RPT-US SMALL/MIDCAPS-Earnings hit energy, consumer stocks - News

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RPT-US SMALL/MIDCAPS-Earnings hit energy, consumer stocks

By: AFX | 06 Nov 2009 | 02:43 PM ET

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By Chuck Mikolajczak NEW YORK, Nov 6 (Reuters) - Energy and consumer stocks slid on Friday after disappointing company outlooks raised demand concerns. Also weighing on sentiment was the October employment report, which showed the U.S. jobless rate unexpectedly jumped to its highest level since April 1983. For details, see Crocs Inc dropped 19.7 percent to $5.49 after the plastic-shoe seller forecast a deeper-than-expected loss in the current quarter despite strong third-quarter results. Smallcap casual dining operator Red Robin Gourmet Burgers Inc tumbled 15.3 percent to $14.99 after posting a quarterly profit in-line with Wall Street estimates, but forecast a decline in customers for the year, prompting a downgrade by Keybanc Capital Markets. "There has been some anticipation of positive news, positive earnings, but people have anticipated it pretty well and now they aren't getting the reaction from the stocks that they were hoping and are getting out of the trades," said Frank Laino, managing director in smallcaps at Bank of America-Merrill Lynch in New York. The S&P SmallCap Consumer Discretionary index shed 0.5 percent. Energy shares also declined on declining commodity prices. Midcap Mariner Energy Inc slipped 1.4 percent to $13.01 after reporting third-quarter results. Quicksilver Resources Inc fell 3.1 percent to $12.92 after Jefferies & Co cut its rating on the independent energy company, along with W&T Offshore Inc and Continental Resources Inc. W&T Offshore shares sank 9.8 percent to $10.63 while Continental Resources shed 5.7 percent to $37.01. The S&P MidCap 400 index dipped 0.3 percent while the S&P SmallCap 600 index lost 0.6 percent. By comparison, the large cap S&P 500 index gained 0.1 percent. (Reporting by Chuck Mikolajczak; Editing by Theodore d'Afflisio) Keywords: MARKETS STOCKS/SMALLMID Keywords: MARKETS STOCKS/SMALLMID (Charles.mikolajczak@thomsonreuters.com; +1 646 223 5234; Reuters Messaging:rm://Charles.mikolajczak.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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