Wednesday's Small-Cap Winners & Losers

Small-cap stocks were mostly trading higher Wednesday as investors processed another round of earnings reports.

Shares of Minneapolis casual dining entity Buffalo Wild Wings (BWLD Quote) soared 22% to $31.55. The company announced in-line earnings per share of 36 cents, vs. 31 cents a year ago. The EPS figure included a 2-cent charge related to restaurant relocations. The company also guided for a 25% increase in net income for 2008. KeyBanc Capital Markets and Cowen both upgraded the stock to buy and outperform ratings, respectively.

Also rising, Align Technology (ALGN Quote), which offers the Invisalign treatment for crooked teeth, jumped 18% to $12.18. Barrington Research upgraded the Santa Clara, Calif., company to market perform from underperform after a solid earnings beat. The company announced first-quarter profit of $5.3 million, or 7 cents a share, vs. $7 million, or 10 cents a share, a year ago. Analysts were looking for EPS of 3 cents.

Computer systems maker RadiSys (RSYS Quote) shot up 21% to $9.83. The Hillsboro, Ore.-based firm announced non-GAAP first-quarter income of $57,000, or breakeven a share, for the first quarter, vs. a profit of $702,000, or 3 cents a share, a year ago. Analysts polled by Thomson Financial were looking for a per-share loss of a penny. The company also forecast non-GAAP second-quarter EPS between 6 cents and 11 cents. The Street is looking for earnings at the low end of that range.

Tronox (TRX Quote), which makes titanium dioxide pigment, climbed 22% to $3.53 after narrowing its loss to $200,000, or a 3 cents a share, from $9.4 million, or 22 cents a share, a year ago. Revenue increased to $349.1 million from $339.1 million a year ago.

Among the losers, Crystallex (KRY Quote) shares plummeted 46% to 90 cents. Shares stopped trading briefly before the Toronto miner of Venezuelan gold announced that Venezuela's Ministry of the Environment and Natural Resources has denied a request for authorization to carry out exploration activities in the Las Cristinas mining area, where Crystallex hopes to continue development.

Shares of Savvis (SVVS Quote), a Town & Country, Mo., provider of information technology services, lost 23% to $14.31. The company suffered a triple downgrade from Lehman Brothers, Jeffries and Kaufman Brothers to hold-equivalent ratings after forecasting 2008 revenue between $840 million and $870 million, below the consensus estimate of $905.5 million.