Russell 2000 can't hold on
The Russell 2000 (NYSE: IWM) slipped into negative territory while most of the other major U.S. indices remain in the green. At 2:32 p.m. ET, the small-cap index had lost 3.60 points, or 0.48%, to 749.95. The Dow Jones Industrial Average (INDU) was up 38.45 points, or 0.25%, to 13,082.41.
Small-cap stocks fell at about 1 p.m. ET, defying the modestly bullish mood that set over Wall Street following the release of jobs data.
A report by the Automatic Data Processing, Inc. (NYSE: ADP), a provider of business outsourcing solutions, showed that nonfarm private employment increased a more-than-expected 40,000 in December.
But there is still cause for concern, as the figure is about three times smaller than the monthly averages for the months of September through November.
Separately, the U.S. Labor Department reported that jobless claims for the week ended Dec. 29 fell 21,000 to 336,000 from the previous week’s upwardly revised total of 357,000.
The more stable four-week moving average was 343,750, a decrease of 750 from the previous week’s revised average of 344,500.
Also grabbing the headlines this afternoon is the price of oil, after the price of crude oil futures for February delivery hit $100 for the second day in a row after the Energy Information Administration said that U.S. inventories of crude oil for the week ended Dec. 28 fell much more than expected.
The price of oil is currently at $99.18, down $0.44. The rise in the price of oil has some economists worried that the ripple effect could contribute to pushing the U.S. economy into recession.
Here are the current biggest percentage gainers and losers among companies with a market cap between $100 million and $750 million:
Biggest percentage gainers:
• Akeena Solar, Inc. (AKNS), up 30% on news on Wednesday that its solar panel technology will be distributed in Europe.
• Citizens Holding Co. (CIZN), up 15%. A company representative could not be reached for comment.
• Hoku Scientific, Inc. (HOKU), up 14%. A company representative was not available for comment.
Biggest percentage losers:
• Georgia Gulf Corp. (GGC), down 15% on news that the company is in danger of violating debt covenants in the wake of a buyout financed entirely with debt.
• Shutterfly Inc. (SFLY), down 15%. A company representative could not be reached for comment.
• Sonesta International Hotels Corp. (SNSTA), down 12%. A company representative could not be reached for comment.
