China Automotive Systems, HFF and China TransInfo Technology among 52-week highs
Also included among the results: AEP Industries Inc. (Nasdaq:AEPI), i2 Technologies Inc. (Nasdaq:ITWO), John Bean Technologies Corp. (Nasdaq:JBT), Horsehead Holding Corp. (Nasdaq:ZINC), IEC Electronics Corp. (Nasdaq:IEC) and Crocs Inc. (Nasdaq:CROX).
Affymetrix, Novatel Wireless and Sigma Designs lead small-cap percentage losers
Affymetrix, Inc. (Nasdaq:AFFX), Novatel Wireless, Inc. (Nasdaq:NVTL) and Sigma Designs, Inc. (Nasdaq:SIGM) are among the biggest percentage losers in Tuesday's trading among companies with market capitalizations under $750 million.
HFF, Inc. (NYSE:HF), Community Shores Bank Corp. (Nasdaq:CSHB) and Cheniere Energy, Inc. (AMEX:LNG) are also among the top small-cap percentage losers.
Here are Tuesday's biggest percentage losers among small caps:
Russell 2000 falls on subprime losses
The Russell 2000 (NYSE: IWM) moved lower today on news from Wachovia Corp. (NYSE: WB) of more than $1 billion in losses due to the credit crunch. The small-cap index dropped for the third time this week, retreating 8.52 points, or 1.09%, to 772.38. The Dow Jones Industrial Average (INDU) shed 223.55 points, or 1.69%, to 13,042.74.
On a year-to-date basis, the Russell 2000 has lost 1.92%, while the Dow has advanced 4.56% and the S&P 500 has added 2.62%.
The bears dominated the session today following news that Wachovia Corp. expects to suffer additional losses of $1.1 billion in the third quarter due to collateralized debt obligations.
The Charlotte, N.C.-based bank, the fourth largest in the United States, also said that it will write down collateralized debt obligations of about $1.11 per share for the month of October and expects to see loan losses of over $500 million in parts of the country that have been most severely affected by the slump in the housing sector.
The news comes as the latest reminder that the subprime mess continues to plaque the financial system.
The small-cap futures were pointing south and the Russell 2000 joined the other major U.S. indices in opening with a drop.
There was some upbeat economic news today, coming in the form of a surprise narrowing of the U.S. trade deficit. The Commerce Department reported that the deficit declined 0.6% to $56.5 billion in September, the lowest level since May 2005, as exports increased due to a weak dollar and strong growth overseas. In August the deficit stood at $56.8 billion.
