Tag - Pvtb

The Russell 2000 (NYSE: IWM) led a mid-session rally that lifted stocks into positive territory, reversing a bearish morning. The small-cap index gained 11.29 points, or 1.41%, to 810.08. The Dow Jones Industrial Average (INDU) added 44.95 points, or 0.33%, to 13,566.97.

On a year-to-date basis, the Russell 2000 has increased 2.88%, while the Dow has added 8.76%.

Small-cap futures were pointing south and stocks opened in the red on news of an economic slowdown. The finance ministers and central bankers from the G7, the world’s top seven industrialized countries, said over the weekend that U.S. economic growth is in for a slowdown due to tighter credit, the housing slump and the high price of oil.

Just before 10 a.m. ET the Russell 2000 had slipped below a level of 790, but then managed to tentatively approach the flat line before finally settling on an upward trajectory at around 12 p.m. ET. The Dow was more volatile and without a clear direction until just before the close.

Helping the bulls was the technology sector, as investors saw a buying opportunity on expectations of strong third-quarter earnings ahead of the release of Apple Inc.’s (Nasdaq: AAPL) third-quarter numbers after the closing.

Small-cap software firm Synplicity Inc. (Nasdaq: SYNP) defied those projections, reporting a slight decline in its third-quarter profit.

PrivateBancorp, Inc. (Nasdaq: PVTB) are up after the bank holding company reported third-quarter earnings of $9.2 million, or $0.42 per share, below analyst estimates of $0.43 per share and lower than $9.8 million, or $0.46 per share, a year earlier. The firm’s quarterly net interest income totaled $32.3 million, below Wall Street projections of $40.96 million and compared with $30 million during the same period of 2006.

“We continue to face a difficult banking environment primarily as a result of weakness in the real estate sector,” CEO Ralph Mandell said in a statement. “Given the current credit cycle, we experienced relatively slow growth in our loan portfolio as a result of cautiousness both on our part and on the part of our clients.”

The Chicago-based firm also announced before the opening that 12 former LaSalle Bank executives joined PrivateBancorp.

“We have an established track record of attracting and integrating such individuals in all of the markets we serve, whether in teams through de novo expansion or acquisitions, or through individual hires,” Mandell said.

Non-performing assets to total assets were 0.80% at Sept. 30, compared with 0.06% a year earlier.

In afternoon trading, PVTB shares are up 1.45%, or $0.41, at $28.63. Over the last 52 weeks, shares have ranged from $25.41 to $43.12.