Russell slips into negative territory
The Russell 2000 index has diverged from the other major U.S. indices by losing ground this afternoon. At 2:49 ET the Russell 2000 had lost 1.02 points, or 0.12%, to 834.29. The Dow Jones Industrial Average was up 25.76 points, or 0.19%, to 13,450.15.
Shares of Berlin, N.J.-based specialty retailer A.C. Moore Arts & Crafts, Inc. (Nasdaq: ACMR) are lower following news that President and CEO Lawrence H. Fine has resigned for personal reasons. “This was a very difficult decision for me,” Fine said in a press release before the opening bell. “A.C. Moore has tremendous growth opportunities ahead. I wish the entire A.C. Moore team great future success.” Fine, 53, assumed the title of President in June 2001 and became CEO in Feb. 2003. The stock is down $0.56, or 3%, to $21.52.
Medivation, Inc.’s (Nasdaq: MDVN) Alzheimer drug treatment Dimebon showed statistically significant results over a placebo in a Phase II study, the San Francisco-based company said before the start of trading. Dimebon was well tolerated throughout the entire one-year treatment period, and patients preserved their overall level of functioning. Shares are up $3.62, or 22%, to $19.80.
Shares of Lake Forest, Calif.-based Comarco, Inc. (Nasdaq: CMRO) have fallen $0.30, or 4%, to $6.48, on news the provider of wireless test solutions for the wireless industry is being sued for patent infringement. Scottsdale, Ariz.-based Mobility Electronics, Inc. (Nasdaq: MOBE) has filed a lawsuit with the United States District Court for the Eastern District of Texas alleging that Comarco’s line of universal power adapters for mobile electronic devices violates Mobility's patented intelligent tip architecture design, the company announced before market open.
In economic news, the price of oil is approaching $66 a barrel, up more than one dollar, on news that Saudi Arabia intends to keep OPEC’s production limits in place until the end of July. The Organization of the Petroleum Exporting Countries controls more than 40% of global oil production.
