Tag - Sms

The Russell 2000 (NYSE:IWM) rallied back into positive territory today, rejecting a morning slide to seven-week lows as technology firms, energy companies, gold stocks and downtrodden financial shares attracted buying interest from bargain hunters. Some of today's small-cap gainers were Geron Corp. (Nasdaq:GERN), Tempur-Pedic (NYSE:TPX) and Canadian Solar (Nasdaq:CSIQ).

Other Market Watch highlights today included:

• Stock markets in Europe and Asia were in retreat mode overnight, which only added to the selling bias early on in U.S. trading.
• Small-cap stocks rallied back into positive territory, rejecting a morning slide to seven-week lows.
• For 2009, the Russell is off 11%, while the Dow is down 7.9% and the S&P 500 is down 7.8%.
• For the day, bank stocks were up 4.1%, while the Financial Select Sector SPDR Fund rose 3.3%.
• Energy stocks were among the strongest performers today, bolstered by a recovery rally in crude oil prices, which jumped $2.80/barrel.
• Gold prices steamrolled to $900 an ounce Friday, gathering momentum from short-term investors seeking a safe-haven.

Small-Cap Gainers:

• Geron Corp. jumped 40% on unusually heavy volume on news that the FDA approved the first tests in human patients of embryonic stem cells. See (Nasdaq:GERN).
• Tempur-Pedic International Inc. rose 24% as the mattress maker beat the earnings forecast just a week after rival Sealy Corp. posted a stunning loss. See (NYSE:TPX).
• Canadian Solar Inc. climbed 17%, reversing a morning slide . . .

Small-cap stocks fell hard on the opening, pulled down by losses in overseas markets, and ongoing worries about corporate profits as we move through the heart of the earnings season. Some of today’s small-cap gainers were Synaptics  (Nasdaq:SYNA), Geron's (Nasdaq:GERN) and Forestar Group Inc. (NYSE:FOR).

Other Market Watch highlights today included:

• Commodities in general could be pressured by a strong run in the U.S. dollar, which was up 1% against the euro, climbing toward six-week highs.  
• Crude oil prices tumbled some $2 a barrel ahead of the stock market opening, which should weigh on energy stocks.
• Goldman Sachs: Infrastructure spending is weighted heavily in 2010 and 2011; tax breaks seem “unlikely” to have a meaningful impact on investment of employment.  
• Stock markets in Europe and Asia were in retreat mode overnight, which only added to the selling bias early on in U.S. trading.

Small Cap Gainers:

• Synaptics fiscal Q2 profit jumps 49%, guides Q3 sales in line with Street. Stock is trading nearly 8% higher in pre-market. See (Nasdaq:SYNA).  
• FDA OKs Geron's first-ever stem-cell treatment trials; shares pop 24% in pre-market. See (Nasdaq:GERN).  
• Forestar Group Inc. gapped higher and gained 21% on news that the firm received an unsolicited takeover offer for a cash tender of $15 a share. See (NYSE:FOR).  
• StemCells, Inc. rises 6% in pre-market on light volume, extending Thursday's dramatic gains. See (Nasdaq:STEM).  

Small Cap Losers:

• Microsemi Corp. fell 19% as the semiconductor firm also slumped after announcing quarterly results. See (Nasdaq:MSCC).  
• Wyndham Worldwide Corp. tumbled 16% as the hotel operator gapped lower. See (NYSE:WYN).
• Metal Management Ltd. was off 15% as the metal recycling firm updated earnings. See (NYSE:SMS).  
• Labranche & Co. Inc. gapped lower as the trading floor specialist took an earnings-related hit. See (NYSE:LAB).  

Small-cap stocks fell hard on the opening, pulled down by losses in overseas markets, and ongoing worries about corporate profits as we move through the heart of the earnings season. At 9:52 a.m. ET, the Russell 2000 (NYSE:IWM) down 7.95, or 1.80%, at 434.90, slipping to the lowest point since Dec. 5.

Stock markets in Europe and Asia were in retreat mode overnight, which only added to the selling bias early on in U.S. trading. Across the pond, U.K. data showed the biggest economic contraction since 1980 and the first recession since 1991. The European Stoxx 600 and the Australian equity index slumped to five-year lows, which heightens worries here that major U.S. indices may need a hard retest of those key November lows.

From a charting perspective, there is mild support today for the Russell near 424, but the key downside point is now near 416, which represents a double bottom on daily charts from early December, which was the first critical bounce pullback off the rally from the November lows. If the market starts to stabilize this afternoon, then resistance will be seen approaching 440, then up near 450.

After dreadful economic data on housing starts and unemployment claims Thursday morning, today’s focus reverts back to the rush of big earnings reports. While there have been occasional bright spots like Apple and Google, most of the news has been dreary. Even when a company like General Electric Co. (NYSE:GE) meets the estimate like they did this morning, investors are leery to embrace the news. Shortly after the open, GE was down 3.6%. And more often than not lately, the profit reports are decidedly bearish, such as with Harley Davidson Inc. (NYSE:HOG) or Advanced Micro Devices Inc. (NYSE:AMD) as the motorcycle maker and chipmaker . . .

Small-cap stocks extended the morning slide into midday trading, with financial, tech and homebuilder shares overpowering gains in energy and commodity names. Analyst downgrades for key companies in the financial and technology arenas played a role in magnifying worries about consumer spending and the never-ending credit crisis. Some of today’s small-cap gainers are Wachovia Securities (NYSE:MTN), Excel Maritime Carriers (NYSE:EXM) and Teck Cominco (Nasdaq:TCK).

Other Market Watch highlights today included:

• Crude oil prices were up some $3/barrel into the open, pushing back above the key $50 level ahead of an OPEC meeting later this week.  
• Energy markets were on firm footing this morning, which should provide a lift to energy-related stocks.  
• European shares were basically flat heading into the U.S. open, but Asian markets were in rally mode overnight.  
• Hopes for a quick package to keep U.S. carmakers away from bankruptcy played a big role in overnight gains in Asian trading. 

Small Cap Gainers:

• Wachovia Securities upgrades Vail Resorts to "outperform;" shares pop 15%. See (NYSE:MTN).  
• Excel Maritime Carriers up 13% on heavier-than-average volume. See (NYSE:EXM). 
• Teck Cominco up 12% after reporting it will suspend operations at its Pend Oreille zinc mine. See (NYSE:TCK).  
• Sims Metal Management climbs 8% after the small cap signed a 20-year deal with New York City to process the city's recyclables, with a 20-year renewal clause. See (NYSE:SMS).  

Small Cap Losers:

• Developers Diversified Realty says asset deal not closed, will not close in December as it had previously hoped. Shares tumble 15%. See (NYSE:DDR).  
• Hexion Specialty Chemicals, Inc. announces termination of merger with Huntsman Corp.; shares of HUN collapse 43%. See (NYSE:HUN).
• Real-estate developer Forest City Enterprises is down 12% after saying it will halt new projects, focus on reducing debt and managing existing real-estate portfolio. See (Nasdaq:FCE.A).  
• Fitch downgrades M/I Homes' IDR to 'B'; outlook negative. Shares of MHO are trading over 11% lower. See (NYSE:MHO).