Wednesday's Small-Cap Winners & Losers

Ballard Power Systems(BLDP Quote) was one of Wednesday's small-cap winners, as the Canadian company signed an agreement valued at $22 million with General Hydrogen. Ballard will supply 2,900 Mark 9 SSL fuel cells. With the deal, Ballard said it has exceeded its goal of shipping or booking 300 Mark 9 SSL units in 2006. Shares were trading up 68 cents, or 12.1%, to $6.29.

Bell Microproducts(BELM Quote) gained after the San Jose, Calif., network-storage products company was upgraded by Robert W. Baird to outperform from neutral. Shares were trading up 41 cents, or 7.5%, to $5.85.

Barnwell Industries(BRN Quote) surged 12.9% after the Honolulu-based oil and natural gas company's largest shareholder, Mercury Real Estate Advisors, called upon Barnwell to evaluate strategic alternatives, including the sale of its energy division, and implement a share-buyback program immediately. In a letter to Barnwell, Mercury Real Estate executives praised the energy company for its preliminary success unlocking the value of its real estate holdings in Hawaii and its oil and gas business in Canada.

"Although there remains substantial unrealized value in these assets," the letter states, "we believe the company's current corporate structure, egregious executive compensation and disparate business divisions are fundamentally flawed." Mercury Real Estate Advisors is an affiliate of Mercury Partners LLC, a real estate investment management company based in Greenwich, Conn. Shares of Barnwell Industries were trading up $2.46, to $21.45.