(FORTUNE Small Business) – Last year's hottest small cap was a stunner: Taser International, the Scottsdale firm that makes stun guns, saw its stock rocket 1,938% in 2003 after it wangled a million-dollar line item in the defense budget and competitor Tasertron folded. Analysts say many investors are police officers, who love the product. Maybe too much--at presstime the stock was trading at 126 times trailing earnings and getting attention from short-sellers.-- N.S.