Russell 2000 futures rising
The Russell 2000 (NYSE:IWM) futures are rising and the small-cap index will open in the green despite news of bank writedowns.
Stocks small and large are poised for a bullish opening on news this morning that Swiss banking giant UBS AG (NYSE:UBS) has announced more writedowns stemming from the subprime mortgage mess.
However, investors are taking that as a good sign because the bank will receive help from four others, an indication that it will get through the current rough patch.
The Russell 2000 generated a modest rally in Monday’s quarter-ending session, finishing the month at a higher level than where it began for the first time since October. For the day, the Russell gained 4.79, or 0.70%, to 687.97.
In this morning’s trading, support comes in at 681, then at 674 and 667. Meanwhile, resistance is at 695, 705 and 714. The ISM Manufacturing Survey at 10:00 a.m. ET could spark some volatility, while vehicle sales will be reported throughout the session.
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:
• InterMune Inc. (ITMN), up 28% on news of a successful drug trial.
• Beacon Roofing Supply, Inc. (BECN), up 9%.
• Progenics Pharmaceuticals, Inc. (PGNX), up 7% on news its constipation drug received marketing approval from a Canadian regulatory agency.
Biggest percentage losers:
• Team Inc. (TISI), down 3% on news third-quarter profit missed expectations.
• DRDGOLD Ltd. (DROOY), down 3%.
• PC Mall, Inc. (MALL), down 3%.
Kevin Pendley contributed to this report.
