Shares of Tronox Inc., Black Box Corp. and Secure Computing Corp. were the biggest decliners on the Standard & Poor's SmallCap 600 Index, sending the index lower at midday.
The S&P SmallCap 600 Index fell 4.41 points, or 1.1 percent, to 382.79.
Small-cap companies make up about 3 percent of the total U.S. securities market, but are often cited as good investments due to their low valuations and growth potential. The stocks have a market capitalization between $300 million and $2 billion.
Tronox plunged 39 cents, or 11.5 percent, to $3.01 after the pigment manufacturer said it plans to take charges in the second quarter between $14 million and $17 million.
The company also said it will cut 13 percent of its U.S. salaried work force.
Shares of Black Box Corp. tumbled $3.95, or 12.1 percent, to $28.69. On Thursday, the communications equipment manufacturer posted a higher fiscal fourth-quarter profit, but investors were disappointed after the company said it expects full-year sales to be flat.
Secure Computing Corp. gave up 45 cents, or 9.4 percent, to $4.33. Earlier in the session, the stock reached a fresh 52-week low of $4.30.
Among the gainers, Angelica Corp. zoomed $4.82, or 29.3 percent, to $21.27 after the textile rental and linen management company said it will sell itself to a Lehman Brothers affiliate for $22 per share in cash. The price represents a 33.7 percent premium on Thursday's closing price of $16.45.
Shares of Hibbett Sports Inc. advanced $2.15, or 12.1 percent, to $19.98 after the sporting goods retailer posted a lower first-quarter profit that still surpassed Wall Street estimates. On Thursday, Hibbett said its earnings fell to 32 cents per share, beating estimates by a nickel per share.
Zumiez Inc. shares advanced 77 cents, or 4 percent, to $19.97 after the sporting apparel and equipment retailer said its first-quarter profit sank but also came in ahead of analyst expectations.
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