Small-cap stocks felt some pain Wednesday, dipping along with the major indices. The S&P SmallCap 600 fell 0.4% to 388.19, and the Russell 2000 dropped 0.5% to 745.46.

Among the down day's most trod-upon was Jamba ( JMBA), shares of which got juiced by 26% to $3.28 on earnings and a downgrade to hold from buy from Morgan Joseph. The Emeryville, Calif., smoothie stand reported fiscal third-quarter income of $22.4 million, or 40 cents a share, which included a pre-tax non-cash gain of $23.3 million, or 42 cents a share. Excluding this gain, the company lost $900,000, or 2 cents a share, which is narrower than the a year-ago loss of $19 million, or 92 cents a share, but shy of the penny-a-share loss analysts were expecting.

China Finance Online ( JRJC) likewise got pounded, dropping 19% to $24.04 after reporting third-quarter earnings that fell below analyst expectations. The Beijing financial reported income of $1.9 million, or 8 cents per American depositary share, compared to income of $557,000, or 3 cents per ADS, in the year-ago quarter. Two analysts polled by Thomson Financial expected earnings of 12 cents a share.

Some stocks, including China Precision Steel ( CPSL), managed to beat the trend and post gains. The Hong Kong outfit traded 17% higher to $5.05 after posting fiscal first-quarter results that included 141% top-line growth to $25.3 million. The company reported earnings of $2.9 million, or 8 cents a share, compared with 12 cents a share on the same income in the year-ago quarter. Gross profits were also up 37%, to $5.1 million.

Also rising on earnings was Woodcliff Lake, N.J.-based Par Pharma ( PRX). The generic-drug maker filed restated first- and second-quarter results today, sending shares up 8.5% to $19. Revised non-GAAP income for the first quarter ended March 31, 2007, was $28 million, or 80 cents a share, compared with $4.5 million, or 13 cents a share, in the year-ago quarter. New second-quarter results showed non-GAAP income of $9.3 million, or 27 cents a share, vs. $2.1 million, or 6 cents a share, in 2006. Par also increased EPS guidance for full-year 2007 to between $1.35 and $1.50 from between 95 cents and $1.10.

On reports of a breakthrough in stem-cell research that would sidestep the controversy that had plagued the business, shares of Palo Alto, Calif.-based StemCells ( STEM) were rising 18% to $2.13. Researchers announced that they can now produce stem cells without using eggs or embryos, reducing the impact of moral objections to the practice by some lawmakers and concerned groups.

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