Small-Cap Stocks in Motion
Shares of Las Vegas-based Pinnacle Entertainment (PNK) fell after the casino operator said its public offering of 6 million new shares was priced at $27.35 a share, which will result in gross proceeds of $164.1 million. Pinnacle was down 63 cents, or 2.3%, at $26.88.
American Superconductor (AMSC) rose after the Westborough, Mass., company was chosen to be part of a Northrop Grumman (NOC) team selected by the Navy to work on the design of a high-temperature superconductor. American Superconductor rose 12 cents, or 1.3%, to $9.38 in recent trading.
Shares of Insteel Industries (IIIN) jumped almost 8% after the Mount Airy, N.C., wire-fabric maker said it would repurchase up to $15 million of its stock during the next year.
The company also said it amended its existing revolving credit facility, increasing the commitment amount to $100 million from $75 million and extending the maturity date by two years to June 2010. Insteel Industries rose $1.43 to $19.56 recently.Bookham (BKHM) dropped after the San Jose, Calif., optical components maker said it was conducting a series of transactions that will retire $45.9 million of secured notes and $19.4 million of convertible debentures. The company also said it signed an agreement with Nortel Networks (NT) to amend and extend the current supply agreement through 2006. Bookham fell 45 cents, or 7%, to $6 in recent trading. Shares of Bebe Stores (BEBE) rose after the Brisbane, Calif., women's apparel designer was upgraded from to outperform from market-perform by Morgan Keegan. Bebe Stores rose $1.74, or 12.1%, to $16.15 in recent trading.
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