Russell adds to losses
The Russell 2000 is joining the other major U.S. indices in extending its downward slide. At 14:42 p.m. ET the Russell 2000 was down 14.32 points, or 1.70%, to 826.89. The Dow Jones Industrial Average had lost 139.21 points, or 1.03%, to 13,326.46.
Shares of CorVel Corp. (Nasdaq: CRVL), a provider of medical cost containment and managed care services, are higher following news of record quarterly earnings. The net income for the quarter ended March 31 was $0.37 was per share, compared with a net income of $0.22 per share in the same quarter of 2006, the Irvine, Calif.-based company said before market open. Revenues for the quarter were $71 million, up 7.5%, compared with revenues of $66 million a year earlier. Analyst estimates were unavailable. The stock has added $1.15, or 5%, to $25.45.
Former gaming executive David Gomes has entered into a confidentiality agreement to buy Trump Entertainment Resorts Inc.’s (Nasdaq: TRMP) Atlantic City casinos, according to an Associated Press report after Wednesday’s close. Gomes will turn to private equity groups for financial backing to buy the casinos, which emerged from bankruptcy in 2005 and have faced growing competition since. Both parties are mum on the possibility of a future bid. Shares are down $0.13, or 1%, to $14.36.
Alachua, Fla.-based surgical implants maker Regeneration Technologies, Inc. (Nasdaq: RTIX) has signed an agreement to provide spinal implants to medical technology company Stryker Corp. (NYSE: SYK) effective immediately. RTI will create grafts made from donated human tissue using designs made by Stryker, according to an Associated Press report after the start of trading. Shares have gained $0.19, or 2%, to $10.66.
In economic news, the price of oil is close to $67 a barrel, up about one dollar, following news that the president of the Organization of the Petroleum Exporting Countries said the current oil supply is enough to satisfy global demand. That’s a sign the cartel is not looking to raise output.
OPEC accounts for over 40% of global oil production.
