Russell 2000 beats record close
The Russell 2000 is above its record close this afternoon as U.S. stocks add to earlier gains. Among specific small companies, eTelecare Global Solutions, Inc. (Nasdaq: ETEL) is opening another delivery center in the Philippines, while shares of Isonics Corp. (Nasdaq: ISON) are rising on news the company expects to almost double its revenue.
At 2:41 p.m. ET the Russell 2000 had added 11.54 points, or 1.40%, to 835.20, above its May 9 record close of 834.77. The Dow Jones Industrial Average was up 9.47 points, or 0.07%, to 13,130.87.
Shares of Golden, Colo.-based Isonics Corp. are up sharply on news the provider of solutions for the homeland security and semiconductor markets expects to report a 94% increase in unaudited revenue for its semiconductor products and services segment. Semiconductor revenue for the quarter ended April 30 will come to about $3.7 million, compared with $1.91 million a year earlier, the company said after the opening bell. Shares are trading at $1.64, up 29%, or $0.37.
Cimatron Ltd. (Nasdaq: CIMT), narrowed its net income in the first quarter of 2007. The net income for the first three months of 2007 was $0.18 million, or $0.02 per share, compared with a net income of $0.22 million, or $0.03 per share during the same period a year earlier, the Israeli software company announced before the opening bell. Revenues also decreased slightly, to $5.33 million, compared with $5.37 million in the first quarter of 2006. Analyst estimates were unavailable. The stock is down $0.89, or 24%, to $2.77.
Shares of eTelecare Global Solutions, Inc. are in positive territory after news that the provider of business process outsourcing solutions will build a new delivery center in the Philippines. The new center will open its doors in the third quarter of 2007 and will employ more than 3,000 people, the company said before the start of trading. eTelecare is the first Philippine-incorporated business process outsourcing company, and the second Filipino company to list on the NASDAQ stock exchange. The company is already operating five delivery centers. Shares have climbed $0.02, or 0.13%, to $15.61.
In economic news, the price of oil has surged more than a dollar to past $66 a barrel due to unrest in Nigeria, Africa’s top exporter. Earlier today criminals caused a spill when they broke into an oil well run by French oil and gas company TOTAL S.A.
