NEW YORK (
) -- Small-caps were getting hammered Wednesday, with the Russell 2000 shedding 1.4% in Wednesday afternoon trading, while the S&P 500 was off by 0.6%.
were suffering some of the steepest losses within the small-cap space after a disappointing earnings report from the largest mortgage insurer,
. MGIC reported a loss of 93 cents per share, missing estimates for a 46 cent loss, as foreclosures mounted and claims increased.
Shares of Radian plunged 13% to $8.40, while the stock of PMI was sinking 14% to $3.42.
was dragging drug stocks lower after it said that its marketing partner
was reluctant to market its pain drug. Shares tumbled 10.9% to $5.86.
were shedding 7.5% to $6.52 after soaring more than 30% on Tuesday. The company recently reported positive phase III trials for its drug to treat soft tissue or bone tumors.
Shares of biopharmaceutical company
were halted in afternoon trading as the exchanges looked into potential erroneous trades. The exchanges have since ruled that the trades will be allowed to stand,
reported. Shares were down 7.3% to $9.11 as of 11:56 a.m.
shed 3.6% to $7.49 after Barclays Capital lowered its price target on the stock to $6, on a lower earnings estimate for 2011. The rating was maintained at equal weight. Shares of rival
also dropped 1.6% to $13.13.
Prominent among the winners was the stock of
, gaining for the second day by 5.7% to $4.44. The company entered into a joint-venture agreement with China-based
Wanxiang Electric Vehicle
to produce lithium-ion cells and battery packs for the rapidly growing Chinese market.
was up 1.1% to $10.24 after American Airlines parent company
posted a narrower-than-expected quarterly loss.
rose 3.7% to $28.91 after it said late Tuesday that Cigna and Humana would cover its spine surgery procedure, joining other major insurers who have included the procedure in their coverage.
-- Written by Shanthi Bharatwaj in New York
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