NEW YORK, Oct 28 (Reuters) - Mid- and small-capitalization stocks slipped on Thursday as the latest batch of earnings results gave a less robust view of the profit outlook.
Shares of Oclaro Inc (OCLR.O) sank 37.1 percent to $8.60 after it reported quarterly results below analyst expectations. For details, see [ID:nASA00WZT].
Shares of Helix Energy Solutions (HLX.N) dropped 5.3 percent to $12.40, a day after it reported results.
They were the latest companies in the small- and mid-cap space to see big moves in their shares following earnings reports.
“The moves the companies are experiencing (after results) are quite large. Companies are being rewarded or punished fairly dramatically based on their company-specific results,” said Lawrence Creatura, portfolio manager at Federated Clover Investment Advisors in Rochester, New York.
The S&P MidCap 400 index .MID was down 0.07 percent while the S&P SmallCap 600 index .SML declined 0.4 percent. In comparison, the benchmark S&P 500 .SPX edged up 0.06 percent.
OfficeMax OMX.N, however, offered some support to the market as it posted a stronger-than-expected profit.
Shares of OfficeMax, among the day’s top advancers, rose 16.4 percent to $17.27. For details, see [ID:nN28107950]
Reporting by Caroline Valetkevitch