Russell 2000 unchanged
The Russell 2000 (NYSE: IWN) is spinning its wheels while the other major U.S. indices have moved up. At 2:51 p.m. ET the Russell 2000 was down 0.29 points, or 0.03%, to 837.19. The Dow Jones Industrial Average had added 39.59 points, or 0.29%, to 13,541.29.
Shares of Tercica, Inc. (Nasdaq: TRCA) are in positive territory following news that the biopharmaceutical company has signed a deal with industry giant Genentech Inc. (NYSE: DNA) to develop children’s growth failure drugs. Tercica is developing an injectable treatment that combines its drug Increlex with Genentech’s growth hormone Nutropin for kids, the Brisbane, Calif.-based firm said after Tuesday’s close. Tersica will receive up to $53 million from Genentech. Shares are up $0.64, or 12%, to $6.06.
Austin, Texas-based Multimedia Games Inc. (Nasdaq: MGAM) expects to purchase about 1.99 million shares of its common stock at $12.55 per share for a total cost of approximately $25 million, the developer of electronic games and player terminals said before the start of trading. The results are preliminary and subject to revision. The stock is down $0.68, or 5%, to $11.80.
Shares of apparel maker Innovo Group Inc. (Nasdaq: INNO) have added $0.35, or 18%, to $2.30, on news of a profitable second quarter. The net income for the three-month period ended May 26 was $2.14 million, compared with a net loss of $2.33 million a year earlier, the Commerce, Calif.-based company announced after Tuesday’s close. Analyst estimates were not available. Total net sales increased 55% to $15.2 million, compared with $9.8 million in the same quarter of 2006.
In economic news, the price of oil slipped about $0.25 to $72.50.
