Tag - Tra

Small-cap stocks turned lower into midday trading, as hopes for a recovery in bank stocks appeared to be fleeting, which added to investor unease about the timing of a recovery out of the recession and about the prolonged credit crunch. Some of today’s small-cap gainers were Terra Industries (NYSE:TRA), First Horizon (NYSE:FHN) and JBT Corporation (NYSE:JBT).

Other Market Watch highlights today included:

• Sectors doing well today including power companies, oil refiners, gas utilities, vintners, utility companies, health care equipment providers and food retail stocks.  
• On the slide are diversified banks, diverse financial services firms, regional banks, investment banks and consumer finance companies.  
• Small-cap stocks turned lower into midday trading, as hopes for a recovery in bank stocks appeared to be fleeting.  
• The yield on benchmark 10-year notes was up 8% early on, climbing back to 2.37% after slipping below 2.2% Thursday.

Small Cap Gainers:

• Terra Industries up 19% on takeover bid. See (NYSE:TRA).  
• First Horizon shares jump 18% on narrower 4Q loss. See (NYSE:FHN).  
• JBT Corporation wins $6.9 million gate equipment order for major U.S. airport; shares rise 12%. See (NYSE:JBT).  
• Exterran Partners LP rose 12%, leaving a little double bottom on daily charts with Thursday’s low. See (Nasdaq:EXLP). 

Small Cap Losers:

• Life sciences company Cambrex Corporation down 18% on lower-than-average volume. See (NYSE:CBM).
• Spartech Corporation down over 17% after being downgraded to "underweight" earlier this week. See (NYSE:SEH).  
• Inter Parfums Inc. was off 14% as the cosmetics maker was caught in a broad-based sell-off of beauty and cosmetics providers. See (Nasdaq:IPAR).
• Exide Technologies tumbled 21% as the battery maker gave back a huge chunk of a nice rally that coincided closely with the overall market bottom back on Nov. 20. See (Nasdaq:XIDE).

The Russell 2000 (NYSE:IWM) closed up 6.7% today, thanks to the Fed’s decision to cut the key interest rate to the lowest level on record. Some of today’s small-cap gainers are Genworth Financial (NYSE:GNW), The Pennsylvania Real Estate Trust (NYSE:PEI) and Terra Industries (NYSE:TRA).

Other Market Watch highlights today included:

• The housing starts report came out at an annualized rate of 625,000 units, which was well below the forecast of 730,000.
• Housing starts tumbled 18.9%, the largest drop since March 1984 and the lowest unit rate on record.
• The CPI came in at -1.7%, which was even lower than the -1.2% projection, but not a surprise given steep declines in energy costs. 
• Homebuilder shares retain a potential bottom on long-term charts and were back on an upside tilt today after sinking on Monday.
• Another clear source of strength today came from insurance stocks, with the S&P Insurance Index climbing throughout the day.
• The Fed cut its target for the key interest rate to the lowest level on record and promised to use "all available tools" to combat the severe financial crisis and possible prolonged recession.

Small Cap Gainers:

• Small-cap firm Genworth Financial Inc. soared some 25%, climbing to the highest point since early November. See (NYSE:GNW).
• The Pennsylvania Real Estate Investment Trust jumped 22% on news that the company completed a financing deal. See (NYSE:PEI). 
• Terra Industries Inc. rallied 19% as the fertilizer company also . . .

Small-cap stocks extended the rally into mid-session trading, boosted by a bounce in the financial arena, which has been a notable source of weakness in previous days. In addition, homebuilder, retailer and insurance firms were strong performers today and the raft of companies fitting those profiles in the small-cap universe helped the Russell 2000 (NYSE:IWM) outperform the Dow and S&P 500. Some of today's small-cap gainers are Genworth Financial Inc.(NYSE:GNW), Terra Industries Inc. (NYSE:TRA) and Maidenform Brands Inc (NYSE:MFB).

Other Market Watch highlights included:

• The market now will go into a waiting mode for the 2:15 p.m. ET FOMC policy announcement.  
• Another clear source of strength today came from insurance stocks, with the S&P Insurance Index climbing 4.2%.  
• It was interesting to see homebuilder shares doing so well today despite a terrible report on housing starts, which tumbled to a record lows and were off 18.9%.  
• The ISE Homebuilder Index was up 5.6%, with small-cap firm KB Home (NYSE:KBH) rising 7.1%.

Small Cap Gainers:

• Small-cap firm Genworth Financial Inc. soared some 40%, climbing to the highest point since early November. See (NYSE:GNW).  
• Terra Industries Inc. rallied 13% as the fertilizer company also mounted a big bounce off Monday’s pullback. See (NYSE:TRA).  
• Maidenform Brands Inc. rallied 15% as the intimate apparel maker mounted a recovery off Monday’s big decline. See (NYSE:MFB).  
• Novatel Wireless Inc. names new VP of sales and general manager; shares rise 13%. See (Nasdaq:NVTL). 

Small Cap Losers:

• Satyam Computer Services Ltd. tumbled 56% on unusually heavy volume as the Indian software firm said it will invest $1.6 billion on two infrastructure firms. See (NYSE:SAY).
• Tech company Stec lowers Q4 revenue view, shares fall 15% in pre-market. See (Nasdaq:STEC).  
• Cabot Corporation "repositioning" in light of weaker demand; shares tumble 10%. See (NYSE:CBT).  
• Monolithic Power Systems lowers guidance below estimates; shares dip 4% in pre-market. See (Nasdaq:MPWR).

Small-cap stocks extended the rally into mid-session trading, boosted by a bounce in the financial arena, which has been a notable source of weakness in previous days. In addition, homebuilder, retailer and insurance firms were strong performers today and the raft of companies fitting those profiles in the small-cap universe helped the Russell 2000 (NYSE:IWM) outperform the Dow and S&P 500. At 12:31 p.m. ET, the Russell was up 12.84, or 2.84%, at 465.41.

The financial sector got a lift from Goldman Sachs Group Inc. (NYSE:GS), which reported quarterly results that were awful, but which the market embraced as a sign that “the kitchen sink” was tossed into the loss. GS shares were up 9.1% at midday. The Securities Broker Dealer Index was up 5.6% and the KBW Bank Index was up 3.6%.

Homebuilder shares have been on a roller coaster ride lately, but retain a potential bottom on long-term charts and were back on an upside tilt today after sinking on Monday. The ISE Homebuilder Index was up 5.6%, with small-cap firm KB Home (NYSE:KBH) rising 7.1%. It was interesting to see homebuilder shares doing so well today despite a terrible report on housing starts, which tumbled to a record lows and were off 18.9%.

Retail stocks also were doing well today after Best Buy Co. Inc. (NYSE:BBY) reported strong quarterly results and cost-cutting efforts to brace for a potentially sluggish holiday season. BBY shares were up 15.2% today and the S&P Retail Index rose 2.3%.

Another clear source of strength today came from insurance stocks, with the S&P Insurance Index climbing 4.2%. Small-cap firm Genworth Financial Inc. (NYSE:GNW) soared some 40%, climbing to the highest point since early November.

The market now will go into a waiting mode for the 2:15 p.m. ET FOMC policy announcement. The Fed is widely expected to lower the Fed funds target by 50 basis points down to 0.5%, but futures markets are pricing in a 60% chance for a 75-bp cut. The big reaction will likely come from the Fed’s statement, as the . . .

Small-cap stocks opened solidly higher, boosted by a positive reaction to key profit reports and optimism ahead of the FOMC meeting this afternoon. Financial and banking shares were on the mend today after being noticeably weak in recent days, helping to counter any dread from this morning’s gloomy housing starts report. Some of today's small-cap gainers are The Pennsylvania Real Estate Investment Trust (NYSE:PEI), Terra Industries (NYSE:TRA) and Brandywine Realty Trust (NYSE:BDN).

Other Market Watch highlights included:

• Crude oil prices were on the rise this morning, up about $1.30 per barrel ahead of the open, which should provide a boost to energy stocks.  
• It is widely expected that the Fed will slash another 50 basis points off the Fed funds rate today, lowering the rate to 0.50%.  
• Small-cap stocks opened solidly higher, boosted by a positive reaction to key profit reports and optimism ahead of the FOMC meeting this afternoon.  
• Even though energy markets were on firm footing this morning, industrial metals were lower, including copper, lead, tin and nickel. 

Small Cap Gainers:

• The Pennsylvania Real Estate Investment Trust jumped 12.1% on news that the company completed a financing deal. See (NYSE:PEI).  
• Merrill Lynch upgrades a bevy of fertilizer stocks including Terra Industries, which is 10% higher on the news. See (NYSE:TRA).
• Brandywine Realty Trust up 7% after announcing a Q4 2008 dividend last week. See (NYSE:BDN).   
• Macerich inks Mervyns tenants, lands $250M loan; shares climb 6%. See (NYSE:MAC).  

Small Cap Losers:

• Tech company Stec lowers Q4 revenue view, shares fall 15% in pre-market. See (Nasdaq:STEC).  
• Cabot Corporation "repositioning" in light of weaker demand; shares tumble 10%. See (NYSE:CBT). 
• Monolithic Power Systems lowers guidance below estimates; shares dip 4% in pre-market. See (Nasdaq:MPWR).  
• Heelys down 4% in pre-market on very light volume. See (Nasdaq:HLYS).