Tag - Gnw

The Russell 2000 (NYSE:IWM) closed up 6.7% today, thanks to the Fed’s decision to cut the key interest rate to the lowest level on record. Some of today’s small-cap gainers are Genworth Financial (NYSE:GNW), The Pennsylvania Real Estate Trust (NYSE:PEI) and Terra Industries (NYSE:TRA).

Other Market Watch highlights today included:

• The housing starts report came out at an annualized rate of 625,000 units, which was well below the forecast of 730,000.
• Housing starts tumbled 18.9%, the largest drop since March 1984 and the lowest unit rate on record.
• The CPI came in at -1.7%, which was even lower than the -1.2% projection, but not a surprise given steep declines in energy costs. 
• Homebuilder shares retain a potential bottom on long-term charts and were back on an upside tilt today after sinking on Monday.
• Another clear source of strength today came from insurance stocks, with the S&P Insurance Index climbing throughout the day.
• The Fed cut its target for the key interest rate to the lowest level on record and promised to use "all available tools" to combat the severe financial crisis and possible prolonged recession.

Small Cap Gainers:

• Small-cap firm Genworth Financial Inc. soared some 25%, climbing to the highest point since early November. See (NYSE:GNW).
• The Pennsylvania Real Estate Investment Trust jumped 22% on news that the company completed a financing deal. See (NYSE:PEI). 
• Terra Industries Inc. rallied 19% as the fertilizer company also . . .

Small-cap stocks extended the rally into mid-session trading, boosted by a bounce in the financial arena, which has been a notable source of weakness in previous days. In addition, homebuilder, retailer and insurance firms were strong performers today and the raft of companies fitting those profiles in the small-cap universe helped the Russell 2000 (NYSE:IWM) outperform the Dow and S&P 500. Some of today's small-cap gainers are Genworth Financial Inc.(NYSE:GNW), Terra Industries Inc. (NYSE:TRA) and Maidenform Brands Inc (NYSE:MFB).

Other Market Watch highlights included:

• The market now will go into a waiting mode for the 2:15 p.m. ET FOMC policy announcement.  
• Another clear source of strength today came from insurance stocks, with the S&P Insurance Index climbing 4.2%.  
• It was interesting to see homebuilder shares doing so well today despite a terrible report on housing starts, which tumbled to a record lows and were off 18.9%.  
• The ISE Homebuilder Index was up 5.6%, with small-cap firm KB Home (NYSE:KBH) rising 7.1%.

Small Cap Gainers:

• Small-cap firm Genworth Financial Inc. soared some 40%, climbing to the highest point since early November. See (NYSE:GNW).  
• Terra Industries Inc. rallied 13% as the fertilizer company also mounted a big bounce off Monday’s pullback. See (NYSE:TRA).  
• Maidenform Brands Inc. rallied 15% as the intimate apparel maker mounted a recovery off Monday’s big decline. See (NYSE:MFB).  
• Novatel Wireless Inc. names new VP of sales and general manager; shares rise 13%. See (Nasdaq:NVTL). 

Small Cap Losers:

• Satyam Computer Services Ltd. tumbled 56% on unusually heavy volume as the Indian software firm said it will invest $1.6 billion on two infrastructure firms. See (NYSE:SAY).
• Tech company Stec lowers Q4 revenue view, shares fall 15% in pre-market. See (Nasdaq:STEC).  
• Cabot Corporation "repositioning" in light of weaker demand; shares tumble 10%. See (NYSE:CBT).  
• Monolithic Power Systems lowers guidance below estimates; shares dip 4% in pre-market. See (Nasdaq:MPWR).

Small-cap stocks extended the rally into mid-session trading, boosted by a bounce in the financial arena, which has been a notable source of weakness in previous days. In addition, homebuilder, retailer and insurance firms were strong performers today and the raft of companies fitting those profiles in the small-cap universe helped the Russell 2000 (NYSE:IWM) outperform the Dow and S&P 500. At 12:31 p.m. ET, the Russell was up 12.84, or 2.84%, at 465.41.

The financial sector got a lift from Goldman Sachs Group Inc. (NYSE:GS), which reported quarterly results that were awful, but which the market embraced as a sign that “the kitchen sink” was tossed into the loss. GS shares were up 9.1% at midday. The Securities Broker Dealer Index was up 5.6% and the KBW Bank Index was up 3.6%.

Homebuilder shares have been on a roller coaster ride lately, but retain a potential bottom on long-term charts and were back on an upside tilt today after sinking on Monday. The ISE Homebuilder Index was up 5.6%, with small-cap firm KB Home (NYSE:KBH) rising 7.1%. It was interesting to see homebuilder shares doing so well today despite a terrible report on housing starts, which tumbled to a record lows and were off 18.9%.

Retail stocks also were doing well today after Best Buy Co. Inc. (NYSE:BBY) reported strong quarterly results and cost-cutting efforts to brace for a potentially sluggish holiday season. BBY shares were up 15.2% today and the S&P Retail Index rose 2.3%.

Another clear source of strength today came from insurance stocks, with the S&P Insurance Index climbing 4.2%. Small-cap firm Genworth Financial Inc. (NYSE:GNW) soared some 40%, climbing to the highest point since early November.

The market now will go into a waiting mode for the 2:15 p.m. ET FOMC policy announcement. The Fed is widely expected to lower the Fed funds target by 50 basis points down to 0.5%, but futures markets are pricing in a 60% chance for a 75-bp cut. The big reaction will likely come from the Fed’s statement, as the . . .

The Russell 2000 (NYSE:IWM) dove again Tuesday, closing down over 2% and rejecting a brief afternoon bounce into positive territory. Today’s small-cap gainers are Optimer Pharmaceuticals (Nasdaq:OPTR), Clear Channel Outdoor Holdings (NYSE:CCO) and Hospitality Properties Trust (NYSE:HPT).

Other Market Watch highlights today included:

• For the year, small caps are off 37%, while the Dow is down 34% and the S&P 500 is down 39%.
• Energy, insurance, retail, technology and financial stocks were major sources of weakness today.
• Homebuilders, drug stocks, agriculture products and home entertainment software companies lagged the overall market downdraft.
• Russia is the second-largest oil producer in the world and in addition to the commodity woes right now, had to raise interest rates today to fight off capital outflow and inflation.
• Crude oil prices tumbled to 20-month lows, slipping below $59 a barrel as concerns about demand continue to chip away at commodity valuation.
• Data from China overnight showed that import growth was slowing and that inflation was at a 17-month low.
• The slide in physical markets gained momentum as the dollar rallied against the euro, with the greenback up 1.5% as the day progressed.
• The Commodity Research Bureau Index of 19 commodity markets tumbled some 3%, sinking to the lowest point since December 2003.

Small Cap Gainers:

• Optimer Pharmaceuticals Inc. jumped 87% on news that the firm’s antibiotic drug met late-stage trial goals. See (Nasdaq:OPTR).
• Clear Channel Outdoor Holdings closed up 27% despite being downgraded . . .

The Russell 2000 (NYSE:IWM) pushed higher Friday, shrugging off dreadful data on the nation’s employment picture as investors focused on finding bargains amid oversold conditions. Today’s small-cap gainers are Landamerica Financial (NYSE:LFG), Fuel Systems Solutions (Nasdaq:FSYS) and World Fuel Services (NYSE:INT).

Other Market Watch highlights today included:

• The Russell closed up 2.01% and is now down 34% for the year. Meanwhile, the Dow is off 33% in 2008 and the S&P 500 is down 37%.
• The monthly employment report showed a decline in non-farm payrolls of 240,000, above the original forecast for a loss of 180,000. 
• The unemployment rate jumped to a five-year high of 6.5%, which was way above the forecast for a rise to 6.3%. 
• The AMEX Pharmaceutical Index rose 4.1%, the tech-laden Nasdaq 100 was up 2.3% and the Energy Select Sector SPDR Fund was up 3.3%. 
• Crude oil prices tumbled to a 19-month low ahead of today’s session, but managed a very modest bounce into the weekend.
• Agriculture product companies, aluminum and coal stocks also were solid performers today, while financials lagged the overall move.
• Homebuilders, industrial REITS, wireless telecoms and diversified banks were among the worst performers today. 

Small Cap Gainers:

• Landamerica Financial Group Inc. (NYSE:LFG) which jumped 85% on news that the firm would be purchased.
• Fuel Systems Solutions Inc. (Nasdaq:FSYS) rode out the volatile wave in energy markets to a strong third-quarter result and the market embraced their . . .

Small-cap stocks pushed higher on the opening, showing a resilient rise in the face of yet another downbeat economic report. Today’s monthly employment release showed unemployment at 14-year highs, but the market was oversold and a dreary report was already priced into expectations. Today’s small-cap gainers are LandAmerica Financial Group (NYSE:LFG), Fuel Systems Solutions Inc. (NYSE:FNF) and Zhongpin  (Nasdaq:HOGS).

Other Market Watch highlights today included:

• Energy stocks performed well in Europe ahead of the jobs report this morning; commodities in general have been clobbered again this week and could be ripe for a little corrective bounce.  
• Crude oil edged slightly higher this morning, mimicking minor losses in the U.S. dollar.  
• Small-cap stocks pushed higher on the opening, showing a resilient rise in the face of yet another downbeat economic report.  
• The market is coming off the worst two-day drop since the 1987 crash, leaving room for a corrective bounce ahead of the weekend. 

Small Cap Gainers:

• LandAmerica Financial Group stormed 78% higher on news that Fidelity National Financial will buy LFG for $126 million in stock. See (NYSE:LFG).
• Fuel Systems Solutions Inc. is up 26%, receiving an earnings lift. See (NYSE:FNF).  
• Zhongpin expands prepared meat capacity by 114%; shares up nearly 12% in pre-market. See (Nasdaq:HOGS).
• Bristow upbeat on Randgold Resources despite 3Q loss; shares of Randgold are 4% higher in pre-market. See (Nasdaq:GOLD).  

Small Cap Losers:

• Delta Petroleum Corp. is down 31%, gapping lower on news that Tracinda Corp. will not proceed with a previous tender offer. See (Nasdaq:DPTR).  
• Genworth Financial sliding 24% in pre-market, Q3 results down versus a year ago. See (NYSE:GNW).  
• Shares of Lear Corp. are down 24% after the automotive supplier recorded a $77.3 million loss in Q3. See (NYSE:LEA). 
• Suntech Power Holdings completes solar photovoltaic installation at Caltech on Wednesday; shares are dropping 24% today. See (NYSE:STP).