Russell 2000 remains lower
The Russell 2000 and the other major U.S. indices are lower across the board for a second consecutive session. At 3:07 p.m. ET the Russell 2000 was down 8.82 points, or 1.04%, to 839.43. The Dow Jones Industrial Average had lost 144.17 points, or 1.06%, to 13,451.29.
Shares of SI International, Inc. (Nasdaq: SINT) are in negative territory on news the Reston, Va.-based information services provider has been downgraded by brokerage house Stifel Nicolaus & Co. The analyst said shares were downgraded to “Hold” from “Buy” due to concerns that SI International’s government contract work will slow down in the second quarter of 2007, according to news reports after the start of trading. Shares are down $1.34, or 4%, to $31.12.
New Hope, Minn.-based Navarre Corp. (Nasdaq: NAVR) expects an annual profit of between $9 million and $10 million in fiscal 2008, more than double the net income of $4.1 million in 2007, the publisher and distributor of digital home entertainment products said after Tuesday’s close. The net income for the fiscal year 2007 was $4.1 million, or $0.11 per share, compared with a net loss of $3.2 million, or $0.11 per share, in the fiscal year 2006. Three analysts polled by Thomson Financial were expecting earnings of $0.36 per share in fiscal 2007. The stock is up $0.17, or 4%, to $4.02.
Shares of Towerstream Corp. (Nasdaq: TWER) are down following news the fixed-wireless broadband provider is offering $40 million in common stock to investors. “The proceeds from this offering will provide us with the capital to build out our target markets and solidify our position as a WiMAX leader,” CEO Jeff Thompson said after the opening bell. Shares are down $1.95, or 33%, to $3.92.
In economic news, the price of oil is approaching $66 a barrel, up about 30 cents, following news that Turkish troops have entered northern Iraq. The Turkish military said it was pursuing Kurdish rebels. Many of the Kurds that live in south-east Turkey and northern Iraq have aspirations of forming a separate country.
