NEW YORK (
) -- Small-caps were in the red on Tuesday morning, with the Russell 2000 down 0.6% in forenoon trading even as the broad-based S&P 500 turned positive.
Still, a handful of small-cap stocks were making big moves on unusual volumes.
was soaring 16% to $9 after
said it would acquire the bank for a little over $1 billion, or $10 per share, a 30% premium over Sterling's closing price on Friday. The announcement followed earlier reports that Sterling's management was soliciting bids for a takeover.
Sterling had been included in
10 regional bank takeover targets
Over 20 million shares were changing hands on Tuesday, against an average volume of 950,000.
was among the top gainers in the small-cap space, jumping 36% to $4.99 on volume of over 13 million. The company announced a
joint venture agreement
Wanxiang Electric Vehicle
to produce lithium ion cells and battery packs for the rapidly growing Chinese market.
The joint venture is expected to achieve annual cell manufacturing capacity of about 40,000 electric vehicle battery packs annually by 2014.
(ARIA - Get Report)
were zooming 26% to $6.62 after
it reported positive results from the Phase III trials of its oral drug, ridaforolimus.
The drug helped patients with soft tissue and bone cancer remain in remission longer than a placebo, according to the results.