Small-cap stocks as well as the broader market experienced a short rise before falling back toward opening levels on Wednesday. The Russell 2000 Index was down less than 1% to 716.75 while the S&P 500 was up less than 1% to 1,280.85.

Starting off among the winners was Cobra Electronics ( COBR), the Chicago-based mobile communications manufacturer. Its stock rose 36% to $2.87 on second-quarter earnings of $1.7 million, or 26 cents per share, vs. a loss of $0.4 million, or 7 cents a share, a year ago. Analysts polled by Thomson Financial were looking for EPS of 1 cent.

Chuck E. Cheese restaurant franchise operator CEC Entertainment ( CEC), out of Irving, Texas, soared 19% to $35.27 on second-quarter earnings of $11.3 million, or 48 cents a share, vs. $8.5 million, or 26 cents a share one year ago. The reported earnings beat Thomson Financial EPS estimates of 31 cents.

Rounding out the winners was Bala Cynwyd, Pa.-based Philadelphia Consolidated Holding ( PHLY), which deals with personal and commercial property and insurance. Its shares were up 63% to $58.05. The company announced early Wednesday that it would be acquired by Japanese insurer Tokio Marine Holdings for $4.7 billion, or $61.50 per share.

Among the losers was Anadigics ( ANAD), a semiconductor provider out of Warren, N.J. Shares fell 30% to $6.21 on third quarter EPS forecasts of 1 to 5 cents versus analyst estimates of 13 cents. The company was also given a downgrade by Jefferies & Co. to hold from buy.

Eden Prairie, Minn.-based communications provider ADC Telecommunications ( ADCT) was down 23% to $10.25 after cutting it's full-year outlook. The company announced it was now expecting fiscal year EPS of 18 to 26 cents vs. previous estimates of 31 to 39 cents. It also received a downgrade from Friedman Billings to market perform from outperform.

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