Russell 2000 leads rally
The Russell 2000 index is leading the rally on Wall Street this afternoon, following news U.S. regional price pressures have not increased. At 2:51 ET the Russell 2000 had added 11.50 points, or 1.40%, to 833.22. The Dow Jones Industrial Average was up 121.58 points, or 0.91%, to 13,416.59.
Shares of Oculus Innovative Sciences, Inc. (Nasdaq: OCLS), which makes products to combat infection in chronic and acute wounds, are rising following news the Petaluma, Calif.-based company has entered into an exclusive licensing agreement with the Drug Enhancement Company of America (DECA). According to the terms of the agreement, DECA will market Oculus’ “pen-like” applicator, which is sprayed on minor injuries, to first responders and the military, Oculus said before the opening bell. The 10-year agreement could provide the company with minimum payments of up to $47.5 million. The Drug Enhancement Company of America is a privately held pharmaceutical development organization. Shares are up $0.22, or 3%, to $7.46.
Chatsworth, Calif.-based microturbine energy systems maker Capstone Turbine Corp. (Nasdaq: CPST) has signed a contract with TurboGenix, Inc., which manufactures waste heat power recovery generators. The agreement provides Capstone the exclusive right to sell certain microturbine systems worldwide, the company said after Tuesday’s close. Shares have added $0.07, or 7%, to $1.12.
Shares of Cherokee International Corp. (Nasdaq: CHRK) are up $0.09, or 2%, to $4.93, on news the maker of power supplies has regained Nasdaq compliance. On Tuesday, June 12, it received a letter from the Nasdaq Listing Qualifications Panel that it has regained compliance with the starndards for continued listing on the stock exchange, the Tustin, Calif.-based company said before the opening bell.
In economic news, overall price pressures in most U.S. regions have not increased despite higher energy costs, according to the U.S. Federal Reserve’s beige book, which was released at 2 p.m. ET.
Eight times a year the Fed gathers information from each of its twelve districts on current economic conditions. The resulting report is commonly referred to as the “beige book.”
Elsewhere, the price of oil has added about 75 cents to pass $66 a barrel on news that U.S. inventories of gasoline are below their usual level.
