Russell closes down 1.35%; SCOP, SPAR and UNAM lead gainersThe Russell 2000 (NYSE:IWM) closed down 1.35% as the stock market limps into the final six trading sessions of a year that could be the worst since the Great Depression era. Some of today’s small-cap gainers are Scopus Video Networks (Nasdaq:SCOP), Spartan Chassis (Nasdaq:SPAR) and Colony Unico American Corp. (Nasdaq:UNAM). Other Market Watch highlights today included: • The new home sales report came in at an annualized rate of 407,000 units, which was below the forecast for 415,000. Small Cap Gainers: • Scopus Video Networks Ltd. jumped 41%, gapping higher on unusually heavy volume on news that the digital video networking firm would be purchased by Harmonic Inc. for $5.62 a share in cash. See (Nasdaq:SCOP).
Russell falls lower into midday; IPCS, SPAR, and UNAM lead gainers
Small-cap stocks turned lower into mid-session trading, unable to sustain a mild morning rise as ongoing worries about the economy came back to the forefront following dreadful data on home sales. As expected, homebuilders were among the hardest hit stocks so far today, with retailers, banks and auto manufacturers also acting as a drag on the market. Some of today’s small-cap gainers are iPCS (Nasdaq:IPCS), Spartan Chassis (Nasdaq:SPAR) and Unico American Corporation (Nasdaq:UNAM).
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Other Market Watch highlights today included: • The top performing sector groups today included industrial real estate investment trusts, health care facilities, aluminum companies, Internet retail stocks and hotels. • Financial shares were holding up reasonably well, but banks were a noticeable source of strain in the financial arena. • The ongoing fretting about the economy pulled down crude oil prices, which slipped below $39 a barrel, off about 3.7% at midday. • The worst performers so far today have been the automakers. Small Cap Gainers: • Spring Nextel affiliate iPCS up 18% on lower-than-average volume. See (Nasdaq:IPCS). • Spartan Chassis has reached an agreement with the U.S. government in connection with an investigation of military contracting in South Carolina. Shares climb 14%. See (Nasdaq:SPAR). • Unico American Corporation up 13.3% today after announcing on Monday that it would repurchase an additional 500,000 shares. See (Nasdaq:UNAM). • Ocean Shore Holding, Inc. announces completion of subscription offering and plans for syndicated community offering. Shares pop 13%. See (Nasdaq:OSHC). Small Cap Losers: • K-V Pharmaceutical Co. tumbled 39% to fresh 52-week lows. See (NYSE:KV.A). • American Greetings Corp. slumped 21% as the greeting card company took an earnings-related hit. See (NYSE:AM). • AsiaInfo Holdings Inc. was down 17% as the telecom software firm announced filings to offer stock. See (Nasdaq:ASIA). • Jones Apparel Group Inc. was off 16% adding to the sizable decline incurred Monday. See (NYSE:JNY).
Cardica, Elecsys and Sonesta International Hotels lead small-cap percentage losersCardica, Inc. (Nasdaq: CRDC), Elecsys Corp. (AMEX: ASY) and Sonesta International Hotels Corp. (Nasdaq: SNSTA) are among the biggest percentage losers in Monday's trading among companies with market capitalizations under $500 million. Here are today's biggest percentage gainers: spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer
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