Russell 2000 rebounds, now flat
The Russell 2000 (NYSE:IWM) has recovered from its morning losses and is back to its starting position. At 1:13 p.m. ET, the small-cap index had shed 0.42 points, or 0.06%, to 701.69. The Dow Jones Industrial Average (INDU) was up 8.96 points, or 0.07%, to 12,431.82.
For no readily apparent reason, small-cap stocks rose above the flat line at about 12:30 p.m. after spending the morning in the red. The index was in the green for only a few minutes before again slipping into negative territory and then bobbing up and down.
Companies providing construction services are among the top performing industry groups. Atlanta-based Beazer Homes USA, Inc. (NYSE:BZH), a small-cap builder of single-family homes, is seeing its stock add more than 10%.
Similarly, shares of Meritage Homes Corp. (NYSE:MTH) are also higher.
On the flip side, Memphis-based Fred’s Inc. (Nasdaq:FRED), which has retail discount stores and full-service pharmacies, reported before the opening that it swung to a fourth-quarter loss. The stock has declined.
“In the second quarter of this year, we will be rolling out a new revamped marketing campaign,” president Bruce Efird said in a conference call. “We’re looking at the timing of our ads to do a better job of marrying the timing of our circular and print ads to be more effective.”
