US SMALL/MIDCAPS-Stocks fall, led by drop in Skyworks
NEW YORK, Sept 20 |
NEW YORK, Sept 20 (Reuters) - Small- and mid-capitalization stocks fell on Thursday and underperformed larger caps, with shares of Skyworks Solutions Inc among the biggest decliners after it released its fourth-quarter outlook.
The company's shares dropped 18.5 percent to $24.02, leading percentage declines on the S&P mid-cap index.
Other big movers included shares of Green Mountain Coffee Roasters, which fell 9.6 percent to $27.84 after Starbucks announced competitive prices for its new Verismo coffee and espresso makers targeting a slice of the $8 billion single-serve coffee market.
The S&P small-cap index is down 1.9 percent for the week so far while the mid-cap index is down 2 percent for that period. Investors pulled back after driving equities sharply higher late last week, when the U.S. Federal Reserve unveiled its plan for a third round of stimulus for the economy.
"Growth on the global economy is much more of a concern these days, and with the Fed actions last week, I think people were expecting those, but now they're wondering, Does the Fed see something that we don't, and we're worse off than maybe we thought? That's a little bit of a concern," said Paul Hogan, portfolio manager of the FAM Equity-Income fund in Cobleskill, New York.
For the day, the S&P MidCap 400 index was down 0.7 percent while the S&P SmallCap 600 index was down 0.5 percent. In comparison, the benchmark S&P 500 was off just 0.1 percent.
Other decliners included Clarcor, whose shares fell 11.7 percent to $43.75 and weighed on the small-cap index after the company reported results late Wednesday.
- Tweet this
- Share this
- Digg this