Frontier Airlines, Revlon, Zoran: U.S. Small-Cap Equity Movers
The Russell 2000 Index (RTY) had the biggest drop in two months, losing 2.7 percent to 688.16. Today's declines capped the measure's 3.6 decline for the week. The Standard & Poor's 500 Index (SPX), whose companies have a median market value 22 times larger than the Russell 2000, slumped 2 percent today. The stock indexes have fallen 10 percent and 9.2 percent, respectively, this year.
Frontier Airlines Holdings Inc. (FRNT US) tumbled the most since its May 1994 initial public offering, falling 69 percent to 48 cents. The U.S. discount carrier that serves 70 destinations from Denver filed for bankruptcy, becoming the fourth U.S. airline to seek court protection in less than a month. Standard & Poor's said it will be removed from the S&P 600 Smallcap Index.
Intervoice Inc. (INTV US) fell the most since June 2004, dropping 16 percent to $6.81. The maker of speech-recognition systems reported profit of 8 cents a share in the fourth quarter. The average estimate from analysts was 11 cents, according to a Bloomberg survey.
Ixia (XXIA) had the steepest plunge since January 2006, dropping 18 percent to $6.34. The maker of Internet networking equipment said first-quarter profit excluding some items will be between 3 cents and 4 cents a share. That's less than the company's previous forecast for earnings of as much as 7 cents a share.
PDL BioPharma Inc. (PDLI) rose the most since December 2003, gaining 17 percent to $13.69. The developer of technology to make cancer drugs more effective said it will spin off and separately list its biotechnology business, paying shareholders a special $500 million dividend.
Pharmacopeia Inc. (PCOP US) dropped 11 percent to $3.20, a two-year low. The biotechnology company said Leslie J. Browne resigned as chief executive officer to pursue other interests.
Power-One Inc. (PWER) fell the most in five years, sliding 16 percent to $2.80. The maker of power-conversion products for communications gear said its preliminary first-quarter loss was wider than the company predicted.
Revlon Inc. (REV) fell the most since March 20, losing 3.1 percent to 99 cents. The cosmetics maker controlled by financier Ronald Perelman posted a first-quarter net loss of about $5 million and plans a 1-for-10 reverse stock split.
TriMas Corp. (TRS) fell the most since March 19, losing 6.1 percent to $5.59. The maker of trailer hitches and bicycle racks said its chief financial officer would resign. Separately, the stock was downgraded to ``neutral'' from ```buy'' by Merrill Lynch & Co.
Triad Guaranty Inc. (TGIC US) rose the most since April 7, climbing 16 percent to $2.55. The mortgage insurer said it continues to sell policies and is in discussions with investors and may create a new company by June 30. The company in an April 1 filing said it might have to stop selling coverage because it lacked capital after losses. Ratings companies then cut their assessment of Triad's credit and claims-paying ability.
TriZetto Group Inc. (TZIX US) jumped the most since December 2004, advancing 15 percent to $20.39. The provider of Internet hosting and Web-based software for health-care clients agreed to be bought for $1.4 billion by funds advised by Apax Partners, a private-equity firm with $35 billion under management.
Zoran Corp. (ZRAN US) fell the most since Jan. 29, losing 11 percent to $12.81. The maker of software and chips for digital audio and video products was cut to ``underperform'' from ``buy'' by analyst Adam L. Benjamin at Jefferies Group Inc.
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