Greg...News about yesterday's trading. Note mention of MRVC.
Some give back, but not as much as I had feared.
M1
SMALL STOCKS
Extreme Networks, MRV Rise,
As Small-Cap Tech Stocks Rally
By SHAHEEN PASHA
DOW JONES NEWSWIRES
NEW YORK -- A broad-based rally in the technology sector, spurred in part by optimism about large-cap Cisco Systems' earnings report after the closing bell, helped drive small-cap stocks higher.
Market participants had a mixed reaction to the Federal Reserve's comments regarding the economy after the Fed left interest rates unchanged but raised economic concerns. Still, small caps managed to hold on to their gains.
"Investors are concluding that the likelihood of the economic slowness continuing has diminished," said Doug Pyle, U.S. Trust managing director. "They're not just anticipating things are getting better, but, rather, I think things have fundamentally improved."
The Russell 2000 index of small-cap stocks climbed 2.94 points, or 0.72%, to 412.75, while the S&P SmallCap 600 index finished up 1.72, or 0.84%, to 206.13. The Nasdaq Composite Index of large and small-cap stocks gained 19.67, or 1.31%, to 1523.71, benefiting from investor interest in the technology sector.
Networking stocks surged higher ahead of Cisco's earnings report, with the American Stock Exchange Networking Index closing up 5.62, or 3.21%, at 180.82. Cisco reported third-quarter earnings of 14 cents a share, compared with 10 cents a share a year earlier. Both periods included a loss from amortization of purchased intangible assets.
Among small caps, Extreme Networks finished up 25 cents, or 5.6%, at $4.68, while MRV Communications gained 29 cents, or 21%, to 1.67.
Advanced Fibre, another networking stock, rose 1.30, or 7.5%, to 18.64 after Adams Harkness upgraded it to "strong buy" from "buy," reflecting optimism about increased momentum in the North American digital subscriber-line market and the belief the company will capture a good share of Verizon's recently announced network expansion. |
