Updated from 2:14 p.m. EDT with new stock prices

Small-cap stocks took a tumble Friday along with the broader market as an earnings miss from market bellwether General Electric ( GE) kicked off widepread selling. The Russell 2000 slipped 2.7% to 688.16, and the S&P SmallCap 600 fell 2.5% to 363.99.

Frontier Airlines ( FRNT) led the downward charge. Shares sank into a free fall, dropping 69.4% to 48 cents after the Denver company filed for bankruptcy.

Despite in-line earnings, Dallas-based provider of converged voice and data solutions for networks and enterprise Intervoice ( INTV) shares plummeted 15.6% to $6.81. Yesterday after the close, the company announced fourth-quarter income of $2.1 million, or 5 cents a share, in line with analysts' view. A year ago, Intervoice lost $2.8 million, or 7 cents a share. CEO Bob Ritchey predicted first-quarter revenue between $51 million and $55 million. Analysts are looking for revenue of $54.25 million.

Ixia ( XXIA), a provider of Internet protocol-based infrastructure and services, lost 17.6% to $6.34. Last night, the Calabasas, Calif., firm cut its first-quarter revenue forecast to between $41 million and $42 million from a previous view of $42 million to $46 million. The company also guided for non-GAAP EPS between 3 and 4 cents, down from a previous outlook of 4 cents to 7 cents. The Street is looking for revenue of $44.6 million and EPS of 6 cents. JPMorgan Securities downgraded the stock to market outperform from strong buy, and Ferris Baker Watts replaced its buy rating with neutral.

In other Wall Street downgraded, shares of Denver's Zoran ( ZRAN) gave up 11.3% to $12.81, after Jeffries & Co. downgraded the maker of integrated circuits for video to underperform from buy. And shares of Cheniere Energy ( LNG) dropped 15.6% to $15.66, after a Lehman downgrade from overweight to equal-weight.

Several stocks managed to rise in the down market. The Pantry ( PTRY), a convenience store chain based in Sanford, N.C., had been featured Wendesday and Thursday as a small-cap loser. Today, shares recovered somewhat from the drubbing, rising 12.3% to $12.74.

Also rising, Trizetto Group ( TZIX), a maker of software for the health care industry, saw shares rise 15.4% to $20.39. The Newport Beach, Calif., company announced it has agreed to be taken private by private equity firm Apax Partners for $22 a share in cash.

More from Investing

How to Invest Like Warren Buffett

How to Invest Like Warren Buffett

Jim Cramer on the Problem With the Case for More Rate Hikes

Jim Cramer on the Problem With the Case for More Rate Hikes

Video: Jim Cramer on Fed Rate Hikes, Oil Prices and Starbucks Worries

Video: Jim Cramer on Fed Rate Hikes, Oil Prices and Starbucks Worries

Rent-A-Center Bulls Quadruple Their Money

Rent-A-Center Bulls Quadruple Their Money

Warren Buffett Thinking Apple Will be Worth $2 Trillion?

Warren Buffett Thinking Apple Will be Worth $2 Trillion?