Rally on Wall Street
The Russell 2000 is up sharply while the Dow is on track for another record close on reports of better-than-expected economic news. In small cap action, news of record earnings has lifted shares of PC Mall, Inc. (Nasdaq: MALL) and Voxware, Inc. (Nasdaq: VOXW).
At 11:26 a.m. ET the Russell 2000 had added 10.44 points, or 1.28 percent, to 826.69. The Dow Jones Industrial Average was up 78.09 points, or 0.59 percent, to 13,214.23.
Shares of Voxware, Inc. shot up $5.93, or 257.83%, to $8.23 on news of record quarterly earnings. Total revenues for the quarter ended March 31 were up 79% to $4.79 million, compared with $2.68 million in the same quarter of 2006, the Lawrenceville, N.J.-based provider of voice-based technology solutions said after Tuesday’s close. Analyst estimates were unavailable.
Madison, Wis.-based Sonic Foundry, Inc. (Nasdaq: SOFO) reported a wider net loss in the second quarter of fiscal 2007. The net loss on a GAPP basis was $1.91 million, or $0.05 per share, compared with $0.95 million, or $0.03 per share, in the same quarter of 2006, the media application software said after Tuesday’s close. The loss comes despite a 29% increase in revenue to $3.82 million, compared with $2.95 million a year ago. Shares are down $0.95, or 25.33%, to $2.80.
Shares of computer hardware marketer PC Mall, Inc. are gaining on news of record quarterly earnings. First-quarter earnings were $0.14 per share, compared with $0.01 per share a year earlier, the Torrance, Calif.-based company said after Tuesday’s close. Analysts were expecting earnings of $0.04 per share. Profit was $4 million, compared with $0.9 million in the first quarter of 2006 as labor costs fell and advertising efficiency increased. Shares have added $1.91, or 18.31%, to $12.34.
Orders at U.S. factories increased 3.1% in March, the Commerce Department said after the opening bell. That’s above economists’ projections of a rise of 2.2% and above February’s increase of 1.4%.
Credit card-issuer MasterCard Inc. (NYSE: MA) is contributing to the Dow’s rally after reporting that its first-quarter profit increased 70% due to a sharp increase in credit card charges and more processed transactions.
