Russell 2000 moves up
April 12 (SmallCapInvestor.com) –Stocks reversed their slow start to move into positive territory in midday trading. Among small caps, shares of e-learning solutions provider Futuremedia PLC (Nasdaq: FMDA) are up on news the company has sold its subsidiary, while a decline in revenue lowered shares of Ocean Bio-Chem, Inc. (Nasdaq: OBCI).
At 1:41 PM the Russell 2000 had added 4.93 points, or 0.61 percent, to 813.17. The Dow Jones Industrial Average was up 52.66 points, or 0.42 percent, to 12,537.28.
British e-learning solutions company Futuremedia is up on news it has completed the sale of its Swedish subsidiary Open Training to the Edvantage Group AS for $1.03 million. Futuremedia will retain full rights of ownership and all intellectual property of Open Training’s Learning Management System, while Edvantage will have license to use the technology without limitation, the company announced after the start of trading. Shares are up $0.16, or 12.80%, to $1.41.
Shares of boat care products manufacturer Ocean Bio-Chem are down $0.64, or 24.24%, to $2.00 following news first quarter revenue declined on a year-on-year basis. Gross sales for the first-quarter of 2007 were $4.42 million, a decline of 8% compared with revenue of $4.79 million in the same period a year earlier, the Fort Lauderdale, Fla.-based company said before the opening bell. The company attributed the decline to bad weather in the north and north-east regions of the United States.
Developer of network security and related software China Technology Development Group Corporation (Nasdaq: CTDC) lifted its stock on news its second largest shareholder has entered in to a shares sale and purchase agreements with three Chinese companies. According to the terms of the agreement, the three companies will acquire a total of 2,009,323 of Beijing Holdings Limited, China Technology said before the opening bell. Shares have added $0.48, or 11.94%, to $4.50.
Stocks began the day lower following a forecast by U.S. retailers that April same stores sales will be flat after a rise of 4% in March due to the earlier Easter holiday.
By Alex Alexandrov
