The Russell 2000 Index (RTY) advanced for the first time this week, climbing 3.3 percent to 467.68 at 2:42 p.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, rose 2.9 percent. The indexes have declined 39 percent and 40 percent, respectively, in 2008.
AgFeed Industries Inc. (FEED) plunged 40 percent to $1.89 and earlier slipped to $1.68, the lowest price since December 2006. The Chinese hog and feed producer reported third-quarter profit, excluding some items, of 25 cents a share, missing the average analyst estimate of 32 cents a share, according to Bloomberg data.
Amag Pharmaceuticals Inc. (AMAG) surged 90 percent to $34.94 and earlier jumped 91 percent for the biggest intraday gain since December 1989. The U.S. Food and Drug Administration accepted its resubmitted application for approval of the drug ferumoxytol. Last month, the company's shares sank after the FDA requested more information on the drug.
Crocs Inc. (CROX) fell 44 percent to $1.06 and tumbled 58 percent earlier for the biggest intraday drop since its February 2006 initial public offering. The maker of colored plastic clogs predicted a wider loss than analysts estimated and forecast revenue that also trailed expectations.
KV Pharmaceutical Co. (KV/A US) tumbled 63 percent to $5.25 and plunged 65 percent earlier for the biggest intraday decline since December 1991. The maker of generic drugs estimated a loss of 6 cents a share in the fiscal second quarter, compared with analysts' average estimate for a 38-cent profit. The company also withdrew its full-year forecast.
MAP Pharmaceuticals Inc. (MAPP US) retreated 28 percent to $2.75 and earlier plunged 55 percent in the biggest intraday fall since its October 2007 initial public offering. The biopharmaceutical company reported a third-quarter loss of $1 a share, excluding some items. Analysts had an average estimate for a loss of 83 cents a share, according to Bloomberg data.
Perry Ellis International Inc. (PERY) dropped 31 percent to $3.64 and slumped 33 percent earlier for the biggest intraday loss since October 2000. The Miami-based maker of apparel and fragrances reduced its fiscal 2009 sales and profit forecasts.
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