Russell plummets 6%; RDN, VQ and BXC lead gainers
Small caps took a dive today, closing down 5.97% and snapping a string of six consecutive higher sessions in the process amid gloomy economic worries. Today’s small-cap gainers are Radian Group (NYSE:RDN), Venoco, Inc. (NYSE:VQ) and BlueLinx Holdings (NYSE:BXC).
Other Market Watch highlights today included:
• The Russell is now down 33% for the 2008, while the Dow is off 31% and the S&P 500 down 35%.
• In a research letter this morning, analysts at Goldman Sachs cautioned that downside risks in the economy could lead an even larger slide in GDP figures.
• A weekly inventory report showed growing stocks of energy products and soft demand, which helped fuel today’s decline.
• Even though the dollar gave back overnight gains, commodity markets struggled today, which is a sign that demand worries were front and center.
• Forest products, coal, steel, metals and mining stocks were among the worst performing broad market sectors today.
• In a research letter this morning, analysts at Goldman Sachs cautioned that downside risks in the economy could lead an even larger slide in GDP figures.
Small Cap Gainers:
• Radian Group posts Q3 profit on strong revenue; shares rose 31%. See (NYSE:RDN).
• Independent energy company Venoco, Inc. closed up 20% on higher-than-average volume. See (NYSE:VQ).
• BlueLinx Holdings closed up 20% after appointing George Judd CEO today. See (NYSE:BXC).
• Acquisitions boost health care company Greatbatch's Q3 profit 53%. Shares closed up 15%. See (NYSE:GB).
Small Cap Losers:
• Adept Technology Inc. tumbled 33%, gapping lower and sinking on heavy volume as the vision-guided robotics firm took a hit on earnings news. See (Nasdaq:ADEP).
• Lakes Entertainment Inc. slumped 29%, plunging a day after earnings and also as a casino referendum in Ohio was defeated. See (Nasdaq:LACO).
• Ashford Hospitality Trust closed down 20% after naming interim CFO. See (NYSE:AHT).
• Fitch downgraded Colonial BancGroup's ratings last week; shares dove over 22% today. See (NYSE:CNB).
