Small-Cap Winners & Losers: Cirrus Logic

Sales of existing homes in June declined by 2.6%, which is below the 1% drop economists' forecasted. The news pushed the Dow Jones, S&P 500 and the Nasdaq in negative territory. The Russell 2000 and the S&P 600 are being lead down with the overall market with the Russell 2000 is trading at 711.73 and the S&P 600 Small Cap is at 371.60, both down about 1%.

Shares of Cirrus Logic(CRUS Quote) surged 30% to $6.29 after being upgraded to a buy from Needham.

Needham was impressed with Cirrus's financial results it reported after the bell yesterday. For the first quarter 2009, the company earned $2.1 million, or 3 cents a share, on revenue of $44.0 million--excluding one-time items the company earned $3.7 million, or 6 cents a share. The results exceeded analysts' estimated that expected earnings of 4 cents a share. Needham's price target for the company is $7.00.

Shares of RadioShack(RSH Quote) rose sharply by 21% to $17.14 after exceeding analysts' earnings and sales estimate for the second quarter.

The electronic retailer profits declined 16% to $41.4 million, or 32 cents a share, from $47 million, or 34 cents a share, it earned in the same period last year. Sales rose to $994.9 million from $934.8 million, an increase of 6% year over year. Analysts' expected earnings to be 26 cents a share with sales of $908.5 million.

Shares of Sierra Wireless(SWIR Quote) dropped by 17% to $13.27 after Jefferies & Co. downgraded the stock to market outperform and lowered its price target to $18 from $22.