Russell 2000 slipping
The Russell 2000 index is sagging despite better-than-expected data on U.S. jobless claims. Shares of Symyx Technologies, Inc. (Nasdaq: SMMX) are down on news of a quarterly net loss, while Columbia Laboratories, Inc. (Nasdaq: CBRX) has gained on news it may have a treatment for cervical shortening.
At 11:11 AM the Russell 2000 was down 0.92 points, or 0.11 percent, to 831.15. The Dow Jones Industrial Average had added 23.00 points, or 0.18 percent, to 13,112.89.
Shares of Santa Clara, Calif.-based Symyx Technologies, Inc. are sinking following news of a first quarter loss. The net loss for the quarter ended March 31 was $0.97 million, or $0.03 per share, compared with net income of $1.7 million, or $0.05 per share a year earlier, the maker of research software said after Wednesday’s close. Analysts were expecting the loss. Symbion reported that 2007 will be a transitional year due to adjustments in certain key markets. Shares are down $6.25, or 35.11%, to $11.55.
Livingston, N.J., Columbia Laboratories, Inc., a maker of drugs for women’s reproductive health, has moved up on news one of its treatments may be useful after all. An analysis of data from a trial of the discontinued gel Prochieve unexpectedly revealed that the gel may delay cervical shortening, the company said before the opening bell. Cervical shortening increases the risk of preterm birth. Columbia Laboratories said it’s planning on meeting with the U.S. Food and Drug Administration to discuss developing Prochieve as a way to prevent preterm births. The stock is up $0.49, or 20.94%, to $2.83.
Shares of Miami-based All American Semiconductor, Inc. (Nasdaq: SEMI) continue falling on news the company has filed for Chapter 11 bankruptcy. The filing includes All American's 33 subsidiaries in the United States, Canada, Mexico, Europe and Asia, the company said shortly before Wednesday’s close. It expects to continue operations during the bankruptcy process. Shares are down $0.09, or 30.00%, to $0.21.
In economic news, U.S. jobless claims for the week ended April 21 fell 20,000 on a seasonally adjusted basis, the Labor Department said before the start of trading. That’s better than economists’ projections of a decline of 9,000 claims.
Contributing to the Dow’s rise is tech giant Apple Inc. (Nasdaq: AAPL), which reported that its second-quarter revenue increased 21% and profits jumped 88%. Additionally, Ford Motor Company (NYSE: F) reported that its first-quarter loss narrowed to $282 million from $1.42 billion a year earlier due to better financial performance in Europe.
