Small-cap stocks, along with the broader market spent some time in the sun Monday, as the Russell 2000 was recently up 0.4% at 707.34 and the S&P SmallCap 600 lifted 0.4% to 366.04. Shares of A.S.V. ( ASVI) surged 45% to $17.79 after Terex ( TEX) announced it would buy the Grand Rapids, Minn.-based maker of rubber track machines. Terex will shell out $488 million, or $18 a share, for the company. In other buyout news, workplace services and daycare provider Bright Horizons ( BFAM) rose 34% to $44.01 after private investment firm Bain Capital Partners agreed to buy the Watertown, Mass., company for $1.3 billion, or $48.25 a share. The purchase price represents a 47% premium over Bright Horizons' Friday closing price. Meanwhile, shares of energy provider Canadian Superior Energy ( SNG) jumped 25% to $3.76 on news that it had, along with partners BG International and Challenger Energy ( CHQ), discovered a source of natural gas off the coast of Trinidad. Troy, Mich.-based supplier of integrated systems for motor vehicles ArvinMeritor ( ARM) likewise drove ahead 15% to $11.21 on a KeyBanc upgrade to buy from hold. Among the biggest losers of the day was Openwave Systems ( OPWV). The Redwood City, Calif.-based maker of software for mobile devices dropped 20% to $1.86 on the departure of its chief financial officer, Jean-Yves Dexmier. He will be replaced by Anne Brennan, the vice president of finance, on an interim basis. Additionally, Openwave appointed Charles Levine as non-executive chairman of the board. He replaces interim chairman Robert Vrig, who will carry on as CEO. Following the announcement, JPMorgan downgraded the company to sell from neutral.
Also getting burned was casual dining chain Steak n Shake ( SNS). Shares of the Indianapolis-based company sank 15.8% to $7.98 on falling sales. Steak n Shake guided for a fiscal first-quarter loss ranging from 4 cents to 5 cents a share on revenue of $136 million. Analysts polled by Thomson Financial expect per-share gains of 5 cents on revenue of $141.1 million. The company further expects same-store sales, or sales from stores open at least a year, to decrease 9.5%.