Updated from 1:10 p.m. with new stock prices
Small-cap stocks took a tumble along with the major indices on Friday as investor anxiety over the financial sector increased. The Russell 2000 was falling 1.7% at 725.57 and the S&P SmallCap 600 was declining 1.4% to 384.15.
Highflying ShengdaTech (SDTH) was rising 15.9% to $9.57. The China chemicals company outlined plans to acquire a state-owned chemical company, and Shengda will relocate its existing chemical operations. This move is expected to strengthen ShengdaTech's position in the chemical sector.
Getting absolutely pummeled in trading action today, Medis Tech (MDTL) was losing 26.8%, dropping to $3.66. The New York-based firm, which designs, develops, and markets liquid fuel cell products geared toward consumer electronics, agreed to sell $29 million in securities.Continuing on the winning side, Exlservice Holdings (EXLS - Get Report) spiked 3.9% to $15.91 during today's trading. This New York-based service company specializes in providing business process outsourcing, research, analytics, and advisory. Today, Goldman Sachs raised its rating to buy from neutral over long-term growth prospects. Denny's (DENN - Get Report) dropped 9.6% to $3.31 today after being downgraded to neutral from buy. Merriman Curhan Ford said that a number of factors, including rising commodity and gas prices, will pressure the Spartanburg, S.C. family-style restaurateur. Taking on losses, Circuit City (CC) fell 0.75% to $3.95. The Richmond, Va., retailer's sector was strongly affected by growing crude prices on top of its already wider quarterly loss. Finishing for the gainers, the Steak n Shake (SNS) tacked on 6.9% to bring its shares to $6.81 Friday. This full service, casual dining inspired restaurateur based out of Indianapolis announced the appointment of Director Sardar Biglari as the firm's new chairman.