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On Friday, small-cap stocks hovered around the baseline, trailing behind the broader market. Upgrades as well as earnings from specialty retailers prompted many of the day's big moves.

On the winning side,

Quanta Capital


shares skyrocketed 40% to $2.64 on news that the Hamilton, Bermuda-based provider of life insurance, reinsurance, risk assessment and risk technical services announced that Catalina Holdings would buy it for $197 million, or $2.80 a share, in cash.

Meanwhile, business software company

Wind River Systems

( WIND) climbed 18% to $10.55. The Alameda, Calif.-based firm reported a first-quarter non-GAAP profit of $7.6 million, or 9 cents a share, vs. $3.1 million, or 4 cents a share, a year ago. Analysts surveyed by Thomson Reuters were expecting EPS of 2 cents.


( FIRE), a provider of enterprise threat management solutions, rejected a buyout offer from privately held Barracuda Networks. Barracuda had offered $7.50 a share for the Columbia, Md., company. Shares of Sourcefire added 15% to $7.63.

Foothill Ranch, Calif.'s

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Wet Seal

( WTSLA), an apparel retailer headquartered in Foothill Ranch, Calif., tacked on 6.3% to $4.55. Wet Seal reported first-quarter earnings of $8.9 million, or 9 cents a share, vs. $7.6 million, or 7 cents a share, in the year-ago quarter. The Street was looking for 7 cents a share. The company guided for second-quarter EPS between 8 cents and 10 cents, ahead of the consensus estimate of 7 cents a share. JPMorgan upgraded the stock to overweight from neutral.

JPMorgan upgraded Savannah, Ga.-based apparel retailer

Citi Trends

(CTRN) - Get Citi Trends, Inc. Report

to overweight from neutral, and shares popped 14.7% to $22.07.

On the losing side,

Sigma Designs


, a Milpitas, Calif.-based fabless chipmaker, was downgraded by Roth Capital, RBC Capital Markets and Lazard Capital to hold-equivalent from buy-equivalent ratings. Sigma had late Thursday reported non-GAAP first-quarter fiscal 2009 income of $11.7 million, or 40 cents a share, vs. $8.5 million, or 32 cents a share, a year ago. Analysts were looking for EPS of 42 cents.

More broadly, the Russell 2000 gained 0.3% to 748.26, and the S&P SmallCap 600 gained 0.4% to 394.74.