Small caps dip at closing; GIII, ESC and BSTC lead gainers
The market tried to stand tall through another batch of dreary economic data, but came up empty in the afternoon, with the Russell 2000 (NYSE:IWM) closing down 1.53%. Some of today’s small-cap gainers are G III Apparel Group (Nasdaq:GIII), Emeritus Corporation (NYSE:ESC) and BioSpecifics Technologies (Nasdaq:BSTC).
Other Market Watch highlights today included:
• The weekly claims report came in at 554,000, which was down from 575,000 last week, but basically in line with market expectations.
• The four-week moving average on claims rose to 543,750, which is the highest point since December 1982.
• The Philly Fed report came in at 39.3, which was up from last month’s reading, but still slightly below the consensus forecast.
• The overall employment picture in the U.S. is expected to get worse over the next couple of months.
• This morning, analysts at UBS lowered their forecast for 2009 profit estimates for the S&P 500.
• Financial shares were on the mend today, and there were plenty of small banks near the top of the percentage movers list.
• Crude oil prices tumbled 9%, or $3.84 a barrel today, slipping to fresh four-year lows during the session
• Energy stocks paced the market’s afternoon slide, losing some 5%.
Small Cap Gainers:
• G III Apparel Group Ltd. (Nasdaq:GIII) closed 26% higher as the outerwear and sportswear manufacturer shot above the 20-day moving average for the first time since late October on solid volume.
• Emeritus Corporation (NYSE:ESC) rose 22% as the assisted-living care provider pushed above $10 a share for the first time since Nov. 11.
• BioSpecifics Technologies Corp. (Nasdaq:BSTC) jumped 18% as the biopharma firm announced a licensing agreement with Pfizer.
Small Cap Losers:
• Video game developer Take Two Interactive Software Inc. (Nasdaq:TTWO) gapped lower and shed some 26% as the publisher of “Grand Theft Auto” missed the profit forecast and projected first-quarter results below previous expectations.
• Stone Energy Corp. (NYSE:SGY) tumbled 21% as the oil and natural gas company updated guidance and 2009 production plans.
• Tennant Co. (NYSE:TNC) fell 19% as the surface coating firm announced a restructuring program to adjust for slower sales.
