Small-cap stocks, along with the broader market, waffled near the baseline Thursday before an eventual rise. The Russell 2000 was up 0.6% at 740.68, and the S&P SmallCap 600 was up 0.5% at 390.73.

Among the day's big winners, Asia Time ( TYM), a distributor of watch-movement components based, jumped to new highs. The Hong Kong-based company reported first-quarter earnings of $2.4 million, or 8 cents a share, vs. $193,000, or a penny a share, a year ago. Revenue increased 74% year over year to $36.8 million. Shares climbed 30.5% to $6.50.

Also rising, oil and gas income trust Enterra ( ENT) surged 17% to $3.61. The Calgary, Canada-based company narrowed its first-quarter loss to $1.9 million, or 3 cents a share, from $62.8 million, or $1.12 a share, a year ago. The loss was due primarily to unrealized mark-to-market losses of $6.8 million, the company said.

Spartan Stores ( SPTN), a Grand Rapids, Mich., grocer, saw shares rise 12% to $23.79. For the first quarter, the company said it made $7.8 million, or 36 cents a share, vs. $6.8 million, or 32 cents a share, a year ago. Analysts were looking for 32 cents a share.

On the losing side, Yucheng Technologies ( YTEC), which provides information technology solutions and services for banking, fell 27% to $13.49. The Beijing company reported that first-quarter earnings improved 88% year over year to $1.4 million, or 8 cents a share. The Street had forecast EPS of 12 cents.

Meanwhile, Wuxi, China-based WSP Holdings ( WH) dropped 11% to $7.54. The maker of seamless casing, tubing and drill pipes for oil and natural gas exploration announced net income of $15.8 million, or 15 cents a share, down from $16 million, or 21 cents a share, a year ago. Analysts had forecast 16 cents a share.

ShengdaTech ( SDTH), a maker of nano precipitated calcium carbonate products, stumbled 10% to $8.34. The Tai'an City, China-based company announced it would be offering $100 million in convertible senior notes to institutional buyers. The interest-bearing notes will be convertible into common shares at a price to be determined at the time of the offering, Shengda said. It said it intends to use the funding partly to expand its production facility.

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