Russell 2000 stays strong
The Russell 2000 index is posting strong gains in midday trading while reports of strong earnings from major players are lifting all indices. In specific small cap action, news of record revenues lifted shares of Interactive Intelligence, Inc. (Nasdaq: ININ), and TTM Technologies, Inc. (Nasdaq: TTMI) is up after reporting better-than-expected quarterly earnings.
At 2:16 p.m. ET the Russell 2000 had added 12.89 points, or 1.58 percent, to 829.14. The Dow Jones Industrial Average was up 104.26 points, or 0.79 percent, to 13,240.40, on track for a second consecutive record close.
Shares of Santa Ana, Calif.-based TTM Technologies, Inc. are rising on news of better-than-expected quarterly earnings. The net income for the quarter ended April 2 was $8.5 million, or $0.20 per share, above Wall Street’s projected earnings of $0.15 per share but lower than the $8.8 million, or $0.21 per share, earned the first quarter of 2006. Before the opening bell the provider of printed circuit boards also said that its quarterly net sales increased 143% to $176.9 million from $72.7 a year ago. The stock has added $2.78, or 30.31%, to $11.96.
Shares of San Diego-based Santarus, Inc. (Nasdaq: SNTS) are down $1.01, or 12.75%, to $6.91 following news its net loss exceeded estimates. The net loss for the quarter ended March 31 narrowed to $16.4 million, or $0.32 per share, compared with a net loss of $19.9 million, or $0.45 per share, in the first quarter of 2006, the pharmaceutical company reported after Tuesday’s close. However, that’s below Wall Streets projections of a net loss of $0.30 per share. Santarus said it foresees achieving breakeven in the second half of 2008
Indianapolis, Ind.-based Interactive Intelligence, Inc. brought in a record $24.2 million in revenues during the first quarter of 2007, the software company said after Tuesday’s close. That’s a 35% increase over revenues of $17.9 million in the first quarter of 2006. CEO Donald Brown said revenue growth outpaced both the market and Interactive Intelligence’ primary competitors due to strong sales in all three of the company’s core markets. Shares are up $3.09, or 20.20%, to $18.39.
In business news, restaurant chain Chipotle Mexican Grill Inc. (NYSE: CMG) announced that its quarterly profit increased 56%, while media giant Time Warner Inc. (NYSE: TWX) boosted its stock price after reporting that its first-quarter profit fell less than expected.
