Small-cap stocks were webbed into the erratic movements of the major indices Wednesday, even amid a confluence of positive financials from names like Dawson Geophysical ( DWSN). Shares of the Texas-based company soared 22.3% to $66.79 on a leaping fiscal third-quarter profit of $7.6 million, or 98 cents a share. Year-ago income totaled just 56 cents a share. The company, a purveyor of seismic-data-acquisition services for oil and gas companies, also brought in $68.6 million in revenue to beat the sole analyst's $56.9 million target from Thomson Financial. Giga-tronics ( GIGA), which makes test and measurement equipment, catapulted 21% after swinging to a fiscal first-quarter profit of $92,000, or 2 cents a share. Sales ramped up 36.7% to $4.6 million from last year. Shares of the San Ramon, Calif., company were trading at $2.25. Chicago software firm SPSS ( SPSS) tripled its second-quarter income year over year to 36 cents a share, or 3 cents better than the mean Street forecast, and fellow tech name Syniverse ( SVR) comfortably topped top- and bottom-line expectations. Florida-based Syniverse, a purveyor of services for the wireless industry, also bumped up its 2007 sales outlook by at least $10 million to range between $345 million and $350 million. Analysts are seeking $335.5 million. SPSS jumped $6.50, or 15.8%, to $47.54; Syniverse was up 9.3% at $14.70.
On the other hand, Beazer Homes USA ( BZH) dropped precipitously on rumors of a forthcoming bankruptcy filing, which the Atlanta-based homebuilder today called "scurrilous and unfounded." Shares fell as much as 38% today before hoisting themselves up to trade less deeply in the red. Lately they were down 18% at $11.47. Houston Wire & Cable ( HWCC), a wire- and cable-products distributor, plunged 25.4% on sliding second-quarter per-share income of 40 cents that came in 4 cents short of consensus. Overall earnings edged up slightly to $8.4 million, and the company also declared its first-ever quarterly dividend; still, shares were down $6.55 to $19.22. Finally, Netlist ( NLST) lost 15.7% to $2.10 after the Irvine, Calif., memory-chipmaker said chief financial officer Lee Kim will depart effective Aug. 14. Finance V.P. Gail Itow and CEO Chuck Hong will share his duties until a permanent replacement is found. More broadly, the Russell 2000 and the S&P SmallCap 600 were respectively losing 1.2% and 1.1%.