Atrinsic, US Airways: Small-Cap Winners
NEW YORK (TheStreet) -- The market meltdown hit small-caps hard on Thursday, with only a handful of stocks trading in the green in this space.
Atrinsic (ATRN) was a standout gainer, soaring 50% to $5.92 after it said subscribers to its Kazaa on-demand music streaming service can access music on the iPhone and iPad by streaming it from Kazaa's Web site, without having to download a special application.
Apple (AAPL) recently unveiled plans to charge a 30% share of revenues generated by the sale of online subscriptions through its App store. By bypassing the need for an "app," Atrinsic is hoping to skirt the payment of a fee to Apple.
Semtech (SMTC) saw its shares rise 9.7% to $24.69 after its fourth-quarter profit beat expectations and guided above expectations. Earnings for the quarter ended January were $26 million, or 39 cents a share, compared with $9.5 million, or 15 cents a share, a year ago. Excluding items, it earned 47 cents a share. Revenue rose 37% to $116.3 million. Analysts expected earnings of 41 cents a share, excluding items, on revenue of $113.3 million, for the fourth quarter.Power generation company Fuel Cell Energy (FCEL) rose 7% to $1.91. Losses for the first quarter of 2011 improved to $11.7 million, or 10 cents per share, compared to $15.4 million, or 18 cents, in the year-ago quarter. Analysts expected a loss of 11 cents per share, Shares of Spectrum Pharmaceuticals (SPPI) were gaining 5% to $7.24 after it reported a 56% drop in fourth quarter profit to $4.4 million, or 8 cents per share, but managed to top expectations. Analysts had expected a loss of 5 cents per share. Men's Wearhouse (MW) reported a narrower loss in the fourth quarter and forecast an adjusted 2011 profit above expectations. The company said adjusted earnings will range between $1.75 and $1.85 per share. Analysts were expecting $1.72 per share. The stock was up 8% at $28.19. Airline shares were rising as crude oil prices pulled back from recent highs. The stock of US Airways (LCC) and JetBlue Airways (JBLU) were up 3.5% and 1.2% respectively. --Written by Shanthi Bharatwaj in New York
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