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Small caps took a breather after financial stocks pulled back today following a rally last week.

At closing, the Russell 2000 (NYSE:IWM) was down 1.93%, while the Dow was down 1.82% and the S&P 500 fell 2.15%.

Concerns about more shares issued to the market by three banks that passed the government’s “stress tests” weighed on financial stocks today. Tech saw a rise today, though, after large-cap benchmark Microsoft Corp. divulged plans to raise money through a debt offering for the first time, and Dish Network posted better-than-expected quarterly profits.

Although today was a “down” day, there were still small caps that made solid gains. Communications services provider D&E Communications (Nasdaq:DECC) climbed a healthy 52% today after news broke that the small cap would be acquired by Windstream for $330 million. Anadys Pharmaceuticals (Nasdaq:ANDS) was also up 33% today after an analyst upgrade, while The South Financial Group (Nasdaq:TSFG) gained 32% following its operating results release late last week.

*****The “Stress Test rally” didn’t last long. Bank stocks had a good day Friday. In fact, they had a good week. Bank of America (NYSE:BAC), for instance, went from $8.70 to $14.17, a +62.8% gain. With that type of one-week gain, it’s not too surprising that banks backed off today as investors look to take profits.

There’s no doubt that the major indices are extended. Some kind of pullback is on order. But Jason Cimpl, technical analyst at TradeMaster, is in “buy the dips” mode.

Even though prices might be extended, we are still looking at an economy and a stock market that is in recovery. And that means current levels, like 8,400 on the Dow or 1,700 on the Nasdaq, have room for upside.

I’ll keep you posted on what Jason’s looking at and where he thinks . . .

Innovative Solutions and Support Inc. (Nasdaq:ISSC), Russ Berrie & Co Inc. (Nasdaq:RUS) and Concurrent Computer Corp. (Nasdaq:CCUR) are among the biggest percentage losers in Tuesday's trading among companies with market capitalizations under $1 billion.    

Also included among the results: South Finl Group (Nasdaq:TSFG), Berkshire Bancorp Inc. (Nasdaq:BERK), Beazer Homes USA Inc. (Nasdaq:BZH), LandAmerica Financial Group Inc. (Nasdaq:LFG), Clean Diesel Technologies (Nasdaq:CDTI) and Beazer Homes USA Inc. (Nasdaq:BZH).      

Here are the biggest percentage losers among small caps:   

Regional Bank The South Financial Group, Inc. (Nasdaq:TSFG) said this morning that it will declare a cash dividend and issue 250,000 shares of mandatory convertible non-cumulative preferred stock in an effort to boost liquidity and shore up its balance sheet.

Shares gained 3.56%, or $0.22, to $6.40 out of the gate. For detailed price information and recent news stories about The South Financial Group, click TSFG.

Here are Tuesday’s biggest percentage gainers and losers in midday trading, along with top volume leaders, among companies with a market cap between $50 million and $750 million:

Biggest percentage gainers:

• Allegiant Travel Co. (Nasdaq:ALGT), up 25.4% to $26.08 after the leisure travel company reported first-quarter operating revenue of $133.1 million, up 58% from $84.3 million a year earlier.
• TranS1 Inc. (Nasdaq:TSON), up 19.9% to $12.79 after news that the FDA has cleared one of their minimally evasive surgery procedures for marketing.
• Seacoast Banking Corp. of Florida (Nasdaq:SBCF), up 13.1% to $10.71 after the bank holding company announced first-quarter net income of $1.8 million, or $0.09 per share, compared with $2.8 million, or $0.14 per share, a year earlier. Wall Street analysts expected earnings of $0.10 per share.

Biggest percentage losers:

• Intevac, Inc. (Nasdaq:IVAC), down 23.4% to $12.63 after the maker hard drive equipment said it expects 2008 revenue in the range of $120 million to $150 million and earning of between a loss of $0.25 per share and a profit of $0.15 per share. Analysts expect revenue of $143.9 million and a profit of $0.09 per share.
 • Digi International Inc. (Nasdaq:DGII), down 20.8% to $8.12 after the Minnetonka, Minn.-based company reported early Tuesday that its second-quarter revenue totaled $43.1 million, which fell short of Wall Street’s expectation of $51.1 million.

AmericanWest Bancorp. (Nasdaq:AWBC), Insight Enterprises, Inc. (Nasdaq:NSIT) and Barrett Business Services, Inc. (Nasdaq:BBSI) were among the new 52-week lows established during Thursday's trading among companies with market capitalizations or values under $750 million.

Monarch Casino & Resort, Inc. (Nasdaq:MCRI), The South Financial Group (Nasdaq:TSFG) and Virginia Commerce Bancorp, Inc. (Nasdaq:VCBI) were also among the 52-week small-cap lows.

Here are today's 52-week small-cap lows:

The South Financial Group (Nasdaq:TSFG), Rimage Corp. (Nasdaq:RIMG) and Monaco Coach Corp. (NYSE:MNC) were among the new 52-week lows established during Wednesday's trading among companies with market capitalizations or values under $750 million.

Western Refining, Inc. (NYSE:WNR), Buckeye Technologies Inc. (NYSE:BKI) and Marlin Business Services Corp. (Nasdaq:MRLN) were also among the 52-week small-cap lows.

Here are today's 52-week small-cap lows:

Daktronics, Inc. (Nasdaq:DAKT), The South Financial Group (Nasdaq:TSFG) and Buckeye Technologies Inc. (NYSE:BKI) are among the biggest percentage losers in Wednesday's trading among companies with market capitalizations under $750 million.

Rimage Corp. (Nasdaq:RIMG), Wavecom S.A. (Nasdaq:WVCM) and Monaco Coach Corp. (NYSE:MNC) are also among the top small-cap percentage losers.

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