Russell sharply lower; ATAI, FNDT and MYRG lead gainers
The Russell was bleeding red during midday trading, down over 4% following the worst decline in October retail sales on record. Today's small-cap gainers are ATA (Nasdaq:ATAI), Fundtech (Nasdaq:FNDT) and MYR Group (Nasdaq:MYRG).
Other Market Watch highlights include:
- Retail sales came in at minus 2.8%, which marked the largest October decline on record (the data series started 16 years ago).
- Energy and technology stocks were among the dominant drags on the market, with the Energy SPDR off nearly 5% and the tech-laden Nasdaq 100 down about 4.5%.
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Back on the commodities theme, crude oil prices were down about $1.60 a barrel, as worries about global demand persist.Within the tech arena, anything tied to the cell phone business was getting hammered following Nokia’s sales warning.
- Computer-based testing services provider ATA up 27% after revealing a $5 million share buyback program. See (Nasdaq:ATAI).
- Fundtech Ltd. jumped 27%, as the banking transaction firm basically mounted a huge recovery off fresh lows etched Thursday. See (Nasdaq:FNDT).
- MYR Group, a specialty contractor serving the electrical infrastructure market in the U.S., is up 18% after reporting Q3 results. See (Nasdaq:MYRG).
- Guaranty Financial Group widens Q3 loss late last week; shares down 30% today. See (NYSE:GFG).
- Cypress Semiconductor Corporation down 25% after predicting Q4 loss. See (NYSE:CY).
- Cousins Properties forms venture with Horizon Group Properties; shares dive 23%. See (NYSE:CUZ).
- Maguire Properties down 32% after extending debt maturity at Brea campus in Orange County. See (NYSE:MPG).
