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 - Get Report) 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 - Get Report), meanwhile, jumped 16.5% to $38.50 after a Tennessee court last night ordered Finish Line (FINL - Get Report) 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.