Updated from 2:22 p.m. EST with new stock prices
After a lackluster opening on Thursday, small-cap stocks rallied, posting mostly wider gains than than their broader market counterparts. The Russell 2000 climbed 2.6% to 713.29, while the S&P SmallCap 600 rose 2.7% to 375.51.
, a Newark, N.J.-based provider of audio content over the Internet, cranked 22.4% higher to $11.42 on news that Web retail giant
(AMZN - Get Report)
would buy the company for $300 million, or $11.50 a share.
Also amped up on exceptional volume was
Kodiac Oil & Gas
, shares of which blasted up 14.9% to $2.01. The Denver-based driller announced it had entered into an agreement with
(DVN - Get Report)
, creating an area of mutual interest for exploration, leasing and development of Kodiac's Vermillion Basin, Wyo., properties.
(ININ - Get Report)
, an Indianapolis-based maker of software for voice over Internet protocol (VoIP), reported fourth-quarter non-GAAP earnings of $3.1 million, or 16 cents a share, vs. $2.1 million, or 11 cents a share, in 2006. Analysts polled by Thomson Financial were expecting a per-share loss of a penny. Revenue for the quarter gained 23% from the year-ago period to $29.3 million. Shares gained 20.5% to $16.38.
Several small-caps had a far more downbeat day. After the close Wednesday, Morrisville, N.C.-based
, a maker of wireless networking products, reported non-GAAP second-quarter income of $12.1 million, or 21 cents a share, on revenue of $181.1 million. Analysts polled by Thomson Financial were expecting EPS of 24 cents. Shares broke down 24% to $10.89.
likewise got rocked, losing 17.3% to $14.91 on fourth-quarter earnings. The Israeli developer of enterprise information technology posted non-GAAP income of $4.3 million, or 21 cents a share, compared with $1.4 million, or 10 cents a share, a year ago. The company beat the Street's projections by a penny, but its revenue of $22.7 million fell short of the average analyst estimate of $24.3 million.