Updated from 2:01 p.m. EDT with new stock prices

Small-cap stocks generally traded lower along with the broader market Tuesday. The Russell 2000 and the S&P SmallCap 600 were bobbing under and above the flat line.

El Paso, Texas-based Western Refining ( WNR) plummeted to new lows. The oil and gas refiner reported a loss of $40.4 million, or 60 cents a share, in the first quarter, vs. a profit of $62.6 million, or 93 cents a share, a year ago. Analysts surveyed by Thomson Reuters were looking for a loss of 9 cents a share. Caris & Co. downgraded the stock to sell from average. Shares were losing 16.5% to $8.25.

Meanwhile, U.S. Shipping ( USS), a provider of marine transportation services for oil and chemical companies based in Edison, N.J., fell 26% to $8.67. The company announced a first-quarter loss of $5.8 million, or 31 cents a share, vs. a profit of $5.7 million, or 31 cents a share, a year ago.

Direct marketer and operator of shopNBC.com ValueVision Media ( VVTV) also tapped a new 52-week low. The Eden Prarie, Minn., firm guided for first-quarter revenue of $156 million, down 17% from the year-ago quarter. It also projected a net loss of $18 million, down from a profit of $34 million a year ago. Wall Street expects a net loss of $4.4 million on revenue of $181.7 million. The stock sank 17.5% to $4.23.

On the winning side, Fuel Systems ( FSYS) hit a new 52-week high. The Santa Ana, Calif.-based maker of alternative fuel components announced first-quarter earnings of $6.2 million, or 40 cents a share, up from $1 million, or 7 cents a share, in the year-ago quarter. Analysts had forecast EPS of 18 cents. The stock jumped 25.5% to $24.06.

Fort Lauderdale, Fla.'s Universal Insurance ( UVE) shares surged 16.1% to $3.97. It announced first-quarter income of $14.3 million, or 35 cents a share, vs. $12.4 million, or 30 cents a share, a year ago.

Kenexa ( KNXA), a Wayne, Pa., software company, climbed 10% to $20.45. The company said it made a non-GAAP first-quarter profit of $7.3 million, or 31 cents a share, vs. $5.7 million, or 23 cents a share, a year ago. Analysts had predicted EPS of 23 cents. The company also projected second-quarter revenue between $56 million and $57 million, ahead of the Street's view of $53.7 million.

Finally, Agoura Hills, Calif.-based maker of entertainment technologies DTS ( DTSI) rocketed 12.2% higher to $31.98. It announced first-quarter earnings of $3.3 million, or 18 cents a share, vs. $2 million, or 11 cents a share, in 2007. Analysts were expecting 13 cents a share.

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