On track for records
The Dow and the Russell 2000 are above their record close levels as U.S. stocks add to earlier gains. At 2:48 p.m. ET the Russell 2000 had added 5.92 points, or 0.71%, to 839.57, above its May 9 record close of 834.77. The Dow Jones Industrial Average is also breaking records, up 17.63 points, or 0.13%, to 13,560.51. Its last record close was 13,556.53, set on May 18.
STEC, Inc. (Nasdaq: STEC)which designs and manufactures memory solutions based on Flash memory and DRAM technologies, announced before the opening bell that it will buy up to $60 million of its common stock over the next 18 months. In July 2006 STEC announced a stock buy back of $10 million. Shares are up $0.47, or 8%, to $6.27.
Shares of EDAP TMS S.A. (Nasdaq: EDAP) are gaining on news the French maker of Ablatherm, a high intensity focused ultrasound treatment of localized prostate cancer, is fast-tracking an on-going clinical trial. The company said after the market open that it has enough data demonstrating the long-term benefits of Ablatherm and is eager to make it available in the United States. The stock is up $0.83, or 14%, to $6.83.
Billerica, Mass.-based American Science and Engineering, Inc. (Nasdaq: ASEI) has received a $2 million order from the U.S. government, the maker of X-ray detection technology said before the start of trading. The order is for the company’s mobile bomb detection screening system ZBV, which is built into a delivery van. The company did not reveal the name of the government client but said that the order includes operator training, service, and warranty. Shares of American Science and Engineering have added $4.93, or 10%, to $52.91.
In economic news, the price of oil is hovering around $65 a barrel, a drop of more than a dollar, on expectations of a rise in U.S. gasoline supplies. Meanwhile, the inflation-adjusted price of gas in the United States has reached levels not since the early 1980s.
