Wall Street flat
Stocks are little changed this morning, as investors await news from the Federal Reserve this afternoon on interest rates. Among small cap stocks, shares of Trio-Tech International (AMEX: TRT) are higher on news profit doubled, while Medis Technologies Ltd. (Nasdaq: MDTL) said its first-quarter loss increased.
At 11:25 a.m. ET the Russell 2000 had shed 0.67 points, or 0.08 percent, to 830.23. The Dow Jones Industrial Average was up 3.01 points, or 0.02 percent, to 13,312.08.
Shares of Cambridge, Mass.-based Curis, Inc. (Nasdaq: CRIS) are falling on news the drug development company’s collaboration with giant The Procter & Gamble Company (NYSE: PG) has been terminated. Procter & Gamble has notified Curis that it has decided it no longer wants to develop Hedgehog agonist compounds for hair growth, Curis said before the opening bell. The collaboration agreement will end in 6 months. The stock is down $0.35, or 19%, to $1.50.
Semiconductor testing services provider Trio-Tech International more than doubled its net income on a year-on-year basis. The net income from continuing operations for the third quarter of fiscal 2007 ended March 31 was $13.6 million, or $0.33 per share, compared with net income of $6.47 million, or $0.05 per share for the third quarter of fiscal 2006, the Van Nuys, Calif.-based company said before market open. CEO S.W. Yong said Trio-Tech is benefiting from expanding its presence in China and Southeast Asia. Analyst estimates were unavailable. Shares are up $3.93, or 24%, to $20.19.
Shares of New York-based holding company Medis Technologies Ltd. are down $0.52, or 4%, to $13.66 following news of a wider quarterly net loss. The net loss for the quarter ended March 31 was $9.34 million, or $0.27 per share, compared with a net loss of $5.9 million, or $0.21 per share, during the same period of 2006, the company reported before the opening bell. Medis Technologies pointed its finger at increased research and development costs. Wall Street was expecting a loss of $0.01 per share.
Economists expect the U.S. central bank to hold the federal-funds rate at 5.25%, but investors will comb through its policy statement for hints on its future plans.
