Friday's Small-Cap Winners & Losers
Updated from 1:48 p.m. EST with new stock prices
Turbulence in the broader market Friday saw small-cap stocks give back most of the morning's early gains as they followed the major indices toward negative territory.
Among the winners, though, was CDC Corp (CHINA), shares of which rocketed up 20.4% to $4.95 after the Hong Kong Internet software company announced that its executives bought back about 468,000 shares since Dec. 17, adding to the company's own fourth-quarter purchases of 366,000 shares for a total $2.3 million.
Cal-Maine (CALM) shares leapt 5.7% to $27.32 after the Jackson, Miss.-based egg seller posted fiscal second-quarter 2008 earnings of $40.2 million, or $1.70 a share, vs. $6.4 million, or 27 cents a share, a year ago. Quarterly revenue also increased to $224 million from $138 million a year ago.Nashville footwear merchant Genesco (GCO), meanwhile, jumped 16.5% to $38.50 after a Tennessee court last night ordered Finish Line (FINL) to go through with its $1.5 billion purchase of the company. According to Genesco, the court determined that Finish Line had breached the companies' merger agreement. On the short end of that stick, Finish Line shares got slammed down 24.6% to $2.30. Last night, the Indianapolis shoe store said in a press release late Thursday that it is "disappointed with the ruling." Also hurting was Centerline (CHC). The New York investment holding firm announced it had securitized its $2.8 billion tax-exempt affordable housing bond portfolio with Freddie Mac (FRE). The company said that for accounting purposes most of the securitization would be treated as a sale. Related Companies, Centerline's largest shareholder, will also be buying a $131 million stake in the company. To make matters worse, Centerline cut its earnings forecast for 2007 to between $1.70 a share and $1.75 a share from previous guidance of $1.89 a share and slashed its annual dividend to 60 cents a share from $1.68. Investors sold the stock down 25% to $7.70. More broadly, the Russell 2000 was up 0.2% to 771.76 and the S&P SmallCap 600 bumped up 0.05% to 398.01.
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
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
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
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 Plus 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