Updated from 1:51 p.m. EDT

Small-cap stocks hesitantly set forth into positive territory in step with the broader market Thursday.

Shares of NextWave ( WAVE), a developer of mobile multimedia and wireless broadband products based in San Diego, Calif., swelled 41.1% to $6.70. The company announced its intention to sell its spectrum holdings in the U.S. The company, which has licenses and lease rights for a total of 4.7 billion MHz/pops of spectrum, has retained Deutsche Bank and UBS to explore a possible sale.

Meanwhile, King of Prussia, Pa.'s GSI Commerce ( GSIC) jumped 23.6% to $14.07. The provider of services for e-commerce, multichannel retailing and interactive marketing reported a first-quarter loss of $9.6 million, or 20 cents a share, vs. a loss of $2.3 million, or a nickel a share, a year ago. Analysts polled by Thomson Financial were looking for a 24-cent per-share loss.

Computer systems and software maker Mercury Computer Systems ( MRCY) saw shares climb 17.9% to $7.63. After Wednesday's market close, the Chelmsford, Mass., company announced third-quarter fiscal 2008 non-GAAP income of $951,000, or 4 cents a share, vs. a loss of $2.5 million, or 11 cents a share, a year ago. Analysts had forecast a loss of a penny a share.

Among the losers, Calumet Specialty Products Partners ( CLMT), an Indianapolis company that produces and sells specialty hydrocarbon products, saw shares drop 22.3% to $14.26. The company announced a cash distribution decrease to 45 cents for the quarter ended March 31 from a previous 63-cent distribution.

Also falling, Monarch Casino & Resort ( MCRI), which through its subsidiary Golden Road Motor Inn owns and operates a tropically themed casino in Reno, Nev., gave up 20% to $13.81. The company announced first-quarter income of $2.3 million, or 12 cents a share, vs. $5.5 million, or 28 cents a share, a year ago. Analysts were looking for EPS of 20 cents.

Finally, Minneapolis bedmaker Select Comfort ( SCSS) reported a first-quarter loss of $7.1 million, or 16 cents a share, vs. a profit of $10.7 million, or 21 cents a share, a year ago. The Street had predicted EPS of 9 cents. Shares sagged 19.1% to $2.62.

More broadly, the Russell 2000 was up 1.3% to 717.07, and the S&P SmallCap 600 gained 1.4% to 377.68.