Small-cap stocks remain high; GNW, TRA, and MFB lead gainers
Small-cap stocks extended the rally into mid-session trading, boosted by a bounce in the financial arena, which has been a notable source of weakness in previous days. In addition, homebuilder, retailer and insurance firms were strong performers today and the raft of companies fitting those profiles in the small-cap universe helped the Russell 2000 (NYSE:IWM) outperform the Dow and S&P 500. Some of today's small-cap gainers are Genworth Financial Inc.(NYSE:GNW), Terra Industries Inc. (NYSE:TRA) and Maidenform Brands Inc (NYSE:MFB).
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Other Market Watch highlights included: • The market now will go into a waiting mode for the 2:15 p.m. ET FOMC policy announcement. • Another clear source of strength today came from insurance stocks, with the S&P Insurance Index climbing 4.2%. • It was interesting to see homebuilder shares doing so well today despite a terrible report on housing starts, which tumbled to a record lows and were off 18.9%. • The ISE Homebuilder Index was up 5.6%, with small-cap firm KB Home (NYSE:KBH) rising 7.1%. Small Cap Gainers: • Small-cap firm Genworth Financial Inc. soared some 40%, climbing to the highest point since early November. See (NYSE:GNW). • Terra Industries Inc. rallied 13% as the fertilizer company also mounted a big bounce off Monday’s pullback. See (NYSE:TRA). • Maidenform Brands Inc. rallied 15% as the intimate apparel maker mounted a recovery off Monday’s big decline. See (NYSE:MFB). • Novatel Wireless Inc. names new VP of sales and general manager; shares rise 13%. See (Nasdaq:NVTL). Small Cap Losers: • Satyam Computer Services Ltd. tumbled 56% on unusually heavy volume as the Indian software firm said it will invest $1.6 billion on two infrastructure firms. See (NYSE:SAY). • Tech company Stec lowers Q4 revenue view, shares fall 15% in pre-market. See (Nasdaq:STEC). • Cabot Corporation "repositioning" in light of weaker demand; shares tumble 10%. See (NYSE:CBT). • Monolithic Power Systems lowers guidance below estimates; shares dip 4% in pre-market. See (Nasdaq:MPWR).
Russell opens high; PEI, TRA, and BDN lead gainers
Small-cap stocks opened solidly higher, boosted by a positive reaction to key profit reports and optimism ahead of the FOMC meeting this afternoon. Financial and banking shares were on the mend today after being noticeably weak in recent days, helping to counter any dread from this morning’s gloomy housing starts report. Some of today's small-cap gainers are The Pennsylvania Real Estate Investment Trust (NYSE:PEI), Terra Industries (NYSE:TRA) and Brandywine Realty Trust (NYSE:BDN).
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Other Market Watch highlights included: • Crude oil prices were on the rise this morning, up about $1.30 per barrel ahead of the open, which should provide a boost to energy stocks. • It is widely expected that the Fed will slash another 50 basis points off the Fed funds rate today, lowering the rate to 0.50%. • Small-cap stocks opened solidly higher, boosted by a positive reaction to key profit reports and optimism ahead of the FOMC meeting this afternoon. • Even though energy markets were on firm footing this morning, industrial metals were lower, including copper, lead, tin and nickel. Small Cap Gainers: • The Pennsylvania Real Estate Investment Trust jumped 12.1% on news that the company completed a financing deal. See (NYSE:PEI). • Merrill Lynch upgrades a bevy of fertilizer stocks including Terra Industries, which is 10% higher on the news. See (NYSE:TRA). • Brandywine Realty Trust up 7% after announcing a Q4 2008 dividend last week. See (NYSE:BDN). • Macerich inks Mervyns tenants, lands $250M loan; shares climb 6%. See (NYSE:MAC). Small Cap Losers: • Tech company Stec lowers Q4 revenue view, shares fall 15% in pre-market. See (Nasdaq:STEC). • Cabot Corporation "repositioning" in light of weaker demand; shares tumble 10%. See (NYSE:CBT). • Monolithic Power Systems lowers guidance below estimates; shares dip 4% in pre-market. See (Nasdaq:MPWR). • Heelys down 4% in pre-market on very light volume. See (Nasdaq:HLYS).
DryShips, Titan Machinery and Ciena lead small-cap volume in pre-market
DryShips Inc. (Nasdaq:DRYS), Titan Machinery Inc. (Nasdaq:TITN) and Ciena Corp. (Nasdaq:CIEN) are among the most actively traded companies in Tuesday's trading among companies with market capitalizations under $1 billion.
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Also included among the results: Monolithic Power Systems Inc. (Nasdaq:MPWR), TBS International Ltd. (Nasdaq:TBSI), Canadian Solar Inc. (Nasdaq:CSIQ), Eagle Bulk Shipping Inc. (Nasdaq:EGLE), Energy Conversion Devices Inc. (Nasdaq:ENER) and DrdGold ADR (Nasdaq:DROOY).
Isilon Systems, Penwest Pharmaceuticals and Tiens Biotech Group lead small-cap percentage losersIsilon Systems, Inc. (Nasdaq: ISLN), Penwest Pharmaceuticals (Nasdaq: PPCO) and Tiens Biotech Group Inc. (AMEX: TBV) are among the biggest percentage losers in Thursday's trading among companies with market capitalizations under $750 million. Here are today's biggest percentage losers:
Agile Software Corp. tops pre-market most-actives
The following are the most actively traded companies in pre-market trading among those with market capitalizations under $500 million:
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Monolith power profitable in 1Q
Shares of San Jose-based Monolithic Power Systems, Inc. (Nasdaq: MPWR) are in positive territory on news the semiconductor company’s quarterly net income outpaced expectations.
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Monolithic Power Systems leads small-cap percentage gainers
These are the bigges percentage gainers at 10:36 ET among companies with market capitalizations under $500 million:
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