Russell 2000 recovers
The major U.S. indices are on pace to recover some of their losses from three consecutive days of sell-offs. At 2:45 ET the Russell 2000 had added 7.08 points, or 0.86%, to 832.40. The Dow Jones Industrial Average had lost 83.22 points, or 0.63%, to 13,349.95.
Shares of China GrenTech Corp. (Nasdaq: GRRF) are trading higher following news the maker of wireless coverage products has won two bids to supply equipment. One of the contracts is to supply wireless coverage products for a trial telecommunications network created by the China Mobile Group, the company said before the opening bell. Shares are up $0.59, or 6%, to $11.24.
Holders of Packeteer Inc. (Nasdaq: PKTR) stock want the Cupertino, Calif.-based provider of wide area network (WAN) application to seek a buyer, according to news reports after the opening bell. The group of investors is led by hedge fund Elliott Associates LP and claims the company is not holding its own in a competitive market. Along with its offshore sister fund Westgate International Ltd., Elliot Associates manages more than $1 billion. Packeteer’s shares are down $0.07, or 1%, to $9.91.
Shares of Ascent Solar Technologies, Inc. (Nasdaq: ASTI) are shining following news investment research firm MCF Corp. (AMEX: MEM) initiated coverage with a “Buy” rating. MCF Corp said that the Littleton, Col.-based renewable energy company could sell its photovoltaic materials for a price below that of the typical solar module and increase its gross profit, according to news reports after the opening bell. However, significant revenue is not expected until 2010. The stock is up $0.14, or 2%, to $7.52.
In economic news, the price of oil has fallen more than two dollars to below $65 a barrel on news the cyclone Gonu has loss strength and does not pose a threat to the oil-rich Middle East.
