Updated from 12:59 p.m. EDT with new stock prices

Small-cap stocks experienced mixed trading Wednesday, recovering from an early dip along with the broader market only to trade back toward the baseline.

Shares of Warren, N.J.'s Anadigics ( ANAD), a provider of semiconductor solutions to broadband wireless and wireline communications markets, shot up 33.1% to $11.09. The company after Tuesday's market close reported first-quarter pro forma income of $9.2 million, or 15 cents a share, vs. $3.7 million, or 8 cents a share, a year ago. Analysts polled by Thomson Financial were looking for 10 cents a share. Anadigics also forecast second-quarter revenue between $77 million and $79 million and earnings per share between 16 cents and 17 cents. The Street is looking for $73 million in revenue and profit of 13 cents a share.

Meanwhile, Green Bankshares ( GRNB) climbed 21.9% to $19.35 on first-quarter earnings. The Greeneville, Tenn.-based holding company for GreenBank posted first-quarter income of $7.2 million, or 56 cents a share, vs. $5.6 million, or 57 cents a share, a year ago. Analysts were looking for 47 cents a share. Stifel Nicolaus upgraded the stock to buy from hold.

Southport, Conn., fire-arms maker Sturm, Ruger ( RGR) saw shares rise 19% to $8.71. The company announced first-quarter earnings of $1.5 million, or 7 cents a share, down from $8.1 million, or 36 cents a share, a year ago. In spite of the year-over-year decline in earnings, CL King upgraded the stock to accumulate from neutral.

Arkansas Best ( ABFS), a Fort Smith, Ark., trucker, jumped 16.2% to $36.54 on first-quarter earnings. The company announced a 78% year-over-year increase in income to $8.5 million, or 34 cents a share, 16 cents ahead of the consensus EPS estimate. Morgan Keegan upgraded the stock to outperform from neutral.

On the losing side, Rimage ( RIMG) lost 24.4% to $17.70 on an earnings miss. For the first quarter, the Minneapolis maker of digital publishing and duplication systems said it made $1.8 million, or 18 cents a share, vs. $2.1 million, or 20 cents a share, in the year-ago period. Two analysts surveyed by Thomson Financial were expecting EPS of 26 cents.

Also falling, Buckeye Tech ( BKI), a Memphis-based vendor of cellulose-based products made from wood and cotton, slipped 19.9% to $8.69. The company forecast first-quarter earnings between 24 cents and 27 cents a share. The Street is looking for 31 cents a share.

More broadly, the Russell 2000 was up 0.6% to 708.13, and the S&P SmallCap 600 gained 0.4% to 372.48.