Updated from 2:17 p.m. EST with new stock prices

Small-cap stocks couldn't catch a break Tuesday, failing along with their broader-market counterparts to shore up investor support. The Russell 2000 sold off 3% to 701.80, and the S&P SmallCap 600 dropped 2.8% to 369.29.

Shares of San Jose, Calif.-based SiRF Technology ( SIRF) continued Monday's evening's after-hours wipeout, losing more than half their value Tuesday to $7.36 on disappointing fourth-quarter results. This morning, the maker of semiconductor and software products was further hammered as Jeffries, Lehman Brothers, Soleil, Oppenheimer, FTN Midwest, Longbow and RBC Captial Markets downgraded the stock.

Also breaking down was Powerwave Technologies ( PWAV), shares of which fell 14.2% to $3.27. Last night, the Santa Ana, Calif., wireless company announced a fourth-quarter pro forma loss of $8.8 million, or 7 cents a share. Analysts polled by Thomson Financial were expecting a loss of a penny a share. For the year, including charges, Powerwave lost $308.7 million, or $2.37 a share, vs. $137.5 million, or $1.19 a share, in 2006.

On the winning side, shares of Standard Pacific ( SPF) jumped 6.7% to $4.91. Despite a loss of $440.9 million, or $6.80 a share, compared with $98.4 million, or $1.53 a share, a year ago, investors were comforted by the Irvine, Calif., homebuilder's strong cash flow and analysts' general sense of optimism for the troubled sector.

Networks optimizer NetScout ( NTCT) rose 18.1% to $11.27 on fiscal third-quarter 2008 earnings. The Westford, Mass.-based company posted a non-GAAP profit of $6.2 million, or 17 cents a share, on revenue of $60 million, beating the Street's forecast for a loss of 21 cents a share. In the year-ago quarter, the company earned 6 cents a share.

Finally, Airvana ( AIRV), a Chelmsford, Mass., wireless infrastructure company, gained 1.3% to $5.28 after saying it had agreed to provide Thomson ( TMS) with femtocell technology for a joint effort to develop 3G home networking products. Terms were not disclosed.

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