Russell unable to stay green through closing; CTCM, CCOI and BPSG lead gainers
After staying positive through most of Thursday’s trading, small caps eventually tumbled at closing. Some of today’s small-cap gainers were CTC Media (Nasdaq:CTCM), Cogent Communications (Nasdaq:CCOI) and Broadpoint Securities (Nasdaq:BPSG).
Other Market Watch highlights today included:
• The Russell 2000 (NYSE:IWM) closed down 8.49, or 2.11%, to 392.95. The Down closed down 1.22% to 7,182.08, while the S&P 500 tumbled 1.58% to 752.83.
• For the year, the Russell is now down 21.32%, the Dow is down 18.17% and the S&P 500 is down 16.65%.
• President Obama's budget proposal was sent to Congress today and projects that the government's deficit for this year will jump to $1.75 trillion
• Today the Commerce Department reported that orders for big-ticket goods plunged by a bigger-than-expected 5.2% in January as global economic troubles cut into demand from U.S., global customers. The report shows that orders have fallen for six straight months.
• New-home sales numbers fell to a record low pace — 10.2% — in Jan. to 309,000. This is the worst number on record since 1963. Prior to the release, the all-time low had been set in Sept. 1981.
• In other data out this morning, the Labor Dept. said continuing jobless claims hit a new record in the second week of Feb., increasing 114,000 to 5.113M. The forecast was for 5M.
• In overnight news, Swiss banking giant UBS AG has announced it will replace its chief executive.
• Health care stocks led the market lower Thursday after the White House mulls cutting payments to private insurance plans.
• The Federal Deposit Insurance Corp. said today that U.S. banks lost $26.2 billion in the last three months of 2008, the first quarterly deficit in 18 years.
Small Cap Gainers:
• CTC Media, Inc. rose 15% after the company reported its Q4 and full-year results. See (Nasdaq:CTCM).
• Cogent Communications climbed 13% after turning to profit in Q4; reaffirming FY09 outlook. See (Nasdaq:CCOI).
• Broadpoint Securities reports 378% surge in Q4 revenues; shares rise a healthy 11%. See (Nasdaq:BPSG).
Small Cap Losers:
• Macquarie Infrastructure reported a widened Q4 loss; shares head south 38%. See (NYSE:MIC).
• Integrys Energy reported Q4 results; guided below estimates. Shares toppled 27%. See (NYSE:TEG).
• CDI Corp. issued FY 2009 revenue guidance below analysts' estimates, sending shares down 22.5%. See (NYSE:CDI).
