Tag - Gtxi

Small-cap stocks remained solidly lower into mid-session, pulled down by renewed worries over the economy and a dreary profit report from key firm Microsoft. The slide was relatively broad-based, with energy and financial companies taking a bit hit today. At 1:21 p.m. ET, the Russell 2000 (NYSE:IWM) was down 15.82, or 3.46%, at 440.94.

Small caps slipped down near 435 for the intraday low, so the bounce back up to 440 was a decent silver lining in today’s storm clouds. Still, the chart picture has rolled over into a bearish posture within the elongated sideways consolidation, which heightens the risk for a hard retest of the bear market bottom set back in November. It should be noted that there is very little convincing support below 440; so sustained action below that point would clear the way for a run down to the next big support level at 416. If the Russell can stage an afternoon bounce, resistance is at 450 and 453.50.

Looking at today’s sector activity, financial and bank stocks were once again getting drummed and tech stocks were struggling in the wake of Microsoft Corp. (Nasdaq:MSFT) posting disappointing quarterly results ahead of schedule earlier this morning. Elsewhere on the S&P groups, insurance stocks, construction firms, motorcycle manufacturers and real estate investment trusts were attracting heavy selling interest. The only spots of strength were health-care providers, health-care facilities and retail drug stocks. Even in a bad economy, people need drugs and health care.

The market was able to meander along this week focused primarily on earnings reports, but today ushered in the first meaningful economic data of . . .

The Obama reign got off to a rocky start today – at least as far as the market was concerned – with small-caps generating the largest one-day slide of the New Year, the worst inauguration day decline ever and the worst overall decline in some two months as bank stocks continued to reel and the profit picture retained storm clouds.  Some of today’s small-cap gainers were UDR (NYSE:UDR), GTx (Nasdaq:GTXI) and TiVo  (Nasdaq:TIVO).

Other Market Watch highlights today included:

• Crude oil rose some 6% into the expiration of the February futures contract, but energy stocks were down about 5% in sympathy with the decline in overall equities.  
• U.S. Investors are now worried that banks simply will not survive without in essence being “nationalized” at the expense of shareholders.  
• Royal Bank of Scotland posts the largest annual loss of any corporation in U.K. history.  
• Small-caps generating the largest one-day slide of the New Year, the worst inauguration day decline ever and the worst overall decline in some two months as bank stocks continued to reel and the profit picture retained storm clouds.  

Small Cap Gainers:

• UDR Inc, GTx Inc, and TiVo Inc open as lead gainers on Tuesday's session.  See:(NYSE:UDR), See: (Nasdaq:GTXI), See: (Nasdaq:TIVO).

Small Cap Losers:

• Natus Medical Inc. fell 25% as the maker of baby care products revised their outlook downward. See: (Nasdaq:BABY).  
• Aspen BioPharma Inc. tumbles 82% amid disappointment over a trial for a drug tied to appendicitis and abdominal pain. See: (Nasdaq:APPY).  
• VSE Corp. slumped 45% on the news that the Army rejected a new contract bid from the firm. See: (Nasdaq:VSEC).

Selling interest in small-cap stocks picked up momentum in mid-session, stoked by investor concerns that President Obama’s inauguration speech did not provide details of his fiscal stimulus plans. Those concerns simply added to a market already bludgeoned by steep declines in the banking sector. Some of today’s small-cap gainers were UDR (NYSE:UDR), GTx (Nasdaq:GTXI) and TiVo (Nasdaq:TIVO).

Other Market Watch highlights today included:

• Energy shares were lower so far today, but the selling fury trailed that in other sectors as crude oil prices bounced some 3% as cold weather draped a large portion of the Northern and Eastern U.S. and on signs that OPEC is serious about production cutbacks.  
• The only S&P sector groups on the rise were gold, insurance stocks and tobacco companies.  
• The biggest losses were seen for asset management firms, regional banks, diversified financial services companies, diversified banks and real estate services firms.

Small Cap Gainers:

• UDR Inc, GTx Inc, and TiVo Inc open as lead gainers on Tuesday's session.  See:(NYSE:UDR), See: (Nasdaq:GTXI), See: (Nasdaq:TIVO)

Small Cap Losers:

• VSE Corp. lowers 43% on news that the Army rejected a new contract bid from the firm. See: (Nasdaq:VSEC)  
• Small-cap company AspenBio Pharma Inc,which gapped lower and collapsed some 84% on unusually heavy volume as investors did not embrace news of preliminary results on the firm’s pain drug test. See: (Nasdaq:APPY)  
• Money management firm State Street Corp. was tumbles around 48% on huge volume after reporting disappointing results. See:(NYSE:STT)  
• The KBW Banking Index takes a beating, falling some 13% at midday as steep losses were posted for many of the nation’s most prominent banks. 

Small-cap stocks pushed lower on the opening, pulled down by a familiar worry of late –sinking bank and financial shares. Additional selling was fueled by losses in overseas markets as the U.S. catches up with the world following Monday’s holiday. It should be noted that action today could be spotty and uneven with the nation’s attention on the inauguration of Barack Obama as the 44th President of the United States. Some of today’s small-cap gainers were UDR (NYSE:UDR), GTx (Nasdaq:GTXI) and TiVo  (Nasdaq:TIVO).

Other Market Watch highlights today included:

• Additional selling was fueled by losses in overseas markets as the U.S. catches up with the world following Monday’s holiday.
• During the U.S. holiday Monday, the Royal Bank of Scotland said they would report an annual loss of some $41 billion dollars for 2008, which would stand as the biggest loss ever in UK corporate history.  
• The greenback was up about 1% versus the euro; in early commodities trade, cotton and cocoa were taking a big hit.  
• Crude oil prices were lower overnight, but relatively flat into the stock market open.  
• The key early this week will be whether or not the market can hold up against 453 support. 

Small Cap Gainers:

• UDR Inc, GTx Inc, and TiVo Inc open as lead gainers on Tuesday's session.  See:(NYSE:UDR), See:( Nasdaq:GTXI), See: (Nasdaq:TIVO)

Small Cap Losers:

• State Street Corp. an institutional money manager tumbles 52% on Tuesday's opening. See:(NYSE:STT) 
• Citigroup Inc. down 5%. See: (NYSE:C)  
• Wells Fargo & Co. falls 11% on opening. See: (NYSE:WFC)
• Bank of America Corp. was off some 16% right after the opening. See: (NYSE:BAC)

Small-cap stocks pushed lower on the opening, pulled down by a familiar worry of late –sinking bank and financial shares. Additional selling was fueled by losses in overseas markets as the U.S. catches up with the world following Monday’s holiday. It should be noted that action today could be spotty and uneven with the nation’s attention on the inauguration of Barack Obama as the 44th President of the United States. At 9:47 a.m. ET, the Russell 2000 (NYSE:IWM) was down 12.62, or 2.71% at 453.83. Historically, the odds favor a losing day for stocks as the market slips about 70% of the time on inauguration day.

The banking arena has been back in the spotlight – in a very harsh light – for the past couple of weeks and remains a worry spot for the market following dreadful profit news from European banks and early declines for U.S. banks this morning.

During the U.S. holiday Monday, the Royal Bank of Scotland said they would report an annual loss of some $41 billion dollars for 2008, which would stand as the biggest loss ever in UK corporate history. The woes for UK bank stocks sent the sterling currency to 7-year lows against the dollar.

Looking at big U.S. banks, Bank of America Corp. (NYSE:BAC) was off some 16% right after the open, while Wells Fargo & Co. (NYSE:WFC) was down 11%. Citigroup Inc. (NYSE:C) was down 5%, while JP Morgan Chase and Co. (NYSE:JPM) was down 9%. State Street Corp. (NYSE:STT) an institutional money manager, reported terrible results and tumbled 52% on the open.

Crude oil prices were lower overnight, but relatively flat into the stock market open. That said, a strong tone in the U.S. dollar could weigh on commodity prices today and therefore on commodity-themed stocks. The greenback was up about 1% versus the euro; in early commodities trade, cotton and cocoa were taking a big hit.

Taking a peek on options activity from Friday’s January options expirations, Scott Fullman, director of derivatives investment strategy with WJB Capital Group said that unusual activity was seen for small-cap firms UDR Inc. (NYSE:UDR), GTx Inc. (Nasdaq:GTXI) and TiVo Inc. (Nasdaq:TIVO), so it could be interesting to keep tabs on those firms for a couple of weeks to see if they have any news developments.

The chart structure for small-caps remains in an elongated sideways consolidation mode. The rollover last week off logical resistance might have been troubling for short-term traders, but was consistent with the dominant sideways theme. The key early this week will be whether or not the market can hold up against 453 support. If so, then there is a modest chart bias to resume the upward path to retest last week’s failed resistance lines. However, a breach of 453 opens the door to an abrupt slide back to 442-439. Below there, the market really doesn’t have a safety net until 416.

Small-cap stocks extended the rally into midday trading, powered by ideas recent government plans to pour billions of dollars into banking institutions, while mopping up toxic debt with taxpayer coffers would right the ship in equities and avert an even deeper global economic downturn. Other Market Watch highlights today include:

• Financial stocks are among the best performers.
• The poorest performers were real estate investment trusts, homebuilders and regional banks.
• Crude oil prices are up nearly $4 a barrel, gaining a lift from the rally in equity markets around the world.
• Year to date the Russell index is off 31.8%, seven percentage points less than the S&P 500's 38.8% decline.
• Much of the hope for a bottom is tied to a thaw in lending practices and the credit market is closed today for the Columbus Day holiday.

Small Cap Gainers:

• Targa Resources Partners (Nasdaq:NGLS) shares spiked 30% after the natural gas company said it will buy back $50 million in shares.
• Shares of GTx (Nasdaq:GTXI) soar 30% after the biopharma firm says phase II clinical trial for cancer induced muscle loss succeeded.
• Tesoro (NYSE:TSO) issues third-quarter earnings guidance above the Street. Shares surge 22%.
• A-Power Energy (Nasdaq:APWR) jumps 24% on reaffirmed third-quarter . . .

Small-cap stocks opened lower, pressured by a jump in crude oil prices overnight, which keeps concerns about consumer discretionary spending at the forefront. At 10:05 a.m. ET, the Russell 2000 (NYSE:IWM) was down 7.33, or 1%, at 725.68.

The headline figure for existing home sales came in above expectations at 4.89 million versus the projection of 4.85 million. Although that figure was slightly better than expected, stock index futures were little changed immediately after the release. The inventory of homes for sale was up 10.5% to a record high, which may have offset any upbeat reaction to the headline figure.

Crude oil prices bounced overnight, lifted by strikes in France that could block tanker traffic and by residual support from a surprising drop in crude oil stocks in this week’s inventory data. In addition, the dollar was soft against the euro heading into today’s U.S. open, which underpinned crude oil prices.

Stock markets around the world were in a selling mood overnight, which also weighed on U.S. equities on the opening. Although Japan was up 0.2% last night, most of the other major countries were down, with Hong Kong off 1.3%, China down 0.9%, Australia down 1.0%, Singapore down 1.2% and Bombay off 1.5%. The biggest overnight loss was seen in Karachi, which tumbled 4.7% in response to a rate hike by the State Bank of Pakistan.

Large caps in the news this morning included Haliburton Co. (NYSE:HAL), which announced a bid of $3.4 billion for U.K. firm Expro International. This marks two consecutive days of M&A deals in the energy sector, and provides some . . .

The Russell 2000 (NYSE: IWM) moved up as news of a stock buyback program by International Business Machines Corp. (Nasdaq: IBM) overshadowed worrisome economic reports. The small-cap index added 6.86 points, or 0.97%, to 717.32. The Dow Jones Industrial Average (INDU) gained 114.70 points, or 0.91%, to 12,684.92.

On a year-to-date basis, the Russell 2000 has declined 6.36%, while the Dow is down 4.37% and the S&P 500 has decreased 5.93%.

The major U.S. indices interrupted their early-session volatility to post gains on news that IBM has approved a $15 billion stock buyback. The Armonk, N.Y.-based tech giant said that the buyback will boost its 2008 profit.

The announcement came at around 11 a.m. ET, and immediately sent stocks small and large flying.

The U.S. Labor Department reported that producer prices increased 1% in January, more than the expected 0.4%.

The numbers tell us that inflation pressures remain a worry despite the slowing economy.

Meanwhile, the Conference Board announced that its index of consumer confidence fell to a five-year low of 75.0 in February, down from 87.3 in January. A pullback in consumption will spell trouble for the economy, because consumer spending is about 70% of U.S. gross domestic product.

The Russell 2000 (NYSE: IWM) posted a large gain and outpaced the other major U.S. indices on good news from bond insurers. The small-cap index added 15.03 points, or 2.16%, to 710.46. The Dow Jones Industrial Average (INDU) climbed 189.20 points, or 1.53%, to 12,570.22.

On a year-to-date basis, the Russell 2000 has retreated 7.25%, while the Dow is down 5.24% and the S&P 500 has declined 6.58%.

Stocks ended the session with a surge on news that rating agency Standard & Poor’s reaffirmed the Triple A rating of bond insurers MBIA Inc. (NYSE: MBIA) and Ambac Financial Group, Inc. (NYSE: ABK).

The past couple of weeks had seen speculation that the companies will be downgraded, a move that will create problems for banks that have invested in bonds and probably lead to more losses due to writedowns on subprime mortgages.

Separately, several banks are planning a $3 bailout of Ambac Financial Group.

The two bond insurers had insured subprime-mortgage debt and are suffering the consequences of the ongoing stagnation in the U.S. housing sector.

Speaking of housing, the National Association of Realtors reported after the start of trading that sales fell 0.4% to an annualized rate of 4.89 million units, down from an upwardly revised 4.91 million units in December.

Investors actually took that as bullish news because economists were expecting to see a fall to an annual rate of 4.80 million units.

The Russell 2000 continued a pattern of wicked intraday volatility on Friday, rejecting a morning slump to fresh move lows to close in the upper portion of the range, forming a little bullish pattern on short-term charts. The Index closed at 695.43, down only 0.85 for the day, after enduring double-digit declines for much of the session.

Monday’s 10:00 a.m. ET existing home sales report could spark a little morning volatility, but is just the first of a smorgasbord of economic releases to come this week. Resistance Monday is just overhead at our swing line at 700, then at 704, 712 and 721. Meanwhile, support is at 688, 681 and 675.