Updated from 2:51 p.m. EDT
Small-cap stocks trailed the rest of the market Monday, but among the substantial gainers was Top Tankers (TOPT).
Cantor Fitzgerald upgraded Top Tankers' stock to buy from hold as the Greece-based company, which primarily ships refined petroleum products and crude oil, agreed to buy three drybulk panamax vessels for some $222 million. That doubles the company's drybulk fleet and should be accretive to 2008 earnings, the company said. Shares closed up 25.3% to $6.25.
Addvantage (AEY - Get Report) leapt 22.1% to $5.96 after fiscal third-quarter earnings ballooned to $2 million, or 19 cents a share, vs. 11 cents a share last year, on 33.1% higher revenue of $17.6 million. The analyst who follows the Oklahoma cable-television-equipment distributor was looking for 15 cents a share on revenue of $16.5 million.Another Oklahoma-based outfit, Pre-Paid Legal Services (PPD), bounced 14.8% on word it plans to begin a national media campaign in late September. Shares closed up $6.95 to $53.93. Sciele Pharma (SCRX) was also in the green after the Food and Drug Administration approved fenofibrate, LifeCycle Pharma's formulation of Oscient Pharmaceutical's (OSCI) cholesterol drug Antara, generically called fenofibrate. Sciele has an exclusive license to market the approved doses in the U.S., Canada and Mexico. Sciele shares climbed 53 cents, or 2.3%, to $23.37. On the other hand, World Fuel Services (INT - Get Report) lost another 5.5% after Calyon Securities lowered the Miami-based company to add from buy following lower-than-expected second-quarter earnings, which the company released after the close Thursday. The fuel-products distributor closed at $36.85. Elsewhere, Briggs & Stratton (BGG - Get Report) was still sliding on Friday's downgrade to underperform at Robert W. Baird. The Wauwatosa, Wis., maker of air-cooled gasoline engines and other products gave up 4.6% to $27.98. The Russell 2000 lost 1.1% to 779.81; the S&P SmallCap 600 Index shed 0.9% to 409.86.