Russell 2000 up, down
The Russell 2000 and the Dow Jones Industrial Average are trading on both sides of the flat line this afternoon. At 2:21 p.m. ET the Russell 2000 had shed 1.71 points, or 0.21%, to 825.75. The Dow Jones Industrial Average was down 8.86 points, or 0.07%, to 13,343.19.
Shares of Brigham Exploration Co. (Nasdaq: BEXP) are in positive territory on news the Austin, Texas-based drilling company has boosted its second quarter production guidance. Production is expected to be between 44 millions of cubic feet equivalent and 46 MMcfe per day, up from the 42 MMcfe to 45 MMcfe per day of production announced in early May, Brigham Exploration reported before the opening bell. The increase is primarily due to strong output from wells in Southern Louisiana. Shares are up $0.01, or 0.17%, to $5.79.
Cell Therapeutics Inc. (Nasdaq: CTIC), which develops cancer treatments, is up following news of the publication of studies that show that its cardiac drug is more effective when compared with similar treatments. The journal Investigational New Drugs has published results from a Phase II/III clinical trial on mice that show the drug pixantrone is more effective and less toxic when compared with two rival products, the Seattle-based company said before the start of trading. Its stock is up $0.23, or 8%, to $3.20.
Shares of FreightCar America Inc. (Nasdaq: RAIL) are going in reverse following news the manufacturer of aluminum-bodied railcars has lowered its profit projections. The net income for the second quarter is forecast at between $0.85 per share and $0.95 per share, the Chicago-based company reported after Monday’s close. Four analysts polled by Thomson Financial were looking for earnings of $1.20 per share. Despite having just received an order for 1900 railcars, FreightCar America said that soft demand for most railcar types is to blame for the decline in profit. Shares are down $1.37, or 3%, to $48.02.
In economic news, the price of oil has fallen about $1.40 to below $68 a barrel following news the total U.S. oil inventories reached 1.708 million barrels for the week ended June 15. That’s above inventories of $1.698 million for the week ended June 8, the Energy Information Administration said this afternoon.
