Small cap futures down
The Russell 2000 (NYSE: IWM) futures are down and the small-cap index will probably open with a drop.
The bears are ready to go on news that an analyst with JPMorgan Chase & Co. (NYSE: JPM) downgraded Bear Stearns (NYSE: BSC), Goldman Sachs Group, Inc. (NYSE: GS) and Lehman Brothers Holdings Inc. (NYSE: LEH) to “sell” from “market perform.”
All three New York-based financial services companies have invested in securities backed by subprime mortgages and have been negatively affected by the slump in the U.S. housing sector.
Here are the biggest percentage gainers and losers in pre-market trading among companies with a market cap between $100 million and $750 million:
Biggest percentage gainers:
• America’s Car-Mart, Inc. (CRMT), up 17% on news it swung to a fiscal second-quarter profit.
• U.S Auto Parts Network (PRTS), up 5%.
• Cache Inc. (CACH), up 5%.
Biggest percentage losers:
• China GrenTech Corporation Ltd. (GRRF), down 7%.
• Paragon Shipping Inc. (PRGN) down 6%.
• Parallel Petroleum Corp. (PLLL) down 5% on news it has raised its credit facility to $200 million from $150 million.
