Russell 2000 futures inch higher
The Russell 2000 (NYSE:IWM) futures are higher and the small-cap index will likely open in the green.
Small-cap stocks are poised for a bullish opening on news that Citigroup Inc. (NYSE:C) is near a deal to sell approximately $12 billion of leveraged loans and bonds to a group of private equity firms, according to news reports. A potential sale will help the bank improve its balance sheet.
Small-cap stocks had another lackluster, range-bound session Tuesday and remain in a holding pattern waiting for a breakout move. In the end, the Russell 2000 closed down 0.76, or 0.11%, at 711.92.
Look for support today at 705.50, 700 and 694, while resistance should be seen at 717, 725 and 731.
The market could face yet another sluggish session today, with very little on the economic calendar. The 10:00 a.m. ET Wholesale Inventory report typically doesn’t move stocks. Fed Chair Bernanke is making an appearance at 9:30 a.m. ET, but is only giving opening remarks at a Jumpstart Coalition meeting, and probably won’t jolt the markets.
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:
• Mitcham Industries, Inc. (Nasdaq:MIND), up 5% on news of a strong fiscal fourth quarter.
• BIDZ.com, Inc. (Nasdaq:BIDZ), up 3% on news of the launch of a new website.
• Hoku Scientific, Inc. (Nasdaq:HOKU), up 3%.
Biggest percentage losers:
• Nektar Therapeutics (Nasdaq:NKTR), down 30% on news one of its products may increase the risks of lung cancer.
• AMAG Pharmaceuticals, Inc. (Nasdaq:AMAG), down 11%.
Kevin Pendley contributed to this report.
