Russell 2000 looking for direction
The Russell 2000 (NYSE: IWM) and the other major U.S. indices are moving up and down with no clear direction.
At 10:27 a.m. ET, the small-cap index was down 1.88 points, or 0.27%, to 702.98. The Dow Jones Industrial Average (INDU) was up 37.23 points, or 0.30%, to 12,626.30.
With little news on the economic front, stocks are looking for meaning and direction in today’s trading.
The Mortgage Bankers Association reported before the start of trading that mortgage loan application volume for the week ended Jan. 4 increased 32.2%. But the statistics are misleading, because the preceding included the Christmas and New Year holidays.
The four-week moving average, a more stable measure, is down 4.1% to a reading of 624.4 from 650.8.
Here are the current biggest percentage gainers and losers among companies with a market cap between $100 million and $750 million:
Biggest percentage gainers:
• BabyUniverse, Inc. (KIDS), up 17%.
• Tredegar Corp. (TG), up 13%.
• ICF International, Inc. (ICFI), up 12% on news of an analyst upgrade.
Biggest percentage losers:
• Spectrum Control, Inc. (SPEC), down 36% an analyst has reduced the stock’s target price.
• Premier Exhibitions, Inc. (PRXI), down 22% on news it expects fiscal 2008 earnings to be below expectations.
• West Coast Bancorp (WCBO), down 13% on news it will suffer a pre-tax provision for credit losses of $30 million.
