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Par Pharmaceutical Companies Inc (Nasdaq:PRX), Ship Finance International Ltd (Nasdaq:SFL) and Dynamic Materials Corp (Nasdaq:BOOM) are among the biggest percentage losers in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Young Innovations Inc (Nasdaq:YDNT), Republic Airways Holdings Inc (Nasdaq:RJET), Skywest Inc (Nasdaq:SKYW), Emeritus Corp (Nasdaq:ESC), Investors Title Co (Nasdaq:ITIC) and Genesco Inc (Nasdaq:GCO).

The market tried to stand tall through another batch of dreary economic data, but came up empty in the afternoon, with the Russell 2000 (NYSE:IWM) closing down 1.53%. Some of today’s small-cap gainers are G III Apparel Group (Nasdaq:GIII), Emeritus Corporation (NYSE:ESC) and BioSpecifics Technologies (Nasdaq:BSTC).

Other Market Watch highlights today included:

• The weekly claims report came in at 554,000, which was down from 575,000 last week, but basically in line with market expectations.
• The four-week moving average on claims rose to 543,750, which is the highest point since December 1982.
• The Philly Fed report came in at 39.3, which was up from last month’s reading, but still slightly below the consensus forecast.
• The overall employment picture in the U.S. is expected to get worse over the next couple of months.
• This morning, analysts at UBS lowered their forecast for 2009 profit estimates for the S&P 500. 
• Financial shares were on the mend today, and there were plenty of small banks near the top of the percentage movers list.
• Crude oil prices tumbled 9%, or $3.84 a barrel today, slipping to fresh four-year lows during the session
• Energy stocks paced the market’s afternoon slide, losing some 5%.

Small Cap Gainers:

• G III Apparel Group Ltd. (Nasdaq:GIII) closed 26% higher as the outerwear and sportswear manufacturer shot above the 20-day moving average for the first time since late October on solid volume.
• Emeritus Corporation (NYSE:ESC) rose 22% as the assisted-living . . .

Small-cap stocks finished off an up and down session with a jolting afternoon decline, as pressure from tumbling commodity stocks, weak profit reports and money flow away from equities toward credit instruments offset support from airlines and insurance companies. The Russell 2000 (NYSE:IWM) closed down 7.42, or 1.53% at 479.17 and is now down 37% for the year. Meanwhile, the Dow is off 35% for 2008, and the S&P 500 down 40%.

The market tried to stand tall through another batch of dreary economic data, but came up empty in the afternoon. The weekly unemployment claims report showed that 554,000 Americans filed for unemployment insurance last week, which might have been a drop from last week’s 26-year high, but was still a gloomy number in its own right. The four-week moving average for claims rose to 543,750, which itself ranks as the highest level in more than a quarter of a century. Data on mid-east manufacturing and leading economic indicators was predictably sour, but not a surprise.

Speaking of the economy, Federal Reserve Bank of Dallas President Richard Fisher said that the Fed “will not shy from pursuing every practicable means of supporting the functioning of financial markets and stimulating the economy back to a steady state by employing new techniques that fit the current circumstances.” What that means is that the Fed isn’t necessarily out of bullets just because interest rates are now effectively zero. Fisher said that the Fed would expand purchases of mortgage backed securities if that seems like a productive path. He also predicted that GDP would shrink 4% to 5% in the fourth quarter and that contraction was possible through the first half of 2009, with unemployment possibly rising beyond 8%. Fisher said that recent moves are starting to gain traction in credit markets but intimated that operations are still far from normal.

The yield on benchmark 10-year notes approached 2% today, reaching the lowest point in 50 years as investors continue to gobble up credit products as a safe-haven in a difficult environment for stocks. The 10-year yield (which moves inverse . . .

Small-cap stocks edged modestly higher into midday, with support from financial, insurance, airline and homebuilder stocks countered by sinking energy and commodity shares.  Some of today’s small-cap gainers are BioSpecifics Technologies Corp. (Nasdaq:BSTC), G III Apparel Group Ltd. (Nasdaq:GIII) and Emeritus Corporation (NYSE:ESC).

Other Market Watch highlights today included:

• Financial shares were on the mend today, and there were plenty of small banks near the top of the percentage movers list.  
• One immediate beneficiary of the energy price slide should be the airline group; sure enough airlines were among the best performers today.  
• The Commodity Research Bureau Index of 19 physical markets was down 1.7% at midday, clearly one of the weakest asset classes in the mix.  
• The U.S. dollar staged a big comeback against the euro today, not only wiping out overnight losses, but rising 0.9%.  
• Oil and gas drillers & oil equipment services firms are among the worst performers today; the Energy Select Sector SPDR Fund is down 2.6%.

Small Cap Gainers:

• BioSpecifics Technologies Corp. jumped 41% as the biopharma firm announced a licensing agreement with Pfizer Inc. See (Nasdaq:BSTC). 
• G III Apparel Group Ltd. jumped 21%, rising above the 20-day moving average for the first time since the third week of October. See (Nasdaq:GIII).  
• Emeritus Corporation rose 20%, as the senior facilities living operator climbed above $10 for the first time since early November. See (NYSE:ESC).  
• Chindex International Inc. rose 19% as the provider of health care products in China announced an executive pay freeze for 2009. See (Nasdaq:CHDX).  

Small Cap Losers:

• Tennant Co. slumped 19% as the safety solutions firm announced restructuring plans amid slower sales. See (NYSE:TNC).
• Central European Media Enterprises Ltd. tumbled 17% as the eastern European network gave back impressive gains from Wednesday in quick fashion. See (Nasdaq:CETV).  
• Actuant earnings slashed in first quarter, shares tumble 7%. See (NYSE:ATU).

G-III Apparel Group Ltd. (Nasdaq:GIII), Emeritus Corp. (Nasdaq:ESC) and Chindex International Inc. (Nasdaq:CHDX) are among the biggest percentage gainers in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Otelco Inc. (Nasdaq:OTT), Hearst-Argyle Television, Inc. (Nasdaq:HTV), Acorda Therapeutics Inc. (Nasdaq:ACOR), Orexigen Therapeutics Inc. (Nasdaq:OREX), VisionChina Media Inc. (Nasdaq:VISN) and Bio-Reference Laboratories Inc. (Nasdaq:BRLI).

Small-cap stocks edged modestly higher into midday, with support from financial, insurance, airline and homebuilder stocks countered by sinking energy and commodity shares. At 12:27 p.m. ET, the Russell 2000 (NYSE:IWM) was up 1.55, or 0.32%, at 488.14.

Crude oil prices tumbled some 4% so far today, sinking below $38 a barrel at one point for the first time since July 2004. The pullback in crude oil prices has sent a chill throughout the energy arena; oil and gas drillers and oil equipment services firms were among the worst performers today and the Energy Select Sector SPDR Fund was down 2.6%. The U.S. dollar staged a big comeback against the euro today, not only wiping out overnight losses, but rising 0.9%, which took some of the buying edge off commodities as well. The Commodity Research Bureau Index of 19 physical markets was down 1.7% at midday, clearly one of the weakest asset classes in the mix.

One immediate beneficiary of the slide in energy prices should be the airline group, and sure enough airlines were among the best performers today. The AMEX Airline Index was up 3.2%, and small-cap carriers such as US Airways Group Inc. (NYSE:LCC) were up 3.3%, while UAL Corp. (Nasdaq:UAUA) was up 7.7%.

Financial shares were on the mend today, and there were plenty of small banks near the top of the percentage movers list. Insurance companies were clearly on a roll today, with Lincoln National Corp. (NYSE:LNC) up 7.1% at midday, and solid gains seen on other companies as well throughout the group.

Individual small caps on the move today included G III Apparel Group Ltd. (Nasdaq:GIII), which jumped 21%, rising above the 20-day moving average for the first time since the third week of October. Emeritus Corporation (NYSE:ESC) rose 20%, as the senior facilities living operator climbed above $10 for the first time since early November. ESC stock has more than doubled off the late November lows. Chindex International Inc. (Nasdaq:CHDX) rose 19% as the provider of . . .

Atlas Air Worldwide Holdings Inc. (Nasdaq:AAWW), Callon Petroleum Co. (Nasdaq:CPE) and Trina Solar Ltd. (Nasdaq:TSL) are among the new 52-week lows in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: USG Corp. (Nasdaq:USG), Digital River Inc. (Nasdaq:DRIV), Zale Corp. (Nasdaq:ZLC), Danaos Corp. (Nasdaq:DAC), Emeritus Corp. (Nasdaq:ESC) and True Religion Apparel Inc. (Nasdaq:TRLG).

BancTrust Financial Group Inc (Nasdaq:BTFG), Centrue Financial Corp (Nasdaq:TRUE) and MGIC Investment Corp (Nasdaq:MTG) are among the new 52-week lows in Monday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Horizon Bancorp (Indiana) (Nasdaq:HBNC), Emeritus Corp (Nasdaq:ESC), Nicholas Financial Inc (Nasdaq:NICK), Dorman Products Inc (Nasdaq:DORM), Bank of Florida Corp (Nasdaq:BOFL) and Farmers Capital Bank Corp (Nasdaq:FFKT).

Here are the new 52-week lows among small caps: