Updated from 2:14 p.m. EDT with new stock prices
Small-cap stocks took a tumble Friday along with the broader market as an earnings miss from market bellwether
kicked off widepread selling. The Russell 2000 slipped 2.7% to 688.16, and the S&P SmallCap 600 fell 2.5% to 363.99.
led the downward charge. Shares sank into a free fall, dropping 69.4% to 48 cents after the Denver company
filed for bankruptcy
Despite in-line earnings, Dallas-based provider of converged voice and data solutions for networks and enterprise
shares plummeted 15.6% to $6.81. Yesterday after the close, the company announced fourth-quarter income of $2.1 million, or 5 cents a share, in line with analysts' view. A year ago, Intervoice lost $2.8 million, or 7 cents a share. CEO Bob Ritchey predicted first-quarter revenue between $51 million and $55 million. Analysts are looking for revenue of $54.25 million.
(XXIA - Get Report)
, a provider of Internet protocol-based infrastructure and services, lost 17.6% to $6.34. Last night, the Calabasas, Calif., firm cut its first-quarter revenue forecast to between $41 million and $42 million from a previous view of $42 million to $46 million. The company also guided for non-GAAP EPS between 3 and 4 cents, down from a previous outlook of 4 cents to 7 cents. The Street is looking for revenue of $44.6 million and EPS of 6 cents. JPMorgan Securities downgraded the stock to market outperform from strong buy, and Ferris Baker Watts replaced its buy rating with neutral.
In other Wall Street downgraded, shares of Denver's
gave up 11.3% to $12.81, after Jeffries & Co. downgraded the maker of integrated circuits for video to underperform from buy. And shares of
(LNG - Get Report)
dropped 15.6% to $15.66, after a Lehman downgrade from overweight to equal-weight.
Several stocks managed to rise in the down market.
, a convenience store chain based in Sanford, N.C., had been featured Wendesday and Thursday as a small-cap loser. Today, shares recovered somewhat from the drubbing, rising 12.3% to $12.74.
, a maker of software for the health care industry, saw shares rise 15.4% to $20.39. The Newport Beach, Calif., company announced it has agreed to be taken private by private equity firm Apax Partners for $22 a share in cash.