Wednesday's Small-Cap Winners & Losers

Updated from 2:35 p.m. EST with new stock prices

Small-cap stocks saw some light Wednesday, rising along with the major indices to recapture some of Tuesday's losses.

Orckit Communications (ORCT Quote), a maker of telecom equipment based in Tel Aviv, Israel, jumped 16.2% to $7.89 after announcing its Corrigent Systems unit had landed a contract with Media Broadcast to supply network infrastructure components for Deutsche Telekom. Terms of the deal were not disclosed.

Meanwhile, shares of Irvine, Calif.'s Quality Systems (QSII Quote), which creates health-care information systems, screamed ahead 12.7% to $33.92 on earnings for the third quarter of its fiscal 2008. After the close Tuesday, the company announced a 29% year-over-year increase in profit to $11.2 million, or 40 cents a share, beating the average analyst expectation of 36 cents a share.

Also gaining on last night's earnings, Penson Worldwide (PNSN Quote) saw shares climb 16.9% to $11.67. The Dallas-based developer of securities and futures financial services products posted fourth-quarter income of $10.2 million, or 39 cents a share, vs. $7.7 million, or 30 cents a share, a year ago. The Street was looking for EPS of 35 cents.

Not every stock joined the rally. Among the day's losers was Southborough, Mass.-based Double-Take Software (DBTK Quote). The data-protection software company reported fourth-quarter earnings, posting non-GAAP earnings of $6.8 million, or 29 cents a share, compared with $6 million, or 28 cents a share, a year ago. Analysts had forecast 17 cents a share. Double-Take shares shed 26.7% to $11.21.

CommVault Systems (CVLT Quote) also fell on earnings. For the third quarter of its fiscal 2008, the Oceanport, N.J, developer of data-management software reported pro forma earnings of $6.9 million, or 15 cents a share, up from $4.6 million, or 10 cents a share, in 2007. The quarter was in line with Wall Street's prediction, but Commvault lowered its EPS forecast for the year to between 56 cents and 58 cents a share. Analysts expect earnings on the high end of that forecast. The stock fell 24.8% to $14.55.