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QC Holdings Inc. (Nasdaq:QCCO), Consolidated Water Co Ltd. (Nasdaq:CWCO) and SYNNEX Corp. (Nasdaq:SNX) are among the most actively traded companies in Monday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Vitran Corp Inc. (Nasdaq:VTNC), Young Innovations Inc. (Nasdaq:YDNT), DryShips Inc. (Nasdaq:DRYS), GT Solar International Inc. (Nasdaq:SOLR), Plantronics Inc. (Nasdaq:PLT) and Excel Maritime Carriers Ltd. (Nasdaq:EXM).

Consolidated Water Co Ltd. (Nasdaq:CWCO), SYNNEX Corp. (Nasdaq:SNX) and RXi Pharmaceuticals Corp. (Nasdaq:RXII) are among the biggest percentage gainers in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: United Rentals Inc. (Nasdaq:URI), DryShips Inc. (Nasdaq:DRYS), Echelon Corp. (Nasdaq:ELON), Lululemon Athletica Inc. (Nasdaq:LULU), Plantronics Inc. (Nasdaq:PLT) and Young Innovations Inc. (Nasdaq:YDNT).

Small-cap stocks extended the morning rally into mid-session, with financial and bank stocks leading the way as hope swells for the government to sweep losing assets off bank balance sheets. Importantly, the Russell popped above the recent range highs from the Obama inauguration collapse, which could clear the way for a substantial push higher in the days to come. Some of today’s small-cap gainers were Orthovita Inc. (Nasdaq:VITA), Keynote Systems Inc. (Nasdaq:KEYN) and Sports Properties Acquisition Corp. (NYSE:HMR).

Other Market Watch highlights today included:

• Crude oil prices were mildly higher despite another build in the latest weekly inventory report.  
• Energy shares were higher, but noticeably trailing the overall market advance as large stockpiles and soft demand remain a limiting factor.  
• On the downside today, gold stocks and tobacco companies were lower, with the Gold and Silver Index down 1.6%.  
• Diversified banks, life health insurers, financial services firms, regional banks and asset management firms were top performers today. 

Small Cap Gainers:

• Orthovita Inc. climbed nearly 15% as the orthopedic biosurgery firm recovered a big chunk of recent declines on heavy turnover. See (Nasdaq:VITA).  
• Keynote Systems Inc. is up 8.6% as the online data firm rose to the highest point since Nov. 24 amid solid earnings. See (Nasdaq:KEYN).  
• Sports Properties Acquisition Corp. was only up 0.3%, but seeing a volume spike for the day without any apparent fresh news. See (NYSE:HMR).

Small Cap Losers:

• Century Aluminum Co. tumbled 30% as the firm announced plans for a common stock offering. See (Nasdaq:CENX).  
• Plantronics Inc. was down 9% as the headset maker took an earnings-related hit. See (NYSE:PLT).  
• Amylin Pharmaceuticals reports 2008 financial results; shares fall 6% in pre-market. See (Nasdaq:AMLN).

Small-cap stocks jumped higher this morning, buoyed by a rush back into bank and financial stocks amid hope that the government will set up a “bad bank” facility to mop up losing bank investments, which would help clear bank balance sheets. In addition, there is a sense that the Obama Administration is moving back toward the original purpose of the TARP of absorbing bad debt paper, a concept that has repeatedly sparked brief rallies in equities. Some of today’s small-cap gainers were Regis Corp. (NYSE:RGS), World Acceptance Corp. (Nasdaq:WRLD) and UCBH Holdings (Nasdaq:UCBH).

Other Market Watch highlights today included:

• The weekly MBA Mortgage Application Index tumbled 38.8% to 732.1% and is now at the lowest point since the week ended Nov. 21.  
• There is a chance that some of the enthusiasm on the financial and banking front has also been stoked by optimism ahead of this afternoon’s FOMC statement.   
• The KBW Banking Index was up nearly 10%.   Small-cap stocks jumped higher this morning, buoyed by a rush back into bank and financial stocks.

Small Cap Gainers:

• Regis Corp. charged 24% as the beauty salon and hair restoration company reported earnings. See (NYSE:RGS).
• Small-loan consumer finance company World Acceptance Corp. gapped higher and rallied 20% on solid earnings news. See (Nasdaq:WRLD).  
• UCBH Holdings is up 14% in pre-market on very light volume. See (Nasdaq:UCBH).
• Huntington Bancshares and Ronald A. Katz Technology Licensing settle patent lawsuit and enter into license agreement; HBAN rises 12% in pre-market. See (Nasdaq:HBAN).  

Small Cap Losers:

• Century Aluminum Co. tumbled 30% as the firm announced plans for a common stock offering. See (Nasdaq:CENX).  
• Plantronics Inc. was down 9% as the headset maker took an earnings-related hit. See (NYSE:PLT).  
• Amylin Pharmaceuticals reports 2008 financial results; shares fall 6% in pre-market. See (Nasdaq:AMLN).

 

Small-cap stocks jumped higher this morning, buoyed by a rush back into bank and financial stocks amid hope that the government will set up a “bad bank” facility to mop up losing bank investments, which would help clear bank balance sheets. In addition, there is a sense that the Obama Administration is moving back toward the original purpose of the TARP of absorbing bad debt paper, a concept that has repeatedly sparked brief rallies in equities. At 9:52 a.m. ET, the Russell 2000 (NYSE:IWM) was up 9.15, or 2.01%, at 464.73.

Financial and bank stocks were the preferred outlet for bulls this morning. Huge percentage gains were seen for a vast array of banks; Citigroup Inc. (NYSE:C) was up 20% shortly after the open, while Wells Fargo & Co. (NYSE:WFC) was up 19%. The KBW Banking Index was up nearly 10%. Of course, it’s easier to generate jaw-dropping percentage gains on stocks that are only a fraction of where they were a year ago.

There is a chance that some of the enthusiasm on the financial and banking front has also been stoked by optimism ahead of this afternoon’s FOMC statement. With the Fed funds rate effectively near zero, one wouldn’t expect FOMC to carry much weight right now, but there is a chance that the Fed could talk up “non-traditional” means of providing liquidity and putting downside pressure on longer-term rates. The FOMC statement is slated for 2:15 p.m. ET.

The focus on banks and hope for quick action on bank balance sheets via troubled asset relief programs from the government might have diverted attention away from gloomy earnings for a bit, but even the earnings news today has some bright spots that are attracting attention. Over across the pond, business software maker SAP AG topped the earnings forecast and helped European shares move toward a . . .