Russell futures advance
The Russell 2000 (NYSE: IWM) futures are gaining ground on the second to last trading day of the year amid news of possible asset sales by big banks.
Citigroup Inc. (NYSE: C) and HSBC Holdings, are among U.S. and European banks that are considering major asset sales, The Wall Street Journal is reporting this morning. Citigroup could sell an 80%-held student loan, its North American auto-lending unit, its 24% stake in Brazil credit-card operation Redecard and the bank's Japanese consumer finance business. HSBC might liquidate its auto-finance business.
The Census Bureau is expected to report new home sales for the month of November at 10 a.m. ET. Economists are that forecasting new home sales slid to 715,000 from 728,000 in October.
Also due out at 10 a.m. ET, the Chicago arm of the National Association of Purchasing Managers will report Chicago-area manufacturing index. The index is forecasted to edge down to 52 from 52.9 the previous month. A reading above 50 signals factory-sector expansion, while a reading below 50 signals contraction.
In small-cap news, a judge ruled Thursday that The Finish Line, Inc. (Nasdaq: FINL) must complete its $1.5 billion acquisition of mall retailer Genesco Inc. (NYSE: GCO) because it and advisor UBS reportedly knew about risks to Genesco's earnings. Finish Line said it may appeal.
Stocks also advanced as investors increased odds that the Federal Reserve will cut interest rates, quelling concerns of a recession.
Biggest percentage gainers:
• Chordiant Software Inc. (CHRD), up 15.8% to $9.40 on news that it that it has entered into a Global Framework Agreement with a leading telecommunications company for $26.1 million.
• Telestone Technologies Corp. (TSTC), up 5.3% to $6.86.
• Allos Therapeutics, Inc. (ALTH), up 5.3% to $7.
Biggest percentage losers:
• Cirrus Logic Inc. (CRUS), down 4.9% to $5.
• American Dental Partners, Inc. (ADPI), down 2% to $10.
• China Technology Development Group Corporation (CTDC), down 1.7% to $9.76.
