| NEW YORK, April 22
NEW YORK, April 22 Midcap and smallcap stocks
rose on Friday, boosted by materials stocks and a round of
solid earnings, putting both the S&P MidCap 400 and SmallCap
600 indexes on track for their eighth straight weekly advance.
Midcap Idexx Laboratories (IDXX.O) surged 11.3 percent to
$67.24 after the maker of veterinary, dairy and water testing
products posted a better-than-expected quarterly profit and
boosted its profit outlook for the year. For details, see
Smallcap Deckers Outdoor Corp DECK.O, up 9.2 percent to
$156.89, hit its highest level in more than two years after the
shoemaker reported first-quarter results that topped Wall
Street estimates and forecast revenue growth for the second
quarter and full year. [ID:nSGE63M0JS][ID:nSGE63L0NR]
"Now you are transitioning from a liquidity- and
sentiment-driven rally to hopefully one that is based more on
fundamentals," said Tim Holland, co-portfolio manager,
Aston/TAMRO Diversified Equity Fund in Alexandria, Virginia.
"People are separating the winners and losers and really
selling stuff that disappoints, but also not being afraid to
bid up names that are topping expectations."
Both the S&P MidCap 400 index .MID and the S&P SmallCap
600 index .SML advanced 0.5 percent. In comparison, the
benchmark S&P 500 .SPX added 0.2 percent.
The S&P MidCap index hit a 22-month intraday high while the
SmallCap 600 index touched a 19-month intraday high.
Materials stocks advanced after the Commerce Department
said new home sales for March surged 26.9 percent for the
largest advance since April 1963 and handily beat expectations.
The S&P MidCap Materials index .4GSPM gained 1.4 percent,
boosted by Louisiana Pacific Corp (LPX.N), which climbed 5.8
percent to $12.79. A 4.8 percent rise to $52.89 in Deltic
Timber Corp (DEL.N) helped lift the S&P SmallCap Materials
index .6GSPM 0.9 percent.
(Editing by Leslie Adler)