Concho, Entravision, Tumbleweed: U.S. Small-Cap Equity Movers
The Russell 2000 Index fell the most in a month, losing 1.7 percent to 750.20 at 10:14 a.m. in New York. The Standard & Poor's 500 Index (SPX), whose companies have a median market value 22 times larger than the Russell 2000's, declined 1.4 percent. The stock indexes have dropped 2 percent and 5.7 percent, respectively, this year.
Concho Resources Inc. (CXO) jumped 14 percent, the most since the shares began trading in August, to $37.08. The oil and natural-gas company operating in four U.S. states agreed to buy assets in Texas and New Mexico from privately held Henry Petroleum for $565 million in cash to expand in the Permian Basin.
Entravision Communications Corp. (EVC) fell the most since November 2002, losing 20 percent to $4.66. The Spanish- language broadcaster was cut to ``hold'' from ``buy'' by analysts at Citigroup Inc.
MRV Communications Inc. (MRVC) tumbled 22 percent, the biggest drop since April 2005, to $1.48. The maker of fiber-optic equipment said it may restate its financial statements from 2002 through the first quarter of 2004 after an investigation into its stock option grants.
Network Equipment Technologies Inc. (NWK US) plunged 17 percent, the most since May 1, to $4.15. The maker of communication equipment said it doesn't expect quarterly sales to meet analyst estimates because of fewer-than-expected government orders.
Quiksilver Inc. (ZQK) climbed 3.7 percent to $9.71, the highest since May 16. The maker of the namesake surfing and snowboarding gear reported second-quarter profit from continuing operations of 30 cents a share, more than the 1-cent average estimate of analysts surveyed by Bloomberg.
Tumbleweed Communications Corp. (TMWD US) surged 47 percent, the most since April 2001, to $2.60. Sopra Group SA, a French computer consultant, agreed to buy the maker of security software for about $138 million to expand in the U.S. Sopra will pay $2.70 per Tumbleweed share, the Paris-based company said in a statement.
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