Russell 2000 futures go up
The Russell 2000 (NYSE: IWM) futures are rising and the small-cap index is set for a bullish opening on positive earnings news.
Microsoft Corp. (Nasdaq: MSFT) reported after the close on Thursday that its first-quarter earnings beat analysts’ expectations due to strong sales of the videogame “Halo.” The Redmond, Wash.-based also raised its outlook for the full fiscal year.
Contributing to the upbeat sentiment is troubled mortgage lender Countrywide Financial Corp. (NYSE: CFC), which announced that it will return to profitability in the fourth quarter. The New York-based company also reported a third-quarter net loss, its first in 25 years.
Like other mortgage lenders, Countrywide took a hit this summer due to the meltdown in the subprime mortgage sector.
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:
• Sierra Wireless Inc. (SWIR), up 14% on news of higher third-quarter earnings.
• FalconStor Software Inc. (FALC), up 11% on news of a strong third-quarter.
• Ikanos Communications Inc. (IKAN), up 11% despite news of a wider third-quarter loss.
Biggest percentage losers:
• Trident Microsystems Inc. (TRID), down 28% on news that quarterly financial results missed expectations.
• Online Resources Corp. (ORCC), down 19% on news of fourth-quarter guidance below projections.
• LSI Industries Inc. (LYTS) down 16% on news it did not provide a guidance for fiscal 2008.
