Russell 2000 rebounds
The Russell 2000 (NYSE: IWM) is rising despite investors’ fears of a U.S. economic slowdown.
At 10:30 a.m. ET, the small-cap index had added 1.17 points, or 0.15%, to 799.96. The Dow Jones Industrial Average (INDU) was off 36.90 points, or 0.27%, to 13,485.12.
Small futures were down and stocks across the board fell this morning as investors reacted to concerns of a slowing United States economy.
News of an economic slowdown is a major cause of the generally bearish mood this morning, with finance ministers and central bankers from the G7, the world’s top seven industrialized countries, saying over the weekend that U.S. economic growth is in for a slowdown due to tighter credit, the housing slump and the high price of oil.
Small and big caps fell hard on Friday after corporate heavyweights missed earnings expectations, spreading fears about the negative effects of the meltdown in the subprime mortgage sector and the stagnation in the U.S housing sector.
Thus far this morning small caps are faring better than their bigger brothers, with the Russell 2000 index managing to rise above the flat line shortly after 10 a.m. ET.
Overseas, Japan’s Nikkei 225 shed 2.2%, while London’s FTSE 100 fell 1.5%.
Here are the current biggest percentage gainers and losers among companies with a market cap between $100 million and $750 million:
Biggest percentage gainers:
• Radiation Therapy Services Inc. (RTSX), up 43% on news it is being purchased by a private equity firm.
• RadiSys Corp. (RSYS), up 16% on news of an analyst upgrade.
• Cirrus Logic Inc. (CRUS), up 7%.
Biggest percentage losers:
• Catalyst Semiconductor Inc. (CATS), down 14%. An analyst contacted for comment did not have an explanation for the stocks’ movement.
• Silicom Ltd. (SILC), down 16%.
• United PanAm Financial Corp. (UPFC), down 11% on news of a decline in third-quarter profit.
