Updated from 2:35 p.m. EST with new stock prices

Small-cap stocks saw some light Wednesday, rising along with the major indices to recapture some of Tuesday's losses.

Orckit Communications ( ORCT), a maker of telecom equipment based in Tel Aviv, Israel, jumped 16.2% to $7.89 after announcing its Corrigent Systems unit had landed a contract with Media Broadcast to supply network infrastructure components for Deutsche Telekom. Terms of the deal were not disclosed.

Meanwhile, shares of Irvine, Calif.'s Quality Systems ( QSII), which creates health-care information systems, screamed ahead 12.7% to $33.92 on earnings for the third quarter of its fiscal 2008. After the close Tuesday, the company announced a 29% year-over-year increase in profit to $11.2 million, or 40 cents a share, beating the average analyst expectation of 36 cents a share.

Also gaining on last night's earnings, Penson Worldwide ( PNSN) saw shares climb 16.9% to $11.67. The Dallas-based developer of securities and futures financial services products posted fourth-quarter income of $10.2 million, or 39 cents a share, vs. $7.7 million, or 30 cents a share, a year ago. The Street was looking for EPS of 35 cents.

Not every stock joined the rally. Among the day's losers was Southborough, Mass.-based Double-Take Software ( DBTK). The data-protection software company reported fourth-quarter earnings, posting non-GAAP earnings of $6.8 million, or 29 cents a share, compared with $6 million, or 28 cents a share, a year ago. Analysts had forecast 17 cents a share. Double-Take shares shed 26.7% to $11.21.

CommVault Systems ( CVLT) also fell on earnings. For the third quarter of its fiscal 2008, the Oceanport, N.J, developer of data-management software reported pro forma earnings of $6.9 million, or 15 cents a share, up from $4.6 million, or 10 cents a share, in 2007. The quarter was in line with Wall Street's prediction, but Commvault lowered its EPS forecast for the year to between 56 cents and 58 cents a share. Analysts expect earnings on the high end of that forecast. The stock fell 24.8% to $14.55.