Russell closes higher; ITMN, JBSS and CEDC lead gainers
The Russell 2000 (NYSE:IWM) eked out a green close today, but still lagged the Dow and S&P 500. Some of today’s small-cap gainers were InterMune (Nasdaq:ITMN), John B. Sanfilippo & Son (Nasdaq:JBSS) and Central European Distribution Corp. (Nasdaq:CEDC).
Other Market Watch highlights today included:
• The pending home sales report rose 6.3%, better than expected (the forecast was flat) and helped spark a recovery bounce in equities.
• Homebuilder stocks seemed to get a lift from the pending home sales number, with the ISE Homebuilder Index rising 5.2%.
• Motorcycle manufacturers were a top performer today, but the large automakers were in retreat mode as they release sales numbers today.
• Personal products companies, steel stocks, coal firms and general merchandise stores were all doing well today.
• Poor performers were regional banks, diverse financial services firms, consumer finance companies, diversified banks, casinos and REITs.
• For the year, the Russell is down 9.3%, while the Dow is off 7.9% and the S&P 500 is down 7.1%.
• Energy shares outpaced the overall market rise today, helped along by a modest 1.7% advance in crude oil futures, which gained $0.70 a barrel to $40.78.
• Crude prices were underpinned by talk of additional production cuts out of OPEC and some worries about possible refinery worker strikes.
• On Wed. the market will get an early glimpse at private jobs numbers, expected to show a loss of some 530,000 from non-farm payrolls.
Small Cap Gainers:
• InterMune Inc. gapped higher and soared 35% on brisk volume on news that the firm’s lung drug met the trial goal. See (Nasdaq:ITMN).
• Peanut snack maker John B. Sanfilippo & Son Inc. rose 23% as investors embraced earnings news from the company. See (Nasdaq:JBSS).
• Central European Distribution Corp. jumped 21% as the largest Polish vodka producer affirmed 2008 guidance and updated the 2009 outlook. See (Nasdaq:CEDC).
Small Cap Losers:
• Memory card maker SanDisk Corp. tumbled 23% as the firm’s sales forecast was below market projections and as they announced plans to issue stock to raise money. See (Nasdaq:SNDK).
• Complete Production Services slips to loss in Q4; shares tumble 19%. See (NYSE:CPX).
• Colonial Properties shares sink 12% on Q4 report. See (NYSE:CLP).
