Russell dives at closing; PRKR, TDBK and PODD lead gainers
The Russell 2000 (NYSE:IWM) unraveled in the final hour of trading as the weight of crumbling commodity stocks, a raft of sloppy profit reports and another batch of dreary economic data countered a sturdy performance in retail, homebuilder and bank stocks. Some of today’s small-cap gainers are ParkerVision (Nasdaq:PRKR), Tidelands Bancshares (Nasdaq:TDBK) and Insulet Corp. (Nasdaq:PODD).
Other Market Watch highlights today included:
• The weekly claims report this morning came in at 509,000, historically a big number but below the forecast of 540,000.
• The four-week moving average on claims rose to 524,500 which was above 518,250 from last week and is at the highest point in 26 years.
• Today investors juggled a raft of disappointing profit reports against the bullish scenario from a fresh batch of global rate cuts.
• For 2008, the Russell is off 43%, while the Dow is down 37% and the S&P 500 is down 42%.
• Energy shares were a major drag on the market today, with crude oil prices tumbling to the lowest level in nearly four years. The Energy Select Sector SPDR Fund tumbled nearly 7%.
• Copper prices slumped to the lowest closing price in more than three years, losing 5% during U.S. trading.
• The Commodity Research Bureau Index of 19 physical markets slipped 3.7% and made new bear market lows.
• Several firms today announced plans for sizable layoffs, a chilling thought heading into Friday’s monthly employment report.
• Homebuilder stocks, retailers and financial issues staged solid rallies most of the day, which kept small caps holding above water.
Small Cap Gainers:
• ParkerVision, Inc. (Nasdaq:PRKR) and LG Innotek enter into joint development agreement; PRKR popped 48%.
• Tidelands Bancshares (Nasdaq:TDBK) closed up 67% on light volume.
• Insulet Corp. (Nasdaq:PODD) rose 16% as the medical device company that specializes in diabetes continues to climb after bottoming out in late November.
Small Cap Losers:
• Layne Christensen Co. (Nasdaq:LAYN) tumbled 25% as the wastewater, mineral and energy services provider reported record earnings, which apparently didn’t impress investors.
• Clearwire Corp. (Nasdaq:CLWRD) fell 22% as the wireless network provider has been sinking hard and fast the past three sessions and is now back on a test of the November lows.
• Arena Resources Inc. (NYSE:ARD) fell 21% as the oil and gas exploration firm was hit hard by the overall energy slide today.
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