Tag - Glw

Small-cap stocks vacillated back and forth in positive and negative territory into the midday time frame, with support from a pocket of upbeat earnings, an optimistic outlook from major PC-maker Hewlett-Packard and strong energy shares countering a soft tone in financials, tech stocks and ongoing concerns about the fragile global economy. At 12:41 p.m. ET, the Russell 2000 (NYSE:IWM) was down 3.17, or 0.70%, at 448.12, lagging mild gains in the broad S&P 500 and large-cap Dow.

Energy stocks were among the best performers so far today as crude oil prices reversed overnight losses and investors looked to find bargains in the downtrodden sector. The Energy Select Sector SPDR Fund was up more than 2% at mid-session. Elsewhere on the commodities scene, analysts at JP Morgan said that commodity prices – especially agriculture products – should outperform energy and industrial raw material products in 2009.

Hewlett-Packard Co. (NYSE:HPQ) stunned investors this morning by not only reaffirming the current profit outlook, but by raising guidance for next year, breaking a long string of corporate expectations that were forecasting declines. If the world’s largest computer maker was still looking at greener pastures next year, then investors reasoned it could spread to a host of entities. HPQ was up some 12%. Elsewhere on the big-cap earnings front, Home Depot Inc. (NYSE:HD) topped the profit forecast and jumped 6%.

That’s not to say that everything was rosy among the earnings releases today. Corning Inc. (NYSE:GLW), who makes the flat glass to stick on all those flat-panel television monitors and computer screens, said fourth-quarter revenue will fall short of expectations. GLW stock was off 15% at midday.

In the small-cap universe, DHT Maritime Inc. (NYSE:DHT), a tanker ship operator, jumped 17% after releasing earnings numbers today. Chiquita Brands International Inc. (NYSE:CQB) rallied 17% amid analyst upgrades for the banana producer. Tetra Technologies Inc. (NYSE:TTI) jumped 15% as the oil and gas services company tries to mount a comeback after sinking to fresh lows last week. On the downside, Las Vegas Sands Corp. (NYSE:LVS) slumped 16% as the embattled casino operator hovers near record lows even though auditors recently removed doubts . . .