Small-Cap Winners & Losers: Bluegreen
Small-cap stocks were trading higher alongside the broader markets early Tuesday.The Russell 2000 was adding 1.2% to 706.25 while the S&P SmallCap 600 was gaining 1.1% at 369.27.
Making a significant jump was Bluegreen (BXG), it saw gains of 90.2% to $12.25 in early trading Tuesday. The Boca Raton, Fla.-based resort and residential community firm reached an agreement to be bought by Diamond Resorts International in a $500 million deal. Diamond is a Las Vegas, Nev.-based vacation ownership company.
Losing Tuesday was US Concrete (RMIX), down 14.5% to $4.77. The Houston, Texas-based producer of ready-mixed concrete cut its second quarter earnings view from 10 to 16 cents a share to 8 to 9 cents a share. RMIX attributed this downfall to slowing sales.
Tacking on major gains Tuesday was UAL (UAUA) rising nearly 50% to $7.48. The Chicago, Ill.-based air transportation services company announced that it is extending its credit card agreements with Chase Bank USA. This action will generate a $600 million payment and increase UAL's cash position by approximately $1.2 billion.Mindspeed Technologies (MSPDD) was seeing positive trading action, gaining 21.25% to $3.88. The Newport Beach, Calif-based technology firm, which specializes in the development of semiconductor solutions, was upgraded to outperform from perform by Oppenheimer. Suffering losses early Tuesday was Photronics (PLAB), trending down 18.1% to $5.09. The Brookfield, Conn.-based manufacturer of photomasks for the semiconductor industry announced its chief executive officer, Michael Luttati, has resigned from his position. Adding to this, Stifel Nicolaus downgraded the stock to hold from buy.
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