Small-Cap Winners & Losers: Starent Networks
Small-cap stocks as well as the broader market had a small early-morning surge before falling slightly on Wednesday. The Russell 2000 Index was down less than 1% to 712.45 while the S&P 500 was up less than 1% to 1,268.87.
Among the winners was Starent Networks (STAR), the multimedia hardware and software provider out of Tewksbury, Mass. Its shares were up 19% to $13.73 on second-quarter earnings of $13.8 million, or 19 cents per share, vs. $3.4 million, or 3 cents a share, one year ago. Analysts polled by Thompson Financial were looking for EPS of 17 cents.
South Portland, Maine-based Wright Express (WXS), which provides services for commercial vehicle fleets, was up 16% to $27.90 on second-quarter earnings of 57 cents vs. earnings of 40 cents a share in the same quarter last year. Analysts were expecting EPS of 54 cents.
Automotive components manufacturer Visteon (VC), out of Van Buren Township, Mich., rose 15% to $2.96 after its second-quarter net loss narrowed to $42 million, or 32 cents per share, vs. a loss of $67 million, or 52 cents per share, one year ago. According to Thompson Financial, analysts were looking for a loss of 37 cents per share.Among the losers was Chantilly, Va.-based Online Resources (ORCC), which provides web-based financial technology services. Its shares fell 28% to $7.40 on a downgrade from Friedman Billings to market perform from outperform. Also down was LECG (XPRT), the Emeryville, Calif. company which provides testimony and advice to companies and law firms. Stock was down 25% to $7.52 after second-quarter revenues fell 3.8% to $89.1 million vs. $92.6 million in the same quarter last year.
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