Russell remains red into midday; CVVT, AIPC, and LGCY lead gainers
Small-cap stocks remained in negative territory into midday trading even as the Dow zigzagged back and forth from lower to higher ground. Energy and commodity stocks were once again the dominant upside force for equities, countered by a weak tone in financial shares following a dour report on the jobs front this morning. Some of today’s small-cap gainers are China Valves Technology Inc. (Nasdaq:CVVT), American Italian Pasta (Nasdaq:AIPC) and Legacy Reserves (Nasdaq:LGCY).
Other Market Watch highlights today included:
• Energy stocks were up some 2.7% at mid-session, while financial shares were off about 2.2%.
• The pullback in the dollar was an obvious benefit to crude oil prices, which climbed back above $46 a barrel, up nearly $3 today.
• The greenback was off more than 2% against the euro, sinking to the lowest point since Oct. 21.
• Small-cap stocks remained in negative territory into midday trading even as the Dow zigzagged back and forth from lower to higher ground.
Small Cap Gainers:
• China Valves Technology Inc. is the top percentage gainer so far today, jumped 133% on all of 240 shares traded as the firm said they were setting up a board of directors. See (NYSE:CVVT).
• American Italian Pasta reports higher 4Q profits; shares pop 28%. See (Nasdaq:AIPC).
• Citi initiates coverage on Legacy Reserves with a "buy," price target $15. Shares are up 20% to $10. See (Nasdaq:LGCY).
• James River Coal Company up 17%, continuing rise from Tuesday when shares began to climb on an analyst's note. See (Nasdaq:JRCC).
• Royale Energy up 17% as energy stocks are extending their rally from earlier this week. See (Nasdaq:ROYL).
Small Cap Losers:
• Caraco Pharmaceuticals Labs, Ltd. rose 48% and has been on a two-day upside rampage without any apparent fresh news behind the run. See (NYSE:CPD).
• Integral Systems Inc. slumped 25% as the satellite communications firm announced preliminary results. See (Nasdaq:ISYS).
• QKL Stores Inc. tumbled 61% as the Chinese supermarket chain announced they were adding three new stores. See (Nasdaq:QKLS).
• Hecla Mining drops 24% after announcing $21 million equity transaction. See (NYSE:HL).
