Tag - Pfg

Stocks sharply slid at closing on Friday on news that Citigroup would likely have to allow the U.S. government to own a 36% stake in the embattled firm, and on shrinking Q4 GDP. Some of today’s small-cap gainers were Permian Basin Realty Trust (NYSE:PBT), Superior Industries (NYSE:SUP) and Aircastle (NYSE:AYR).

Other Market Watch highlights today included:

• The Russell 2000 (NYSE:IWM) closed down 3.93, or 1%, to 389.02. The S&P 500 closed down 2.36% to 735.09. The Dow Jones Industrial Average closed down 119 points, or 1.66% at 7,062, its lowest close since May 7, 1997.
• For the year, the Russell is down 22.11%, the Dow is down 19.52% and the S&P 500 is down 18.62%.
• Citigroup reported it has reached a deal that will give the U.S. government up to a 36% stake in the embattled bank.
• U.S. government: Economy has shrunken at a faster-than-expected 6.2% pace in fourth quarter -- the worst showing in 25 years 
• Eastern Europe's struggling banks will receive $31.1 billion worth of emergency help from leading international financial institutions.

Small Cap Gainers:

• Permian Basin Realty Trust climbed 20% higher after Jim Cramer recommended the stock on "Mad Money" on Thursday night. See (NYSE:PBT). 
• Superior Industries closed up 19% after being upgraded to "neutral" today. See (NYSE:SUP).
• Aircastle rises 13% after seeing its Q4 adjusted profit increase by 31.8%. See (NYSE:AYR).

Small Cap Losers:

• Macquarie Infrastructure reported a widened Q4 loss; shares head south 37%. See (NYSE:MIC).
• Union group opposes aid to Principal Financial; shares tumble 25%. See (NYSE:PFG).
• A.M. Best downgrades ratings of FBL Financial Group, Inc., sending shares 24%. See (NYSE:FFG). 

Small-cap stocks are expected to open solidly higher, bolstered by gains overnight in Europe and Asian equity markets and another dip in inter-bank lending rates as the U.S. finishes off voting for a new president and a multitude of open representative slots. Stock index futures were up 2% in after-hours trading, which suggests a Russell 2000 (NYSE:IWM) open near 549.00.

European shares were up more than 2% ahead of the U.S. open, while markets in Asia posted solid gains overnight, lifting the World Index to a sixth consecutive daily gain. Japan’s Nikkei was up some 6% and Libor rates slipped to the lowest point in five months, extending the recent slide that suggests the freeze in lending has thawed.

Central bank leaders in Australia slashed rates by 75 basis points, which was a bigger cut than expected and extended the worldwide push to lower rates and battle a global economic slowdown. Manufacturing data in the United States on Monday tumbled deep into recession territory and today the market will receive information on factory orders at 10:00 a.m. ET. In addition, the market will get a chance to respond to another litany of earnings reports. So far this morning, bullish results have been seen for soybean processor Archer Daniels Midland Co. (NYSE:ADM) and financial company MasterCard Inc. (NYSE:MA). Results from entertainment studio Viacom Inc. (NYSE:VIA.b) were awful, but arguably not as bad as feared and the stock looked set to trade higher on the opening. Principal Financial Group Inc. (NYSE:PFG) was down in pre-market . . .