BOSTON ( TheStreet) -- The Russell 2000, the closely followed U.S. small-cap benchmark, reached an all-time high Monday, passing a previous peak reached in 2007. While earnings at small-cap companies, typically defined as those with a market value of less than $3 billion, have impressed investors in 2011, the economy is showing signs of weakness. Still, the following five small-cap stocks have delivered enormous gains this year, rising between 82% and 126%. Here is a look at these high-flying red chips. Some may offer further upside.

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5. TeleNav ( TNAV) offers location-based services, including voice-guided navigation on mobile phones and automobiles. It offers its service through wireless telecom carriers, including Sprint ( S) and AT&T ( T). The company swung to an adjusted fiscal third-quarter profit of 11 cents a share, exceeding researchers' estimate for a 12 cent loss. Average monthly paid subscriptions increased 15%, sequentially, to more than 22 million. A switch in revenue recognition with partner Ford ( F) allowed TeleNav to book $6.6 million of additional revenue during the quarter. Net sales increased 33% during the quarter, beating researchers' consensus expectation by an impressive 5.6%.

TeleNav is predicted to boost fiscal fourth-quarter sales 56%. Its stock has surged 88% in 2011, outpacing all U.S. indices. TeleNav has a market capitalization of roughly $574 million and is in the process of repurchasing $20 million of stock. Its balance sheet is pristine, with $211 million of cash and short-term investments and no long-term debt. Its quarterly gross margin, at 81%, and operating margin, at 31%, came in well-above industry averages. The stock trades at a book value multiple of 3.4, a sales multiple of 2.7 and a cash flow multiple of 10, reflecting respective peer discounts of 40%, 90%, and 56%. Around 56% of analysts in coverage rate TeleNav's stock "buy."

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4. Sunrise Senior Living ( SRZ) offers personalized senior living services, including independent living, assisted living, nursing and rehabilitative care. The company is scheduled to release first-quarter results this morning and analysts predict that the company will report a 12 cent loss and a 14% sales decline to $305 million. Fourth-quarter adjusted profit, at 54 cents, easily beat expectations for a 25 cent loss, sending Sunrise shares up 12%. They sell for a sales multiple of 0.2 and a cash flow multiple of 9.4, 45% and 19% peer discounts.

Sunrise's stock has rocketed 85% in 2011 as investors embraced the company's turnaround. Sunrise, once encumbered with an excessive debt load has sold off non-core properties, including nine in Germany, right-sized its balance sheet and cut expenses during fiscal 2010, bringing down long-term debt by 33% to $163 million. The cash balance, at $110 million, grew by 40% over that span. Sunrise's fourth-quarter gross margin expanded from 10% to 13%, hopefully a harbinger of quarters to come. The stock is covered by one major researcher, Stifel, which ranks it "buy" with a $12 target. Its beta value, at 5.1, indicates magnification of market movements.

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3. Star Scientific ( CIGX) develops smokeless tobacco products, including Ariva, a disposable cured tobacco bit, and Stonewall Hard Snuff, a safer alternative to chewing tobacco. All of Star's products are tobacco-based alternatives that are scientifically designed to reduce users' exposure to harmful carginogens. Star's CigRX, a mint-flavored lozenge, is taken to combat tobacco cravings. Each lozenge has the same amount of anatabine as a cigarette.

Star's stock, with a market value of $509 million has more than doubled in 2011 on the outlook for a recent Star study, which may have implications for a non-core business. Star's anatabine compound, which was developed and patented in-house, may have relevance in reducing low-grade inflammation and, theoretically, in preventing autism and Alzheimer's. There is buzz that Star's patents may have value to pharmaceutical companies, perhaps leading to co-ventures, licensing, or buy-out interest. Although this seems like a tenuous and speculative reason to buy a tobacco stock, for those with risk capital on hand, the story merits research, but also healthy skepticism.

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2. Alon ( ALJ) is an independent refiner and marketer of petroleum products, with operations focused in the South and Southwest regions of the U.S. In addition to refining petroleum products, Alon owns the Fina gas-station and brand, many of which are coupled with 7-Eleven convenience stores. Alon is the largest 7-Eleven licensee in the U.S. with more than 300 locations. Alon's operating results have improved markedly since crude oil surpassed $100 a barrel. Alon's adjusted first-quarter loss came in at 37 cents, beating analysts' consensus prediction for a loss of 46 cents. Sales increased 63% to $1.4 billion, missing by 2.6% and sending shares down 3.7%.

Analysts have a pessimistic view of Alon. Of the seven covering its stock, none rate it "buy" while four rank it "hold" and three rank it "sell." Among the bears is Barclays, which expects a 13% correction to $10. Alon's stock has surged 92% in 2011. It currently sells for a sales multiple of 0.2 and a book value multiple of 1.9, 94% and 57% peer discounts. Analysts forecast a 21 cent adjusted profit for the first quarter, presenting upside opportunity for Alon, whose stock is up 94% in 2011. Alon's first-quarter sales are expected to more than double to $1.5 billion, on better pricing.

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1. Silicon Graphics International ( SGI) designs mainframes, supercomputers and high-powered workstations, utilized in data-centers, among other computing centers. This company delivered outstanding fiscal third-quarter results, helped by its recent purchase of SGI Japan, which booked several key contracts during the quarter. The company swung to an adjusted profit of 11 cents, whereas Wall Street expected a 12 cent loss. Sales increased 33% to $136 million and are predicted to rise 56% next quarter. Silicon's shares have advanced 164% in 2011.

The company's quarterly gross margin widened from 27% to 28%. The balance sheet remained strong as cash and equivalents climbed to $138 million, whereas debt climbed to $10 million. If Silicon is able to remain in the black, then its stock may be due for further gains as revenue growth is well-above peers'. Only one sell-side firm, Wunderlich Securities, covers Silicon, with a $22 12-month price target, suggesting that the equity is fully valued already.

-- Written by Jake Lynch in Boston.

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