Small-cap stocks open low; VTIV, GLBC, and COBK lead gainers
Small-cap stocks opened lower, but quickly trimmed losses as enthusiasm fueled by another round of global rate cuts helped soothe the sting of yet another sobering batch of economic reports. Today’s small-cap gainers are inVentiv Health (Nasdaq:VTIV), Global Crossing (Nasdaq:GLBC) and Colonial Bankshares (Nasdaq:COBK).
Other Market Watch highlights today included:
• The latest batch of monthly same-store sales reports are coming out could influence the retail sector in general throughout the day.
• The sobering weekly claims report that was released today shows that Americans aren’t just losing jobs, they are struggling to find new ones too.
• At 9:51 a.m. ET, the Russell 2000 (NYSE:IWM) was down 0.74, or 3.83%, at 510.81.
• The Bank of England stunned the market with a very aggressive rate cut of 150 basis points, pushing benchmark rates there to the lowest point in 53 years.
• The most numbing stat from this morning’s data was that the number of continuing claims rose 122,000 last week to 3.84 million, the highest level in more than 25 years.
Small Cap Gainers:
• inVentiv Health Q3 profit declines; reaffirms FY08 revenue guidance. Shares are soaring 43%. See (Nasdaq:VTIV).
• Shares of Global Crossing up over 18% as the company maintains outlook, sees Q3 sales rise 12%. See (Nasdaq:GLBC).
• Colonial Bankshares up 18% on higher-than-average volume. See (Nasdaq:COBK).
• H&E Equipment Services Inc. jumped 14% on solid earnings news. See (Nasdaq:HEES).
• Small-cap retailer Hot Topic reported same-stores sales rose 8.3% and raised guidance. Shares were up 8.6% this morning. See (Nasdaq:HOTT).
Small Cap Losers:
• Lakes Entertainment Inc. slumped 29%, plunging a day after earnings and also as a casino referendum in Ohio was defeated. See (Nasdaq:LACO).
• Entertainment software company THQ posts big 2Q loss, plans 250 layoffs. Shares down 25% in pre-market. See (Nasdaq:THQI).
• Shares of Citi Trends down 9% in pre-market after the company announces Q3 sales. See (Nasdaq:CTRN).
• Abercrombie & Fitch's Oct. comparable store sales decline 20%; shares trade over 7% lower in pre-market. See (NYSE:ANF).
