity themes, which helped counter losses in financials, tech stocks, casinos, airlines and home entertainment software shares. At 12:27 p.m. ET, the Russell 2000 (NYSE:IWM) was up 1.58, or 0.33%, at 472.06.

General Motors Corp. (NYSE:GM) has been one of the more dynamic stocks so far today, and remained up nearly 14% at mid-session on news that the automaker’s financing arm has been granted bank holding status. This will allow GMAC LLC to access the Federal Reserve’s discount lending windows, which should help the firm stave off bankruptcy in these difficult times for carmakers. Ford Motor Co. (NYSE:F) was up 9%, getting spillover support from the GM rise.

Commodity stocks were faring well today, with energy shares leading the way. The Energy Select Sector SPDR Fund was up about 1%, with crude oil climbing back above $36 a barrel on news that United Arab Emirates officials said they would trim output. There was a sizable rally in grains markets today, which were bolstered by dry weather in South America, the upside pop in energy and a soft tone in the U.S. dollar.

In tandem with the firm tone in commodities, the Brazilian stock market rose 1.7% today as the country is a major exporter of raw goods. Both mining companies and energy names were solid gainers within the Brazilian Bovespa Index on the Sao Paulo stock exchange.

Individual small caps on the rise today included Integral Systems Inc. (Nasdaq:ISYS), which gapped higher and was up 15% after the firm announced results of . . .

Frozen Food Express Industries Inc. (Nasdaq:FFEX) fell 11% on Wednesday as the price of crude oil moved to more than $142 per barrel. Frozen Food Express, a Dallas-based company, transports temperature-controlled products and perishable goods. Higher gas prices have cut into shares of the food transporter, forcing it in May to reduce the top speeds for its trucks from 65 miles per hour to 62. Frozen Food Express shares have lost 5% since January and on Wednesday shares fell to $5.58 apiece, down $0.70 from Tuesday’s close.

The Russell 2000 (NYSE:IWM) is deep into negative territory as investors parse through the latest earnings and economic news. At 1:21 p.m. ET, the small-cap index had let go 7.18 points, or 1.01%, to 706.21. The Dow Jones Industrial Average was down 17.26 points, or 0.14%, to 12,602.01.

Small-cap stocks fell out of the gate and have been moving lower as major corporations announced disappointing quarterly earnings.

Merrill Lynch & Co., Inc. (NYSE:MER) is partially to blame for the bearish mood on news before the opening that it swung to a steep first-quarter net loss and will have to cut jobs due to more writedowns associated with the subprime mortgage mess.

Shares of Pfizer Inc. (NYSE:PFE) are also falling on news before the start of trading that first-quarter profit declined 18%.

Meanwhile, shares of small-cap Spectrum Pharmaceuticals, Inc. (Nasdaq:SPPI) are posting a healthy gain on news that one of its drugs has . . .