Tuesday's Small-Cap Winners & Losers
Small-cap stocks flew higher Tuesday along with the broader market on word of the Federal Reserve's big rate cut as well as on positive news from a variety of sectors.
The Russell 2000 was modestly buoyant through midafternoon before shooting up 23.92 points, or 3.1%, to 799.73 late in the day; the S&P SmallCap 600 performed similarly, lately surging 3% at 422.39.
Among individual names, one of the biggest price gainers overall was Factory Card & Party Outlet (FCPO), shares of which more than doubled to $16.18 after AHH Holdings agreed to buy the Illinois party-store chain for $16.50 a share. The all-cash deal is worth about $72 million.
Similarly, Baltimore's Target Logistics (TLG) soared more than 32% after Mainfreight agreed to take it out for $2.50 a share in cash, or roughly $53.7 million. Target says the deal, which should close in the fourth quarter, represents a 28.8% premium to its prior three-month average closing stock price. Shares of the freight-forwarding-services company were up 59 cents to $2.42.
Away from M&A news, Energy Focus (EFOI) vaulted 38% after the Solon, Ohio, company received orders to install its EFO downlight system in a Wal-Mart (WMT) SuperCenter and in a Sam's Club location, both in Mexico. Terms weren't disclosed. Energy Focus shares climbed $2.13 to $7.73 in heavier-than-usual trading.Select the service that is right for you!
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