Small caps looking bullish
The Russell 2000 (NYSE: IWM) futures are higher and the small-cap index will open in positive territory on news of good earnings from major players.
Wall Street is in a bullish mood this morning, following news after the close on Monday that Apple Inc. (Nasdaq: AAPL) saw a sharp increase in third-quarter revenue, easily beating analysts’ projections.
Also contributing is credit card issuer American Express Co. (NYSE: AXP), which reported this morning that third-quarter profit rose 10% while revenue added 11%.
Among small-cap companies, Cambridge, Mass.-based Art Technology Group, Inc. (Nasdaq: ARTG) announced quarterly revenue results just a hair above Wall Street’s forecast.
With little on the economic front, earnings news is set to dominate the headlines this morning.
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:
• China GrenTech Corporation Ltd. (GRRF), up 16% on news of a new order.
• Phoenix Technologies Ltd. (PTEC), up 12% on news of a solid fourth quarter.
• China Precision Steel Inc. (CPSL), up 3%.
Biggest percentage losers:
• Ultra Clean Holdings Inc. (UCTT), down 8% on news third-quarter profit missed expectations.
• LSI Industries Inc. (LYTS), down 7%.
• Volterra Semiconductor Corp. (VLTR) down 9% on news of a decline in third-quarter earnings.
