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Tuesday's Small-Cap Winners & Losers

Updated from 2:11 p.m. EDT

Layne Christensen (LAYN) shares were leaping Tuesday after the construction company more than doubled its fiscal fourth-quarter income year over year to $6.7 million, or 42 cents a share, on revenue that climbed 31.6% from last year to $193.1 million. Analysts polled by Thomson Financial were seeking 21 cents a share on $158.9 million in sales. Shares of the Kansas-based firm were up $2.81, or 7.6%, to $39.80.

Cell Genesys (CEGE) shares jumped after a midphase trial showed its Gvax prostate-cancer immunotherapy to induce a median survival rate of 35 months in about a quarter of the test population -- those patients receiving dosage similar to that being used in ongoing late-phase testing. A prior midphase trial's results had indicated 26.2-month median survival rate.

The California-based company noted that the current standard of care -- Taxotere chemotherapy plus prednisone -- yielded only 18.9-month median survival in published results. Shares rose $1.39, or 32.3%, to $5.70.

New Jersey's J&J Snack Foods (JJSF), which makes Luigi's Italian Ices and licenses the Minute Maid brand name, gained after it bought Whole Food Sorbet and Fruit-A-Freeze Frozen Fruit Bar brands and related assets from CoolBrands International. Terms weren't disclosed. Shares were up 63 cents, or 1.6%, to $40.11.

Iridex (IRIX), on the other hand, was plummeting some 20.9% after the medical-equipment maker swung to a fourth-quarter loss of $3.8 million, or 48 cents a share, compared with a nickel-a-share gain last year. Sales shed 13.3% year over year to $9 million, though this roughly meets two analysts' targets.

The Mountain View, Calif., company also said its current liquidity and capital resources are likely insufficient for planned operations over the coming year. The company's auditors have accordingly expressed "substantial doubt as to [Iridex's] ability to continue as a going concern" in its year-end filing. Shares were off $1.85 to $7.01.

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