NEW YORK ( TheStreet) -- Shares of technology solutions provider Terremark Worldwide ( TMRK) were soaring 35% to $18.95 after Verizon ( VZ) said it will acquire the company for $1.4 billion in cash or $19 per share. Verizon expects to complete the acquisition by the end of the first quarter. Over 25 million shares of Terremark were changing hands on the Nasdaq. The deal news sent another small-cap technology service provider higher. Shares of Savvis ( SVVS) were gaining 16% to $30.88.
Medical devices company Accuray ( ARAY) saw its shares jump 23% to $8.45. The company swung to profit in the fourth quarter, reporting a net income of $4.1 million, or 7 cents per share, against a loss of $1.2 million or 2 cents per share in the same period last year. BPZ Resources ( BPZ), an oil company with operations in Peru said it had secured $40 million worth of financing from Credit Suisse, to help finance its capital expenditure for 2012. Shares were up 9% to $5.16. Shares of chipmaker Lattice Semiconductor ( LSCC) climbed 6.6% after it delivered better-than-expected results. The company said fourth quarter profit more than doubled to $13.9 million, or 11 cents per share, from $5.6 million, or 5 cents a share, a year earlier. Stocks of oil tankers were attracting unusual buying interest Friday. General Maritime ( GMR) saw its stock rise 12.3% to $3.28. Shares of Frontline ( FRO) and Overseas Shipholding ( OSG) were surging by 7.15 and 6.5% respectively. Market participants are attributing the rise in oil tanker stocks to the Egyptian crisis. If the Suez Canal is threatened, oil tankers will have to go around Africa, which means companies will probably charge more for their services. That, in turn, could lift profits. BancorpSouth ( BXS), Darling International ( DAR) and Evergreen Energy ( EEE) were among the other small-cap stocks heading higher on Friday afternoon. -- Written by Shanthi Bharatwaj in New York >To contact the writer of this article, click here: Shanthi Bharatwaj. >To follow the writer on Twitter, go to http://twitter.com/shavenk. >To submit a news tip, send an email to: firstname.lastname@example.org.
While the January Barometer is bullish for this year, the early gains in 2011 have been driven by a handful of sectors and significant event risk could drive higher levels of volatility in the months ahead.
Gregg Greenberg breaks down today's market action. Guests include Dan Plettner, portfolio manager at Covestor, David Levy, chairman of the Jerome Levy Forecasting Center and Ted McLyman, author of "Money Makes Me Crazy"