Tuesday's Small-Cap Winners & Losers - TheStreet

Tuesday's Small-Cap Winners & Losers

Point.360 surges higher on a deal to sell its spot-advertising distribution unit.
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Small-cap stocks drifted lower Tuesday, but a few health care names, in addition to

Point.360

(PTSX)

, were able to climb on bouts of good news.

The media-production company rocketed 45% to $5.35 after saying

DG FastChannel

(DGIT)

will buy its spot-advertising distribution operations, after the rest of Point.360's businesses are spun off to shareholders. DG will pay about one-fifth of a DG share for every Point.360 share, as well as $3 million in cash and up to $7 million in debt assumption. DG shares closed 3.3% higher at $17.50.

Span-America Medical Systems

(SPAN)

of Greenville, S.C., was among the small-cap health leaders, jumping 16.5% to close at $19 after declaring a special cash dividend of $5 a share.

Oncolytics Biotech

(ONCY) - Get Report

closed up 17% at $2.28 after a recent colon-cancer study yielded positive results for the Canada-based company's main product, Reolysin, in combination with gemcitabine.

Moreover,

Scolr Pharma

(DDD) - Get Report

said it expects to file a new drug application with the Food and Drug Administration for its extended-release ibuprofen product candidate in the latter half of 2008, given new positive clinical testing. Shares added 34 cents, or 13.8%, to close at $2.80.

Among the losers today was

BSML

(BSML) - Get Report

, a maker of tooth-whitening products that slid 12.3% to $1.07 after the

Nasdaq

sent the company a delisting warning, citing inadequate stockholders' equity and market value, as well three straight years of losses.

Meanwhile, solar-energy companies

Solarfun Power

(SOLF)

and

JA Solar

(JASO)

were both cut to sector-perform from outperform by CIBC World Markets, sending Solarfun shares tumbing 15.2% to close at $15, and JA stock sliding 11.6% to end at $24.93.

Elsewhere, health- and personal-products distributor

Natural Health Trends

(BHIP)

will privately sell up to $2.8 million worth of its preferred shares at $1.70 apiece, and communication-equipment maker

Symmetricom

(SYMM)

will have to restate income downward by $800,000, or 2 cents a share, for the six months leading up to Dec. 31. An accounting error is to blame. Natural Health shares lost 15.6% to close at $1.95. Symmetricom was off 4% to close at $7.92.

The Russell 2000 and SmallCap 600 indices each closed down around 0.3%.