Russell 2000 futures falling
The Russell 2000 (NYSE: IWM) futures are lower and the small-cap index will open with a drop on news of a disappointing profit at Exxon Mobil.
The bears are dominant in pre-market trading following news that Exxon Mobil Corp. (NYSE: XOM) reported a bigger-than-expected drop in third-quarter profit and missed Wall Street’s expectations.
Irving, Texas-based Exxon Mobil, the world’s largest publicly traded oil company, booked a net income of $1.70 per share, down from $1.77 per share a year earlier and below analysts’ projected earnings of $1.75 per share.
In economic news, the U.S. Commerce Department reported that personal income increased at a seasonally adjusted rate of 0.4% in September, compared with a rise of 0.3% in August. That’s in line with economists’ expectations.
However, personal consumption in September increased 0.3%, below the projected rise of 0.4%. In August, personal consumption added a downwardly revised 0.5%.
Meanwhile, initial jobless claims for the week ended Oct. 27 fell 6,000 to 327,000 on a seasonally-adjusted basis. That’s a larger drop than the one expected by economists. But on the other hand, the four-week average—which is a more stable measure—increased 1,750 last week to 327,000.
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:
• Dynavax Technologies Corp. (DVAX), up 22% on news of a partnership with pharmaceutical giant Merck & Co. (MRK).
• Spreadtrum Communications Inc. (SPRD), up 15% on news of higher third-quarter earnings.
• i2 Technologies Inc. (ITWO), up 14% on news of a higher third-quarter profit.
Biggest percentage losers:
• Smith Micro Software Inc. (SMSI), down 22% on news of a decline in third-quarter profit.
• Vanda Pharmaceuticals Inc. (VNDA), down 17% on news it plans to offer $100 million of convertible senior notes due 2014.
• China Precision Steel Inc. (CPSL) down 11% on news it has agreed to issue and sell an aggregate of 7,100,000 shares of its common stock.
