CapitalSource, Fisher, Pier 1: U.S. Small-Cap Equity Movers
The Russell 2000 Index dropped to the lowest since June 11, slipping 0.8 percent to 719.81. The Standard & Poor's 500 Index (SPX), whose companies have a median market value 22 times larger than the Russell 2000's, added less than 0.1 percent. The stock indexes have declined 6 percent and 10 percent, respectively, this year.
Circuit City Stores Inc. (CC US) fell the most since Dec. 21, losing 19 percent to $3.48. The electronics retailer that put itself up for sale last month was cut to ``sector perform'' from ``outperform'' by Pacific Crest Securities.
CapitalSource Inc. (CSE) dropped 12 percent, the most since Aug. 14, to $11.63. The lender that bought the banking business of bankrupt Fremont General Corp. said it sold mortgage- backed assets at a loss of $36.1 million this quarter.
Fisher Communications Inc. (FSCI) had the biggest gain since November 2001, adding 11 percent to $35.41. The Seattle- based owner of radio and television stations said it rejected an unsolicited takeover offer of $43 to $45 a share because it wasn't in the best interest of shareholders. The company didn't identify the bidder.
Goodrich Petroleum Corp. (GDP) jumped 14 percent, the most since May 30, to $70.19. The oil exploration company boosted its second-quarter production forecast and capital spending budget on expectations of increased drilling in the Haynesville Shale in West Louisiana.
LTX Corp. (LTXX US) had the steepest decline since August 2005, dropping 13 percent to $2.44. The maker of semiconductor- testing equipment agreed to merge with rival Credence Systems Corp. (CMOS US) amid increased competition to win contracts from Intel Corp. (INTC US) and other chipmakers.
Credence Systems added 5.6 percent to $1.32.
Oilsands Quest Inc. (BQI US) rose 7.4 percent to $6.70, the highest price since June 2006. CNBC ``Mad Money'' host Jim Cramer recommended the Calgary-based oil shale miner, saying the stock may be a ``real winner.''
Pier 1 Imports Inc. (PIR) lost 18 percent, the most since June 19, to $3.96. Goldman Sachs Group Inc. said the company's first-quarter loss reported last week was ``very disappointing.'' The results from the biggest U.S. retailer of imported furniture and its ``ill-fated'' bid for Cost Plus Inc. (CPWM US) are ``testing patience and judgment,'' the analysts wrote.
RCN Corp. (RCNI US) gained the most since March 25, adding 6.4 percent to $11.15. The cable television provider serving Boston, Chicago, New York, Philadelphia and Washington, may rise to $24 a share during the next three years, Barron's said, citing a Miller Tabak & Co. analyst.
To contact the reporter on this story: Lynn Thomasson in New York at firstname.lastname@example.org.
To contact the editor responsible for this story: Chris Nagi at email@example.com