Small-cap stocks traded mostly under the shifty broad market Monday as names like
pulled things down significantly.
Indianapolis-based Finish Line will buy out fellow footwear retailer
for an essentially
of $54.50 a share. The all-cash transaction is valued at $1.5 billion.
Finish Line shares lost 8.7% at $11.53, while Genesco joined today's small-cap winners with a gain of 8.4%, or $4.15, to $53.75.
( ENCY) shares plummeted more than 43% on word of a
third approvable letter
from the Food and Drug Administration regarding Thelin, its proposed treatment for pulmonary arterial hypertension, due to a stated lack of evidence for the compound's effectiveness. That spelled out for Encysive a
against one of its rivals, and may lead to "significant reductions in its infrastructure and workforce in the U.S.," said the company.
Shares of Encysive, which is a component of the Russell 2000, closed at $2.32. The index gave back 0.2% to 846.28 as another member,
Trump Entertainment Resorts
( TRMP), dropped on word Chief Executive James Perry will resign effective July 1. He will be replaced, in the interim, by chief operating officer Mark Juliano. Shares traded down 8.2% to $14.61.
New York-based electric utility
U.S. Energy Systems
( USEY) was also deeply in negative territory after announcing that auditors issued a going-concern warning in its year-end results, which were filed earlier this month, citing "a working capital deficiency and ... continuing operating losses." Shares lost 25.2% to $3.11.
The S&P SmallCap 600, meanwhile, slid 0.2% to 439.35 even as one of its components,
, jumped 10.5% to $31.60.
The Greenville, S.C., technology-products distributor became a current filer by logging in three quarters' worth of results, which had been previously delayed due to a stock-option-grant review. Non-GAAP earnings for the March quarter, at 46 cents a share, were a penny higher than last year and topped estimates by 7 cents, according to Thomson Financial. Further, a restatement (as a result of the investigation) lowered per-share income by 3 cents for 2004 but did not affect that of 2005 or 2006.
American Technical Ceramics
, a Huntington Station, N.Y., maker of ceramic capacitors and other products, rocketed 42.7% to $23.99 after
agreed to buy it for $24.75 a share in cash, or around $231 million. AVX shares dipped slightly at $18.01.