Small-cap stocks lost their footing early Wednesday along with the broader market as a weak durable-goods number dented investor confidence.
Airlines suffered on increasing oil prices and concerns about waning consumer demand. Shares of Denver-based Frontier Airlines (FRNT) lost 8.5% to $2.43, while Houston's ExpressJet (XJT), which operates as Continental Express, lost 8.7% to $2.53.
San Diego-based women's retailer Charlotte Russe (CHIC) fell 14.4% to $17.20. The company forecast third-quarter earnings per share between 27 cents and 30 cents. Analysts polled by Thomson Financial are looking for EPS of 41 cents.
Corus Bankshares (CORS), the Chicago-based holding company for Corus Bank, sank on a Wall Street Journal report that the company's exposure to commercial real estate development loans brings extensive risk to its portfolio. Shares slipped 3.8% to $11.20.Cooper Tire & Rubber (CTB - Get Report), a Findlay, Ohio, maker and vendor of replacement tires, lost 10% to $15.53 on a KeyBanc Capital Markets downgrade to hold from aggressive buy. On the winning side, Capital Product Partners (CPLP - Get Report), a Piraeus, Greece-based operator of double-hull product tankers, jumped 11% to $18.70. JPMorgan initiated coverage of the company with an overweight rating. Ascent Solar (ASTI - Get Report) shares climbed 10% to $11.70. The Littleton, Colo., maker of thin-film photovoltaic modules announced it may replace troubled broker Bear Stearns (BSC) as lead underwriter or seek additional backers for its $80 million equity offering announced March 14. More broadly, the Russell 2000 gave up 0.6% to 700.95, and the S&P SmallCap 600 ticked down 0.7% to 371.63.