Monday's Small-Cap Winners & Losers

Small stocks were generally flat Monday, mostly hanging on to the coattails of the least impressive major index -- the Nasdaq Stock Market -- as falling names like BPI Energy (BPG Quote) helped keep things close to the ground.

Shares of the coalbed-methane driller plummeted 21.6% to 98 cents on disappointing test results from a Northern Illinois Basin pilot well. Reservoir simulation found average net pay, gas content and gas saturation all to be well below basinwide averages.

China's JinPan International (JST Quote), which makes cast resin transformers for voltage distribution, sank 13.1% to $19.85 after reporting first-quarter income of 20 cents a share on $16.4 million revenue. The company didn't provided first-quarter results last year.

Broadcaster Gray Television (GTN Quote) posted a far-wider-than-expected loss (per Thomson Financial) of $11.3 million, or 24 cents a share, and video-technology developer Focus Enhancements (FCSE Quote) missed the Street's revenue estimates. Atlanta-based Gray was down 5.9% to $10.12; shares of Campbell, Calif.-based Focus dropped 5.7% to $1.33.

Elsewhere, Florida's Bankrate (RATE Quote) gave up 3.6% to $41.50 after a Citigroup analyst cut the bank-information Web site to hold from buy on valuation. Stanford Research likewise downgraded Insituform Technologies (INSU Quote) to hold, pushing shares of the Missouri-based construction company down 4.7% to $19.

Among leaping small-caps today, however, was the heavily traded AVI Biopharma (AVII Quote). The Oregon-based company inked contracts worth $7.1 million with the Department of Defense for development of drugs against potential bioterrorism agents. Shares lifted by 30 cents, or 10.8%, to $3.07.