Sellers enter the picture
The Russell 2000 and the Dow have dipped into negative territory with just over an hour left in trading. In small cap action, shares of Toreador Resources Corp. (Nasdaq: TRGL) are rising on news the company has begun gas shipments from Turkey, while Astro-Med, Inc.’s stock (Nasdaq: ALOT) is down on news quarterly profit was flat.
At 2:48 p.m. ET the Russell 2000 had shed 0.65 points, or 0.08%, to 839.27. The Dow Jones Industrial Average was down 1.95 points, or 0.01%, to 13,538.00.
Shares of Toreador Resources Corp. are trading higher on news before the market open that the Dallas-based oil and natural gas exploration company has begun gas sales from the Turkish part of the Black Sea. Toreador and its TPAO (the Turkish national oil company) and Stratic Energy Corp. announced today that gas sales from the South Akcakoca Sub-Basin project have begun. The initial production is for a rate of approximately 20 million cubic feet of gas per day from a single platform. The rate will increase to 50 million cubic feet when the project’s three platforms are on full production, which is expected for the third quarter. Toreador’s stock is up $0.93, or 6%, to $16.48.
West Warwick, R.I.-based Astro-Med, Inc.’s quarterly profit stayed essentially flat. The net income for the quarter ended May 5 was $0.52 million, or $0.07 per share, compared with net income of $0.54 million, or $0.07 per share, a year earlier, the maker of specialty printers and electronic instruments said after Tuesday’s close. Analyst estimates were not available. Shares have lost $0.85, or 7%, to $11.23.
Shares of Ceragon Networks Ltd. (Nasdaq: CRNT) are up $0.05, or 1%, to $8.84, on news the company’s solutions will be used by Nextlink Wireless, Inc. The agreement signed by the two companies stipulates that Ceragon’s solutions will be used to support broadband wireless based alternative access services including high speed ethernet and private line access, the Israeli provider of high-capacity wireless backhaul solutions announced before trading got under way. Ceragon said that its wireless solutions will enable Nextlink to provide carrier grade, cost effective solutions to government and business customers.
Meanwhile, the U.S. House of Representatives passed a bill that calls for stiff fines and criminal penalties in cases of gasoline price gouging. However, the White House has threatened a veto should the "Federal Price Gouging Protection Act" be approved by the Senate.
In economic news, the price of oil has added about 30 cents and is approaching the $66 a barrel range.
