Russell 2000 still sagging
The Russell 2000 small cap index has remained below the flat line this afternoon. At 2:38 p.m. ET the Russell 2000 had lost 1.08 points, or 0.13%, to 852.33. The Dow Jones Industrial Average was down 16.58 points, or 0.12%, to 13,651.53.
Shares of GSI Group, Inc. (Nasdaq: GSIG) are trading lower following news after the opening bell that the Billerica, Mass.-based supplier of precision technology components has purchased British beryllium mirrors maker Thales Optronics for an undisclosed amount. Additional information was not released. The stock is down $0.19, or 1%, to $10.51.
Hayward, Calif.-based diagnostic tools maker Cholestech Corp. (Nasdaq: CTEC) is being bought by Inverness Medical Technologies Inc. (AMEX: IMA) for approximately $326 million. That’s $21.02 per share, 25% above Cholestech’s closing price on Friday, June 1. Shareholders will receive 0.43642 shares of Inverness common stock for each share of Cholestech common stock, according to an AP report after the start of trading. The deal is expected to close in the fall of 2007 pending shareholder approval. Shares are up $2.88, or 17%, to $19.67.
Shares of Telik, Inc. (Nasdaq: TELK) are down $1.22, or 21%, to $4.59, following news the cancer drug TELCYTA did not meet the primary endpoint of the Phase III trial. Results from a clinical trial involving 247 women suffering from ovarian cancer may have been compromised because 31 were prematurely discontinued from the study for disease progression, the Palo Alto, Calif.-based pharmaceutical company said on Sunday, June 3.
In economic news, the price of oil has moved above $66 a barrel, up more than one dollar, on news that severe weather is approaching the Arabian Peninsula.
The following were the most actively traded companies in Monday's trading among those with market capitalizations under $500 million:
| Price at | % | ||||||
| 2:37 et | Change | Change | Volume | Year High | Year Low |
