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)

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)

, which saw early gains of 19.4% to $4.98. Crude oil prices carried on their decline in early commodities trading, and

AirTran

(AAI)

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)

, 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)

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)

; 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) - Get Report

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.

This article was written by a staff member of TheStreet.com.