Technology was the driving force behind a rise in both small and mid-cap stocks on Tuesday.
The Standard & Poor's small-cap technology index rose 3 percent. Bank of America Merrill Lynch analysts are impressed with the balance sheets of small-cap technology stocks, noting that they should outshine their large cap brethren.
The Russell 2000 Small Cap Index and the Standard & Poor's Small Cap 600 both gained 2.3 percent in value on Tuesday. The technology-heavy Nasdaq Stock Market gained a similar 2.2 percent, while two other major U.S. stock indexes also held their ground - both the Dow Jones Industrial Average and the Standard & Poor's 500 closed 1.6 percent higher.
July 19th: Top Performing Small Cap Stocks (Data provided by Google Finance)
InterDigital IDCC: The wireless technology company said it's exploring its options, including a possible sale, following last month's successful auction of Nortel Networks intellectual property which brought in $4.5 billion. IDCC owns about 1,300 patents related to mobile phone technology.
PetroQuest Energy PQ: Shares traded sharply higher after the oil and gas explorer issued an operational update that revealed details of a discovery at its La Cantera site in Louisiana. Raymond James analysts bumped the stock rating to market perform based on the new findings and an improving balance sheet.
Voyager Oil & Gas VOG: Shares of this explorer, which has operations in the Western U.S., crossed back above $3 and have risen 40 percent in the past month, amid increasing investor interest in companies drilling in the Bakken region.
Abraxas Petroleum AXAS: The oil and gas company has far-flung operations across North America, including in the hot Bakken region. Shares have popped 60 percent in the past month, regaining some ground lost earlier this year.
FuelCell Energy FCEL: The developer of stationary fuel cells used by commercial and government customers might be headed for a rebound from a pullback that began this spring - which has left the stock down 39 percent year-to-date.
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The Russell 2000 Small Cap Index and the Standard & Poor's Small Cap 600 both gained 2.3 percent in value on Tuesday. The technology-heavy Nasdaq Stock Market gained a similar 2.2 percent, while two other major U.S. stock indexes also held their ground - both the Dow Jones Industrial Average and the Standard & Poor's 500 closed 1.6 percent higher.
InterDigital IDCC: The wireless technology company said it's exploring its options, including a possible sale, following last month's successful auction of Nortel Networks intellectual property which brought in $4.5 billion. IDCC owns about 1,300 patents related to mobile phone technology.
PetroQuest Energy PQ: Shares traded sharply higher after the oil and gas explorer issued an operational update that revealed details of a discovery at its La Cantera site in Louisiana. Raymond James analysts bumped the stock rating to market perform based on the new findings and an improving balance sheet.
Voyager Oil & Gas VOG: Shares of this explorer, which has operations in the Western U.S., crossed back above $3 and have risen 40 percent in the past month, amid increasing investor interest in companies drilling in the Bakken region.
Abraxas Petroleum AXAS: The oil and gas company has far-flung operations across North America, including in the hot Bakken region. Shares have popped 60 percent in the past month, regaining some ground lost earlier this year.
FuelCell Energy FCEL: The developer of stationary fuel cells used by commercial and government customers might be headed for a rebound from a pullback that began this spring - which has left the stock down 39 percent year-to-date.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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