Stock indices declined in midday trading on news of a projected decline in global economic growth.
The S&P 500 was down 1.6% to 1,991.33. The Dow Jones Industrial Average declined 1.8% to 17,295.63. The Nasdaq fell 1.3% to 4,600.65
The yield on a 10-year Treasury bond fell 3.8% to 1.82%.
The price of gold was flat at $1,235.
TECHNOLOGY
Aliso Viejo-based Smith Micro Software Inc. was up 23.8% to $1.56 and a market cap of $70.3 million. The mobile software maker said December quarterly revenue would be about $10.5 million compared with a consensus estimate of $10.1 million, with full year revenue of $45 million to $49 million, compared with a consensus estimate of $43 million.
BANKING
Irvine-based Impac Mortgage Holdings Inc. was up 2.5% to $8.55 and a market cap of $82 million. It said its acquisition of Anaheim-based CashCall Inc.’s residential mortgage business would cost an initial fixed amount of $10 million plus 500,000 new unregistered shares of the company, and a three-year earn-out based on a percentage—expected to be about 50%—of the unit’s pre-tax profits. Impac plans to run the new division under the name CashCall Mortgage.
