Thursday's Small-Cap Winners & Losers

Updated from 2:43 p.m. EST with new stock prices

Small-cap stocks jumped early Thursday morning then waffled around the baseline as the broader market undulated in positive territory.

Plexus (PLXS Quote), a Neenah, Wis., provider of electronic manufacturing services, shot up 11.9% to $22.20 after announcing fiscal first-quarter earnings after Wednesday's close. Plexus' earnings, at $27.3 million, or 58 cents a share, fell short of the Street's expectation of 60 cents a share. However, the company guided for second-quarter EPS between 46 and 51 cents, ahead of the average analyst expectation of 42 cents a share, per Thomson Financial. Plexus is a component of the S&P SmallCap 600, which was gaining 0.1% at 362.44.

Meanwhile, Edmond, Okla.-based Bronco Drilling (BRNC Quote) saw shares lift 16.6% to $15.64 on news that Allis-Chalmers (ALY Quote) would buy the oil and natural gas driller for $437.8 million in cash and stock. Shares of Allis-Chalmers were also rising, 4.8% to $11.32.

Print and visual communication services provider Cenveo (CVO Quote) also got a boost after reaffirming guidance yesterday after the close. For full-year 2007, Cenveo expects $300 million in adjusted earnings before interest, taxes, depreciation and amortization. Wall Street is looking for the Stamford, Conn., company to produce EBITDA of $248.5 million. Cenveo shares were up 21.9% at $15.55.

On the losing side, bond insurer Security Capital Assurance (SCA Quote) dropped 30.61% to $2.63 after Fitch Ratings stripped the Hamilton, Bermuda, company of its triple-A rating last night. Fitch downgraded the company to an A rating after SCA announced it would not try to raise new capital given the uncertainty of the bond insurance industry. Fitch's triple-A rating is necessary for SCA to conduct new business.

Also hurting was Flotek Industries (FTK Quote). The Houston oil, gas and mining services company lowered EPS guidance for 2007 to between 88 cents and 92 cents, down from a previous forecast for a dollar a share. Analysts polled by Thomson Financial predict EPS of $1.02. Shares sank 29.9% to $17.86.

More broadly, the Russell 2000 was up 0.1% at 692.69.