Small-cap stocks swung below the broader market Friday, as a host of tech names turned in disappointing financials.

Among these was Multi-Fineline Electronix ( MFLX), which slid 27.2%, after the Anaheim, Calif.-based printed-circuit-board maker swung to a loss of 27 cents a share, vs. a per-share profit of 32 cents a year ago. Excluding a special item, the company lost 8 cents a share, to fall 6 cents short of Thomson Financial's mean target. Shares were trading at $10.11.

Ditech Networks ( DITC) shares sank 25.8% to $5.40, after the Californian telecom-equipment maker estimated fiscal first-quarter sales at $14 million to $14.5 million -- well under the average $21.7 million estimate.

Ditech weighed on the S&P SmallCap 600, which slid 11.32 points, or 2%, to 403.63. The Russell 2000, which counts both Multi-Fineline and Ditech among its members, plunged 3% to 760.56.

Techwell ( TWLL), another Russell component, gave up 18.9% after pegging third-quarter revenue at a below-par range of $14.5 million to $15.5 million. The semiconductor-equipment maker also came in a penny ahead of per-share earnings expectations for the second quarter, but shares still gave up $2.31 to $9.99.

Investools ( SWIM) was having a decidedly better day, after the investor education products purveyor flew past Wall Street's predictions. The New York-based company swung to a nickel-a-share second-quarter profit from sizable year-ago losses, easily beating analysts' break-even expectations. Shares were leaping $1.68, or 16%, to $12.19.

HMS ( HMSY), which performs management services for government health care programs, more than doubled its per-share earnings from a year ago to 15 cents in the second quarter, or 3 cents better than expected. New York's Town Sports International ( CLUB), which operates a fitness-club chain, swung to a higher-than-expected second-quarter profit.

HMS shares vaulted 20.3% to $23.36; Town Sports was up 17.7%, to $19.22.