Small-cap stocks were sharing the broader markets' pain Friday, failing to manage even a fleeting moment in positive territory. The Russell 2000 lost 1.4% to 710.43, and the S&P SmallCap 600 slumped 1.2% to 367.62.

Opnext

( OPXT), an Eatontown, N.J.-based maker of optical modules and components for data transmission, got slammed for 38% of its share price at $4.35. The company lowered sales guidance for the third quarter to $66.4 million from a previous forecast of $77 million to $80 million. The average Wall Street expectation was $79.2 million, per Thomson Financial.

In addition, Indianapolis'

Interactive Intelligence

(ININ)

was in trouble after intimating Thursday evening that revenue would be between $29 million and $30 million, short of analysts' prediction of $30.6 million. Shares were losing 16% to $14.01.

On the winning side,

AmComp

( AMCP), a North Palm Beach, Fla., property and casualty insurer, popped 37% to $12.01 on news that it would be acquired by

Employers Holdings

(EIG) - Get Report

. Employers Holdings will acquire all of AmComp's outstanding stock for $194 million, or $12.50 per share. EIG will finance the deal with a combination of cash and debt, subject to regulatory approvals.

Georgia Gulf

(GGC)

, meanwhile, leapt up 25% to $5.12 on an announcement Thursday that it reduced term debt by $71.5 million during the fourth quarter of 2007. The balance-sheet cleanup was fueled by a sale-leaseback transaction, working capital reduction initiatives and an income tax refund.

Shareholders also rewarded

Titan Machinery

(TITN) - Get Report

, pushing shares up 25% to $16.01 on its fiscal third-quarter 2008 earnings. Substantial year-over-year top-line growth netted the Fargo, N.D.-based agriculture and construction equipment retailer income of $2.7 million, or 36 cents a share, vs. $800,000 or 13 cents a share, in 2007.

Finally, after lowering 2007 earnings guidance late last night, Minnesota removable data storage products maker

Imation

(IMN)

climbed 23% to $22.05 this morning after Brean Murray upgraded its stock to buy from hold.