Updated from 1:50 p.m. EST with new stock prices

Small-cap stocks jumped ahead of the broader market Tuesday, spending some time in positive territory even as the major indices remained in the red.

PetMed Express ( PETS - Get Report), a vendor of medication for pets, jumped 21.2% to $13.30 on a rise in fiscal third-quarter earnings. The Pompano Beach, Fla.-based company reported income of $4.4 million, or 18 cents a share, vs. $2.8 million, or 11 cents a share, in the year-ago quarter. Analysts polled by Thomson Financial were expecting 14 cents a share.

Meanwhile, Seattle-based Getty Images ( GYI), jumped 12.9% to $24.78 on news that the creator and distributor of visual content had hired Goldman Sachs to review its strategy and help it explore strategic alternatives to enhance shareholder value.

On the losing side, Corinthian College ( COCO), a post-secondary education company, saw shares fall 30.7% to $7.55 on its announcement that reductions in loans for students with higher credit risk would reduce earnings. The Santa Ana, Calif.-based company cut 2008 earnings guidance to the lower end of its previous range of 40 to 45 cents a share.

Gun maker Smith & Wesson ( SWHC) dropped 20.5% to $4.00. Citing "an uncertain business environment," CEO Michael Golden announced the Springfield, Mass., company had suspended providing financial guidance for its fiscal 2008 ending April 30.

Also falling was Twin Disc ( TWIN - Get Report), a Racine, Wis., maker of off-highway power transmission equipment. For the second quarter of its fiscal 2008, Twin Disc posted earnings of $4.2 million, or 37 cents a share, down from $5.7 million, or 48 cent a share, in 2007. Shares sank 26.8% to $16.36.

More broadly, the Russell 2000 inched down a slight 0.2% to 671.57, and the S&P SmallCap 600 lost 0.02% to 350.52.