The small-cap sector mostly traded in negative territory along with the rest of the market, but a number of tech names were nonetheless on the rise. Among these was Constant Contact ( CTCT), which rocketed 85% after its initial public offering of 6.7 million shares at $16 apiece, largely from the company itself. Underwriters have an option for about 1 million more shares to cover any overallotments. Shares of the Waltham, Mass., purveyor of Internet marketing and survey products were up $13.60 to $29.60. Elsewhere, e-Future Information Technology ( EFUT), a China-based business-software company, vaulted 53.6% to $29.18 on word that the Beijing Tourism Group has licensed its e-Future ONE Visual Process Management Solution for centralizing purchasing and optimizing business processes. Terms weren't disclosed. Digital video recorder seller TiVo ( TIVO) also jumped after American Technology Research stamped the stock with a new buy rating. The analyst called TiVo a speculative pick, citing an estimated 60% chance that the Alviso, Calif., company will get a favorable ruling in its appeal-stage patent-infringement claim against EchoStar ( DISH). TiVo shares got a 6.1% lift to $7. Out of the tech sector, India's WNS ( WNS) leaped 25.7% to $22 after the outsourcing-services firm raised its fiscal 2008 revenue guidance. The company now expects between $290 million and $295 million, minus repair payments, vs. the prior forecast of $286 million to $291 million. Analysts polled by Thomson Financial are seeking $293.2 million.
On the other hand, P.F. Chang's Chinese Bistro ( PFCB) slumped after slashing at least 18 cents off its third-quarter earnings projection to between 5 cents and 7 cents a share. The Scottsdale, Ariz., restaurant operator also said comparable sales dropped 1.6% at its Bistro chain and 1% at its Pei Wei locations from last year, with total revenue coming in 17.2% higher at $270.8 million. That just misses Wall Street's $272.5 million consensus. More broadly, the Russell 2000 and the S&P SmallCap 600 were each down by around 0.8%.