Wednesday's Small-Cap Winners & Losers
The small-cap sector mostly traded in negative territory along with the rest of the market, but a number of tech names were nonetheless on the rise.
Among these was Constant Contact (CTCT), which rocketed 85% after its initial public offering of 6.7 million shares at $16 apiece, largely from the company itself.
Underwriters have an option for about 1 million more shares to cover any overallotments. Shares of the Waltham, Mass., purveyor of Internet marketing and survey products were up $13.60 to $29.60.
Elsewhere, e-Future Information Technology (EFUT), a China-based business-software company, vaulted 53.6% to $29.18 on word that the Beijing Tourism Group has licensed its e-Future ONE Visual Process Management Solution for centralizing purchasing and optimizing business processes. Terms weren't disclosed.Digital video recorder seller TiVo (TIVO) also jumped after American Technology Research stamped the stock with a new buy rating. The analyst called TiVo a speculative pick, citing an estimated 60% chance that the Alviso, Calif., company will get a favorable ruling in its appeal-stage patent-infringement claim against EchoStar (DISH). TiVo shares got a 6.1% lift to $7. Out of the tech sector, India's WNS (WNS) leaped 25.7% to $22 after the outsourcing-services firm raised its fiscal 2008 revenue guidance. The company now expects between $290 million and $295 million, minus repair payments, vs. the prior forecast of $286 million to $291 million. Analysts polled by Thomson Financial are seeking $293.2 million.
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