Small caps continue in the green; HRZ, FR, and SAH lead gainers
Small caps continue to trade in the green midday, though off their highs of the session, after GDP was not as bad as feared. Today’s small-cap gainers are Horizon Lines (NYSE:HRZ), First Industrial Realty Trust (NYSE:FR) and Sonic Automotive (NYSE:SAH).
Other Market Watch highlights today included:
• Advancers were leading decliners by nearly 6 to 1 on the Russell 2000 after the first hour of trading.
• Norway also joined in on the rate cut fervor as countries around the world toss cheap money at businesses in a drive to thaw frozen credit lines.
• Hong Kong shot up some 10% and Taiwan was up 6%, as those countries announced rate cuts following the Fed’s rate cut Thursday.
• Stock markets around the world were in rally mode overnight, with the world stock index up 2.5%, powered by steep gains in some Asian markets.
• Crude oil futures trimmed overnight gains and were hovering near steady levels on the stock market opening.
Small Cap Gainers:
• Shares of shipping company Horizon Lines are up 51%. Goldman Sachs downgraded the stock on Monday to "sell" from "neutral." See (NYSE:HRZ).
• Shares of First Industrial Realty Trust are up 27% as it reports Q3 profit drop and cuts dividend. See (NYSE:FR).
• Sonic Automotive shares up 24% as it reports losses in Q3. See (NYSE:SAH).
• Auto parts supplier Tenneco to cut 1,100 jobs as global auto sales slide. Shares are up 20%. See (NYSE:TEN).
Small Cap Losers:
• Sauer-Danfoss misses on Q3 earnings, issues cautious outlook. See (NYSE:SHS).
• Brocade and Foundry Networks to amend merger terms: Foundry's shareholders to receive $16.50 in cash for each share. See (Nasdaq:FDRY).
• Astronics posts decline in bottom-line on higher engineering, development spending, higher manufacturing costs. (Nasdaq:ATRO).
• Polypore International beats on Q3 results, guides full year revenues below the Street, EPS straddle consensus. See (NYSE:PPO).
