Tag - Sirf

Monotype Imaging Holdings Inc (Nasdaq:TYPE), United Natural Foods Inc (Nasdaq:UNFI) and Tessera Technologies (Nasdaq:TSRA) are among the most actively traded companies in Friday's trading among companies with market capitalizations under $1 billion.

Also included among the results: American Commercial Lines Inc (Nasdaq:ACLI), Macrovision Corp (Nasdaq:MVSN), SiRF Technology Hldgs Inc (Nasdaq:SIRF), UAL Corp (Nasdaq:UAUA), Middleby Corp (Nasdaq:MIDD) and Origin Agritech Ltd (Nasdaq:SEED).

Here are the most actively traded companies among small caps:

Acacia Research- Acacia Technologies (Nasdaq:ACTG), Horizon Lines, Inc. (NYSE:HRZ) and SiRF Technology Holdings Inc. (Nasdaq:SIRF) are among the biggest percentage losers in Friday's trading among companies with market capitalizations under $750 million.

EZCORP, Inc. (Nasdaq:EZPW), Bottomline Technologies (Nasdaq:EPAY) and Viad Corp. (NYSE:VVI)  are also among the top small-cap percentage losers.

Here are Friday's biggest percentage losers among small caps

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 . . .

Here are the biggest percentage gainers and losers in Friday’s pre-market trading among companies with a market cap between $50 million and $750 million:

Biggest percentage gainers:

• Progenics Pharmaceuticals, Inc. (Nasdaq:PGNX), up 23.7% after the Tarrytown, N.Y.-based company’s constipation drug won FDA approval.

• Pure Bioscience (Nasdaq:PURE), up 18.6% on no significant news from the El Cajun, Calif.-based bio-science firm.

• YRC Worldwide Inc. (Nasdaq:YRCW), up 12.7% after the transportation services company said early Friday that it expects second-quarter profit in-line with Wall Street expectations.

Biggest percentage losers:

• SiRF Technology Holdings Inc. (Nasdaq:SIRF), down 14.1% after posting a wider-than-expected first-quarter loss.

• ScanSource, Inc. (Nasdaq:SCSC), down 12.5% after reporting that it expects fourth-quarter revenue in the range of $540 million to $560 million. Wall Street anticipates $562.7 million.

• UCBH Holdings, Inc. (Nasdaq:UCBH), down 11.5% after reporting a 92% plunge in first-quarter income.

Here are the day’s biggest percentage gainers and losers, along with top volume leaders, among companies with a market cap between $100 million and $750 million:

Biggest percentage gainers:

• Chemgenex Pharm Ltd. (Nasdaq:CXSP), up 30% to $13.95.
• DDI Corp. (Nasdaq:DDIC), up 13% to $5.20
• VanceInfo Technologies Inc. (NYSE:VIT), up 14% to $8.11.

Biggest percentage losers:

• Cheniere Energy Inc. (AMEX:LNG), down 36% to $7.11 on news it reduced its earnings and sales outlook for the full year.
• Aladdin Knowledge Systems Ltd. (Nasdaq:ALDN) down 27% to $15.80 on news that it reported first-quarter earnings that missed analysts’ estimates by a penny and news that it lowered its fiscal 2008 earnings estimate.
• Silver State Bancorp (Nasdaq:SSBX), down 17% to $5.56.

Volume leaders:

• Packeteer Inc. (Nasdaq:PKTR), 14,591,639 million shares traded versus the average of 356,670 shares.
• Cheniere Energy Inc. (AMEX:LNG) 6,655,424 shares traded versus the average of 984,475 shares.
• SiRF Technology Holdings, Inc. (Nasdaq:SIRF) 3,004,253 shares traded versus the average of 4,810,510 shares.

The day saw 28 small-cap stocks set 52-week lows, while 16 small caps established a 52-week high.

Packeteer, Inc. (Nasdaq:PKTR), Dendreon Corp. (Nasdaq:DNDN) and ShengdaTech, Inc. (Nasdaq:SDTH) are among the most actively traded companies in Monday's pre-market trading among those with market capitalizations under $750 million.

Zhongpin Inc. (Nasdaq:HOGS), Sigma Designs, Inc. (Nasdaq:SIGM)  and SiRF Technology Holdings Inc. (Nasdaq:SIRF) are also among the most actively traded small-cap companies in pre-market trading.

Here are the most actively traded small-cap companies in Monday's pre-market trading:

Here are the day’s biggest percentage gainers and losers, along with top volume leaders, among companies with a market cap between $100 million and $750 million:


• Raining Data Corp. (Nasdaq:RDTA), up 40% to $9.48 on news it plans on launching a new Internet browser-based application.
• Overstock.com Inc. (Nasdaq:OSTK), up 32% to $18.47 on news of a narrower first-quarter loss.
• DexCom Inc. (Nasdaq:DXCM), up 21% to $7.05.


• Chemotherapy Inc. (Nasdaq:TOMO), down 32% to $9.10 on news it reduced its earnings and sales outlook for the full year.
• Pharmaxis Ltd. (Nasdaq:PXSL), down 25% to $23.00.
• GFI Group Inc. (Nasdaq:GFIG), down 24% to $11.93.

Small-cap stocks charged higher Friday, giving beleaguered bulls a happy weekend sendoff. The Russell 2000 (NYSE:IWM) rose 13.07, or 1.85% to 721.07, the highest daily close since mid-February as investors embraced the latest batch of earnings numbers with open arms.

In a sense, it was a perfect storm of broad-based earnings reactions Friday, with Citigroup Inc. (NYSE:C) lifting financials, Google Inc. (Nasdaq:GOOG) fueling technology issues, and Caterpillar Inc. (NYSE:CAT) sparking buying interest in the manufacturing sector.

It perhaps took a little creativity on the part of investors to “spin” the Citigroup story into a positive one, as the company still reported massive debt write-downs and missed the earnings estimate. In essence, investors looked through the headline numbers and decided the story on Citigroup was headed toward happier times.

However, no such rose-colored glasses were needed for Google or Caterpillar. Google shot 20% — or about $90 bucks a share — as earnings topped estimates, and Caterpillar, which climbed about 8%, also beat their forecast despite sluggish economic conditions in the manufacturing sector in recent months. Just to add a little extra good vibes into the mix, another manufacturing giant, Honeywell International Inc. (NYSE:HON) also reported strong earnings and rose nearly 6% on the day.

April options expirations came into play today, and the market appeared to be out of position on the short side, which likely fueled the rally, said Nick Kalivas, vice president of financial research with MF Global, in a phone interview. In addition, “there . . .

TomoTherapy Inc. (Nasdaq:TOMO), SiRF Technology Holdings Inc. (Nasdaq:SIRF) and Overstock.com, Inc. (Nasdaq:OSTK) are among the most actively traded companies in Friday's pre-market trading among those with market capitalizations under $750 million.

Sigma Designs, Inc. (Nasdaq:SIGM), China Sunergy Co., Ltd. (Nasdaq:CSUN) and Akeena Solar, Inc. (Nasdaq:AKNS) are also among the most actively traded small-cap companies in pre-market trading.

Here are the most actively traded small-cap companies in Friday's pre-market trading:

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


• iGATE Corp. (Nasdaq:IGTE), up 11% on news of a rise in fourth-quarter revenue.
• Ceragon Networks Ltd. (Nasdaq:CRNT), up 8% on news that first-quarter earnings met analysts’ projections.
• SiRF Technology Holdings, Inc. (Nasdaq:SIRF), up 5%


• Chemotherapy Inc. (Nasdaq:TOMO), down 32% on news it expects a first-quarter loss.
• China GrenTech Corp. (Nasdaq:GRRF), down 14% on news of a decline in fourth-quarter earnings.
• comScore Inc. (Nasdaq:SCOR), down 5%.

NGP Capital Resources Co. (Nasdaq:NGPC), EMCORE Corp. (Nasdaq:EMKR) and Nektar Therapeutics (Nasdaq:NKTR) are among the most actively traded companies in Thursday's pre-market trading among those with market capitalizations under $750 million.

Apogee Enterprises, Inc. (Nasdaq:APOG), Cal-Maine Foods, Inc. (Nasdaq:CALM) and SiRF Technology Holdings Inc. (Nasdaq:SIRF) are also among the most actively traded small-cap companies in pre-market trading.

Here are the most actively traded small-cap companies in Thursday's pre-market trading:

The Russell 2000 (NYSE:IWM) has trimmed its earlier losses and is posting a gain despite news of a steeper-than-expected decline in pending home sales.

At 11:41 a.m. ET, the small-cap index was up 0.50 points, or 0.07%, to 713.18. The Dow Jones Industrial Average had shed 27.76 points, or 0.22%, to 12,584.67.

Stocks small and large have rebounded from their earlier losses despite news after the start of trading that pending sales of previously owned homes fell 1.9% in February, according to the National Association of Realtors. Economists were expecting a decline of 0.7% following an upwardly revised gain of 0.3% in January.

The measure is considered a barometer of future housing sales activity and the February decline tells us that the slump in the housing sector has not yet bottomed out.

Despite the bearish news, the Russell 2000 began rising unevenly at about 9:50 a.m. ET, and briefly broke into positive territory shortly before . . .

Alaska Communications Systems Group, Inc. (Nasdaq:ALSK), Dendreon Corp. (Nasdaq:DNDN) and China Sunergy Co., Ltd. (Nasdaq:CSUN) are among the most actively traded companies in Thursday's pre-market trading among those with market capitalizations under $750 million.

EMCORE Corp. (Nasdaq:EMKR), Akeena Solar, Inc. (Nasdaq:AKNS) and SiRF Technology Holdings Inc. (Nasdaq:SIRF) are also among the most actively traded small-cap companies in pre-market trading.

Here are the most actively traded small-cap companies in Thursday's pre-market trading:

Provider of GPS-enabled silicon and software location platforms SiRF Technology Holdings, Inc. (Nasdaq:SIRF) lowered its first-quarter revenue guidance this morning due to greater than anticipated softness in product demand from customers in its Personal Navigation Devices market. The company also said it is shaving its workforce by 7% due to expectations for continued weakness in consumer demand. Shares crumbled 25.3%, or $1.74, to $5.15 in pre-market trading. 

For detailed price information and recent news stories about SiRF Technology, click SIRF. 

The Russell 2000 (NYSE: IWM) futures have gained, even though the spread has narrowed, and the small-cap index will likely open in positive territory.

Small-cap stocks started out the week with a bang, with the Russell 2000 soaring 19.86, or 2.91%, to 701.28 on Monday. The surge lifted the index to the highest point since late February, and also provided some nice upside support for bullish patterns visible on weekly charts.

Look for resistance Tuesday at 705, 714 and 724. Meanwhile, support is just below the market at 694, 685 and 680. There could be some fireworks in the morning coinciding with the 10:00 a.m. ET release of consumer confidence data.

The Russell 2000 (NYSE: IWM) closed with a steep loss as recession fears spread on Wall Street. The small-cap index fell 16.14 points, or 2.45%, to 643.97. The Dow Jones Industrial Average (INDU) lost 153.54 points, or 1.29%, to 11,740.15.

On a year-to-date basis, the Russell 2000 has declined 15.93%, while the Dow is down 11.50% and the S&P 500 has shed 13.28%.

The bears dominated the session today as the specter of recession loomed in the background. Friday’s disappointing jobs report, which showed that payrolls plunged 63,000 in February, led many economists to conclude that the U.S. economy is either in or will soon be in a recession.

A report by investment bank The Goldman Sachs Group, Inc. (NYSE: GS) released before the start of trading forecasts that the U.S. Federal Reserve will respond by lowering its target federal funds rate to 2% by late April to give the economy a boost.

The federal funds rate, the rate commercial banks charge each other for overnight loans, currently stands at 3%.

The Russell 2000 was on a steady decline from the start of trading, slowly sliding lower throughout the course of the day. Today’s declines were led by shares of steel companies and shares of companies in the financial services industry.

The Russell 2000 (NYSE: IWM) survived a late-session scare to post a small gain on news of a profit rise at Wal-Mart. The small-cap index added 0.82 points, or 0.12%, to 702.34. The Dow Jones Industrial Average (INDU) fell 10.99 points, or 0.09%, to 12,337.22.

On a year-to-date basis, the Russell 2000 has declined 8.31%, while the Dow is down 6.99% and the S&P 500 has decreased 8.14%.

Trading got off to a bullish start today following news that Wal-Mart Stores, Inc. (NYSE: WMT) posted a 4% rise in net income for the fourth quarter ended Dec. 31, 2007.

The result was in line with analysts’ expectations and was largely attributed to strong overseas sales. However, the Bentonville, Ark.-based company warned that it could miss analysts’ expectations during the current quarter and forecasted U.S. same-store sales to be flat or rise no more than 2%.

The small-cap index roared out of the gate, soaring more than 1% to a level beyond 710 points. Small-cap stocks held on to gains of different magnitudes until they abruptly fell into negative territory at about 2:40 p.m. ET.

The reason: the price of oil rose to above $100 a barrel due to news of a refinery fire in Texas over the weekend and concerns about exports from producing countries Venezuela and Nigeria.

Worries that the Organization of the Petroleum Exporting Countries, which controls about 40% of global oil production, will keep production steady when it next meets in April also contributed to the rise in the price of oil.

The Russell 2000 languished in the red until minutes before the close, when the bulls returned to give it a boost.

The Russell 2000 (NYSE: IWM) and the other major U.S. indices declined for the second day in a row on news of bearish economic reports. The small-cap index fell 3.80 points, or 0.54%, to 701.52. The Dow Jones Industrial Average (INDU) declined 28.77 points, or 0.23%, to 12,348.21.

On a year-to-date basis, the Russell 2000 has let go 8.42%, while the Dow has shaved 6.91% and the S&P 500 has fallen 8.06%.

The session belonged to the bears as news of government reports that showed a weak economy and hinted at a rise in inflation spooked investors.

The U.S. Labor Department reported that import prices jumped 1.7% in January due to higher energy and food prices. Economists had projected a rise of 0.5%. The year-over-year rise in import prices was 13.7%, which is the biggest change since the measure was introduced in 1982.

The United States has long relied on cheap foreign imports to keep domestic inflation low.

Adding to the economic worries was news of a report from the New York Federal Reserve that its index of general business conditions fell to its lowest level since May 2005. The numbers show that new manufacturing orders and shipments decreased while the index of prices climbed to its highest level in more than a year.

The reports suggest that the U.S. Federal Reserve might have difficulty holding inflation in check while keeping the economy growing.

Separately, preliminary numbers released by the Reuters/University of Michigan indicate a sharp drop in consumer sentiment in early February. The index fell to a level of 69.6 from 78.4 at the end of January. The result was worse than the decline expected by economists and the lowest reading in 16 years.

Here are the day’s biggest percentage gainers and losers, along with top volume leaders, among companies with a market cap between $100 million and $750 million:

The Russell 2000 (NYSE: IWM) posted a big rise following news of a surprising increase in U.S. retail sales in January. The small-cap index gained 16.45 points, or 2.33%, to 721.93, its third consecutive increase. The Dow Jones Industrial Average (INDU) advanced 178.83 points, or 1.45%, to 12,552.24.

On a year-to-date basis, the Russell 2000 has dropped 5.76%, while the Dow is missing 5.37% and the S&P 500 has fallen 6.89%.

Stocks small and large opened with a jump on news that retail sales rose 0.3% to $382.9 billion in January, according to the U.S. Commerce Department reported. The results beat economists’ forecast of a 0.2% decline and represent an improvement over December’s 0.4% drop.

Sales excluding autos also increased 0.3%, more than the projected 0.2%. Sales excluding gasoline rose just 0.1%.

The data put investors in a bullish mood, easing fears that a pullback in consumption that will send the economy into recession. Consumer spending is about 70% of U.S. gross domestic product.

But Arun Raha, vice president of Economic Research and Consulting for the North American operations of reinsurance company Swiss Re, cautions against reading too much into the data.

“While this was definitely better than another decline, it is not enough to ease fears that the economy remains weak, and that consumer spending is softening,” Raha said in a phone interview.

The numbers show that much of the gains were due to higher sales of cars and gasoline, while sales of many other goods declined.

A separate report by the Commerce Department showed that business inventories climbed by a greater-than-expected 0.6% in December, while business sales fell 0.5%.

That’s a sign of a weakening economy.

“The risk of recession in the 12 months remains elevated at around 55%,” Raha said.

The bulls nevertheless went on a rampage today, gaining strength as the session went on and making the Russell 2000 the biggest winner among the major U.S. indices.

Here are the day’s biggest percentage gainers and losers, along with top volume leaders, among companies with a market cap between $100 million and $750 million:

The Russell 2000 (NYSE: IWM) closed in the green following news that Warren Buffet has offered to help bond insurers. The small-cap index advanced 5.73 points, or 0.82%, to 705.48. The Dow Jones Industrial Average (INDU) added 133.40 points, or 1.09%, to 12,373.41.

On a year-to-date basis, the Russell 2000 has declined 7.90%, while the Dow has retreated 6.72% and the S&P 500 has lost 8.14%.

The bulls completely dominated trading today as small-cap stocks opened higher and stayed positive throughout the session following news that billionaire investor Warren Buffett has offered to have his company, Berkshire Hathaway, assume responsibility for $800 billion of municipal bonds guaranteed by bond insurers MBIA Inc. (NYSE: MBI), Ambac Financial Group Inc. (NYSE: ABK) and Financial Guaranty Insurance Co.

There have been concerns recently that the three companies could be downgraded due to write-downs from insuring subprime debt. The bond insurers would welcome relief for their entire portfolio, but Buffett is only offering help for their relatively safe municipal bond holdings.

Nevertheless, investors were in a buying mood, which was also bolstered by news that ailing carmaker General Motors Corp. (NYSE: GM) swung to a fourth-quarter net loss that was not as severe as analysts had forecasted.

Also helping the bulls was news after the start of trading that St. Louis Federal Reserve Bank President William Poole thinks the U.S. economy will likely avoid recession.

Small-cap stocks touched their peak of the session at about 2 p.m. ET before easing to their close level.

Here are the day’s biggest percentage gainers and losers, along with top volume leaders, among companies with a market cap between $100 million and $750 million:

The Russell 2000 (NYSE: IWM) posted a rise on a quiet day that saw investors go bargain hunting. The small-cap index advanced 0.85 points, or 0.12%, to 699.75. The Dow Jones Industrial Average (INDU) climbed 57.88 points, or 0.48%, to 12,240.01.

On a year-to-date basis, the Russell 2000 has let go 8.65%, while the Dow has retreated 7.73% and the S&P 500 has declined 8.80%.

Trading began on a bearish note but the bulls returned during the second half of the session as investors took a second look at stocks that had declined for four of the past five days.

The futures were pointing up and the Russell 2000 opened in the green but stayed there only minutes, weighed down by news of more credit problems stemming from the slump in the U.S. housing sector.

Insurer American International Group Inc. (NYSE: AIG) announced that it may have to write off billions in mortgage debt and would need to change the way it values its credit default swaps involving collateralized debt obligations.
That news hurt financials, with shares of insurance companies being among the biggest losers today.

The small-cap index dropped to its lowest levels during today’s session at about 10:20 a.m. ET, but began a choppy ascent into positive territory at about 1 p.m. ET.

With little on the economic front, news that Sunnyvale, Calif.-based Yahoo! Inc. (Nasdaq: YHOO) rejected a $42 billion takeover bid from Microsoft Corp. (Nasdaq: MSFT) grabbed the headlines.

The Redmond, Wash.-based software giant is expected to make an improved offer.

The Russell 2000 (IWM) fell as investors turned their attention to the economy. The small-cap index let go 3.85 points, or 0.55%, to 698.93, its fourth decline in the past five days. The Dow Jones Industrial Average (INDU) lost 64.87 points, or 0.53%, to 12,182.13.

On a year-to-date basis, the Russell 2000 has shed 8.76%, while the Dow has let go 8.16% and the S&P 500 has slashed 9.33%.

There was no major economic news scheduled for today and little on the corporate front and stocks small and large spent the first half of the session trading sideways.

The mood in pre-market trading was slightly bearish following news that an official from the U.S. Federal Reserve said that the economy is headed for a slowdown.

“I consider it most probable that the U.S. economy will experience slow growth, and not outright recession, in coming quarters,” said Janet Yellen, president of the Federal Reserve Bank of San Francisco, in a speech in Honolulu.

Concerns about the future of the economy are what led the U.S. Congress to approve a $168 billion economic stimulus package that consists of tax rebates and business incentives. President Bush said he would sign the bill next week. Rebate checks will be mailed to households and individuals as early as late May.

Trading was volatile as the Russell 2000 seesawed up and down before falling into the red at about 12 p.m. ET, and slumping to its session low shortly before 2 p.m. ET.

The Russell 2000 (IWM) rose for the first time this week despite news that painted a bleak picture of the U.S. economy. The small-cap index added 10.29 points, or 1.49%, to 702.78. The Dow Jones Industrial Average (INDU) added 46.90 points, or 0.38%, to 12,247.00.

On a year-to-date basis, the Russell 2000 has shed 8.26%, while the Dow has let go 7.67% and the S&P 500 has left behind 8.95%.

Small-cap stocks went on a rollercoaster ride that started with a decline out of the gate as investors reacted to news that U.S. retail sales in January generally missed already low expectations.

That’s a worrying sign that consumers have pulled back and the economy is either headed for a recession or already in one.

Grabbing the headlines was Wal-Mart Stores, Inc. (NYSE: WMT), which announced that its January same-store sales increased a paltry 0.5%, below the forecasted 2%. If American consumers really are reining in their spending, the squeeze won’t be felt just by the world’s largest retailer.

“Smaller-cap retailers are definitely more volatile than their larger brethren, many times because they are focused on one particular niche,” said Eric Beder, a retail analyst with investment bank Brean Murray, Carret & Co., in an email.

The Russell 2000 (IWM) fell as comments from Fed officials stating that inflation remains a concern erased early gains. The small-cap index fell 9.09 points, or 1.30%, to 692.49, its third consecutive decline. The Dow Jones Industrial Average (INDU) lost 65.03 points, or 0.53%, to 12,200.10.

On a year-to-date basis, the Russell 2000 has decreased 9.60%, while the Dow has let go 8.03% and the S&P 500 is missing 9.66%.

“It will be necessary to continue to monitor inflation developments carefully,” Philadelphia Federal Reserve Bank President Charles Plosser said in a speech to the Birmingham Rotary Club this afternoon. “With inflation creeping up, we have to be particularly alert for rising inflation expectations.”

Similarly, Richmond Federal Reserve Bank President Jeffrey Lacker told an audience at Marshall University’s Lewis College of Business that the risks of a recession have recently increased while inflation has not moderated as some expected, according to news reports.

Higher inflation makes it difficult for the U.S. Federal Reserve to boost the economy with cuts to the target federal funds rate for fear that lower interest rates could drive inflation even higher.

The Russell 2000 (IWM) and the other major U.S. indices lost big today as news of a steep decline in the services sector led to recession fears. The small-cap index let go 21.88 points, or 3.02%, to 701.58. The Dow Jones Industrial Average (INDU) was off 370.03 points, or 2.93%, to 12,265.13.

On a year-to-date basis, the Russell 2000 has shed 8.41%, while the Dow has retreated 7.54% and the S&P 500 has shed 8.97%.

The bears ran the show today as news of an unexpectedly deep drop in U.S. services in January sparked a sell-off.

The Institute for Supply Management said that its index of non-manufacturing dropped to 41.9 in January from 54.4 in December. The result is far worse than the one expected by economists. A reading above 50 is a sign of growth.

Services comprise about 75% of U.S. gross domestic product and a decline would surely throw off an economy already beset with a slump in the housing sector, a credit squeeze and a pullback of consumer spending into recession.

Or maybe a recession has already started.

Either way, investors reacted to news of the biggest one-month decline in services in seven years by selling everything in sight. The makers of construction and raw materials suffered the most, follower by insurance companies and those manufacturing agricultural machinery. No single group of stocks posted a gain.

Separately, Banc of America Securities contributed to the bearish mood when it downgraded Yahoo! Inc. (Nasdaq: YHOO) to “neutral” from “buy.”

The Russell 2000 was trending down during the entire session, skidding to its lowest level at the close.

The Russell 2000 (NYSE: IWM) is deep in negative territory on news of a steep decline in the U.S. services sector. At 1:20 p.m. ET, the small-cap index had retreated 13.35 points, or 1.85%, to 710.11. The Dow Jones Industrial Average (INDU) was off 277.36 points, or 2.20%, to 12,357.80.

The U.S. services sector suffered its biggest one-month decline in seven years in January, falling to a level of 41.9 from 54.4 in December. A reading above 50 indicates an expansion. Economists were expecting the measure to decline to 53.

Services comprise about 75% of U.S. gross domestic product and news of the contraction, the first since March 2003, led to fears of an economic recession.

The numbers tell us that the ripple of economic problems which originally started as a slump in house prices in the second half of 2006, and later spread to the financial sector and to consumers, has now spread even further.

Stocks small and large are falling, with makers of construction products and raw materials leading the way.

AuthenTec Inc. (Nasdaq: AUTH), which provides authentication technology, is down 3% to $13 despite news before the start of trading that it swung to a fourth-quarter profit and increased its revenue 67%.

Sunnyvale, Calif.-based flash memory solutions provider Spansion Inc. (Nasdaq: SPSN) has added 4% to $4.06 on news that it has been upgraded to “buy” from “hold” by Lazard Capital.

On the other hand, BluePhoenix Solutions Ltd. (Nasdaq: BPHX), an Israeli maker of enterprise IT solutions was downgraded by financial services firm Collins Stewart to “hold” from “buy” despite news of a $4 million contract with the government of the United Kingdom.

But the big loser is SiRF Technology Holdings, Inc. (Nasdaq: SIRF), a supplier of global positioning system semiconductor solutions, which got downgraded to “hold” from “buy” after it lowered its fiscal 2008 earnings estimate.