Monday's Small-Cap Winners & Losers
Small-cap stocks generally underperformed the broad indices Monday, but among the many surging small-cap tech names was Vonage (VG).
Trading volume exploded to push the stock up more than 110% after the voice-over Internet protocol (VoIP) company entered into an $80 million patent infringement settlement with Sprint (S). Vonage shares jumped $1.29 to $2.44, more than recovering from last month's slide after the Holmdel, N.J., company lost the related case. Sprint's stock was down 2.7% to $18.49.
United Industrial (UIC) jumped 6.3% to $80.40 after Textron (TXT) agreed to take the maker of aerospace and defense systems out for $81 a share in cash. The roughly $1.1 billion deal should close by year-end. Textron slumped 2.1%.
CIBC World Markets upped Novatel Wireless (NVTL) to sector outperform, pointing to better-than-expected demand, "particularly in Europe," for new USB product Ovation MC950D. Shares of the San Diego wireless equipment maker climbed 88 cents, or 3.4%, to $26.73.CalAmp (CAMP), an Oxnard, Calif., wireless products maker, soared 17.7% to $4.04 on a Ferris Baker Watts upgrade to buy. Elsewhere in tech, China Technology Development (CTDC) vaulted by one-third after the security software firm swung to a continuing operations profit of $415,000, or 3 cents a share, in the first half of 2007. Last year the Hong Kong concern lost a nickel a share. China Tech first filed the results on Friday, but a press release today spurred shares $2.78 higher to $11.14.
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