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) 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) 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), 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%.