Small caps stay flat
The Russell 2000 (NYSE: IWM) is trading choppy but hovering close to the flat line with two hours left in the session. At 1:59 p.m. ET, the small-cap index had lost 2.15 points, or 0.27%, to 787. The Dow Jones Industrial Average (INDU) was up 4.87 points, or 0.04%, to 13,302.22.
Small-cap stocks began the day in positive territory on news that retail sales growth in October slowed but inflation remained in check.
The U.S. Commerce Department reported before the start of trading that U.S. retail sales growth slowed to 0.2% in October, following an upwardly revised increase of 0.7% in September. The result was in line with economists’ projections and a sign that American consumers have become a little more reluctant to spend money.
Meanwhile, the U.S. producer price index added a miniscule 0.1% in October, according to the Labor Department. Producer prices rose 1.1% in September. The core index, which excludes food and energy, stayed put after rising 0.1% in September.
Economists were expecting both measurements to rise 0.2%.
Meanwhile, financial services provider Bear, Stearns & Co. Inc. (NYSE: BSC) announced after the opening that it expects to write down $1.2 billion of assets linked to mortgages in the fourth quarter. That was interpreted as bullish news by investors because an analyst had forecasted a charge of more than $3 billion.
Elsewhere, the price of oil has added $2.55 to $93.72.
Here are the current biggest percentage gainers and losers among companies with a market cap between $100 million and $750 million:
Biggest percentage gainers:
• Canadian Solar Inc. (CSIQ), up 45% on news of a higher third-quarter profit.
• Innodata Isogen Inc. (INOD), up 55% on news it swung to a third-quarter profit.
• Greater Community Bancorp. (GFLS) up 39% on news it will be bought by Oritani Financial Corp. (ORIT) for $187 million.
Biggest percentage losers:
• Basin Water Inc. (BWTR), down 22% on news of a third-quarter loss.
• China Techfaith Wireless Communication Technology Ltd. (CNTF), down 17% on news of an analyst downgrade.
• Dayton Superior Corp. (DSUP), down 17% on news that third-quarter earnings missed expectations.
