Tag - Hsy

Small-cap stocks edged lower in relatively calm trading, as a recovery bounce in crude oil on the stock market opening took some of the air out of the morning bullish side of things. At 10:01 a.m. ET, the Russell 2000 (NYSE:IWM) was down 4.15, or 0.55%, at 749.22.

Crude oil prices rallied about $1 dollar a barrel back above $115, supported by concerns that the conflict in Georgia could clip supplies that move through the Caspian region. Also, the U.S. dollar was off slightly this morning, which provided some support to oversold commodity markets — including energy. Grains prices were called higher this morning, and several physical markets were in positive territory early today. The Hershey Co. (NYSE:HSY) was down some 8% early today after saying they would raise candy prices 10% to combat higher raw commodities input costs.

Asian equity markets were primarily lower overnight, which was also something of a concern for U.S. stock market traders. China equities continue to slump, apparently not getting any immediate upside bump from the Olympics. China stocks were off 5.4% overnight, while Hong Kong was down 1%, Taiwan down 2.7% and Singapore down 0.7%. One rosy spot was the Pakistan market, which rallied 4.4% on news that President Musharraf had resigned.

Most traders were looking for thin volume this week amid the holiday season in Europe and in the United States, so it might take some kind of surprise to jolt equities out of a sleepy mood.

Broad market sectors on the rise this morning were dominated by commodity themes, with coal, metals, steel, gold, oil exploration, industrial gases, integrated oil and oil drillers all on the upside. On the downside, thrifts and mortgage finance firms were taking a beating following an article in Barron’s over the weekend saying that the Treasury Department would recapitalize the firms using taxpayer funds, which could devalue current investor holdings. Other sectors struggling early included . . .

Small-cap stocks are expected to open modestly higher Monday, underpinned by tame energy markets overnight and some enthusiasm spillover from last week’s solid performance. The Russell 2000 (NYSE:IWM) was up about 0.4% in overnight trading, which translates to an open near 756.

Crude oil prices slipped into the red heading toward the U.S. stock market opening, pulling down off overnight highs. However, the U.S. dollar was weak this morning, down about 0.3% against both the euro and the yen; if the dollar starts to slide during the session, it could provide a supportive hand to energy and other commodities.

In stock market trading around the world, the news was mixed, with European shares up this morning, but Asian markets primarily lower. China stocks were down 5.4% and continue to slump through the Olympics as investors there frown on a lack of plan to bolster equities. Elsewhere in Asia, Japan was up 1.1%, Hong Kong down 1%, Taiwan down 2.7%, Australia flat, Singapore down 0.7%, South Korea down 0.2% and India down 0.5%. The Pakistan market surged 4.4% as President Musharraf announced his resignation.

Large caps in the news overnight include Broadcom Corporation (Nasdaq:BRCM), which was up some 4% following a bullish article in Barron’s. Also, Lowe’s Companies Inc. (NYSE:LOW) topped the earnings forecast and could be a supportive . . .