Russell 2000 can't stay in green
The Russell 2000 (NYSE: IWM) opened with modest gains but later slipped into negative territory despite news of a successful Black Friday.
At 10:32 a.m. ET, the small-cap index had retreated 2.37 points, or 0.31%, to 752.66. The Dow Jones Industrial Average (INDU) was up 23.49 points, or 0.18%, to 13,004.37.
Separate news reports indicate that U.S. retailers had a successful Black Friday, a bullish sign for many investors. The day after Thanksgiving is referred to as Black Friday because it’s considered the day when retailers become profitable for the year.
Preliminary numbers show that sales rose 8.3% to $10.3 billion, according to ShopperTrak, a provider of shopper traffic counting information software.
“We anticipated that the 2007 trend would continue and consumers would be willing to spend despite all of the economic pressures we’ve been hearing about heading into the season,” said Bill Martin, co-founder of ShopperTrak, in a statement.
Meanwhile, the National Retail Federation announced that 147 million shoppers hit the stores over the Black Friday weekend, an increase of 4.8% from a year earlier.
However, spending per customer decreased 3.5% to $347.44.
The statistics tell us that retailers increased traffic by luring consumers with promotions and discounts, but the slump in the U.S. housing sector, high energy prices and a credit squeeze took their toll on individual spending.
Here are the current biggest percentage gainers and losers among companies with a market cap between $100 million and $750 million:
Biggest percentage gainers:
• Hoku Scientific Inc. (HOKU), up 37% on news it has signed a $306 million contract to supply polysilicon to Solarfun Power Holdings Co. Ltd. (SOLF).
• U.S. Shipping Partners L.P. (USS), up 18% on news that it expects to pay the $0.45 fourth-quarter distribution on its common units in full.
• China Fire & Security Group, Inc. (CFSG), up 13% on news it was awarded a $31 million contract.
Biggest percentage losers:
• Medivation Inc. (MDVN), down 13%. A company representative could not be reached for comment.
• Cardiome Pharma Corp. (CRME), down 10% on news that it will delay drug trial results.
• TechTarget Inc. (TTGT) down 10%. A company representative could not be reached for comment.
