Small-cap stocks open flat
Small-cap stocks are trading close to the flat line shortly after the opening this morning, as news of a stronger-than-expected rise in U.S. productivity was offset by a steep profit drop at General Motors Corp.
At 9:54 a.m. ET the Russell 2000 had lost 1.66 points, or 0.20 percent, to 826.80. The Dow Jones Industrial Average was up 4.30 points, or 0.03 percent, to 13,216.18.
The productivity of American workers grew more than expected in the first quarter of 2007, the Labor Department said before the opening bell. The annualized growth rate of 1.7% was just above economists’ expectations of a 1.6% rise. Productivity grew 2.1% in the fourth quarter of 2006.
On the other hand, labor costs grew 0.6%, significantly below the rise of 6.2% posted in the last three months of 2006.
In business news, auto giant General Motors Corp. (NYSE: GM) reported a sharp decline in quarterly profit before the opening. Net income was $62 million, or $0.11 per share, compared with $602 million, or $1.06 per share the first quarter of 2006. First quarter earnings without items were $94 million, or $0.17 per share, below analysts’ expected earnings of $0.87 per share.
The following are the most actively traded companies shortly after the opening of trading among those with market capitalizations under $500 million:
|
Price at |
|
% |
|
Year |
Year |
||
|
|
|
9:40 ET |
Change |
Change |
Volume |
High |
Low |
