Small-Cap Winners & Losers: Circuit City

Updated from 2:32 p.m. EDT with new stock prices

Small-cap stocks followed the broader market on Wednesday, showing a slight drop by midday before beginning a small rebound. The Russell 2000 Index was down 2.8% to 672.10, while the S&P Small-Cap 600 was down 2.8% to 355.19 on the day.

Among the winners, Seattle-based medical device company Northstar Neuroscience (NSTR - Cramer's Take - Stockpickr) was up 22.7% to $1.84. On Wednesday, Tang Capital Partners announced a proposal to acquire Northstar for $2.25 per share.

Tengasco (TGC - Cramer's Take - Stockpickr), an oil and natural gas company out of Knoxville, Tenn., was down 1.3% to $2.90. The company announced early on Wednesday that it had finalized a deal to buy oil-producing properties and equipment from Black Diamond Oil. The deal is worth about $5.35 million.

Rising was digital image and design company Schawk (SGK - Cramer's Take - Stockpickr), based out of Des Plaines, Ill. The stock was up 13.8% to $12.60 on first-quarter earnings of $4.3 million, or 15 cents a share. Analysts polled by Thompson Financial were expecting EPS of 13 cents.

On the losing side was Israeli security software company Aladdin Knowledge Systems (ALDN - Cramer's Take - Stockpickr), down 34.2% to $8.72. This marks a four-year low for the company, which on Wednesday estimated second-quarter EPS of 1 cent, vs. analyst expectations of 27 cents.

Vehicle rental agency Avis Budget Group (CAR - Cramer's Take - Stockpickr) was down 22% to $5.69. The company announced on Wednesday that is sees second-quarter and full-year numbers coming in lower than analyst expectations.

Rounding out the drops was Circuit City(CC - Cramer's Take - Stockpickr). Shares were down 9% to $2.32 after Blockbuster (BBI - Cramer's Take - Stockpickr) announced it was dropping its $1 billion bid to buy the consumer electronics chain.