US SMALL/MIDCAPS-Stocks decline as results disappoint

NEW YORK Thu Oct 18, 2012 5:43pm EDT

NEW YORK Oct 18 (Reuters) - Small- and mid-capitalization companies fell on Thursday as corporate earnings results from companies including Cypress Semiconductor disappointed investors.

Cypress shares declined 8.2 percent to $10.07 while shares of Reinsurance Group of America dropped 10.8 percent to $53.51. Reinsurance reported results late Wednesday and a number of brokerages including Barclays cut their price target on the company.

Also falling sharply were shares of dental products maker Align Technology, which forecast fourth-quarter earnings well below Wall Street estimates as sales of its trademark invisible braces, Invisalign, fell short of expectations.

Align Technology shares dropped 20.4 percent to $28.18.

The S&P MidCap 400 index was down 0.06 percent while the S&P SmallCap 600 index was down 0.5 percent. In comparison, the benchmark S&P 500 ended down 0.2 percent.

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