Friday's Small-Cap Winners & Losers

Pinnacle Airlines (PNCL) soared more than 50% after the Memphis-based carrier announced an amended agreement to remain a partner with bankrupt Northwest Airlines(NWACQ) through at least 2017. Pinnacle will also receive a $377.5 million unsecured claim in connection with Northwest's bankruptcy proceedings. The money settles "all claims that Pinnacle may have against Northwest." Shares were trading up $5.48 to $16.18.

SciClone Pharmaceuticals (SCLN) jumped after the California-based company and its partner Sigma-Tau announced positive results from an early trial of the drug Zadaxin for the treatment of skin cancer. Shares were climbing 94 cents, or 42%, to $3.20.

Rewards Network (IRN), which sells marketing and loyalty programs to the restaurant industry, gained after it settled a lawsuit with certain California restaurants participating in its dining credits purchase plan from May 2000 through December 2004. The Chicago-based company will pay those restaurants up to $26 million to $28 million in cash and airline miles in three installments from 2007 through 2009, and will absorb some other related expenses. Total costs are expected to range between $30 million and $34 million, before taxes. Shares were up $1.21, or 21.1%, to $6.94.

Florida's Applica(APN) rose after Nacco(NC), which has been attempting to buy the household-appliance distributor, upped its offer by 50 cents to $7 a share. Last week, privately held Harbinger Capital Partners matched Nacco's $6.50-a-share bid for the company, and Applica accepted the offer. Applica shares were up 55 cents, or 8.3%, to $7.20. Nacco shares were losing $2.23, or 1.6%, to $139.

Government-services company Maximus (MMS) dropped after it announced that it had begun arbitration against Accenture (ACN), with which it has a subcontract in connection with the Integrated Eligibility and Enrollment Services program. Shares were falling $2.79, or 8.7%, to $29.37.

Electroglas (EGLS) losses narrowed in the second fiscal quarter, but not by enough to meet expectations. The San Jose, Calif.-based semiconductor-equipment maker posted a loss of $3.2 million, or 12 cents a share, on revenue of $12.6 million in the latest quarter. This compares with a year-earlier loss of $5 million, or 23 cents a share, on revenue of $10 million. But the analyst following the company, according to Thomson Financial, was looking for a per-share loss of only 8 cents. Electroglas also projected fiscal third-quarter revenue between $10 million and $12 million, which would, again, fall short of two analysts' $15.6 million consensus. Shares were down 16 cents, or 6.1%, to $2.47.

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