Tuesday's Small-Cap Winners & Losers

Copernic and Evolving Systems bounce on contract wins.
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Copernic

(CNIC)

was among the biggest small-cap winners in a generally bullish session Tuesday.

Shares jumped 11.5% to $3.39 after the Canada-based search-engine operator inked an agreement with WinCorp Software for placement in its "virtual software stores." Copernic, formerly known as Mamma.com, says this will work to expand its retail presence, driving growth in sales volume and revenue. Terms weren't disclosed.

Evolving Systems

(EVOL) - Get Report

announced that Malaysia's "leading telecommunications carrier" has chosen its Tertio Service Activation product to support its fixed, mobile and broadband services. Shares of Evolving, an Englewood, Colo., provider of telecom services, climbed 8.6% to $1.89.

Luminent Mortgage Capital

(LUM)

, rode high after the troubled mortgage investor said it no longer has any outstanding balances under its warehouse lines of credit, nor any outstanding commercial paper liabilities.

Luminent also said it has a revolving line of credit with Arco Capital for up to $60 million, and expects to close its San Francisco office by year-end. Shares bounced 27 cents, or 16%, to $1.97 in heavier-than-usual trading.

On the downside, meanwhile, were a number of tech stocks issuing soft guidance.

EFJ

(EFJI)

shares plummeted 33% to $3.88 after the Texas communications equipment maker chopped $25 million off its 2007 revenue outlook. The company now sees revenue between $160 million and $170 million. Analysts polled by Thomson Financial had forecast a top line of $187.6 million.

Semiconductor firm

TranSwitch

(TXCC)

slashed its third-quarter sales estimate to $7 million to $7.4 million from a prior forecast of $9.3 million to $10.5 million. Analysts expected the Shelton, Conn., company to record $10 million in revenue. Shares lost 17% to $1.14.

And

Vignette

(VIGN)

projected third-quarter revenue short of expectations. The Austin, Texas, maker of content-management software also estimates revenue between $42 million and $44 million, compared with Wall Street's forecast projection $48 million.

The company forecast income of 16 cents to 21 cents a share, before items, compared with analysts' target of 19 cents. Shares slid 13% to $17.77.

More broadly, the Russell 2000 and the S&P SmallCap 600 tacked on 0.9% and 0.8%, respectively.