Five high for Russell 2000
The Russell 2000 small-cap index rose for the fifth consecutive session as stocks kicked off the earnings season with modest gains on a day without major news. The Russell 2000 added 0.93 points, or 0.11%, to finish at 853.24. That’s near the record close of 855.09 on June 4. The Dow Jones Industrial Average gained 38.29 points, or 0.28%, to 13,649.97.
Shares of Alnylam Pharmaceuticals, Inc. (Nasdaq: ALNY) shot up on news that the Cambridge, Mass.-based company has entered into a lucrative alliance with Roche Holding Ltd., according to which Roche obtains a non-exclusive license to Alnylam’s technology platform for developing RNAi therapeutics. Alnylam will receive $331 million upfront and could net more than $1 billion when factoring in future milestone payments, the company said before the start of trading. RNAi is a natural mechanism that the body uses to inhibit expression of certain genes. Shares gained $7.92, or 52%, to end the day at $23.12.
Trico Marine Services Inc. (Nasdaq: TRMA) saw its shares submerge $2.92, or 7%, to close at $39.18, following news that its second quarter revenue forecast fell just short of Wall Street’s projections. Revenue for the three months ended June 30 will be between $57 million to $59 million, the Houston-based provided of marine support vessels to the offshore oil and gas industry said after the opening bell. Three analysts polled by Thomson Financial were calling for revenue of $59.20 million. Separately, Trico Marine Services also announced that board chairman Joseph S. Compofelice will replace Trevor Turbidy as CEO.
Shares of First Indiana Corp. (Nasdaq: FINB), the holding company for First Indiana Bank, ended the day in the winners’ column following news the Indianapolis, Ind.-based company is being purchased for $529 million. Milwaukee, Wis.-based Marshall & Ilsley Corp. (NYSE: MI) will pay $32 per share in cash for the company, it said before the start of trading. The deal is expected to close in the fourth quarter of 2007 or first quarter of 2008. The stock added $9.22, or 42%, to settle at $31.27.
