The Russell 2000 (NYSE: IWM) futures are pointing down and the small-cap index will open in negative territory on news of a loss at General Motors.

Automaker General Motors Corp. (NYSE: GM) announced this morning that its third-quarter net loss was a stunning $39 billion, or $68.85 per share, compared with a loss of $147 million, or $0.26 per share a year earlier. The Detroit-based company explained that its huge loss was due to a one-time charge against deferred tax assets. GM has now lost all the deferred tax credits it accrued over the previous three years.

In economic news, the U.S. Labor Department reported that third-quarter productivity increased more than expected. Preliminary numbers show a rise of 4.9%, while economists were expecting an increase of 2.5%. That’s the fastest pace of growth in the last four years.

Productivity increased a downwardly revised 2.2% in the second quarter.

Interestingly, unit labor costs—a key measure of inflation—declined 0.2% in the second quarter. That also defied economists, who were forecasting a rise of 0.8%.

Here are the biggest percentage gainers and losers in pre-market trading among companies with a market cap between $100 million and $750 million:

Biggest percentage gainers:

• PeopleSupport Inc. (PSPT), up 15% on news of a larger third-quarter profit.
• DRD Gold Ltd. (DROOY), up 14%.
• CRM Holdings Ltd. (CRMH), up 10% on news of a rise in third-quarter profit.

Biggest percentage losers:

• Nastech Pharmaceutical Company Inc. (NSTK), down 28% on news it has reacquired teriparatide nasal spray for treatment of osteoporosis from its collaboration partner, Procter & Gamble Pharmaceuticals Inc. (PG).
• Sierra Wireless Inc. (SWIR) down 10% on news of a product launch in Japan.
• Lakes Entertainment Inc. (LACO) down 8% on news of a third-quarter net loss.