US SMALL/MIDCAPS-Children’s Place tumbles, Netflix soars

NEW YORK, Oct 21 (BestGrowthStock) – Small- and midcap shares fell
on Thursday as financial stocks sagged on weak results and
retailer Children’s Place fell after it cut its earnings
outlook.

Netflix Inc (NFLX.O: ) bucked the trend sharply, jumping more
than 12 percent the day after the company reported quarterly
results.

Investors also cheered its attempt to build a dominant
service around streaming movies and TV shows. The stock was the
biggest percentage gainer on the midcap index, up 12.8 percent
at $172.69. For details, see [ID:nSGE69K0JC]

Smallcap Children’s Place Retail Stores Inc (PLCE.O: ) lost
more than 13 percent after it cut its third-quarter earnings
outlook as it was hit by poor demand for kids’ fashions and
unseasonably warm weather. Its shares gave up 13.5 percent at
$44.90. [ID:nSGE69K0G4]

Midcap financial shares were among the day’s losers, hurt
by pressure on the sector from disappointing earnings.

including TCF Financial Corp (TCB.N: ), which fell after
results that missed expectations as income tax expenses rose.
TCF tumbled 8.1 percent to $13.88. [ID:nSGE69K0HZ]

Also in the sector, Fidelity National Financial (FNF.N: )
shed 11.9 percent at $12.98 a day after it cut its 2011
dividend. The midcap financial index (.6GSPF: ) slipped 0.7
percent. [ID:nSGE69K0JK]

Adam Hutt, general partner at Leviticus Partners LP in New
York said the day’s action was also driven by negative
sentiment. The larger S&P 500 (.SPX: ) swung in a wide range
through the day in response to gyrations in the currency
markets.

“This market is very emotional, market action has been
nerve wracking,” said Hutt. “But that creates investment
opportunities in the process.”

The S&P MidCap 400 index (.MID: ) slipped 0.2 percent, while
the S&P SmallCap 600 index (.SML: ) was off 0.4 percent.

Energy and materials shares also sagged as the dollar
rebounded and oil prices fell more than 2 percent to $80.56 a
barrel. The midcap energy sector (.4GSPE: ) lost 1.1 percent,
with Frontier Oil Corp (FTO.N: ) down 3.9 percent at $12.98.

On the upside, luxury department store operator Saks Inc
(SKS.N: ) rose 4.8 percent to $10.61 after Italian businessman
Diego Della Valle boosted his stake in the company to just
above 19 percent. [ID:nN21286374]
(Reporting by Leah Schnurr; Editing by Andrew Hay)

US SMALL/MIDCAPS-Children’s Place tumbles, Netflix soars