Small-cap stocks outperformed the broader market amid takeout news and positive analyst research.
, which holds image rights to Elvis Presley and Muhammad Ali, as well as proprietary rights to the American Idol series, soared 35.2% to $14.37 after agreeing to be taken private by Chief Executive Robert Sillerman and Simon Fuller (CEO of a CKX subsidiary) for $13.75 a share in cash. Investors will also receive shares in Sillerman affiliate FX Luxury Realty, which is expected to develop Las Vegas attractions using certain rights related to Elvis and Muhammad Ali.
leapt 13.4% to $26.25 after agreeing to sell itself to The Hidary Group for $26.50 a share in cash -- a 14.5% premium to the New York boxing-equipment maker's latest closing price. The $146 million deal should close during the third quarter.
Among those climbing on upgrades, meanwhile, was electrical-components maker
. Longbow Research upped the Trevose, Pa., company to buy from neutral, primarily citing improved operating profitability at its Pulse subsidiary. Shares jumped $1.90, or 7.2%, to $28.24.
Piper Jaffray, moreover, started coverage on electronics distributor
with outperform while Needham & Co. gave biotech
a new buy rating. Shares of the companies were respectively higher by 4.8% and 1.9%.
But pharmaceutical company
was prominently on the losing side, plunging more than 50% to $3.10 on a regulatory delay regarding its once-daily formulation of pain treatment tramadol. The Food and Drug Administration said that, due to certain statistical deficiencies in analysis of clinical data, the drug's efficacy
wasn't adequately proven
. This is the second approvable letter the FDA has sent Canada-based Labopharm regarding this tramadol formulation; the first was sent last September.
Elsewhere, China-based semiconductor
sank 7.9% to $42.52 after launching a follow-on public offering of 5.4 million American depositary shares (ADS) for $45 apiece -- a slight discount to its most recent close -- with 3.6 million ADS to be newly issued by the company. The remainder will be sold by existing shareholders. Underwriters have a 30-day option for another 811,000 ADS in order to cover any overallotments.
, meanwhile, suffered from a negative analyst call. Shares fell 3.1% to $32.77 after a BB&T Capital Markets analyst said that a potential takeout of the crafts retailer, rumors of which boosted the stock Thursday, is already baked into the share price. The analyst cut the Ohio-based company to underweight from hold.
More broadly, however, the Russell 2000 and the S&P SmallCap 600 indices were each lately tacking on 0.6%.