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Stocks reversed the downward course they were forging during Friday trading, and pared some losses after the U.S. government put rumors of bank nationalizations to rest. Some of today’s small-cap gainers were Soapstone Networks (Nasdaq:SOAP), Maxwell Technologies (Nasdaq:MXWL) and Sucampo Pharmaceuticals (Nasdaq:SCMP).

Other Market Watch highlights today included:

• A new report on consumer prices was released this morning. Economists predicted the Consumer Price Index likely rose by 0.3% last month, and the data turned out to be exactly in line with the predictions.  
• For the year, the Russell is down 17.72%, the Dow is down 16.07% and the S&P 500 is down 14.75%. 
• The Russell 2000 (NYSE:IWM) closed down 5.75, or 1.38%, to 410.96, while the Dow topped off Friday down 1.34% to 7,365.67, and the S&P 500 fell 1.14% to 770.05.  
• Stocks reversed the downward course they were forging during Friday trading, and pared some losses after the U.S. government put rumors of bank nationalizations to rest.

Small Cap Gainers:

• Soapstone Networks up 18% after the company announced it was reviewing strategic alternatives. See (Nasdaq:SOAP).
• Maxwell Technologies posts higher 4th quarter sales and gross margin, buoying shares 16% higher. See (Nasdaq:MXWL).  
• Sucampo Pharmaceuticals reports its third consecutive year of profitability with record FY 2008 results. Shares climbed 12% higher on the news. See (Nasdaq:SCMP).  
• Analyst lifts Red Robin's target; 2008 revenue Up, com. sales down. RRGB up 12.5%. See (Nasdaq:RRGB).  

Small Cap Losers:

• Chiquita Brands' Q4 loss widens, freezes executive salaries. Shares plunge over 40%. See (NYSE:CQB).
• IT company CIBER, Inc. down 22% after announcing pricing of common stock offering. See (NYSE:CBR).  
• WellCare suspends Medicare enrollments; shares fall 22%. See (NYSE:WCG).  
• Residential and commercial building material manufacturer Owens Corning down 20% as investors digest earnings, small cap mulls job cuts. See (NYSE:OC).  

Cabela's Inc. (Nasdaq:CAB), Breeze Eastern Corporation (Nasdaq:BZC) and Kindred Healthcare Inc. (Nasdaq:KND) are among the biggest percentage gainers in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: WebMD Health Corp. (Nasdaq:WBMD), Maxwell Technologies Inc. (Nasdaq:MXWL), Group 1 Automotive, Inc. (Nasdaq:GPI), Red Robin Gourmet Burgers Inc. (Nasdaq:RRGB), Sucampo Pharmaceuticals Inc. (Nasdaq:SCMP) and Interline Brands Inc. (Nasdaq:IBI).

Cypress Semiconductor Corp. (Nasdaq:CY), Jazz Pharmaceuticals Inc. (Nasdaq:JAZZ) and Hawthorn Bancshares Inc. (Nasdaq:HWBK) are among the biggest percentage gainers in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: BankAtlantic Bancorp Inc. (Nasdaq:BBX), Travelzoo Inc. (Nasdaq:TZOO), Sucampo Pharmaceuticals Inc. (Nasdaq:SCMP), Coleman Cable Inc. (Nasdaq:CCIX), Isle of Capri Casinos Inc. (Nasdaq:ISLE) and Photon Dynamics Inc. (Nasdaq:PHTN).

Here are the biggest percentage gainers among small caps:

FBL Financial Group Inc. (Nasdaq:FFG), AT Cross Co. (Nasdaq:ATX) and BofI Holding Inc. (Nasdaq:BOFI) are among the biggest percentage gainers in Monday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Smithtown Bancorp Inc. (Nasdaq:SMTB), German American Bancorp (Nasdaq:GABC), Peoples Bancorp Inc. (Nasdaq:PEBO), Univest Corp of Pennsylvania(Nasdaq:UVSP), Sucampo Pharmaceuticals Inc. (Nasdaq:SCMP) and UltraShort Industrials ProShares (Nasdaq:SIJ).

Here are the biggest percentage gainers among small caps:

Small-cap stocks fell hard Wednesday, pulled down by safe haven flight away from anything perceived as “risky” in the wake of steep money market fund erosion, persistent fear about the health of financial stocks and worries that the government can only go so far to bail out this latest mess. The Russell 2000 (NYSE:IWM) closed down 34.27, or 4.82%, at 676.38, the lowest daily close since July 15. The small-cap benchmark is now down 12% for the year, while the Dow is off 20% in 2008 after sinking 4.06% Wednesday. Meanwhile, the S&P 500 unraveled 4.71% today and is down 21% for the year. The Russell closed below the 685 line, which marks a 20% decline off record highs that is considered an official bear market.

“There is dramatic concern over the health of the money market industry with the Reserve Primary Fund breaking $1 in NAV,” said Nick Kalivas, vice president of financial research with MF Global.

For years, investors have had a perception that there is absolutely no risk in money market funds. As one trader put it, “when the average Joe is all of a sudden worried about his savings, that’s when it’s Katie Bar the Door time.”

The Reserve Primary Fund had commercial paper exposure to Lehman, and if money market funds do not buy commercial paper for fear of default, it will be difficult for all companies to obtain financing, Kalivas said. “This would lead to slower economic growth, higher interest expense and weaker profits. The banking system is stressed, which will also make it difficult for companies to get credit,” he said.

The market is also in an agonizing position of trying to root out the next casualty of the credit crisis. American International Group (NYSE:AIG) was the latest in line after Bear Stearns, Fannie Mae, Freddie Mac and Lehman Brothers Holdings Inc. and now that AIG has been taken over by the government, investors aren’t that eager to wait for the next shoe to drop. Uncertainty and market stability have never been comfortable together. AIG was off another 45% today, and even stocks with positive earnings stories like Goldman Sachs Group Inc. (NYSE:GS) and Morgan Stanley (NYSE:MS) were unable to escape the wrath of the bears, sinking . . .

Royal Bancshares of Pennsylvania Inc. (Nasdaq:RBPAA), Nanosphere Inc. (Nasdaq:NSPH) and Ohio Valley Banc Corp. (Nasdaq:OVBC) are among the biggest percentage gainers in Monday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Sucampo Pharmaceuticals Inc. (Nasdaq:SCMP), C&F  Financial Corp. (Nasdaq:CFFI), Central GoldTrust (Nasdaq:GTU), Allegiant Travel Co. (Nasdaq:ALGT), AbitibiBowater Inc. (Nasdaq:ABH) and Timberland Bancorp Inc. (Nasdaq:TSBK).

Here are the biggest percentage gainers among small caps:

LSI Industries Inc. (Nasdaq:LYTS), United Community Bancorp (Nasdaq:UCBA) and Chindex International Inc. (Nasdaq:CHDX) are among the biggest percentage losers in Thursday's trading among companies with market capitalizations under $1 billion.     

Also included among the results: Eagle Bancorp Inc. (Nasdaq:EGBN), Omega Flex Inc. (Nasdaq:OFLX), BancTrust Financial Group Inc. (Nasdaq:BTFG), ECB Bancorp Inc. (Nasdaq:ECBE), Sucampo Pharmaceuticals Inc. (Nasdaq:SCMP) and La-Z-Boy Inc. (Nasdaq:LZB).       

Here are the biggest percentage losers among small caps:      

Small-cap stocks led an afternoon recovery charge in the stock market, grabbing a budding bid and running with it when Federal Reserve Chairman Ben Bernanke confirmed talk that government-sponsored mortgage firms would qualify for cheap money through the Fed’s discount window. The comeback push was impressive given a huge rally in crude oil futures to record highs above $147 dollars a barrel. In the end, the Russell 2000 (NYSE:IWM) closed up 4.51, or 0.67%, at 674.95.

It was a roller coaster session for stocks, with a morning downside rout triggered by steep losses in mortgage lending giants Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE), which ignited another bout of fear tied to the credit crunch and the slumping housing market. There was talk in the morning that the GSEs were on the cusp of insolvency and shares in both agencies were down nearly 50% as investors bailed out. However, by the end of the day, FNM pared losses down to the 20% range, and FRE to the 7% zone — still nothing to dismiss — but far more palatable to investors worried about systemic issues. Volume on FNM and FRE was humongous to say the least, and individual stocks often carve out major tops or bottoms in conjunction with volume spikes.

“The key significance of Fannie Mae and Freddie Mac in the current economic climate is their ability to soften the impact of the credit crunch,” Goldman Sachs analysts said in an email earlier today. The Goldman research note even predicted ahead of time that the Fed would extend outright credit support to GSEs. The notion that bringing the GSEs onto the Federal balance sheet would “raise government debt by $5.3 trillion” and thereby sharply worsen the U.S. government’s creditworthiness was misleading, Goldman said. “The $5.3 trillion refers to the GSE’s holdings of mortgages and loan guarantees, which is not at all the same thing as outright liabilities. The government would have to cover any GSE losses, but this would be a much, much smaller number under any reasonable set of assumptions,” Goldman analyst Jan Hatzius wrote.

Small-cap stocks were noticeably strong relative to large-cap index products, a theme that has been in play for the last few weeks. Even though the Dow is at two-year lows, and the S&P 500 slumped to near two-year lows today as well, . . .

Diamond Management & Technology Consultants Inc (Nasdaq:DTPI), Sucampo Pharmaceuticals Inc (Nasdaq:SCMP) and Momenta Pharmaceuticals Inc (Nasdaq:MNTA) are among the biggest percentage gainers in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Pacific Booker Minerals Inc (Nasdaq:PBM), DrdGold ADR (Nasdaq:DROOY), TiVo Inc (Nasdaq:TIVO), Park View Federal Savings Bank (Nasdaq:PVFC), Colony Bankcorp Inc (Nasdaq:CBAN) and Syniverse Hldg Inc (Nasdaq:SVR).

Here are the biggest percentage gainers among small caps:

Angelica Corp (Nasdaq:AGL), Vivus Inc (Nasdaq:VVUS) and IXYS Corp (Nasdaq:IXYS) are among the biggest percentage gainers in Friday's trading among companies with market capitalizations under $750 million.

Hibbett Sports Inc (Nasdaq:HIBB), Sucampo Pharmaceuticals Inc (Nasdaq:SCMP) and Cheniere Energy Inc (Nasdaq:LNG) are also among the biggest percentage gainers.

Here are the biggest percentage gainers among small caps:

As widely expected, the Fed trimmed the fed funds rate by 25 basis points to 2%. It is the central bank’s seventh consecutive cut in the key interest rate since September, when the Fed first began battling the credit tempest. The discount rate was similarly lowered by 25 basis points to 2.25%.

In justifying the decision, the Fed said economic activity remains weak because of subdued spending and a soft labor market. The Federal Open Market Committee voted 8-2 to bring its target rate to its lowest since December 2004.

Small caps treaded water briefly after the Fed decision, but are beginning to rise in afternoon trading. At 2:45 p.m. ET, the Russell 2000 (NYSE:IWM) was up 4.93, or 0.69%, at 723.86.

This morning, it was reported that the U.S. economy grew at a slothful 0.6%, just dodging negative growth — an “official” recession signal. GDP came in slightly better than the 0.5% economists had forecasted. While official definition of a recession definition is two consecutive quarters of negative GDP growth, the United States has experienced two quarters of extremely sluggish growth and the U.S. economy is clearly struggling as consumers grapple with tumbling housing values, rising energy and food costs and a soft labor market.

“Everyone has been finding holes in the positive GDP even before it came out and today's number showed much better consumer spending than what would think,” Andy Busch, global foreign exchange strategist for BMO Capital Markets, said in an email. “However, this data didn't include much of the March numbers. We know . . .

Small-caps are continuing their upward assent midday, ahead of the Federal Reserve’s decision and after this morning’s GDP number was in positive territory.

At 1:14 p.m. ET, the Russell 2000 (NYSE:IWM) was up 5.01, or 0.70%, at 723.94, while the Dow had gained 117.4, or 0.91%, to 12,949.34.

The Federal Reserve’s Federal Open Market Committee two-day meeting concludes at 2:15 p.m. today in which the Fed is widely expected to trim the fed funds rate by 25 basis points. This would be the central bank’s seventh consecutive cut in the key interest rate since September when the Fed first began battling the credit tempest. Investors will pay close attention to the central bank’s commentary to see if the Fed will pause its monetary policy-loosening campaign to fend off inflation.

Much of today’s trading has been driven by the better-than-expected GDP number and corporate earnings.

This morning it was reported that the U.S. economy grew at a slothful 0.6%, just dodging negative growth — an “official” recession signal. GDP came in slightly better than the 0.5% economists had forecasted. While official definition of a recession definition is two consecutive quarters of negative GDP growth, the United States has experienced two quarters of extremely sluggish growth and the U.S. economy is clearly struggling as consumers grapple with tumbling housing values, rising energy and food costs and a soft labor market.

“Everyone has been finding holes in the positive GDP even before it came out and today's number showed much better consumer spending than what would think,” Andy Busch, global foreign exchange strategist for BMO Capital Markets, said in an email. “However, this data didn't include much of the March numbers. We know . . .

Buffalo Wild Wings (Nasdaq:BWLD), RadiSys Corp. (Nasdaq:RSYS) and Lithia Motors, Inc. (NYSE:LAD) are among the biggest percentage gainers in Wednesday's trading among companies with market capitalizations under $750 million.

Protection One, Inc. (Nasdaq:PONE),  Advanta Corp. (Nasdaq:ADVNB) and Sucampo Pharmaceuticals, Inc. (Nasdaq:SCMP) are also among the top small-cap percentage gainers.

Here are Wednesday's biggest percentage gainers among small caps:

Small-cap stocks edged slightly higher this morning, bouncing off an overnight dip when this morning’s GDP report came in above expectations, and allowed investors skittish about a potential glut of recession headlines to breathe a sigh of relief. At 9:59 a.m. ET, the Russell 2000 (NYSE:IWM) was up 2.74, or 0.38%, at 721.66.

The Chicago Purchasing Manager’s Survey, out at 9:45 a.m. ET, was slightly above expectations at 48.3 and appeared to have very little impact on equity market trading.

After a recent lull in economic data, the numbers charge kicked into gear this morning, with GDP, ECI, Chicago Purchasing, and even ADP’s employment survey coming out. Although GDP was an important number, it’s just a warm-up for the FOMC announcement this afternoon. And just to prove the old axiom of “no rest for the weary,” the market will have to navigate through ISM Manufacturing numbers, Personal Income data and vehicle sales Thursday, then the big employment release Friday morning.

Let’s begin with the aforementioned GDP release. When it came out slightly better than forecast (up 0.6%), it missed the “official” recession gauge by being in positive territory (if you’re curious, the true official recession definition requires two consecutive negative-growth quarters). It’s worth noting that although GDP averted negative growth territory, we’ve still seen two quarters of extremely sluggish growth and the U.S. economy is clearly struggling as consumers deal with . . .

Small-cap stocks edged slightly lower in early trading, with the Russell 2000 (NYSE:IWM) down 1.09, or 0.15%, at 720.79 at 10:00 a.m. ET.

The market found support into the opening on news that Mars Inc. and Warren Buffet’s Berkshire Hathaway (NYSE:BRK) were acquiring Wrigley (NYSE:WWY) for a reported $22 billion to $23 billion. Buffet said his stake was $6.5 billion and that he was acting as a financing agent for the deal. From a broad market standpoint, merger and acquisition activity helps suggest that the worst of the credit crunch may be in the market’s rear view mirror. Wrigley shares were up about 28% on the opening.

In addition, Kirk Kerkorian’s Tracinda Corp. said it would purchase 20 million shares of Ford Motor Co. (NYSE:F) at $8.50 a share, which was up $1 from Friday’s close. Ford shares were up about 9% after the opening.

It was interesting that the market was not initially higher in the wake of this morning’s news, but it’s possible that any boost from the M&A news could be dulled at this stage because of the big economic risk still ahead of traders this week. Wednesday serves up first quarter preliminary GDP, otherwise known as part of the “official recession” question, and then we’ll also have an FOMC announcement Wednesday . . .

Small-cap stocks pushed higher in early trading, but slipped into the red after sobering consumer sentiment figures from the University of Michigan. At 10:01 a.m. ET, the Russell 2000 (NYSE:IWM) was down 2.96, or 0.41%, at 714.12.

The University of Michigan’s consumer sentiment survey came in below expectations at 62.6% versus the median forecast of about 63.5%, and at 26-year lows, which appeared to spark a wave of selling across equities. The downside press after the Michigan numbers was a little surprising, because the survey seldom moves the market more than a few ticks. However, it may have simply been just an excuse for short-term longs to book profits ahead of the weekend instead of battling through key overhead chart resistance.

Once again, the market appeared to find initial buying interest on the back of earnings news, with American Express (NYSE:AXP) beating the forecast this morning, and climbing about 3% after the cash open. However, tech leader Microsoft (Nasdaq:MSFT) stumbled about 4% after the opening on sluggish earnings, so the news was mixed on some of the big name issues early today. Overseas stock market index products generated a nice rally, which provided a boost to investor psychology to start the session. European shares rose to three-week highs, while Japan’s Nikkei was up 2.3%.

President Bush held a very brief announcement about 15 minutes ahead of the stock market opening to let Americans know that their economic stimulus rebate checks were literally in the mail. The immediate response in stock futures trading . . .

Jaclyn, Inc. (AMEX: JLN), China Precision Steel, Inc. (Nasdaq: CPSL) and Superconductor Technologies, Inc. (Nasdaq: SCON) are among the biggest percentage losers in Thursday's trading among companies with market capitalizations under $500 million.

Here are today's biggest percentage losers: