Tag - Ikn

IKON Office Solutions Inc. (Nasdaq:IKN), Starrett LS Co. (Nasdaq:SCX) and Thermadyne Holdings Corp. (Nasdaq:THMD) are among the new 52-week highs in Wednesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: NPS Pharmaceuticals Inc. (Nasdaq:NPSP), Arden Group Inc. (Nasdaq:ARDNA), Carbo Ceramics Inc. (Nasdaq:CRR), Finish Line Inc. (Nasdaq:FINL), Zep Inc. (Nasdaq:ZEP) and Sapient Corp. (Nasdaq:SAPE).

Here are the new 52-week highs among small caps:

The Russell 2000 (NYSE: IWM) is lower on economic news that makes a recession more likely. At 1:13 p.m. ET, the small-cap index had declined 0.71 points, or 0.10%, to 685.47. The Dow Jones Industrial Average (INDU) was down 22.47 points, or 0.18%, to 12,243.92.

A recession seems more likely now, following reports showing a decline in construction spending and manufacturing.

Factory activity fell to 48.3 in February from 50.7 in January, the Institute for Supply Management reported after the start of trading. Economists were expecting to see a steeper decline. Readings below 50 indicate a contraction.

Meanwhile, the U.S. Census Bureau reported after the opening that construction spending fell more than expected in January, its forth consecutive drop. The numbers show a 1.7% monthly decline to a seasonally adjusted annual rate of $1.121 trillion. Residential construction is down the most, reflecting the ongoing stagnation in the U.S. housing sector.

On a year-over-year basis, total constriction spending is down 3.3%.

Shares of Clearwire Corp. (Nasdaq: CLWR), which builds and operates wireless broadband networks that enable Internet communications, have added 3%.