Small-cap stocks were having a mostly bearish Friday along with the broad indices, and among the biggest losers was NexCen Brands

Shares tanked 24.3% after third-quarter income, at 3 cents a share (on a non-GAAP basis) was just half of what Wall Street was expecting. Revenue totaled $11.3 million, or $2.1 million short of analysts' views, according to Thomson Financial. Shares of the New York-based company, which manages intellectual-property businesses, plunged $1.39 to $4.33.

Citadel Broadcasting ( CDL - Get Report) was also among the losers after the Las Vegas-based radio broadcaster swung to a third-quarter loss of $447.8 million, or $1.71 a share, against a year-ago profit of 15 cents a share. Its stock recently slid $1.46, or 37.8%, to $2.40.

Optical subsystems purveyor Finisar ( FNSR), of Sunnyvale, Calif., cut its fiscal second-quarter revenue estimate to $101 million -- $5 million below the prior low end -- for a 6.7% decline vs. last year. The Street is calling for revenue to stay flat year over year. Shares fell 16.5% to $1.92.

And amusement park operator Six Flags ( SIX - Get Report) saw its third-quarter continuing operations profit slide 31.5% from a year ago to 89 cents a share, or $84.2 million. Revenue was off slightly to $465.2 million, which misses the sole analyst's estimate of $488.3 million. Shares of the New York-based company were down 44 cents to $2.25.

The Russell 2000, which was dragged down by all of the above stocks, surrendered 1.1% to 772.38. The S&P SmallCap 600 performed similarly.

On the other hand, Minnesota's Hutchinson Technology ( HTCH) ramped up 14.8% after flying past fiscal fourth-quarter estimates with a profit of $9.4 million, or 32 cents a share, excluding a tax-related gain of 30 cents a share. Analysts were seeking just 12 cents a share; a year ago, the company had a small break-even profit. Shares of the company, which makes suspension assemblies for disk drives, were adding $3.46 to $26.93.

Trans World Entertainment ( TWMC - Get Report), which operates a number of entertainment retailers such as f.y.e., Saturday Matinee and Sam Goody, rocketed more than 27% on a takeout offer. CEO Robert Higgins, who already owns about 40% of the Albany, N.Y., company, offered to buy the rest of it for $5 a share in cash. Shares rose $1.08 to $4.96.