Shares of CPI Corp. posted the sharpest gain on the Standard & Poor's SmallCap 600 Index after the portrait and photography company said it under-reported its fiscal fourth-quarter results.
At around noon, the S&P SmallCap 600 Index gained 2.89 points to 391.38.
CPI Corp. gained $1.85, or 10.1 percent, to $20.13. After the end of trading Tuesday, CPI said it overstated its operating expenses when it released its fourth-quarter earnings April 15 and adjusted its per-share profit to $2.44 from $2.35.
Shares of Pinnacle Entertainment Inc. added $1.04, or 7 percent, to $15.90 after the casino owner said it settled in its favor a lawsuit with two insurance companies over damage from Hurricane Katrina.
Shares of signal transmission device maker Belden Inc. jumped $2.70, or 7.6 percent, to $38.47.
Among the decliners, LCA Vision Inc. plunged $1.31, or 13.5 percent, to $8.71. Earlier in the session, the stock hit a 52-week low of $7.89. On Wednesday, the vision correction services provider said its board approved a reduction in its quarterly dividend to 6 cents per share from 18 cents per share.
Shares of Photronics Inc. gave up $1.04, or 9.9 percent, to $9.51. On Tuesday, the photomask maker said it swung to a second-quarter loss due to a tax settlement boost in the year-ago period.
Shares of Midwest regional bank Corus Bankshares Inc. tumbled 54 cents, or 8.7 percent, to $5.65.
The S&P SmallCap 600 Index tracks stocks with a market capitalization between $300 million and $2 billion. Small-cap companies make up about 3 percent of the total U.S. securities market, but are often cited as good investments due to their low valuations and potential to grow into big-cap stocks.
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