Small-Cap Winners & Losers: Intervoice
Small-cap stocks experienced a short, steady climb along with the broader market Wednesday. The Russell 2000 Index was up 2.5% to 678.11 while the S&P 500 was up over 1% to 1,230.93.
Among the winners was Dallas company Intervoice (INTV), which provides voice and data solutions. It was up 21% to $8.12 on the day. On Wednesday, Intervoice announced it was being acquired by Convergys (CVG) for $335 million, or $8.25 a share.
Eagan, Minn.-based major airline Northwest (NWA) rose 21% to $6.56 following an overall rise in the airline industry. Delta Airlines (DAL), which is set to merge with Northwest later this year, increased their cost-savings target from the planned acquisition to $2 billion from about $1 billion.
Cincinnati media content provider EW Scipps (SSP) was up 170% to $8.94 after the company approved a reverse stock split late Tuesday. The split will offer one share for every three shares of stock.On the losing side, Plymouth, Wisc.-based energy management company Orion Energy Systems (OESX) fell 37% to $5.40 on reduced revenue expectations. The company announced late Tuesday that it expects total revenue for fiscal 2009 to be between $101 and $103 million, putting annual growth between 25% and 28%. Previous expectations had annual revenue growth at up to 50%. eResearch Techonolgy (ERES), a cardiac monitoring technology service provider out of Philadelphia, was down 16% to $14.00 on a downgrade from Leerink Swann to "underperform" from "market perform." Rounding out the losers was Salt Lake City, Utah-based USANA Health Sciences (USNA), which manufactures and distributes nutritional and personal care products. Shares fell 11% to $24.74 after Gull Holdings together with Unity Acquisition ended their $28 per share bid to buy USANA.
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