Updated from 12:46 p.m. EDT with new stock prices
Small-cap stocks rallied Friday as positive earnings reports from several key players sent the broader market higher. The Russell 2000 climbed 1.8% to 720.65, and the S&P SmallCap 600 added 1.7% to 380.06.
Online closeout retailer
jumped 31.2% to $18.37. The Salt Lake City firm narrowed its first-quarter loss to $3.9 million, or 17 cents a share, from $21.4 million, or 91 cents a share, a year ago. Analysts polled by Thomson Financial were looking for an EPS loss of 32 cents.
, a Pittsburgh provider of information technology and offshore outsourcing services, tacked on 17.1% to $7.74. iGate reported a first-quarter profit of $7.4 million, or 13 cents a share, up from $4.3 million, or 8 cents a share, in the year-ago quarter. The Street was looking for 9 cents a share.
Banking services purveyor
United Community Financial
, based in Youngstown, Ohio, saw shares rise 12.9% to $7.68. The company reported first-quarter profit of $4 million, or 14 cents a share, vs. $4.7 million, or 16 cents a share, in 2007. CEO Douglas McKay said the company is making organizational changes to deal with a slowing economy and weak housing market.
Meanwhile, shares of
, a San Jose, Calif., maker of GPS technology, surged 15.4% to $6.31 on news that the company's CEO, Michael Canning, resigned effective immediately. SiRF founder and Chairman Diosado Banatao will serve as interim replacement.
On the losing side, specialty minerals company
shares dropped 9.2% to $29.98. The Arlington Heights, Ill., company announced income of $8.6 million, or 28 cents a share, vs. $10.8 million, or 35 cents a share, in the year-ago period. The Street was looking for 37 cents a share.
Also losing ground,
, a Charlotte, N.C.-based container shipper, stumbled 3.1% to $14.25. The company announced it is subject to an antitrust investigation relating to its pricing practices for ships operating in the Puerto Rico trade.
Finally, Flint, Mich.-based
Citizens Republic Bancorp
fell 11.1% to $10.95. Ratings agency Fitch said it was considering a downgrade of the company's issuer-default rating after Citizens Republic announced disappointing earnings shortly before the close Thursday.