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The list of stocks tumbling was large on Friday with the market seeing extensive selling, but here are six of the notable ones.

Autoliv (ALV) tumbled 11% after the company provided additional information in regards to its antitrust issues. As previously disclosed, Autoliv ASP, a company subsidiary, on February 8, 2011 received a grand jury subpoena from the Antitrust Division of the DoJ requesting documents and information as part of a long-running investigation into possible anti-competitive behavior among certain suppliers to the automotive vehicle industry, including Autoliv; and on June 7-9, 2011, representatives of the antitrust authorities of the European Commission (“EC”) visited two facilities of Autoliv BV & Co KG, a company subsidiary in Germany, to gather information for a similar inquiry.

The DOJ and EC investigations are still ongoing. It is likely that, for the reporting periods in which the related liabilities become estimable or the investigations are resolved, the company’s operating results and cash flows will be materially impacted. However, as the company cannot predict the duration, future scope or final outcome of the investigations, it is unable to estimate such impact or predict the reporting periods in which it may be recorded.

EXCO Resources (XCO) fell 5% after it decided to terminate the strategic review process. The Special Committee said that it concluded its review of strategic alternatives to maximize shareholder value which commenced in January 2011. The Special Committee stated,

We conducted a thorough review of strategic alternatives available to the company. As that process did not result in a transaction, the Special Committee determined is in the best interests of the company and all of its shareholders, the Special Committee has decided to terminate the process.

Ixia (XXIA) tumbled 24% after the company released weak Q2 guidance. Ixia said revenue for Q2 is expected to be in the range of $67.0-$69.0 million, below the company's previous guidance of $78.0-$82.0 million. Revenue was impacted by several factors, including lower than expected revenue from Asia Pacific and from certain large equipment makers, as well as orders received late in the quarter that could not be fulfilled in the second quarter.

Revenue from Cisco Systems (CSCO), Ixia's largest customer, and from service providers was in line with expectations. On a GAAP basis, Ixia expects to report breakeven net earnings per diluted share to a net loss of $0.01 per diluted share for Q2, compared with the company's prior guidance of net earnings of $0.08 to $0.12 per diluted share.

The company added that it did see some encouraging trends in the quarter, including an overall book-to-bill ratio in excess of one, and it secured its highest booking quarter to date for its IxCatapult wireless solutions, some of which will be recognized as revenue in future quarters. These indicators give the company confidence that it will return to sequential growth in Q3, although Ixia remains cautious about the overall spending environment.

Aeroflex Holding (ARX) fell nearly 18% after it cut its Q4 guidance. The company said that delays in shipment approvals from, and orders of test equipment by U.S. government entities have caused Aeroflex to reduce its estimated ranges of net sales and Adjusted EBITDA to $198 million to $200 million, and $56 million to $59 million, respectively. At this time, Aeroflex is unable to give revised guidance on non-GAAP net income per share.

A majority of the reduction in net sales is attributable to a $16 million Ground Radio Maintenance Automatic Test System shipment that has passed First Article Test, but still awaiting final approval to ship from the U.S. Marine Corps.

In addition, delays in receiving final paperwork on fully funded, sole source orders from branches of the U.S. military have contributed to the negative impact on net sales. The reduced fourth quarter range of Adjusted EBITDA is due to the reduction in gross profit from products that did not ship. Since quarterly operating costs are relatively fixed, the gross profit shortfall will have a negative impact on operating margin in the fourth quarter.

Multi-Fineline Electronix (MFLX) fell over 6% after it released a disappointing Q3 outlook. The company said that it expects sales in the quarter to be approximately $191 million, and gross margin to be approximately 12%. This compares to guidance issued on May 5, 2011 that projected third quarter net sales of $200 to $220 million and gross margin of 12-13%.

Reza Meshgin, President and Chief Executive Officer of MFLEX, commented,

Primarily due to a reduction in demand from one key customer in the latter part of June, net sales for the third quarter were lower than expected. Although forecasting in the near term is difficult, we believe we have significant market share with our major customers and we expect net sales to increase on a sequential quarter basis in the fourth quarter due to higher seasonal demand.

Transcept Pharma (TSPT) tumbled more than 12% on volume 8x average as investors continue preparing themselves into next Thursday’s PDUFA date for Intermezzo for insomnia. Intermezzo is a low dose sublingual formulation of zolpidem that Transcept is developing for use in the middle of the night at the time a patient awakens and has difficulty returning to sleep. The market opportunity for Intermezzo is large. According to Wolters Kluwer, an independent market research firm, the number of prescriptions filled in the United States to treat insomnia grew to approximately 78 million in 2010.

Source: 6 Notable Stocks That Posted Losses on Friday