Tuesday's Small-Cap Winners & Losers
Exide Technologies (XIDE) jumped nearly 20% Tuesday after the Alpharetta, Ga., company inked a supply agreement with Toyota (TM) for up to 200,000 of its lead-acid batteries per year. The products, which have already begun shipping, will be used in the manufacture of Tundra trucks at Toyota's Texas assembly facility. Financial terms weren't disclosed. Exide shares were up $1.46 to $8.87. Toyota was recently adding a dime to $131.65.
Hirsch International (HRSH) rocketed some 36% after the distributor of embroidery systems said fourth-quarter sales climbed 27% to $15.2 million. Operating income totaled $973,000, reversing a year-ago loss of $249,000; net earnings swung to a penny-a-share profit from last year's loss of 4 cents a share. Shares of the Hauppauge, N.Y., company were rising 92 cents to $3.47.
Cleveland BioLabs (CBLI) recovered most of Monday's losses after announcing a lucrative contract with the Department of Defense, which is expected to grant the company between $1.3 million and $2.4 million in order to finish developing its lead treatment candidate for radiation-induced disorders, CBLB502. On Monday the biopharma dropped on word it had completed a $30 million private placement. Today, shares were gaining 70 cents, or 7.9%, to $9.52.
NovAtel (NGPS), a Canada-based maker of global positioning systems, also recouped most of a Monday slide after assuring investors that its joint venture with distributor Sokkia will not be affected by the latter's proposed merger with Topcon. Shares were up $3.01, or 9.4%, to $35.02.
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