Small caps down 6%; BBX, TSL and CMM lead gainers

Small caps have plunged over 6% this afternoon, as recession fears have gripped stocks. Already concerned about still frozen credit piping, a slew of lackluster economic data and a sobering speech by Fed Chairman Ben Bernanki only served to push the market lower. Small-cap gainers today include Trina Solar (NYSE:TSL), BankAtlantic (NYSE:BBX) and China Mass Media (NYSE:CMM). Other Market Watch highlights today included:

• Looking at the chart picture for small caps, the market appears to be consolidating after a breathtaking bounce off the lows.
• Sectors bucking the decline were few and far between, but soft drink makers, airlines and biotechs attracted some buyers.
• Other sectors on the decline included construction and farm machinery and consumer finance.
• Commodity themes slid early today, with metal and mining stocks, coal, oil and gas drillers, steel, oil exploration and aluminum all taking a hit.
• The NY Manufacturing Survey is down 24.6% to the lowest reading in some seven years, adding to the bleak tone from the retail sales figure. 

Small Cap Gainers:

• Trina Solar (NYSE:TSL) jumps 16% after raising third-quarter revenue guidance and reaffirmed full year guidance.
• BankAtlantic Bancorp, Inc. (NYSE:BBX) up 8.53% as regional banks are seeing a boost today.
• China Mass Media Intl Adv Corp. (NYSE:CMM) up nearly 7.25% on light volume.

Small Cap Losers:

• iStar Financial's (NYSE:SFI) shares tumble 30%. Last week Fitch gave a negative outlook on the small cap.
• Callaway Golf (Nasdaq:CDNS) slips 16% after Stephens Inc. analyst cut earnings estimates for companies in the sports and leisure sector.
• Jones Apparel (NYSE:JNY) shares tumble 25% to lowest level since 1995, after the retailer cut its forecast on soft consumer spending.

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