Russell closes down 1.35%; SCOP, SPAR and UNAM lead gainers
The Russell 2000 (NYSE:IWM) closed down 1.35% as the stock market limps into the final six trading sessions of a year that could be the worst since the Great Depression era. Some of today’s small-cap gainers are Scopus Video Networks (Nasdaq:SCOP), Spartan Chassis (Nasdaq:SPAR) and Colony Unico American Corp. (Nasdaq:UNAM).
Other Market Watch highlights today included:
• The new home sales report came in at an annualized rate of 407,000 units, which was below the forecast for 415,000.
• The truly scary news came from the existing home sales data, which showed sales at an annual rate of 4.49M units, off the 4.93M forecast.
• Retailer shares also were a drag on the market as stores are getting a chilly reception this holiday season from consumers.
• The S&P Retail Index slipped 1.4% today, and big department stores were among the weakest performers on the session.
• With a short trading week in tow, the market is getting force-fed a sizable batch of economic data into just a two-day window.
• Crude oil prices tumbled to a contract low today and eventually settled down $0.93 a barrel at $38.98, losing about 2.3% on the session.
• On the docket Wednesday, market watchers will get a chance to react to personal income data, durable goods and weekly claims.
Small Cap Gainers:
• Scopus Video Networks Ltd. jumped 41%, gapping higher on unusually heavy volume on news that the digital video networking firm would be purchased by Harmonic Inc. for $5.62 a share in cash. See (Nasdaq:SCOP).
• Spartan Chassis has reached an agreement with the U.S. government in connection with an investigation of military contracting in South Carolina. Shares climbed 15.3%. See (Nasdaq:SPAR).
• Unico American Corporation closed up 13.3% today after announcing on Monday that it would repurchase an additional 500,000 shares. See (Nasdaq:UNAM).
Small Cap Losers:
• S&P lowers ratings on Liz Claiborne; shares closed down 24%. See (NYSE:LIZ).
• Jones Apparel Group Inc. was off 21%, adding to the sizable decline incurred Monday. See (NYSE:JNY).
• Today marked one of the lowest daily closes for GM in decades as investors continue to fret that the firm is on the brink of bankruptcy. After a rugged start to the week Monday, things didn’t get any better today after credit ratings for the “Big 2” were slashed. General Motors Corp. dropped 14%. See (NYSE:GM).
