Tag - Sgen

The Russell 2000 (NYSE: IWM) futures are rising and the small-cap index will likely open in the green.

Small-cap stocks are set for a bullish opening on news that General Electric Co. (NYSE: GE) reported a fourth-quarter profit from continuing operations of $6.82 billion, or $0.68 per share, compared with $5.95 billion, or $0.58 per share, a year earlier. The result matches analysts’ expectations.

Investors will be paying attention to the Reuters/University of Michigan preliminary consumer sentiment index for January, which will be released at 10 a.m. ET. The index measures consumers’ willingness to spend money. Economists are expecting to see a small decline.

Here are the biggest percentage gainers and losers in pre-market trading among companies with a market cap between $100 million and $750 million:

Biggest percentage gainers:

• Comtech Group, Inc. (COGO), up 10%.
• MedCath Corp. (MDTH), up 9%.
• Globecomm Systems, Inc. (GCOM), up 9%.

Biggest percentage losers:

• Seattle Genetics, Inc. (SGEN), down 5% on news of a 10 million share public offering priced at $9 a share.
• Monarch Casino & Resort, Inc. (MCRI), down 4%.
• Isle of Capri Casinos, Inc. (ISLE), down 2%.

The Russell 2000 (NYSE: IWM) and the other major U.S. indices are posting gains on news of unexpectedly robust earnings at International Business Machines Corp. (NYSE: IBM).
 
At 10:09 a.m. ET, the small-cap index had advanced 3.28 points, or 0.47%, to 707.93. The Dow Jones Industrial Average (INDU) was up 100.47 points, or 0.80%, to 12,706.77.

The mood on Wall Street is bullish on news before the start of trading that IBM, the largest information technology company in the world, reported better-than-expected preliminary quarterly results.

The Armonk, New York-based company said that it expects earnings from continuing operations for the quarter ended Dec. 31 to be $2.80 per share, above Wall Street’s consensus estimate of $2.60 per share and 24% higher than the $2.26 per share achieved a year earlier.

Elsewhere, retailer Sears Holdings Corp. (Nasdaq: SHLD) announced before the start of trading that it forecasts fourth-quarter earnings below analysts’ expectations due to a decline in same-store holiday sales.