Russell 2000 still rising
U.S. stocks are firmly in positive territory, while the price of oil has shot up. At 2:51 ET the Russell 2000 had added 4.91 points, or 0.59%, to 837.45. The Dow Jones Industrial Average was up 77.55 points, or 0.58%, to 13,559.90.
Ultralife Batteries, Inc. (Nasdaq: ULBI) will relocate one of its plant to Newark, N.Y., where the company is based, from Waco, Texas. The target date for the McDowell Research communications accessories manufacturing operation to complete its moved is Sept. 30, the provider of high-energy power solutions products announced before the start of trading. “While our McDowell Research products continue to be extremely popular with our customers, and are in high demand, unfortunately the Waco operation has not achieved the profitability that we had planned,” CEO and President John D. Kavazanjian explained. Shares are up $0.11, or 1%, to $9.90.
News that Rudolph Technologies, Inc. (Nasdaq: RTEC) has received orders for six of its automated macro defect inspection tools has lifted shares of the Flanders, N.J.-based company $1.13, or 7%, to $17.15. The tools will be used to monitor magnetic head manufacturing, the provider of data analysis software said before the opening bell. Three of the orders have already been shipped and the rest are scheduled for delivery by the end of the year.
Shares of recreation vehicle maker Monaco Coach Corp. (NYSE: MNC) are up $0.11, or 1%, to $14.99, following news it will move its Elkhart, Ind.-based production of recreational vehicles to Wakarusa and Warsaw, Indiana. “Our analysis showed us that by making this move we will better utilize the capacity of the remaining plant facilities and resources,” John Nepute said in a press release before the start of trading. The transfer will create jobs in the recipient cities, while the company’s Elkhart employees will be invited to relocate. The company said it expects the changes, which will be completed by October 2007, to lead to cost reductions that add about $0.10 to $0.12 per share to its earnings for the next fiscal year.
In economic news, the price of oil is in the mid-$67 a barrel range, up about $1.4, on concerns of low fuel production from U.S. refineries.
