Russell 2000 moves up
April 4 (SmallCapInvestor.com) – Stocks gained ground in midday trading today as the price of oil declined further. In small cap action, shares of investment firm Epoch Holding Corporation (Nasdaq: EPHC) rose on news of an increase in assets, while sneaker maker Heelys Inc. (Nasdaq: HLYS) got an analyst upgrade due to strong sales.
At 1.18 PM the Russell 2000 had gained 2.37 points, or 0.29 percent, to 813.16. The Dow Jones Industrial Average was up 26.00 points, or 0.21 percent, to 12,556.05.
Epoch Holding has increased its assets under management by 22% during the first three months of 2007, the New York-based company said after Wednesday’s close. The investment advisory and management holding company had assets of $5.38 billion as of March 31, up from $4.41 billion as of Dec. 31. Shares gained $2.20, or 17.17%, to $15.01.
Shares of Beijing, China-based PacificNet Inc. (Nasdaq: PACT) lost ground on news the mobile internet and gaming technology provider faces delisting. On March 30, the company received a delisting notification from the Nasdaq Stock Market due to the withdrawal of audit reports for its financial statements for 2005 and 2004, PacificNet said before the opening bell. It plans on appealing the ruling and said it is trying to determine why the audit reports were withdrawn and when it can reinstate them. The stock is at $4.86, down $0.56, or 10.33%.
Heelys, which makes sneakers with wheels in the heel, is up following news of an upgrade by Wachovia Securities before the start of trading. The analyst raised its rating to “Outperform” from “Market Perform” on expectations of strong future sales, saying that many stores are running out of Heelys’ products. The target price has been raised to $39 from $37. Shares are up $2.47, or 8.89%, to $30.26.
The price of oil eased to just above $64 a barrel after starting the day closer to $65. The 15 British sailors and marines captured by Iran almost two weeks ago were freed on Wednesday and returned home today.
By Alex Alexandrov
