Tag - Qkls

Small-cap stocks remained in negative territory into midday trading even as the Dow zigzagged back and forth from lower to higher ground. Energy and commodity stocks were once again the dominant upside force for equities, countered by a weak tone in financial shares following a dour report on the jobs front this morning. At 12:20 p.m. ET, the Russell 2000 (NYSE:IWM) was down 2.01, or 0.42%, at 474.39.

Investors continue to debate over whether or not all these scary economic reports are already priced into the market, but it was hard to simply shrug off this morning’s weekly unemployment claims report, which showed that more people were filing for jobless benefits last week than we’ve seen in 26 years. Money clearly was flowing away from financial stocks this morning in favor of commodities, driven not only by the economic data, but also by a big decline in the U.S. dollar, which makes commodities priced in dollar terms more attractive and also bolsters exports for U.S.-based firms that ship goods overseas. The greenback was off more than 2% against the euro, sinking to the lowest point since Oct. 21.

The pullback in the buck was an obvious benefit to crude oil prices, which climbed back above $46 a barrel, up nearly $3 today. In addition to the currency support, crude oil prices were lifted by a report from the International Energy Agency predicting a recovery in demand in 2009 and a surprising drop in Saudi output in November. Energy stocks were up some 2.7% at mid-session, while financial shares were off about 2.2%.

The Hennessee Group Hedge Fund Index fell 2.69% in November, which was a big improvement from losses in the 6% range the previous two months, but still a poor performance historically. Hedge funds as a group haven’t made money on a monthly basis since May, which is an extreme drought for a group considered to house the most savvy traders on the planet. In addition, plunging hedge fund losses have sparked a tidal wave of redemptions, adding to the selling fire in stocks the last two months. With another poor performance for the month of November . . .

Small-cap stocks remained in negative territory into midday trading even as the Dow zigzagged back and forth from lower to higher ground. Energy and commodity stocks were once again the dominant upside force for equities, countered by a weak tone in financial shares following a dour report on the jobs front this morning. Some of today’s small-cap gainers are China Valves Technology Inc. (Nasdaq:CVVT), American Italian Pasta (Nasdaq:AIPC) and Legacy Reserves (Nasdaq:LGCY).

Other Market Watch highlights today included:

• Energy stocks were up some 2.7% at mid-session, while financial shares were off about 2.2%.  
• The pullback in the dollar was an obvious benefit to crude oil prices, which climbed back above $46 a barrel, up nearly $3 today.  
• The greenback was off more than 2% against the euro, sinking to the lowest point since Oct. 21.  
• Small-cap stocks remained in negative territory into midday trading even as the Dow zigzagged back and forth from lower to higher ground.

Small Cap Gainers:

• China Valves Technology Inc. is the top percentage gainer so far today, jumped 133% on all of 240 shares traded as the firm said they were setting up a board of directors. See (NYSE:CVVT).  
• American Italian Pasta reports higher 4Q profits; shares pop 28%. See (Nasdaq:AIPC).
• Citi initiates coverage on Legacy Reserves with a "buy," price target $15. Shares are up 20% to $10. See (Nasdaq:LGCY).  
• James River Coal Company up 17%, continuing rise from Tuesday when shares began to climb on an analyst's note. See (Nasdaq:JRCC).  
• Royale Energy up 17% as energy stocks are extending their rally from earlier this week. See (Nasdaq:ROYL).  

Small Cap Losers:

• Caraco Pharmaceuticals Labs, Ltd. rose 48% and has been on a two-day upside rampage without any apparent fresh news behind the run. See (NYSE:CPD).  
• Integral Systems Inc. slumped 25% as the satellite communications firm announced preliminary results. See (Nasdaq:ISYS).  
• QKL Stores Inc. tumbled 61% as the Chinese supermarket chain announced they were adding three new stores. See (Nasdaq:QKLS).  
• Hecla Mining drops 24% after announcing $21 million equity transaction. See (NYSE:HL).