Updated from 2:03 p.m. EDT with new stock prices
Small-cap stocks outpaced the major indices on a strong move higher Monday as a rally in financials and bullish housing data spurred renewed confidence in the market.
Radio One (ROIAK - Get Report) gained 58.6% to $1.76. The Lanham, Md., radio broadcasting company announced it would sell KRBV, its Los Angeles station, to Bonneville International for about $137.5 million. Radio One also said its board had authorized a buyback for up to $150 million of stock through 2009.
Synplicity (SYNP), a Sunnyvale, Calif.-based maker of software for the design and verification of semiconductors, rocketed up 47.6% to $7.85. On Thursday, Synplicity announced it was being acquired by Synopsys (SNPS - Get Report) for $227 million, or $8 a share.Newsprint and specialty paper maker AbitibiBowater (ABH) jumped 38.8% to $13.56 on news that the Montreal company agreed to receive an investment of $350 million in convertible debentures from Fairfax Financial Holdings (FFH) to address AbitibiBowater's upcoming debt maturities and general liquidity needs. On the losing side, Media General (MEG - Get Report) shares fell 9.9% to $14.39. Thursday after the close, the Reston, Va.-based communications company offered February 2008 revenue results and first-quarter earnings guidance. For February, revenue decreased to $63.4 million from $71.2 million a year ago. The company forecast a continuing-operations loss of 40 cents to 45 cents a share for the first quarter. The Street is looking for a per-share loss of 13 cents. Also losing, Aircastle (AYR - Get Report), a Stamford, Conn., leaser of airplanes, lost 12.7%% to $13.37. The company announced this morning that it would cut its dividend to 25 cents a share this quarter from 70 cents last quarter.