Stocks turn lower
The Russell 2000 index and the Dow are losing ground, while the price of oil has edged down slightly. At 2:54 p.m. ET the Russell 2000 had lost 7.09 points, or 0.84%, to 841.25. The Dow Jones Industrial Average was down 70.72 points, or 0.52%, to 13,564.70.
Shares of Access Integrated Technologies Inc. (Nasdaq: AIXD) are just above where they started following news of record annual revenues and a narrowing of the net loss. Revenues for the fiscal year ended March 31 were a record $47.11 million, compared with revenues of $16.8 million in fiscal 2006, the Morristown, N.J.-based provider of software services for distributors of digital content said after the opening bell. That beat analysts’ expected revenues of $42.23 million. The net loss for fiscal 2007 was $26.2 million, compared with a net loss of $17.12 million in 2006. However, on a per-share basis the net loss declined to $1.10, compared with $1.22 in the year 2006. Wall Street had projected a net loss of $0.80 per share. The stock has added $0.24, or 4%, to $7.09.
EVCI Career Colleges Inc. (Nasdaq: EVCI), which provides on-campus career college education, is facing delisting. The Yonkers, N.Y.-based company said after Tuesday’s close that it has received a letter from Nasdaq that it will be delisted because it failed to obtain shareholder approval for the completion of the recent private stock placement, thus violating the stock exchange’s rules. EVCI responded that it will seek a hearing before the Listing Qualifications Panel to argue its case. Shares are down $0.08, or 8%, to $0.96.
Shares of mattress fabrics maker Culp Inc. (NYSE: CFI) have lost $0.18, or 2%, to $9.02, on news of quarterly numbers that disappointed Wall Street. The net loss for the three months ended April 29 was $0.04 million, compared with a net loss of $1.5 million, or $0.13 per share, a year earlier, the High Point, N.C.-based company said after Tuesday’s close. However, two analysts polled by Thomson Financial were looking for earnings of $0.10 per share. Culp blamed restructuring and related charges of $1.8 million, after taxes.
In economic news, the price of oil is just below $69 a barrel, down about 20 cents, following news that a report by the U.S. Energy Information Administration showed a higher-than-expected weekly increase in inventories of gasoline and crude oil.
