Thursday's Small-Cap Winners & Losers
Updated from 2:34 p.m. EDT
Magna Entertainment (MECA) said it plans to eliminate its net debt by Dec. 31, 2008, by generating roughly $600 million to $700 million from the sale of assets, entering into strategic transactions involving its racing, gaming and technology operations, a possible equity issuance and improved earnings.
The company, an operator of horse tracks and off-track betting facilities, also expects to arrange $100 million of funding to address its immediate liquidity concerns and provide sufficient time to implement the plan. Shares of Magna closed up 19.9% to $2.23.
SteelCloud (SCLD) rose following its latest quarterly results and word of a new contract. For the third quarter, revenue fell to roughly $4 million, a decrease of about 33.7% from a year ago, but SteelCloud's loss shrank to $675,012, or 5 cents a share, from last year's $6.5 million and 46 cents a share.The developer of specialized servers and related appliances said separately that it received a two-year contract from an international networking software company valued at $3 million to $6 million. Shares gained 3.8% to $1.37. Schawk (SGK), a provider of digital-imaging graphic services, has acquired Protopak Innovations, a package-prototyping company with approximately $6 million in annual revenue. Shares of Schawk traded actively, closing flat at $22.50. Evolution Petroleum (EPM) jumped after it said reserves surged by 270% during fiscal 2007 to 1.7 million barrels of oil equivalent. In addition, the present value, discounted at 10%, of future net revenue increased 314% during the fiscal year to $33.3 million. The company acquires mature, onshore oil and gas resources and saw its shares rise 18.9% to close at $2.58.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV