Adtran, PDF Solutions, ReneSola: U.S. Small-Cap Equity Movers
The Russell 2000 Index (RTY) snapped a two- day streak of losses, climbing 0.9 percent to 692.06. The Standard & Poor's 500 Index (SPX), whose companies have a median market value 22 times larger than the Russell 2000, gained 0.5 percent. The stock indexes have fallen 9.7 percent and 9.1 percent, respectively, this year.
Adtran Inc. (ADTN) rose 7.9 percent to $20.60, the highest since Feb. 1. The maker of network equipment for telecommunications companies said its board authorized the repurchase of 5 million common shares after a current program is completed.
Affymetrix Inc. (AFFX) dropped 33 percent to $10.95, the lowest since October 1998. The maker of tools used to analyze genes said its full-year revenue will be lower than previously forecast because of reduced research spending by pharmaceutical and industrial customers.
Avnet Inc. (AVT) declined 12 percent to $28.38, its steepest slide since October 2002. The distributor of electronic components such as motherboards reported third-quarter profit was smaller than it had forecast, dragged down by operations abroad.
Crocs Inc. (CROX) dropped 43 percent, the most since its February 2006 initial public offering, to $10.11. The maker of colorful clogs said it will fire its 600 Canadian plant workers after lowering annual earnings and sales forecasts as consumer spending slowed.
Novatel Wireless Inc. (NVTL) lost 22 percent to $7.76, the lowest since January 2004. The maker of wireless data-access cards for personal computers reported first-quarter profit and sales that missed its forecasts because of a product delay.
PDF Solutions Inc. (PDFS) fell to the lowest since its July 2001 initial public offering, sliding 24 percent to $4.30. The maker of software used to create chip designs cut its first-quarter revenue forecast to $20 million to $20.5 million in a statement yesterday. That's below analysts' estimate of $23.9 million.
RehabCare Group Inc. (RHB US) rose the most since July 2000, adding 16 percent to $15.99. Stifel Nicolaus upgraded the rehabilitation-services provider to ``buy'' from ``hold'' on expectations of improved earnings.
ReneSola Ltd. (SOL) American depositary receipts (SOL US) gained 15 percent to a record $14.96. The world's largest recycler of scrap wafers used in solar panels said it signed contracts to supply wafers to two Chinese solar companies.
Semiconductor Manufacturing International Corp. (981) American depositary receipts (SMI US) rallied the most since March 2004, rising 37 percent to $4.20. Shares of China's biggest chipmaker surged on speculation the company may sell a stake to a strategic investor, according to Pranab Kumar Sarmah, head of information technology and electronics research at Daiwa Institute of Research Ltd.
Sigma Designs Inc. (SIGM) dropped 25 percent to $15.67 for its biggest decline since February 1997. The maker of chips for Internet television set-top boxes and Blu-ray video players is poised to lose market share after Broadcom Corp. (BRCM US) won an order from Motorola Inc. (MOT US), Tristan Gerra at Robert W. Baird & Co. wrote in a note. The analyst reduced the share-price forecast to $26 from $30.
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