Thursday's Small-Cap Winners & Losers

On the losing side, FGX International Holdings (FGXI Quote), which designs nonprescription reading glasses and costume jewelry, lost 15.7% to $11. For the first quarter, the company announced a 14% increase in net income year over year to $2.2 million, or 10 cents a share. The company beat analysts' estimates, but guided below consensus for the second quarter. FGX expects EPS between 16 and 18 cents, below the Street's view of 19 cents.

Spokane, Wa.'s Gold Reserve (GRZ Quote) shares tumbled 14.4% to $2.38. The company announced that the Venezuelan Ministry of the Environment has announced it will rescind a March 2007 permit relating to its mining projects in the country. JPMorgan and RBC Capital Markets followed that news with downgrades to neutral from overweight and to underperform from outperform, respectively.