Small stocks generally trailed two of the major indices Monday -- the Dow Jones Industrial Average and the S&P 500 -- and among the biggest losers was China GrenTech ( GRRF).

The wireless-products maker posted a first-quarter loss of 23 cents per American depositary share -- a penny wider than what the Street was expecting, according to Thomson Financial. Shares slid 7.8% to $10.60.

Catuity ( CTTY) plummeted 25.8% to $1.67 after it reported a loss of $1.5 million, or 64 cents a share, which was 30.6% wider than last year's per-share loss. The Virginia-based gift-card-processing purveyor also reported 12.8% lower revenue at $419,000.

Syntax-Brillian ( BRLC) slid another 8.4% to $6.41 one trading day after the high-definition-TV maker announced a $172 million stock offering. The Tempe, Ariz., company filed for the offering today and said it will consist of 25.6 million shares, as well as an underwriters' option for up to 3.8 million more.

On the other hand, Critical Therapeutics ( CRTX) was among the day's biggest small-cap winners. The Lexington, Mass., biotech rocketed 61.2% to $2.66 after the Food and Drug Administration approved Perforomist, a treatment for emphysema and chronic bronchitis developed by its co-promotion partner, Dey, an affiliate of Merck KGaA.

Broker First Albany ( FACT) announced it will get a $50 million equity investment from private-equity firm MatlinPatterson, and that CEO Peter McNierney will shift to become chief operating officer while the CEO role is assumed by Lee Fensterstock. Shares jumped 15.6% to $1.85.

Elsewhere, PetMed Express ( PETS - Get Report) shot up 12.7% to $12.52 after the Florida-based pet-medication distributor edged out Wall Street income targets, earning 15 cents a share in the quarter ended March 31. Analysts were seeking 14 cents a share.

Semiconductor company DSP ( DSPG), based in Santa Clara, Calif., was 14% higher at $20.30 after saying it will buy NXP Semiconductors's Cordless & VoIP (voice-over Internet protocol) terminals business for $270 million in cash and newly minted stock, as well as another possible $75 million contingent upon future revenue performance. The deal will likely close in the third quarter and should be accretive to DSP's per-share earnings starting in 2007.

Meanwhile, Atlanta's PRG-Schultz ( PRGX) swung to a profit of $1.5 million, or 13 cents a share, compared with last year's $1.66 per-share loss. The recovery-audit-services firm gained 12.4% to $16.01.

As for broad trackers, the Russell 2000 Index lost 0.9% at 822.33, and the S&P SmallCap 600 was down 0.7% to 427.62.