US SMALL/MIDCAPS-Toll Bros; Regeneron lead as stocks edge up - News

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US SMALL/MIDCAPS-Toll Bros; Regeneron lead as stocks edge up

By: AFX | 11 Nov 2009 | 03:31 PM ET

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By Chuck Mikolajczak NEW YORK, Nov 11 (Reuters) - Mid- and small cap stocks edged higher on Wednesday after solid results from homebuilder Toll Brothers and a partnership expansion by Regeneron Pharmaceuticals with Sanofi-Aventis. Midcap Toll Brothers Inc surged 14.6 percent to $21.07 after reporting preliminary fourth-quarter results that blew past Wall Street expectations by nearly $100 million, with a 42 percent increase in net contracts to 765 units.

For details, see "What I found positive was that the rate of cancellations was only about 6 or 6-1/2 percent. That tells me we are getting a lot closer to the residential real estate market being normalized," said Edward Hemmelgarn, chief investment officer of Shaker Investments in Cleveland. "We're not off to the races, but we're looking a lot better than we did six months ago." Gains were limited by a decline in Flowers Foods Inc , which dropped 6.2 percent to $22.39 after quarterly sales came in below analysts' expectations, and the company cut its full-year outlook, citing intense promotional competition. . Small cap biotech Regeneron Pharmaceuticals Inc jumped 19.4 percent to $18.87 after the company said it had reached a deal with Sanofi-Aventis to expand and extend their current antibody collaboration, with Sanofi boosting its funding commitment to $160 million from $100 million. But Sigma Designs Inc slumped 11.1 percent to $10.97 after Collins Stewart cut the chipmaker for the IPTV set-top box market and Blu-ray players to "sell" from "hold," citing concerns of a greater-than-expected market share loss to rivals such as Broadcom Corp. The S&P MidCap 400 index added 0.5 percent while the S&P SmallCap 600 index gained 0.7 percent. By comparison, the large cap S&P 500 index rose 0.5 percent. (Reporting by Chuck Mikolajczak; Editing by Kenneth Barry) 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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