Small-cap stocks took a pounding along with the major indices Friday. The Russell 2000 fell 2.5% to 726.56, and the S&P SmallCap 600 lost 2.6% to 376.29.
Leading off the losers, Thief River Falls, Minn.-based Arctic Cat (ACAT Quote) fell through the ice after the snowmobile and all-terrain vehicle maker forecast lowered third-quarter 2008 earnings. Citing lower-than-expected ATV sales, Arctic Cat now expects a loss of 55 cents to 60 cents a share, wider that previous guidance of a loss of 30 cents to 37 cents a share. Analysts polled by Thomson Financial expect an EPS loss of 32 cents. Shares slipped 23% to $9.35.
Also falling on lowered outlook was Micrel (MCRL Quote), which dropped 19% to $6.36 as the San Jose, Calif.-based provider of communications solutions announced that EPS for the fourth quarter of 2007 would be between 10 cents and 11 cents, down from previous guidance -- and The Street's expectation -- of 13 cents a share. ...
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