Russell going strong
The Russell 2000 small-cap index is up strongly this afternoon, as stocks extend their rally. At 3:13 p.m. ET the Russell 2000 was up 9.82 points, or 1.18%, to 843.52. The Dow Jones Industrial Average had added 108.93 points, or 0.81%, to 13,517.55.
Shares of North Pittsburgh Systems, Inc. (Nasdaq: NPSI) are rising, up $2.92, or 14%, to $24.17, following news the holding company of a number of telephone public utilities is being bought by Consolidated Communications Holdings Inc. (Nasdaq: CNSL) for $375.10 million. Holders of North Pittsburgh shares can exchange each of the company’s common shares for either $25 in cash or 1.1061947 common shares of Consolidated Communications. The deal is set to close either in the fourth quarter of 2007, or the start of 2008. Before the start of trading, the company also said that it will pay out its last regular dividend in October.
Metalink Ltd. (Nasdaq: MTLK), which provides high-performance wireless and wireline broadband communication silicon solutions, announced before the opening bell that one of its products has been certified by the Wi-Fi Alliance. Metalink’s WLANPlus successfully passed the Wi-Fi Alliance’s qualification tests, the Israeli company said. It can now market its product with the Austin, Texas-based industry group’s logo, which is permitted only on compliant equipment. Shares are up $0.32, or 6%, to $5.80.
Shares of ICOP Digital Inc. (Nasdaq: ICOP) have gained $0.07, or 1%, to $8.30, following news the provider of surveillance solutions has received an equipment order. The Livonia Police Department in Michigan has ordered 40 digital in-car video systems to be deployed immediately in its fleet cars, the Lenexa, Kan.-based company reported before the opening bell. The financial parameters of the deal were not released.
In economic news, the price of oil has moved past $71 a barrel, an addition of about $0.40, due stretched inventories of gasoline in the United States, the world’s largest oil importer.
