NEW YORK ( TheStreet) -- Footwear maker Timberland ( TBL) was leading small-cap action Thursday with the stock rising 24% to $36.45 after its fourth quarter profit jumped 89% to 82 cents per share, significantly outpacing estimates of 51 cents per share.

Heavily-shorted LED stock Rubicon Technology ( RBCN - Get Report) was among the top gainers in the small-cap space Thursday, after the company surpassed fourth- quarter- profit expectations.

Rubicon reported fourth-quarter earnings of $15.4 million, or 64 cents a share, well ahead of the average estimate of analysts polled by Thomson Reuters for a profit of 50 cents a share in the December period. Short interest positions amounted to 10 million shares of the 22.9 million outstanding shares of the company.

The stock was soaring 17.7% to $24.84 on volumes of over 4.3 million in forenoon trading.

Shares of Hyperdynamics ( HDY) rose 14% to $5.75 after an analyst at Howard Weill upgraded it to market outperform with a price target of $9 on the stock.

ChinaMediaExpress ( CCME) saw its stock jump 13% to $14.26. Analysts at Global Hunter Securities reiterated a buy on the stock after a visit to China and extensive due diligence on the company suggested that its operations were legitimate.

The company has been in the spotlight after short-sellers accused it of being involved in a pump and dump scheme. Management of China Media Express has hotly denied the allegations.

Shares of Ion Geophysical ( IO - Get Report) were surging 16.4% to $11.49 after it won a permanent injunction against seismic equipment maker Sercel. Ion Geophysical is a leading provider of geophysical technology, services, and solutions for the global oil & gas industry.

Another notable gainer was Flagstar Bancorp ( FBC - Get Report), up 7.5% to $1.86. There is no recent news on the stock. The company was among the top buys of David Tepper's Appaloosa in the fourth quarter.

Shares of Skechers ( SKX - Get Report) were rebounding from Wednesday's losses, rising 4% to $22.98. The stock fell 6% on Wednesday after it reported a drop in fourth-quarter earnings on the back of higher margin pressures.

--Written by Shanthi Bharatwaj in New York

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