Thursday's Small-Cap Winners & Losers
Small-cap stocks were riding high Thursday on the power of the bullish broad market and reams of positive news out of a variety of sectors.
International Absorbents (IAX), which makes animal-care and industrial absorbent products, rocketed 55.6% to $6.30 on positive fiscal first-quarter results. The Canada-based company's earnings were eight times higher than last year at a dime a share, or $623,000. Air-shipping company Air T (AIRT), meanwhile, posted a 94-cent per-share profit vs. 77 cents last year, vaulting shares by 23.5% to $10.14.
Molecular-technology firm Luna Innovations (LUNA), of Roanoke, Va., soared 26.1% after inking a multiyear deal to develop its shape-sensing and position-tracking system for integration into Intuitive Surgical's (ISRG) products. Financial terms weren't disclosed. Luna shares leapt 98 cents to $4.73. Intuitive was recently up 0.7% to $141.04.
Also on the rise Thursday were a couple of small Canada-based miners. Augusta Resource (AZC) shares ballooned more than 20% after Japanese investment firm Sumitomo agreed to take an 8.7% stake in the company as Harbinger Capital upped its holdings slightly to 19.9%. The deal is worth around $35.1 million (C$37.5 million), pricing some 10.7 million shares at $3.28 (C$3.50) apiece -- a sharp premium to Wednesday's close. Shares lately traded at $2.90.Gold miner Crystallex International (KRY) meanwhile, jumped 15.4% to $4.51 after announcing it has completed the "final and conclusive step" toward getting an environmental permit to allow for construction on its Las Cristinas Project in Venezuela.
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