Small-cap stocks hung onto the broader market's halting climb Friday as various pieces of positive news buoyed the sector. Limelight Networks ( LLNW) was one of the biggest winners, soaring 47% to $22.05 after its initial public offering. The Tempe, Ariz., network-services company priced 16 million shares at $15 a pop, along with an underwriters' option for up to another 2.4 million shares. Herley Industries ( HRLY), of Lancaster, Pa., leapt 9.9% to $17.59 after fiscal third-quarter income vaulted to $14 million, or 27 cents a share, from 11 cents a share last year. That tops per-share estimates by a nickel, according to Thomson Financial. Leading Brands ( LBIX) rode high after the company launched a new energy drink in North America called Stoked. Shares jumped 10.7% to $4.54. Elsewhere, grocery-store chain Spartan Stores ( SPTN), based in Grand Rapids, Mich., rose on a Friedman Billings upgrade to outperform. The analyst said Wal-Mart's ( WMT) recent decision to cut back on new store openings will give room for Spartan to grow. Spartan shares climbed 7.3% to $28.70; Wal-Mart recently added 0.5% to $50. And Chuck E. Cheese operator CEC Entertainment ( CEC), a member of both the Russell 2000 and the S&P SmallCap 600, was raised to hold from sell at Matrix Research. The Texas-based company was up 2.2% to $38.60. The Russell 2000, which also contains Herley and Spartan, lifted 0.5% at 829.1. The S&P SmallCap was 0.3% higher at 429.02.
On the flip side, oil-and-gas company Endeavor International ( END) plunged 15.1% to $1.75 after shutting down its Balgownie exploratory well in the North Sea, having found inadequate levels of hydrocarbon saturations for commercial use. The well had been drilled to a depth of 9,984 feet. JPMorgan slapped the Houston-based company with a harsh downgrade -- to underweight from overweight -- citing this failed prospect as well as a lack of many other drilling opportunities this year. Focus Enhancements ( FCSE), meanwhile, was cut to hold from buy at Roth Capital. Shares of the Campbell, Calif., video-technology company sank 12.4% to $1.20. Finally, Sirva ( SIR), a Chicago-based moving-services company, pressured the Russell 2000 after announcing the departure of its chief financial officer, J. Michael Kirksey. Until a replacement is found, interim Chief Executive Robert Tieken will perform some of Kirksey's duties and chief accounting officer James Bresingham will serve as acting CFO. Shares lately fell 20 cents, or 7.1%, to $2.60.