Russell closes up 1.48%; PBKS, MAPP and RBCN lead gainers
The Russell 2000 (NYSE:IWM) pushed higher Friday, gaining a boost from merger activity in the banking sector, a jump in restaurant shares and a lift from news of a rescue plan for automakers. All of those factors help offset sloppy action in commodities, and worries about retailer sales into a key shopping weekend. Some of today’s small-cap gainers are Provident Bankshares (Nasdaq:PBKS), MAP Pharmaceuticals (Nasdaq:MAPP) and Rubicon Technology (Nasdaq:RBCN).
Other Market Watch highlights today included:
• Tech stocks were a noteworthy source of strength Friday.
• Energy and commodity physical markets struggled today, weighed down by concerns about demand amid slumping economic conditions.
• Crude oil futures eventually closed down $2.35 a barrel, or 6%, at $33.87, the lowest close for a nearby contract since February 2004.
• Retailer shares were a source of weakness for stocks today, a gloomy note into what has been billed as the busiest shopping weekend of the entire year.
• Looking ahead to next week’s action, the market will be facing what is historically one of the slowest weeks of the year.
Small Cap Gainers:
• M&T Bank Corporation will qcquire Provident Bankshares Corp. (Nasdaq:PBKS); shares of PBKS closed up a whopping 60% on the news.
• MAP Pharmaceuticals Inc. (Nasdaq:MAPP) soared 36% on unusually brisk volume on news that the firm signed a deal with AstraZeneca (NYSE:AZN) to develop and distribute a pediatric asthma drug.
• Rubicon Technology Inc. (Nasdaq:RBCN) rallied 26%, and like a whole raft of small caps appears to be taking off suddenly after going through a prolonged sideways consolidation pattern.
Small Cap Losers:
• Unifi (NYSE:UFI) plunged 30% after cutting its outlook.
• Ceradyne (Nasdaq:CRDN) closed down 22% after being downgraded.
• Eagle Bulk Shipping Inc. (NYSE:EGLE) gapped lower and tumbled 16% as the owner of dry bulk vessels suspended dividends and announced financing details.
