Small caps extend rally
The Russell 2000 (NYSE: IWM) has climbed more than 1% on news of a stock buyback program at International Business Machines Corp. (Nasdaq: IBM). At 3:04 p.m. ET, the small-cap index was up10.16 points, or 1.43%, to 720.62. The Dow Jones Industrial Average (INDU) had climbed 127.73 points, or 1.02%, to 12,697.95.
Stocks small and large have shed their earlier volatility and have been posting solid gains since 11 a.m. ET, when news came out that IBM has authorized a $15 billion share buyback program that could boost 2008 earnings per share.
Shares of Mannatech, Inc. (Nasdaq: MTEX), which develops and sells nutritional supplements, topical and skin care products, are higher following news that the Coppell, Texas-based company has approved a quarterly cash dividend of $0.09 per share of common stock, payable on March 28 to shareholders of record at the close of business on March 7.
“The financial position of our company supports our continuing dividend program and represents our belief in the quality of our products, and the future of our company,” said president and CEO Terry Persinger in a press release. “This marks the 12th consecutive quarter that our board has declared a dividend.”
Similarly, shares of competitor USANA Health Sciences, Inc. (Nasdaq: USNA) are rising on news that the Salt Lake City, Utah-based company’s nutritional drink mix has become the first meal replacement product in the Australian market to carry the Glycemic Index symbol. The symbol alerts consumers that the product is healthy.
Elsewhere, Local.com Corp. (Nasdaq: LOCM)’s stock has not moved despite news that the local search engine received a Hitwise U.S. Top Ten Award. The quarterly Hitwise U.S. Top 10 Awards Program celebrates the most successful U.S. websites in over 160 online industries.
The list is compiled by online measurements company Hitwise and is based on popularity according to the percentage of user visits a website receives compared to similar sites during a specific period.
