Russell inches higher Tuesday morning; CVTX, VLTR, and PRXL lead gainers
Small-cap stocks edged higher as earnings were a little better than feared (though still weak overall) and as investors are hoping for quick action from the Treasury Department now that the confirmation of Obama’s new Treasury leader has been wrapped up. However, soft readings on consumer confidence appeared to stall buying interest. Some of today’s small-cap gainers were CV Therapeutics Inc. (Nasdaq:CVTX), Volterra Semiconductor Corp. (Nasdaq:VLTR) and Parexel International Corp. (Nasdaq:PRXL).
Other Market Watch highlights today included:
• The chart picture for small caps shows that the market is trapped in a mini-range loosely defined by the inauguration day collapse.
• Copper took a 5% nosedive in overseas trading, which is a troubling sign for the economy as copper is a key ingredient in building.
• On Thursday, new home sales data will help provide further information about the housing market.
• The Case-Shiller Home Price Index fell 2.2% in November from the previous month and was down 18.2% from year-ago levels.
Small Cap Gainers:
• CV Therapeutics Inc. rose 41% on news that the biotech company will be purchased for $16 a share, or $1 billion, by Japanese firm Astellas Pharma Inc. See (Nasdaq:CVTX).
• Volterra Semiconductor Corp. rose 21% after reporting earnings. See (Nasdaq:VLTR).
• Parexel International Corp. rose 16% as the biopharma firm gapped higher following earnings news. See (Nasdaq:PRXL).
Small Cap Losers:
• Whiting Petroleum Corp. tumbled 15% as the gas company announced plans for a public offering of 8 million shares of common stock. See (NYSE:WLL).
