NEW YORK Oct 9 Small- and mid-capitalization
stocks fell o n Tuesday, with shares of Super Micro Computer Inc
dropping after it gave a disappointing revenue outlook.
Shares of Super Micro Computer were down 11.7 percent at
$9.39 after it said revenue for its first quarter will be at the
lower end of its forecast. It also said lower prices for hard
disk drives hurt its net profit.
Investors have been bracing for earnings disappointments
following a slew of warnings from companies about their
Third-quarter results for S&P 500 companies begin after the
bell with a report from aluminum company Alcoa
Among other big decliners, shares of Penn Virginia Corp
tumbled 16.1 percent to $5.48 after the oil and gas
producer offered 12 million shares of its common stock and $50
million of depositary shares representing convertible preferred
The S&P MidCap 400 index was down 0.9 percent while
the S&P SmallCap 600 index was down 1.2 percent. In
comparison, the benchmark S&P 500 was down 0.9 percent.
Other companies that saw big losses on Tuesday included
Sotheby's Holdings, whose shares were down 4.5 percent
at $30.42. The company said it sold HK$2 billion ($258 million)
worth of Asian and Chinese artwork and luxury goods in its
autumn sales in Hong Kong, down 37 percent from the same period
last year as the market consolidates on a weaker China economy.