Small caps continue rally; NGLS, GTXI, TSO lead gainers
Small-cap stocks extended the rally into midday trading, powered by ideas recent government plans to pour billions of dollars into banking institutions, while mopping up toxic debt with taxpayer coffers would right the ship in equities and avert an even deeper global economic downturn. Other Market Watch highlights today include:
• Financial stocks are among the best performers.
• The poorest performers were real estate investment trusts, homebuilders and regional banks.
• Crude oil prices are up nearly $4 a barrel, gaining a lift from the rally in equity markets around the world.
• Year to date the Russell index is off 31.8%, seven percentage points less than the S&P 500's 38.8% decline.
• Much of the hope for a bottom is tied to a thaw in lending practices and the credit market is closed today for the Columbus Day holiday.
Small Cap Gainers:
• Targa Resources Partners (Nasdaq:NGLS) shares spiked 30% after the natural gas company said it will buy back $50 million in shares.
• Shares of GTx (Nasdaq:GTXI) soar 30% after the biopharma firm says phase II clinical trial for cancer induced muscle loss succeeded.
• Tesoro (NYSE:TSO) issues third-quarter earnings guidance above the Street. Shares surge 22%.
• A-Power Energy (Nasdaq:APWR) jumps 24% on reaffirmed third-quarter earnings guidance Friday night.
Small Cap Losers:
• NGP Capital Resources Co. (Nasdaq:NGPC) careens 25% on no fresh news.
• Internet media company Internet Brands (Nasdaq:INET) continues to cede ground. Shares off 14% late morning.
• Peapack-Gladstone Financial (NYSE:PGC) continues skid on no fresh news and despite a wide-spread market rally. Shares down 17% late morning.
• Coeur d'Alene Mines (NYSE:CDE) slips 8% on expectations for lower revenue and a net loss in the third quarter due to lower silver prices.
