Isle of Capri Casinos, Dycom Industries and BroadVision lead small-cap percentage losers
Also included among the results: Heritage Financial Group (Nasdaq:HBOS), TranS1 Inc. (Nasdaq:TSON), Matrixx Initiatives (Nasdaq:MTXX), CNinsure Inc. (Nasdaq:CISG), BCB Bancorp Inc. (Nasdaq:BCBP) and First Capital Inc. (Nasdaq:FCAP).
Rosetta Stone, InterDigital and Ascent Solar Technologies lead small-cap percentage losers
Also included among the results: RINO International Corp. (Nasdaq:RINO), CNinsure Inc. (Nasdaq:CISG), China Bio Energy Holding Group Co Ltd. (Nasdaq:CBEH), SmartHeat Inc. (Nasdaq:HEAT), Jinpan International Ltd. (Nasdaq:JST) and China Fire & Security Group Inc. (Nasdaq:CFSG).
China TransInfo Technology, ACADIA Pharmaceuticals and CNinsure among 52-week highs
Also included among the results: AEP Industries Inc (Nasdaq:AEPI), SmartHeat Inc (Nasdaq:HEAT), Innodata Isogen Inc (Nasdaq:INOD), Credit Acceptance Corp (Nasdaq:CACC), Shamir Optical Industry Ltd (Nasdaq:SHMR) and First of Long Island Corp (Nasdaq:FLIC).
Shamir Optical Industry, ACADIA Pharmaceuticals and Union Bankshares lead small-cap percentage gainers
Shamir Optical Industry Ltd. (Nasdaq:SHMR), ACADIA Pharmaceuticals Inc. (Nasdaq:ACAD) and Union Bankshares Inc. (Nasdaq:UNB) are among the biggest percentage gainers in Wednesday's trading among companies with market capitalizations under $1 billion.
Also included among the results: China Yuchai International Ltd. (Nasdaq:CYD), CNinsure Inc. (Nasdaq:CISG), China TransInfo Technology Corp. (Nasdaq:CTFO), Brookfield Homes Corp (Nasdaq:BHS), Elron Electronic Industries Ltd. (Nasdaq:ELRN) and China Marine Food Group Ltd. (Nasdaq:CMFO).
Biocryst Pharmaceuticals, Geron and China Southern among 52-week highs
Also included among the results: Protalix BioTherapeutics Inc. (Nasdaq:PLX), Hi-Tech Pharmacal Inc. (Nasdaq:HITK), CNinsure Inc. (Nasdaq:CISG), Salix Pharmaceuticals Ltd. (Nasdaq:SLXP), Jinpan International Ltd. (Nasdaq:JST) and Mellanox Technologies Ltd. (Nasdaq:MLNX).
Books-A-Million, CNinsure and Biocryst Pharmaceuticals among 52-week highs
Also included among the results: NeurogesX Inc. (Nasdaq:NGSX), Cott Corp. (Nasdaq:COT), ImmunoGen Inc. (Nasdaq:IMGN), DSP Group Inc. (Nasdaq:DSPG), J&J Snack Foods Corp. (Nasdaq:JJSF) and SonicWALL Inc. (Nasdaq:SNWL).
Align Technology, SonicWALL and Healthways lead small-cap percentage gainers
Also included among the results: China Sunergy Co Ltd. (Nasdaq:CSUN), CNinsure Inc. (Nasdaq:CISG), Exelixis Inc. (Nasdaq:EXEL), Energy Conversion Devices Inc. (Nasdaq:ENER), optionsXpress Holdings Inc. (Nasdaq:OXPS) and Interactive Brokers Group Inc. (Nasdaq:IBKR).
CNinsure, Medicinova and Sharps Compliance among 52-week highs
Also included among the results: Amcon Distributing Co. (Nasdaq:DIT), Destination Maternity Corp. (Nasdaq:DEST), Young Innovations Inc. (Nasdaq:YDNT), Medifast Inc. (Nasdaq:MED), Universal Forest Products Inc. (Nasdaq:UFPI) and Health Fitness Corp. (Nasdaq:FIT).
CNinsure Inc. forms SA with Ping An Life Insurance
CNinsure Inc. (Nasdaq: CISG) said this morning that it has formed a strategic partnership with Chinese insurance company Ping An Life Insurance Co. of China to distribute and design certain insurance products.
The independent insurance agency and brokerage company that operates in China said it will work with Ping An Life to distribute accident, health, endowment and medical insurance policies as well as co-design insurance policies in product development.
Under the partnership, CNinsure can exclusively distribute the customized products while Ping An Life Insurance provides comprehensive training and sales support, including incentive rewards to sales agents.
CNinsure says its partnership with Ping An Life will capitalize on the benefits of using its own distribution network and create greater differentiation from competitors through sales of Ping An Life’s customized products.
Shares of CNinsure (CISG) popped 19.02%, or $2.06, to $12.89 in pre-market trading. Shares of CNinsure have been trading in the range of $8.51 to $28.74 for the past 52 weeks.
Small caps sink as retail sales fall
The Russell 2000 (NYSE: IWM) posted a steep decline today on news of an unexpected decline in U.S. retail sales and a scare from the financial sector. The small-cap index tumbled 15.05 points, or 2.11%, to 697.43, its lowest closing level in more than one year. The Dow Jones Industrial Average (INDU) fell 277.04 points, or 2.17%, to 12,501.11.
On a year-to-date basis, the Russell 2000 is down 8.96%, while the Dow has lost 5.76% and the S&P 500 has retreated 5.95%.
The odds of a U.S. economic recession increased today and Wall Street responded with a major sell-off.
The bears dominated from the start of trading following news from the U.S. Census Bureau that retail sales in December fell 0.4%, defying expectations of a rise of 0.1%. Sales for November were revised down to a gain of 1% from an initially reported 1.2%.
Purchases excluding automobiles also surprised economists, falling 0.4% instead of posting an increase of 0.1%.
A pullback in consumer spending, which comprises about 70% of U.S. gross domestic product, is a scary development for an economy already besieged by stagnating home prices, higher energy costs and a tightening of credit.
So far this year we have seen the unemployment rate climb to 5% from 4.7% as hiring slowed down significantly in December 2007. It is perhaps not surprising then that on Monday credit card issuer American Express Co. (NYSE: AXP), announced that its card members have become more frugal.
Economic worries down Russell 2000
The Russell 2000 (NYSE: IWM) and the other major U.S. indices are posting declines as investors worry about the future of the economy.
At 10:46 a.m. ET, the small-cap index had lost 10.38 points, or 1.39%, to 738.95. The Dow Jones Industrial Average (INDU) had shed 145.91 points, or 1.12%, to 12,864.23.
Stocks began the day with a drop as investors reacted to news that the U.S. Federal Reserve lowered its growth outlook for the U.S. economy.
On Tuesday the Fed forecasted that growth will slow in 2008 and unemployment will creep up slightly as rising energy prices and the ongoing slump in the housing sector take their toll. Inflation is projected to remain in check.
In other economic news, the Labor Department reported before the opening that jobless claims for the week ended Nov. 17 decreased 11,000 to 330,000 from the previous week’s upwardly revised level of 341,000.
The four-week moving average, considered a more stable measure, fell 750 to 329,750 from 330,500 a week earlier.
The numbers tell us that labor markets are still fairly tight.
