Small-Cap Winners & Losers: Palm

Small-cap stocks were taking on gains alongside the broader markets early Friday. The Russell 2000 was tacking on 1.74% to 708.23, while the S&P SmallCap 600 was gaining 1.66% at 369.72.

Shares of UAL(UAUA Quote) were spiking higher by 21.5% to $8.51 in early trading action. The Chicago-based airline transportation firm was moving upwards alongside US Airways(LCC Quote), which saw early gains of 19.4% to $4.98. Crude oil prices carried on their decline in early commodities trading, and AirTran(AAI Quote) reported better-than-expected results for the second quarter. AirTran posted a net loss of $13.4 million, or 12 cents a share, from year-over-year net income of $42.1 million, or 42 cents a share.

Taking on losses today is Network Equipment Technologies(NWK Quote), dropping 29.8% to $2.66. The Fremont, Calif.-based manufacturer of voice and data telecommunications equipment was downgraded to hold from buy by Needham after the company reported less-than-expected earnings yesterday.

Palm(PALM Quote) tacked on 12% gains to $6.43 Tuesday. The technology firm, which specializes in mobile products, announced that it has sold its two-millionth Centro smartphone. Recently, TheStreet.com's Gary Krakow reported on Palm's putting the Centro on sale.

Getting slammed by downgrades was Zoran(ZRAN Quote); its shares were falling 16.9% to $1.62 early Tuesday. The Sunnyvale, Calif.-based digital solutions provider was downgraded to neutral from overweight at JP Morgan, downgraded to hold from buy at Lazard Capital and downgraded to buy from strong buy at Needham.

Entropic Communications(ENTR Quote) was feeling pain as its stock was punished 13.1% to $3.25. The San Diego-based developer of systems solutions for home entertainment was downgraded by Piper Jaffray to neutral from buy.