Bloomberg News

Concho, Inspire Pharmaceuticals: U.S. Small-Cap Equity Movers

June 06, 2008

The Russell 2000 Index fell the most since March, losing 3 percent to 740.37. The Standard & Poor's 500 Index (SPX), whose companies have a median market value 22 times larger than the Russell 2000's, declined 3.1 percent. The stock indexes have dropped 3.4 percent and 7.3 percent, respectively, this year.

Concho Resources Inc. (CXO:US) jumped 11 percent, the most since Aug. 3, to $36.11. 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:US) fell the most since February 2003, losing 19 percent to $4.71. The Spanish- language broadcaster was cut to ``hold'' from ``buy'' by analysts at Citigroup Inc.

Foundry Networks Inc. (FDRY US) lost the most since Jan. 30, dropping 7.3 percent to $12.80. Analysts at Bank of America Corp. cut the maker of computer-networking equipment to ``neutral'' from ``buy.''

Inspire Pharmaceuticals Inc. (ISPH US) surged the most since July 2003, gaining 35 percent to $5.19. The drug developer's experimental treatment denufosol was found to improve breathing in patients with cystic fibrosis.

Macrovision Solutions Corp. (MVSN US) rose the most since Jan. 10, adding 7.9 percent to $16.30. News Corp. (NWS US) sold its 19 percent stake in the software maker to several existing and new institutional shareholders, Macrovision said.

MRV Communications Inc. (MRVC:US) tumbled 24 percent, the biggest drop since April 2005, to $1.45. 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 15 percent, the most since May 1, to $4.26. The maker of communication equipment said it doesn't expect quarterly sales to meet analyst estimates because of fewer-than-expected government orders.

Tumbleweed Communications Corp. (TMWD US) surged 46 percent, the most since April 2001, to $2.58. 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.

To contact the reporter on this story: Lynn Thomasson in New York at lthomasson@bloomberg.net.

To contact the editor responsible for this story: Chris Nagi at chrisnagi@bloomberg.net


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Companies Mentioned

  • CXO
    (Concho Resources Inc)
    • $131.51 USD
    • 1.05
    • 0.8%
  • EVC
    (Entravision Communications Corp)
    • $4.35 USD
    • -0.17
    • -3.91%
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