Updated from 1:34 p.m. EDT with new stock prices
Small-cap stocks opened the week with a jump to the upside, joining the broader market's rally Monday. The Russell 2000 was down 0.4% at 737.89 and the S&P SmallCap 600 fell 0.3% to 391.01.
Leading the charge upward was Pacific Ethanol (PEIX - Get Report), which produces and sells ethanol. Shares of the Sacramento, Calif. company jumped 60.6% to $5.14. For the first quarter, Pacific Ethanol reported that revenue rose 63% year over year to $161.5 million. It also posted a loss of $36.3 million, or 90 cents a share, vs. a profit of 5 cents a share a year ago. The most recent results included a 96-cent one-time charge. Analysts polled by Thomson Reuters, who typically do not include one-time charges in their estimates, were expecting a 9-cent loss.
Brookings, S.D.-based VeraSun Energy (VSE), another ethanol company, appeared to piggyback off Pacific Ethanol, rising 18.1% to $7.31.Meanwhile Ocean Power Technologies (OPTT), a Pennington, N.J., maker of systems that harness energy from ocean waves, announced a joint development agreement with Griffin Wave Power to create a wave power station off the coast of Western Australia. Shares added 16.3% to $11.56. Also rising, Oklahoma City, Okla.-based energy company Quest Resource (QRCP) announced it terminated a merger agreement with Pinnacle Gas Resources (PINN). Quest shares soared 21.3% to $10.81 on the news, while Pinnacle lost 29.7% to $2.82. Finally, Chemed (CHE - Get Report), a Cincinnati hospice-care provider, suffered a downgrade by Deutsche Securities to hold from buy, and shares slumped 3.2% to $34.00.