Russell ekes out a green close; GERN, TPX and CSIQ lead gainers
The Russell 2000 (NYSE:IWM) rallied back into positive territory today, rejecting a morning slide to seven-week lows as technology firms, energy companies, gold stocks and downtrodden financial shares attracted buying interest from bargain hunters. Some of today's small-cap gainers were Geron Corp. (Nasdaq:GERN), Tempur-Pedic (NYSE:TPX) and Canadian Solar (Nasdaq:CSIQ).
Other Market Watch highlights today included:
- Stock markets in Europe and Asia were in retreat mode overnight, which only added to the selling bias early on in U.S. trading.
- Small-cap stocks rallied back into positive territory, rejecting a morning slide to seven-week lows.
- For 2009, the Russell is off 11%, while the Dow is down 7.9% and the S&P 500 is down 7.8%.
- For the day, bank stocks were up 4.1%, while the Financial Select Sector SPDR Fund rose 3.3%.
- Energy stocks were among the strongest performers today, bolstered by a recovery rally in crude oil prices, which jumped $2.80/barrel.
- Gold prices steamrolled to $900 an ounce Friday, gathering momentum from short-term investors seeking a safe-haven.
Small-Cap Gainers:
- Geron Corp. jumped 40% on unusually heavy volume on news that the FDA approved the first tests in human patients of embryonic stem cells. See (Nasdaq:GERN).
- Tempur-Pedic International Inc. rose 24% as the mattress maker beat the earnings forecast just a week after rival Sealy Corp. posted a stunning loss. See (NYSE:TPX).
- Canadian Solar Inc. climbed 17%, reversing a morning slide to seven-week lows. See (Nasdaq:CSIQ).
Small-Cap Losers:
- Technitrol shares plummet 22% on Q4 loss, dividend cut. See (NYSE:TNL).
- Microsemi Corp. fell 21% as the semiconductor firm slumped after announcing quarterly results. See (Nasdaq:MSCC).
- Metal Management Ltd. was off 11% as the metal recycling firm updated earnings. See (NYSE:SMS).
