Tag - Mktx

Small-cap stocks shot higher on the opening, drafting along with a strong tone in tech stocks following solid earnings from bellwether firm International Business Machines Corp. (NYSE:IBM), which provided a boost to the entire tech arena. At 9:52 a.m. ET, the Russell 2000 (NYSE:IWM) was up 8.80, or 1.61%, at 555.37.

IBM shares were up about 3.7% shortly after the open, while the tech-laden Nasdaq 100 was up 2.3%. Small-cap stocks have been more closely tracking tech stocks of late, not necessarily because the Russell is filled with tech stocks, but because if spending frees up to invest in technology, it would also be a good sign for small businesses.

After several head-fake intraday rallies this week, it will be interesting to see if the stock market can finally grab a bullish open and extend the move rather than see it all slip away. On the news front, several countries in Asia announced rate cuts overnight, joining the coordinated cuts produced Wednesday morning by central bankers in the United States, Eurozone, Switzerland, Sweden and China. European stocks were on the mend this morning after getting drubbed in recent days, helped not only by the rate cuts and by a 50-billion pound infusion into the banking sector, but also by news that the ECB would provide low-rate loans to banks. On the U.S. front, the Treasury Department said they were considering taking an ownership stake in several key U.S. banks, in yet another form of capital infusion designed to inspire confidence on the banking front and perhaps help thaw frozen inter-bank lending activity. Government officials in Italy this morning announced plans to buy up preferred stock in select banks.

Ahead of the opening today, weekly unemployment claims came in just above the forecast with a headline figure of 478,000, compared with the forecast of 475,000. In addition, last week’s figure was revised up slightly to 498,000. Continuing claims were at
3.6 million, which was the highest point since June 2003. In addition, the four-week moving average for claims was still the highest since October 2001. These are sobering figures on the jobless front, but they were basically in line . . .

AtriCure Inc. (Nasdaq:ATRC), Electro-Optical Sciences Inc. (Nasdaq:MELA) and Royale Energy Inc. (Nasdaq:ROYL) are among the biggest percentage gainers in Wednesday's trading among companies with market capitalizations under $1 billion.      

Also included among the results: Gilat Satellite Networks Ltd. (Nasdaq:GILT), Overstock.com Inc. (Nasdaq:OSTK), Fuqi International Inc. (Nasdaq:FUQI), PGT Inc. (Nasdaq:PGTI), SeaBright Insurance Holdings Inc. (Nasdaq:SEAB) and MarketAxess Holdings Inc. (Nasdaq:MKTX).   

Here are the biggest percentage gainers among small caps:  

First Acceptance Corp. (NYSE: FAC), Oculus Innovative Sciences, Inc. (Nasdaq: OCLS) and Vicon Industries, Inc. (AMEX: VII) are among the biggest percentage losers in Friday's trading among companies with market capitalizations under $500 million.

Here are today's biggest percentage losers: