Wednesday's Small-Cap Winners & Losers

Telestone Technologies climbs on a rise on fourth-quarter earnings.
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Telestone Technologies

(TSTC)

soared nearly 19% on impressive fourth-quarter results. The China-based wireless-communications company earned $1.6 million, or 19 cents a share, compared with year-ago profits of $1.4 million, or 17 cents a share. Revenue rose to $7.4 million from $5.5 million last year. Shares were gaining $1.45 to $9.14.

Apparel chain store

Stein Mart

(SMRT) - Get Report

said it earned $21.1 million, or 48 cents a share, for the quarter ended Feb. 3. This is flat year over year, even with an extra week that added on another 4 cents a share; but analysts polled by Thomson Financial were only looking for 41 cents a share.

Looking ahead, the Jacksonville, Fla., company expects next-quarter same-store sales to sustain a mid-single-digit increase, which would result in earnings of between 21 cents and 23 cents -- in line with two analysts' estimates. Shares were up $1.12, or 7.9%, to $15.24.

WSI Industries

(WSCI) - Get Report

jumped after the Monticello, Minn., outfit doubled its per-share earnings for the quarter ended Feb. 25. The company, which sells metal components and services to aerospace and other industries, said it earned $155,000, or 6 cents a share, on sales that climbed 24% from last year to $4.4 million. Shares were rising 50 cents, or 14.8%, to $3.88.

Golden Star Resources

(GSS) - Get Report

got a lift after announcing it had begun mining a gold project in Ghana with a previously announced 219,500-ounce mineral reserve. Shares of the Littleton, Colo., company were climbing 22 cents, or 5.6%, to $4.16.

Pro-Pharmaceuticals

(PRW)

plummeted after the Newton, Mass., drugmaker said it will issue about 5.2 million new shares at 75 cents apiece in exchange for most of the convertible debentures currently held by investors. This represents a 29% discount to Tuesday's closing price. The company also said it cut the associated warrants' exercise price to $1 each from $3.35 previously; and if all if these are exercised, 5 million more newly minted shares will result. Pro-Pharma stock was losing 22 cents, or 20.8%, to 84 cents.

Canada's

Hydrogenics

(HYGS) - Get Report

, which makes power-generation products, widened its fourth-quarter losses to $22.1 million, or 24 cents a share, from dime-a-share losses last year. This widely misses the mean Street target, which called for a 9-cent per-share loss. Shares were down 7 cents, or 6.7%, to 97 cents.

Biotech

Diversa

(DVSA)

lost ground after announcing it will offer $75 million in convertible senior bonds, with an initial-purchaser's option for another $11.3 million worth to cover any overallotments. The San Diego-based company said proceeds will be put toward expansion of its biofuels business -- including possible construction of an ethanol facility pending a successful merger with Celunol -- as well as its specialty enzyme business. Shares were off 42 cents, or 6.3%, to $6.20.

ProQuest

(PQE)

slid after reporting the

New York Stock Exchange

will delist its stock before the market open on March 28 because the company doesn't expect to finish a restatement of its 2005 year-end financials on time. The Ann Arbor, Mich., education-products maker expects to trade on the Pink Sheets. Shares were sinking 55 cents, or 6.1%, to $8.45.