Small-cap open lower; LQDT, ABG, and FRP lead gainers
Small-cap stocks opened lower, tugged down by a sobering picture of the jobs situation in the United States after the monthly employment report showed a staggering number of jobs have been lost in November. Some of today’s small-cap gainers are Liquidity Services Inc. (Nasdaq:LQDT), Asbury Automotive Group (NYSE:ABG) and FairPoint Communications (Nasdaq:FRP).
Other Market Watch highlights today included:
• With crude oil prices wobbling and the jobs picture darkening, energy shares were in retreat mode early today.
• Overnight, India, the second-largest country on the planet in terms of population, announced their first price reduction for gas prices in two years.
• Worries about demand destruction amid a global recession continue to pummel energy prices.
• Data this morning revealed that job losses in Canada climbed to the highest point in 26 years.
Small Cap Gainers:
• Liquidity Services Inc. rose 11% as the online auction company received an earnings-tied boost. See (Nasdaq:LQDT).
• Asbury Automotive Group up 10% on very light volume. See (NYSE:ABG).
• FairPoint Communications up 5% after declaring fourth-quarter dividend. See (NYSE:FRP).
• Hersha Hospitality Trust announces fourth-quarter dividends. See (NYSE:HT).
Small Cap Losers:
• Movado shares drop 14% after Q3 earnings drop 41%. See (NYSE:MOV).
• Berry Petroleum Company down 25% as energy is getting pummeled today. See (NYSE:BRY).
• International Coal Group also feeling the heat today with other energy stocks; shares are down 20% near a 52-week low of $1.50. See (NYSE:ICO).
• Orbitz Worldwide falls 13% as online travel sites slump on lower traffic. See (NYSE:OWW).
