Small gains on Wall Street
April 23 (SmallCapInvestor.com) – U.S. stocks are trading slightly above the flat line as investors consolidate their positions after Friday’s rally. Among small caps, shares of Mountain View, Calif.-based MIPS Technologies, Inc. (Nasdaq: MIPS) are up on news that more than five million of its chipsets for digital networking applications have been shipped by Entropic Communications.
The Russell 2000 was up 0.87 points, or 0.10 percent, to 829.73. The Dow Jones Industrial Average was up 5.69 points, or 0.04 percent, to 12,967.67.
“We're excited that Entropic and their MIPS-Based c.LINK solution have gained such significant traction worldwide, and we wish them continued success,” sales VP Brad Holtzinger said before the opening bell. “We look forward to working with Entropic on new and innovative products and extending our considerable presence in broadband, networking and home entertainment.”
MIPS’s c.LINK coax network chip technology allows consumers to share high-definition content. At 10:06 a.m. ET shares were up $0.07, or 0.78%, to $9.00.
MIPS said that the home networking market is expected to grow to 500 million nodes shipped per year of both wireless and wired technologies by 2010. The company hopes its partnership with Entropic will help it gain a foothold in this growing new market.
