Monday's Small-Cap Winners & Losers

CanArgo Energy (CNR Quote) surged after the company announced promising findings in a Georgian appraisal well. The oil and gas company, currently running operations in Georgia and Kazakhstan, drilled Cretaceous-aged rock to a total depth of 16,762 feet. A preliminary analysis indicated "a potentially significant hydrocarbon column in the well with no definitive presence of a hydrocarbon-water contact. The company expects initial testing on the well to be complete by year-end. Shares were trading up 23 cents, or 17.8%, to $1.52.

DynCorp International (DCP Quote) rocketed after the Falls Church, Va.-based company announced that its Global Linguistic Solutions joint venture had won a $4.6 billion translation services contract with the U.S. Army and other government agencies in connection with the Iraq war. McNeil Technologies is DynCorp's partner in the venture. Shares were gaining $2.68, or 19.3%, to $16.59.

Bucyrus International (BUCY Quote) shares were leaping after the mining-equipment maker announced it would buy Germany's DBT GmbH, a subsidiary of RAG Coal International, in a $731 million cash and stock deal. Shares were up $6.01, or 14.1%, to $48.74.

Embarcadero Technologies (EMBT Quote) plummeted on two pieces of bad news. The San Francisco-based software maker said it had terminated its pending $234 million merger agreement, first announced in September, with private equity group EMB Holding. In addition, the company followed up on its recent review of past stock option practices and confirmed that it would need to restate its results from Jan. 1, 2000, through Dec. 31, 2005. Shares were losing $1.27, or 18.2%, to $5.70.