Small-cap stocks were down Friday, as most of the major individual moves were spurred by quarterly earnings reports. The Russell 2000 gave up 0.8% to , and the S&P SmallCap 600 lost 0.6% to 390.14.

Among the losers, Flagstar Bancorp ( FBC) fell to new lows. The Troy, Mich., savings and loan company announced it is raising $100 million in an equity sale to institutional investors. Flagstar is raising the money to strengthen its balance sheet. Shares fell 20% to $4.77.

Shares of KongZhong ( KONG), a wireless interactive entertainment company based in Beijing, slipped 12% to $4.55. The company announced first-quarter non-GAAP income of $950,000, or 3 cents a share, vs. $2.1 million, or 6 cents a share, a year ago. Analysts surveyed by Thomson Reuters were expecting earnings of a nickel a share.

Semiconductor company Exar ( EXAR) tumbled 13% to $7.86. The Fremont, Calif., company posted a first-quarter non-GAAP loss of $1.7 million, or 4 cents a share, vs. a profit of $2.7 million, or 7 cents a share, a year ago. The Street was looking for a loss of a penny a share.

Some stocks were up on the down day, however. China Precision Steel ( CPSL) climbed 30% to $5.64. The Hong Kong-based steel processor announced fiscal third-quarter earnings more than doubled year over year to $4.6 million, or 10 cents a share. One Wall Street analyst had predicted EPS of 5 cents.

Meanwhile, Beijing-based China Finance Online ( JRJC), which sells online financial services, tacked on 17.7% to $25.94. The company guided for first-quarter revenue between $10.5 million and $10.8 million. It said it would reap adjusted earnings of $4.5 million to $5 million. Two analysts estimate revenue of $10.4 million and earnings of $3 million.

Noah Education ( NED) added 16% to $8. The Shenzhen, China, maker of interactive education content announced fiscal third-quarter 2008 earnings more than doubled year over year to $7.9 million, or 20 cents a share. Revenue increased 8.5% to $26.3 million.

Finally, Sutor Technology ( SUTR), a Changshu, China-based maker of steel finishing fabrication products jumped 15% to $8.08. For its fiscal third quarter, the company announced earnings doubled year over year to $7.8 million, or 20 cents a share. Analysts were looking for 17 cents a share.

More from Investing

The Best Investment Advice? Stay Diversified

The Best Investment Advice? Stay Diversified

Attention 60 Minutes: Google Isn't the Only Big-Tech Monopoly

Attention 60 Minutes: Google Isn't the Only Big-Tech Monopoly

After PayPal Buys iZettle, Pay-Tech Firms Could Process These Deals

After PayPal Buys iZettle, Pay-Tech Firms Could Process These Deals

Listen: Should You Buy Cisco Now?

Listen: Should You Buy Cisco Now?

Amazon Could Devastate Walgreens and Rite Aid by Getting Into Pharmacy Business

Amazon Could Devastate Walgreens and Rite Aid by Getting Into Pharmacy Business