Today's Small-Cap Winners and Losers

M & F Worldwide(MFW Quote) was among the small-cap winners Monday after shares gained on the New York-based licorice-maker's first-quarter results. Revenue skyrocketed to $187.2 million from $24.1 million a year ago, and the company posted income of $10.4 million, or 53 cents a share, compared with $6.3 million, or 33 cents a share, a year ago.

M & F said the increase was primarily due to its acquisition of Clarke American, which accounted for $6.4 million of the increase. This was partially offset by interest on Mafco Worldwide's long-term debt incurred in connection with the acquisition of Clarke American. Shares rose $1.30, or 9.2%, to $15.40 in recent trading.

Emmis Communications(EMMS Quote) surged on news that chief Jeff Smulyan offered to take the Indianapolis-based radio company private in a deal that values it at $567 million. Smulyan offered $15.25 a share for the company, a 14% premium to Friday's closing price. Emmis' board named a special panel to consider the proposal.

Emmis also agreed to sell its WKCF-TV station in Orlando, Fla., and its KKFR-FM radio station in Phoenix for a total of $295 million. Hearst-Argyle Television(HTV Quote) will buy the Orlando station and Bonneville Holdings the Phoenix operation. Shares gained $3.15, or 23.5%, to $16.58 in recent trading.

Wheeling-Pittsburgh(WPSC Quote) gained after the Wheeling, W.V.-based steel maker was upgraded by KeyBanc Capital Markets to buy from hold and on news the company was in talks with Brazil's Companhia Siderurgica Nacional(SID Quote) over a strategic alliance in North America. The companies said the alliance could involve a minority investment in Wheeling-Pittsburgh, a long-term slab-supply arrangement and other strategic considerations. Shares were gaining $2.48, or 10.7%, to $25.57 in recent trading.