Wednesday's Small-Cap Winners & Losers

Small-cap stocks moved tightly with the major indices Wednesday, delivering a slight afternoon recovery after a bumpy morning in the red.

Among the biggest gainers was Hawaii's Hoku Scientific (HOKU Quote), which jumped 9.4% to $4.67 on word its Hoku Solar subsidiary is entering negotiations to sell a solar-power system to Hawaii's main electric utility, Hawaiian Electric Co., for use at one of HECO's facilities. Hoku was chosen for this in what it calls a "competitive bidding process."

Wireless Facilities (WFII Quote) meanwhile bounced 7.4% at $1.60 on word LCC International (LCCI Quote) agreed to buy its U.S. Wireless Engineering business for $46 million total, including $17 million in cash on closing. LCC added 0.6% to $3.54.

As for positive analyst research, Sterne Agee sharply lifted True Religion Apparel's (TRLG Quote) rating to buy from sell, saying the Vernon, Calif., jeans maker could rake in far higher revenue for a strong second half via licensing agreements and new store openings, among other things. Shares leapt 13.5% to $17.50.

Wireless Facilities and True Religion helped push the Russell 2000 up 0.4% to 840.81 as the S&P SmallCap 600 gained 0.5% to 436.86.

An S&P SmallCap component, Daktronics (DAKT Quote), weighed on the index after the South Dakota-based company predicted fiscal first-quarter earnings of 9 cents to 16 cents a share, which leans to the lower end of Thomson Financial's analysts' consensus. Per-share earnings for the quarter ended April 28 also nearly halved to 9 cents, though analysts were seeking 8 cents. Shares of the company, which makes electronic scoreboards and other digital display equipment, retreated 2% to $24.62.