Russell 2000 on track for record
The Russell 2000 (NYSE: IWN) and the Dow Jones Industrial Average (DJI) are on track for a second day of record closes. At 3:12 p.m. ET the Russell 2000 was up 0.47 points, or 0.05%, to 855.65. The Dow had added 49.67 points, or 0.36%, to 13,911.40.
Shares of ARIAD Pharmaceuticals Inc. (Nasdaq: ARIA) are down despite news the Cambridge, Mass.-based company will team up with heavyweight Merck & Co., Inc. (NYSE: MRK) to develop an experimental cancer treatment. The new medication will attempt to block the growth of cancer cells by starving them, according to an Associated Press report after Thursday’s close. The two companies are planning a clinical trial later this summer. Ariad first announced that it is looking to join forces with an industry giant in April. The stock is down $0.14, or 2%, to $5.63.
New York-based Internet media company Travelzoo Inc. (Nasdaq: TZOO), which specializes in travel information, has new business initiatives in France, Hong Kong, and Japan, it announced after the start of trading. “We are continuing to aggressively implement our strategy of turning Travelzoo into a global media brand,” said CEO and Chairman Ralph Bartel. This week the company published a Top 20 list in France, after it started publishing a similar list in Hong Kong in June. Travelzoo plans on opening an office in Japan on September 1. Shares are down $1.64, or 6%, to $26.44.
In economic news, the price of oil has shot up about $1.35 to $73.85 following news that a ship anchor damaged a gas pipeline in the North Sea.
