The cheery broader market propelled small-cap stocks higher Wednesday, and among the biggest winners was
Shares soared more than 34% after fiscal first-quarter income vaulted to $3.9 million, or 15 cents a share, from last year's 6 cents a share. That easily beats analysts' 11-cent per-share estimates, according to Thomson Financial. The San Jose, Calif., company also brought in $38.5 million in sales, a 24.8% rise from last year and about $4.4 million above consensus. Pericom shares were up $4.04 to $15.80.
That helped boost both the Russell 2000, recently up 0.6% to about 821, and the S&P SmallCap 600, which was gaining 0.4% to roughly 427. Both trackers soared earlier before getting temporarily jerked down immediately following the
to cut its key fed funds rate by 25 basis points.
Among other small-cap gainers, Miami's
more than doubled its third-quarter earnings to 7 cents a share, beating Street expectations by 2 cents. Shares of the business- and technology-consulting firm ramped up $1, or 32.4%, to $4.09.
First Consulting Group
, a consulting firm for the health-care industry, catapulted 27.3% after
agreed to take it out for $13 a share in cash. The $365 million deal should close during the first calendar quarter of next year.