Updated from 2:08 p.m. EST with new stock prices

Federal Reserve Chairman Ben Bernanke's expressions of concern about the economy offered little upside for small-cap stocks, which retreated along with the broader market Thursday. The Russell 2000 gave up 2.6% to 681.45, and the S&P SmallCap 600 slumped 2.5% to 353.77.

Perini ( PCR) shares tumbled 26.9% to $27.56. The Framingham, Mass., construction company announced that the developer of its Cosmopolitan Resort & Casino project in Las Vegas defaulted on its $760 million construction loan Wednesday .

Also ticking to the red was Deerfield Capital ( DFR). The Chicago specialty finance company announced last night fourth-quarter charges related to mortgage- and asset-backed securities amounting to $75.5 million and $14.6 million, respectively. Shares fell 8% to $6.82.

Despite the tough environment, several stocks managed to buck the gloom. Shares of Callaway Golf ( ELY) surged 11.8% to $15.60 after the maker of golf clubs raised forecasts for full-year 2007. The Carlsbad, Calif.-based company expects a 10% rise in revenue over 2006 to a record $1.13 billion. Callaway expects earnings per share, excluding charges, to be between 87 cents and 89 cents, compared with 43 cents a year ago. Analysts polled by Thomson Financial are looking for EPS of 87 cents.

Also rising on an upbeat forecast was Warren, Ohio's Stoneridge ( SRI). The stock rose 32.4% to $9.39 after the manufacturer of electrical components for trucks and farm machinery guided for fourth-quarter 2007 earnings per share between 24 cents and 30 cents and full-year EPS of 67 cents to 73 cents. Previous 2007 guidance was for 45 cents to 55 cents a share.

LaserCard ( LCRD), a Mountain View, Calif.-based maker of identification technology, announced that the country of Angola had awarded it, Luanda-based DGM-Sistemas and Unisys ( UIS) a $90 million contract to supply the country with national citizen ID cards. LaserCard shares climbed 9.3% to $11.73. Unisys was unchanged at $3.54.

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