Small-cap stocks put up strong numbers Wednesday, though they generally trailed behind the major indices. Canadian Solar ( CSIQ) powered up on unusually high volume. The China-based provider of solar technology vaulted 30% to $14.53 after posting third-quarter earnings of 2 cents a share, or $522,000, up a penny a share from a year ago. Analysts polled by Thomson Financial expected a loss of 2 cents a share. Also flying high was Reno, Nev.-based Altair Nanotech ( ALTI). The company announced that a recently signed U.S. defense bill would allocate $7 million in federal funding to its sensor and energy-efficient battery projects. Shares rocketed 6.7% to $4.14. Shares of China Direct ( CDS) lifted 10.5% to $9.55 thanks to solid third-quarter earnings. The Boca Raton, Fla.-based company, which provides management and consulting services to Chinese businesses, swung to a profit on revenue that skyrocketed to $44 million. The revenue explosion yielded EPS of 16 cents, or $3 million, up from a loss of 2 cents a share in the year-ago quarter. Meanwhile, Hackensack, N.J., outsourcing-services provider Innodata Isogen ( INOD) saw shares vault 45% to $5.78 on third-quarter earnings and raised guidance for the fourth quarter. Revenue growth of 74% fueled earnings of 8 cents a share, or $2.1 million, compared with a loss of 9 cents a share in third quarter 2006.
MedCath ( MDTH), a hospital operator based in Charlotte, N.C., stumbled 17% to $21.90 after a disappointing fiscal fourth-quarter report. Continuing-operations earnings were cut nearly in half from last year to 12 cents a share on shrinking revenue of $158.6 million. Analyst estimates predicted EPS of 31 cents, excluding items, on $169.3 million in revenue. Also in the doghouse was Fairport, N.Y., phone-book publisher GateHouse Media ( GHS). The company posted a continuing-operations loss of $9.5 million, or 18 cents a share, compared with a per-share loss of 49 cents in the year-ago quarter. Analysts expected EPS of 2 cents, less extraordinary items. Shares slipped 12.5% to $10.28.