Tag - Ifx

Small caps closed up about 2% today, outperforming the Dow for the day yet still lagging the big-cap index for 2008, with the Russell 2000 (NYSE:IWM) off 41%, the Dow down 35% and the S&P 500 down 41%. Some of today’s small-cap gainers are QC Holdings (Nasdaq:QCCO), Polypore International (NYSE:PPO) and Furniture Brands International (NYSE:FBN).

Other Market Watch highlights today included:

• The ADP headline figure suggested the nation lost 250,000 payroll jobs in November, which was below the forecast for a decline of 200,000.
• The ISM Non-Manufacturing Survey came out at 10:00 a.m. ET, with the headline figure at 37.3%, which was way below the forecast of 42.8%.
• The ability to rally after a bad reading on the ADP Employment Survey ahead of Friday’s big monthly employment report was a positive sign. 
• Yields on Treasury products were higher as demand clearly was more focused on riskier fare today.
• The weekly MBA Mortgage Application index jumped 112% today to the highest level since mid-February, encouraging the rally.
• The ISE Homebuilders Index jumped 10% and small-cap homebuilders were among the best performers in the group.
• Crude slipped $0.17 a barrel to $46.79 and notched 3-1/2-year lows during the U.S. trading session despite a drop in inventory levels.
• Banks, brokerages and other financial firms were clearly a source of strength for stocks today.
• Energy stocks were a drag on stocks for most of the day, and the Energy Select Sector SPDR was basically flat right before the close. 

Small Cap Gainers:

• QC Holdings Inc. (Nasdaq:QCCO) jumped 54% on a volume spike without any apparent fresh news from the payday loan firm.
• Polypore International Inc. (NYSE:PPO) jumped 31% as the lithium-ion battery company announced that one of their subsidiaries received a $2.3 million contract.
• Furniture Brands International (NYSE:FBN) closed up about 26% . . .

Small-cap stocks reversed course, putting a brief but sharp morning slide on awful economic data in the rear-view mirror as investors gobbled up homebuilding, retail and financial shares and set aside any economic worries stirred by sobering private employment and services sector activity reports.  Some of today’s small-cap gainers are Forest City Enterprises Inc. (Nasdaq:FCE.B), Grey Wolf Inc (NYSE:GW) and Orthofix Intl. (Nasdaq:OFIX).

Other Market Watch highlights today included:

• Crude oil prices stabilized after weekly inventory reports showed a decline in crude oil stockpiles and a drop in refined products.  
• Obama: Automakers appear to be formulating “more serious” business models to help justify a government bailout of the ailing sector.  
• The ISE Homebuilders Index jumped 10% and small-cap homebuilders were among the best performers in the group.  
• The ability to rally after a bad reading on the ADP Employment Survey ahead of Friday’s big monthly employment report was a positive sign.


Small Cap Gainers:

• Forest City Enterprises Inc. jumped 26% as the commercial property firm benefited from the bounce in homebuilder and REITS. See (Nasdaq:FCE.B).  
• Grey Wolf Inc. rose 23% as the oil and gas driller announced a merger deal with Precision Drilling Trust. See (NYSE:GW).  
• Orthofix Intl. climbed 21% on news that a large owner in the firm is pushing for it to call a special shareholder meeting and sell a medical business unit, reduce corporate overhead. See (Nasdaq:OFIX).  
• Other small-cap homebuilders rallying today were Lennar Corp., which was up 8%, and KB Home, which soared 16%. See (NYSE:LEN) and (NYSE:KBH).

Small Cap Losers:

• Infineon Technologies sees a widened Q4 loss; shares careen 38%. See (NYSE:IFX).  
• IIVI Inc. was off 15% as the electronics and telecommunications manufacturing company revised guidance downward. See (Nasdaq:IIVI).  
• Alpha Natural Resources Inc. fell 14% as the coal miner revised guidance. See (NYSE:ANR).  
• Bucyrus sinks 7.4% in pre-market after completing its purchase of Czech firm, OKD Bastro. See (Nasdaq:BUCY).