Updated from 2:25 p.m. EDT with new stock prices
On a Monday marred by liquidity concerns in the financial sector, small-cap stocks took a pummeling along with the broader market. The Russell 2000 lost 1.9% to 650.52, and the S&P SmallCap 600 dropped 1.7% to 347.24. Shares of Tempur-Pedic (TPX Quote) sagged to new lows on revised first-quarter guidance based on a "challenging economic environment." In a press release, CEO Thomas Byrant expressed his belief that "the U.S. mattress industry is experiencing an unprecedented slowdown." The company expects domestic net sales to decrease by a percentage in the high teens and international sales to increase by a high single-digit percentage. The stock fell 37.8% to $10.49. Fellow small-cap bedmaker Select Comfort (SCSS Quote) also hit a new 52-week low, falling 7.7% to $3.50. Fort Lauderdale, Fla.-based Universal Insurance (UVE Quote) tumbled 33.8% to $3.97 after reporting fourth-quarter income of $10.3 million, or 24 cents a share, vs. $8.1 million, or 20 cents a share, a year ago. However, gross premiums written decreased 17% year over year to $117.4 million. Bear Stearns (BSC Quote), formerly one of the Street's largest brokerage firms, became a small-cap company this week after liquidity concerns hammered it, forcing the company to agree Sunday to sell itself to JPMorgan Chase (JPM Quote) for $2 a share. Shares were down 84% to $4.81. On the winning side, BladeLogic (BLOG Quote) jumped 16% to $27.39 on news that BMC Software (BMC Quote) will buy the Houston software company for $800 million, or $28 a share. In another merger-related pop, Iomega (IOM Quote), a maker of portable data storage products, saw shares climb 11.7% to $3.64 after receiving an unsolicited bid of up to $3.75 a share from EMC (EMC Quote). Finally, I-trax (DMX Quote), a provider of integrated workplace medical, pharmacy, wellness and disease management services, rocketed up 34.1% to $5.23. Walgreen (WAG Quote) is buying the Chadds Ford, Pa.-based company for $278 million, or $5.40 a share.- Loading Comments...
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,270.47 | 1,093.48 | 2,167.88 | 34.29 |
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