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NEW YORK (
AK Steel(AKS - Get Report) was a notable gainer among small-caps Tuesday, jumping 4% to $16.27 after Steve Cohen-managed hedge fund
SAC Capital Advisors disclosed a 4.8% stake in the company. The deal makes Cohen one of the largest shareholders in the company, the
Associated Press noted.
Chinese small-cap companies were also in play. Shares of
Gulf Resources(GFRE) were up by 24% to $6.85. The manufacturer of specialty chemical products such as Bromide and crude salt issued a strong forecast for revenue and profit growth for 2011 after the bell on Monday.
The company projects revenue of $195 million to $198 million, up 23.2% to 25.1% from last year. Net income is forecast to jump to $64 million to $66 million, more than 25% higher than 2010 profit. Brean Murray also initiated coverage on the stock with a buy.
China Shen Zhou Mining & Resources(SHZ) saw its shares soar 15% to $4.86 after it reported a four-fold jump in revenues in the fourth quarter of 2010. The gains were driven by higher commodity prices, particularly fluorite, and higher processing of a larger amount of fluorite ore in the fourth quarter to develop greater tonnage of fluorite lumps and powder.
China Gengsheng Minerals(CHGS), a supplier of industrial material products, are rising more than 13% to $3.33. The company announced that it has signed a definitive agreement with a local affiliate in Gongyi, Henan Province to manufacture 30,000 metric tons of its fracture proppants, a material used in the hydraulic fracturing process in the natural gas industry, through the end of 2011.
With this addition, China GengShen's total annual fracture proppant capacity will increase by 20% to 90,000 metric tons.
FuelCell Energy(FCEL - Get Report) announced the appointment of longtime director John Rolls as chairman, replacing former CEO Dan Brdar. Shares were up 4% at $2.13.
TransSwitch(TXCC) saw a 11% jump on unusual volumes. The company announced on Monday that it will be rolling out high-speed integrated circuits that will support both HDMI and Display Port standards.
MGIC Investment(MTG) were rising 2.5% and 3% respectively.
--Written by Shanthi Bharatwaj in New York
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