Russell 2000 futures drop
The Russell 2000 (NYSE:IWM) futures are lower and the small-cap index will open in negative territory.
The bears are poised for action following news this morning that General Electric Co. (NYSE:GE) reported a decline in first-quarter earnings and lowered its 2008 outlook.
The Russell 2000 recaptured some of the previous day’s losses Thursday, rising 9.05, or 1.30% to 707.42. The index left a little double bottom on daily charts near the low, and that area around 696 stands as immediate support today. Below there, look for support at 688 and 681. Resistance should be seen at 714, 720.50 and 725.
Today’s session features minimal event risk. The 10:00 a.m. ET sentiment figures from the University of Michigan sometimes spark a short-term twitch from traders, but represent a minor report overall.
Here are the biggest percentage gainers and losers in pre-market trading among companies with a market cap between $100 million and $750 million:
Biggest percentage gainers:
• Endocare Inc. (Nasdaq:ENDO), up 17%.
• China Techfaith Wireless Communication Technology Ltd. (Nasdaq:CNTF), up 2%.
• AgFeed Industries, Inc. (Nasdaq:FEED), up 2%.
Biggest percentage losers:
• Sterling Financial Corp. (Nasdaq:STSA), down 8%.
• Zoran Corp. (Nasdaq:ZRAN), down 9%.
• Geron Corp. (Nasdaq:GERN), down 5%.
Kevin Pendley contributed to this report.
