The Russell 2000 Index posted the biggest two-day gain this month, rising 1.5 percent to 721.23 at 1:34 p.m. in New York. The Standard & Poor's 500 Index, whose members have a median market value 22 times larger than the small-cap benchmark, added 0.8 percent. Both measures have fallen 5.9 percent this year.
Astec Industries Inc. (ASTE US) had the biggest gain since November 1991, jumping 18 percent to $37.53. The maker of road building equipment reported fourth-quarter earnings excluding some items that exceeded the average analyst estimate by 18 percent, according to Bloomberg data.
Ceradyne Inc. (CRDN US) had the steepest decline since October 1987, dropping 24 percent to $35.65. The maker of ceramic body armor for U.S. soldiers cut its 2008 forecasts after fourth- quarter earnings for the previous year missed analysts' estimates because of delays in a government contract.
China Techfaith Wireless Communication Technology Ltd. American depositary receipts (CNTF US) rose the most since November 2005, adding 25 percent to $6.55. The mobile-phone maker said it expects revenue of at least $48 million in the first quarter. That topped the average estimate of $42.9 million from analysts in a Bloomberg survey.
CollaGenex Pharmaceuticals Inc. (CGPI US) posted the biggest surge since September 1999, increasing 27 percent to $16.28. Galderma Pharma SA, the skin drug-making venture of L'Oreal SA (OR FP) and Nestle SA (NESN VX), agreed to buy CollaGenex for $420 million, or $16.60 a share, in cash to gain the Oracea treatment for rosacea.
Healthways Inc. (HWAY US) fell the most since its initial public offering in 1991, losing 34 percent to $30.05. The provider of disease-management services lowered its revenue and earnings forecasts for fiscal 2008. Healthways cited slower-than- projected enrollment in a program with one large health-plan customer and expectations that two previously anticipated contracts may not materialize this year.
Heidrick & Struggles International Inc. (HSII US) rose the most since May 2001, climbing 19 percent to $34.61. The executive-search firm said sales this year will be $650 million to $670 million. Seven analysts surveyed by Bloomberg predicted revenue of $620.3 million, on average.
K-Swiss Inc. (KSWS US) dropped 8.2 percent to $15.35, the lowest since May 2003. The shoe designer and manufacturer forecast profit of as much as 28 cents a share in the first quarter. That trailed the 33-cent average estimate from analysts in a Bloomberg survey.
Prana Biotechnology Ltd. American depositary receipts (PRAN US) surged 49 percent to $6.10, the highest since May 2004. The Australian drugmaker developing Alzheimer's disease medicines said an experimental treatment, PBT2, was shown in a study to be safe.
Stratasys Inc. (SSYS US) fell the most since Jan. 17, sliding 8.1 percent to $19.50. The company, which makes software used by the automotive industry to design prototypes, said it expects to earn as much as 89 cents a share this year. That's short of the 92-cent average estimate from analysts in a Bloomberg survey.
TeleTech Holdings Inc. (TTEC US) gained the most since Feb. 8, adding 13 percent to $23.06. The customer-service management provider said revenue in the fourth quarter was $373 million. That topped the average estimate of $371.9 million from analysts in a Bloomberg survey.
Tessera Technologies Inc. (TSRA US) dropped 35 percent to $23.93, the lowest since October 2004. The company's patent- infringement complaints against Motorola Inc. (MOT US), Qualcomm Inc. (QCOM US) and other chipmakers were put on hold while U.S. authorities review the patents.
TNS Inc. (TNS US) had the biggest advance since Aug. 7, climbing 10 percent to $18.16. The credit-card payment processor said revenue for this year will be $355 million to $363 million. That topped the average estimate of $349 million from analysts in a Bloomberg survey.