Small-cap stocks joined the broader indices to swing into both positive and negative territory Wednesday.
saw shares surge 19% to $21.83 after the provider of digital-media delivery services announced last night that it had acquired
Vyvx advertising business for $129 million in cash, subject to adjustments.
DG FastChannel also raised outlook for 2007 and 2008 pro forma results. The company now expects 2007 revenue to be between $116 million and $118 million, up from previous guidance of $110 million to $113 million and ahead of the mean analyst estimate of $96 million, per Thomson Financial. For 2008, the company predicts $126 million to $130 million in revenue, up from $122 million to $126 million and in line with the Street's mean forecast of $126 million.
( EPEX), meanwhile, jumped 15% to $6.30 as the oil and natural gas company announced it would be pursuing strategic alternatives, which include an
outright sale of the company.
On the losing side, Lasdon, S.C.-based
shares tanked 22% to $4.60 to after rival mine-resistant ambush-protected (MRAP) vehicle makers
( NAVZ) and
took the lion's share of a U.S. military contract yesterday after the close. Force Protection is slated to receive only 14% of the $2.66 billion MRAP order, prompting speculation that the company's reign over the sector
may have ended.
Also losing ground was
. The Holland, Mich., bank dropped 22% to $7.65 after the company announced it would set aside $9.5 million to pay for defaults on loans. The charge will result in a fourth-quarter earnings decrease of about $6.2 million, or 36 cents a share, the bank said.
Finally, shares of
got scorched by 14% to $21.86 after the Tecumseh, Mich., developer of compressor and electrical component products was downgraded by Robert W. Baird from outperform to neutral.
More broadly, the Russell 2000 was recently down 0.2% to 752.41, and the S&P SmallCap 600 slipped 0.1% to 388.63.