Russell 2000 flat
The Russell 2000 index and the Dow are trading close to the flat line this morning. At 11:19 a.m. ET the Russell 2000 was down 1.60 points, or 0.19%, to 846.74. The Dow Jones Industrial Average was up 11.62 points, or 0.09%, to 13,647.04.
Fuel Tech Inc. (Nasdaq: FTEK) will be expanding into China, the Batavia, Ill.-based developer of proprietary technologies for air pollution control announced after Tuesday’s close. The company has signed an agreement with a subsidiary of Japan’s ITOCHU Corp. to jointly test its energy efficient technology on a combustion unit in China. The technology is currently used in coal-fired electric generating units and other waste-to-energy units in North America and Europe. The teaming agreement specifies a one-year period of exclusivity, during which the two companies will assess the desirability of forming a joint venture. Shares have added $4.82, or 17%, to a $33.51, past its 52-week high of $29.82, set on June 5.
Shares of 3D Systems Corp. (Nasdaq: TDSC) are losing ground following news before the opening bell that the Rock Hill, S.C.-based maker of 3-D manufacturing systems and related products has announced that it will sell 1.25 million of its shares to investors at a price of $17.50 per share. The company expects to bring in proceeds of about $20.56 million, which it will use to launch a new product and support its growth initiatives. The stock is down $1.84, or 7%, to $23.15.
Chinese plastic film manufacturer Fuwei Films (Holdings) Co., Ltd. (Nasdaq: FFHL) is closed to completing construction of its third factory for thick film. The new building will be finished by the end of June, and the necessary equipment will be installed and made operation in the first quarter of 2008. When production starts in April, 2008, the factory will be able to produce 23,000 metric tons of thick film products annually for use in thin film LCD electronic screens, Fuwei Films said before the start of trading. Shares are up $0.50, or 7%, to $7.80.
In economic news, the yield on the U.S. government’s 10-year Treasury note has declined 7/32 to 5.12%, easing concerns of higher borrowing costs. Bond yields help determine rates on loans and mortgages.
Trading began on a positive note following news that financial services giant Morgan Stanley (NYSE: MS) reported a 40% increase in its second-quarter profit.
