Russell opens high; PEI, TRA, and BDN lead gainers
Small-cap stocks opened solidly higher, boosted by a positive reaction to key profit reports and optimism ahead of the FOMC meeting this afternoon. Financial and banking shares were on the mend today after being noticeably weak in recent days, helping to counter any dread from this morning’s gloomy housing starts report. Some of today's small-cap gainers are The Pennsylvania Real Estate Investment Trust (NYSE:PEI), Terra Industries (NYSE:TRA) and Brandywine Realty Trust (NYSE:BDN).
Other Market Watch highlights included:
• Crude oil prices were on the rise this morning, up about $1.30 per barrel ahead of the open, which should provide a boost to energy stocks.
• It is widely expected that the Fed will slash another 50 basis points off the Fed funds rate today, lowering the rate to 0.50%.
• Small-cap stocks opened solidly higher, boosted by a positive reaction to key profit reports and optimism ahead of the FOMC meeting this afternoon.
• Even though energy markets were on firm footing this morning, industrial metals were lower, including copper, lead, tin and nickel.
Small Cap Gainers:
• The Pennsylvania Real Estate Investment Trust jumped 12.1% on news that the company completed a financing deal. See (NYSE:PEI).
• Merrill Lynch upgrades a bevy of fertilizer stocks including Terra Industries, which is 10% higher on the news. See (NYSE:TRA).
• Brandywine Realty Trust up 7% after announcing a Q4 2008 dividend last week. See (NYSE:BDN).
• Macerich inks Mervyns tenants, lands $250M loan; shares climb 6%. See (NYSE:MAC).
Small Cap Losers:
• Tech company Stec lowers Q4 revenue view, shares fall 15% in pre-market. See (Nasdaq:STEC).
• Cabot Corporation "repositioning" in light of weaker demand; shares tumble 10%. See (NYSE:CBT).
• Monolithic Power Systems lowers guidance below estimates; shares dip 4% in pre-market. See (Nasdaq:MPWR).
• Heelys down 4% in pre-market on very light volume. See (Nasdaq:HLYS).
