Russell 2000 falling
The Russell 2000 has reversed course and is trading in the negative this afternoon. In specific company action, news of a profit increased lifted shares of TBS International Ltd. (Nasdaq: TBSI), while a narrower profit caused shares of Kreisler Manufacturing Corp. (Nasdaq: KRSL) to dip.
At 2:30 p.m. ET the Russell 2000 had lost 3.47 points, or 0.42%, to 818.86. The Dow Jones Industrial Average was up 75.41 points, or 0.57%, to 13,422.19. That’s above its record close of 13,362.87, set on May 9.
Shares of Harbin Electric, Inc. (Nasdaq: HRBN) are trading higher on news that the motors maker has signed a deal with an American client, whose identity was not revealed. Harbin Electric has been selected as an approved supplier to a large North American diversified automotive equipment manufacturer to deliver customized motors for use in various purposes including interior electric seating applications, the company said before the opening bell. CEO Tianfu Yang said shipments will begin within a few months. Harbon Electric is an American company with operations based in the Chinese city of Harbin. The stock is up $0.66, or 5%, to $13.18.
Elmwood Park, N.J.-based Kreisler Manufacturing Corp. narrowed its quarterly net income, the manufacturer of precision metals components said before the market open. Net income for the quarter ended March 31 was $0.31 million, or $0.16 per share, compared with a net income of $ 0.44 million, or $0.24 per share, in the analogous quarter of 2006. Kreisler said the lower profit was due to the recognition of a $235,000 warranty claim. Analyst estimates were unavailable. Shares are down $4.01, or 18%, to $18.66.
Shares of Bermuda-based shipping company TBS International Ltd. are gaining on news of a sharp profit rise. Net income for the quarter ended March 31 was $14.4 million, an increase of 80% compared with net income of $8 million in the same period of 2006, the company said after Monday’s close. Analyst estimates were not available. TBS International said it is on schedule with its fleet upgrades. Shares are up $1.92, or 11%, to $19.70.
In automotive news, carmaker DaimlerChrysler (NYSE: DCX) said its first-quarter net profit more than doubled. On Monday the German company announced its selling its American division Chrysler for $7.45 billion to a private equity group.
In economic news, the price of oil has increased almost 70 cents to above $63 a barrel following news of further supply disruptions in Nigeria, Africa’s largest oil exporter.
