Indices looking up
April 13 (SmallCapInvestor.com) – Stocks are up just barely in midday trading today, while the price of oil has eased slightly. Among small caps, shares of pharmaceutical company Dyax Corp. (Nasdaq: DYAX) are flying high on upbeat drug trial news, but garment maker Lakeland Industries, Inc. (Nasdaq: LAKE) is down on news of a decline in profit.
At 1:53 PM the Russell 2000 had added 0.41 points, or 0.05 percent, to 815.46. The Dow Jones Industrial Average was up 45.60 points, or 0.36 percent, to 12,598.56.
Safety garment and accessories maker Lakeland Industries is sagging after news its fourth-quarter profit fell more than 20%. The Ronkonkoma, N.Y.-based company earned $1.3 million, or $0.24 per share in the quarter ended Jan. 31, compared with $1.7 million, or $0.30 per share, during the same period a year earlier, the company said after Thursday’s close. Analyst estimates where unavailable. Lakeland Industries attributed the decline to a decrease in sales in the United States and Canada. Shares are down $0.63, or 4.38%, to $13.77.
Shares of biopharmaceutical company Dyax Corp. are soaring following news of encouraging results during a late-stage trial drug trial. The drug DX-88 was found to be safe and helpful to patients suffering from a skin disease, the Cambridge, Mass.-based company said after Thursday’s close. Shares are up $1.96, or 49.00%, to $5.96.
SumTotal Systems, Inc. (Nasdaq: SUMT), which makes business education and performance software, is down on news its first-quarter revenue forecast missed Wall Street’s expectations. Excluding special items, the Mountain View, Calif.-based company anticipates a first quarter profit of between $1.7 million and $2 million, or between $0.06 per share and $0.07 per share, it said after Thursday’s close. That’s $0.01 per share shy of profit of $0.08 anticipated by analysts. SumTotal said it foresees growth in the near future, citing an $18 million contract with retail giant Wal-Mart Stores, Inc. that will begin generating revenue by the end of the year. Shares are down $0.75, or 8.66%, to $7.91.
The price of oil has eased slightly to the mid $63 a barrel range after being close to $64 earlier today. Before the opening bell on Thursday the International Energy Agency said the oil cartel OPEC has reduced supplies to 30.1 million barrels a day, a two-year low.
By Alex Alexandrov
