Small-cap stocks slid, and so did the broader stock market Friday. The Russell 2000 was off 1.2% at 723.93, and the S&P SmallCap 600 gave up 1.1% to 382.87. Among the biggest losers, Hurco ( HURC), an Indianapolis-based maker of computerized machine tools and integrated computer control systems, fell 18.3% to $38.53. The company announced second-quarter income of $5.5 million, or 85 cents a share, up 17% from the year-ago period. One analyst covering the stock was expecting earnings of 88 cents a share, per Thomson Reuters. Also falling, shares of US Airways ( LCC) sank to a new 52-week low on a spate of bad news. The Tempe, Ariz.-based airline said that thanks to rising fuel costs it would delay opening a route from Philadelphia to Beijing and raise its fares as much as $60 roundtrip. S&P put nine airlines, including US Airways, on negative CreditWatch. Credit Suisse downgraded the stock to underperform from outperform, and UBS cut its price target for US Airways and six other airline stocks. The stock shed 18.6% to $4.25 Friday. Meanwhile, ethanol producer Pacific Ethanol ( PEIX) stumbled 18% to $4.25. The Sacramento, Calif., company said it raised $34.3 million through sales of stock and warrants. Black Box ( BBOX) dropped 12% to $28.67. The Lawrence, Pa.-based provider of network infrastructure announced non-GAAP fourth-quarter fiscal 2008 earnings of $13.1 million, or 74 cents a share, vs. $12.2 million, or 69 cents a share, a year ago. The results were slightly below one analyst's profit estimate of 74 cents a share. Black Box also guided for fiscal 2009 EPS between $3.25 and $3.40. A Stifel Nicolaus analyst lowered his profit target for the stock to $3.36 a share, and said the company's prediction was conservative, according to the the Associated Press.
Tronox ( TRX), which makes titanium dioxide pigment, announced cost increases for the second quarter and said it would cut 13% of its workforce and suspend its pension plan. Shares dropped 14.7% to $3.07. On the winning side, shares of Ixys ( IXYS) gained 18.5% to $9.42. The company said it made a non-GAAP profit of $5.5 million, or 17 cents a share, in the fourth quarter, a substantial increase from income of $1.7 million, or a nickel a share, a year ago. Finally, Hibbett Sports ( HIBB), a Birmingham, Ala.-based sporting goods retailer, saw shares shoot up 15.5% to $20.59. The company posted income of $9.4 million, or 32 cents a share, vs. $10.2 million, or 32 cents a share, a year ago. The Street was looking for 27 cents a share.