The Standard & Poor's SmallCap 600 Index edged up Thursday, led by Perry Ellis International Inc. whose first-quarter results exceeded expectations, sending its stock soaring.
The index _ which tracks stocks with a market capitalization between $300 million and $2 billion _ gained 1.97 points to 386.60.
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.
Apparel maker Perry Ellis surged $3.41, or 14.4 percent, to $27.87. The Miami-based company said its first-quarter profit fell 4 percent to $9.1 million, or 60 cents per share, but the results bested analyst estimates by a nickel per share.
Children's Place Retail Stores Inc. jumped $3.34, or 11.9 percent, to $41.69 after the children's clothing retailer said its first-quarter profit rose 33 percent on the departure of its Disney Stores business and higher same-store sales.
Zale Corp. advanced $2.10, or 11.3 percent, to $20.74 after the specialty jeweler posted a fiscal third-quarter loss in line with estimates.
Among the declining stocks, shares of Blue Coat Systems Inc. plunged after it said its fiscal fourth-quarter profit came in at 32 cents per share, well below analyst estimates. The networks security company's stock lost $5.45, or 24.1 percent, to $17.19 after hitting a fresh 52-week low of $16.20 earlier in the session.
Spectrum Brands Inc. declined 39 cents, or 8.3 percent, to $4.33. On Thursday, Moody's Investors Service said it placed its non-investment grade ratings on the personal products maker on review for a possible downgrade after it announced plans to sell its global pet business.
Oil & Gas services provider Oceaneering International Inc. lost $3.64, or 4.8 percent, to $71.97. The price of oil, often tied to shares of oil companies, pulled back slightly from record highs on Thursday.
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