Russell 2000 futures move up
The Russell 2000 (NYSE:IWM) futures are slightly higher as investors react to news of a bullish private jobs report.
The private sector added 8,000 jobs in March, according to a monthly report by payroll company Automatic Data Processing, Inc. (NYSE:ADP) before the start of trading. That’s a modest gain but it beats economists’ projections of a decline.
Small-cap stocks opened higher and stayed strong, ending Tuesday’s session near the highs for the day, while pushing above important short-term resistance near 705. The Russell 2000 closed at 710.64, up 22.67, or 3.30%, notching the third-largest one-day percentage gain of the year. Resistance comes in today at 716, but the critical spot is up around 724. Look for support at the aforementioned 705 area, then down at 696 and 688.
Today’s big event comes in the form of a scheduled appearance by Federal Reserve Chairman Ben Bernanke before the congressional Joint Economic Committee, which could stir volatility into the trading session. The Factory Orders release at 10:00 a.m. ET will likely be upstaged by the Bernanke headlines.
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:
• Pharmasset Inc. (Nasdaq:VRUS), up 7%.
• Alvarion Ltd. (Nasdaq:ALVR), up 5% on news of an agreement with a mobile operator in the Caribbean.
• Allscripts Healthcare Solutions, Inc. (Nasdaq:MDRX), up 4%.
Biggest percentage losers:
• LoJack Corp. (Nasdaq:LOJN), down 22% on news of a lower 2008 guidance.
• Chordiant Software, Inc. (Nasdaq:CHRD), down 16% on news it expects a loss for the second quarter of fiscal 2008.
• Hansen Medical, Inc. (Nasdaq:HNSN), down 4% on news it has priced its public offering of 3 million shares of its common stock.
Kevin Pendley contributed to this report.
