Wall Street rally still going
The Russell 2000 and the other major U.S. indices are firmly in positive territory about an hour before the close. At 2:58 p.m. ET the Russell 2000 had added 11.27 points, or 1.35%, to 848.39. The Dow Jones Industrial Average was up 100.97 points, or 0.74%, to 13,654.69.
Owners of ShengdaTech Inc.’s (Nasdaq: SDTH) stock have reason to smile following news the Chinese chemical products company announced a fiscal 2007 outlook that beat Wall Street’s expectations. Net revenue is projected at between $96 million and $98 million, resulting in earnings between $0.43 per share and $0.45 per share, ShengdaTech said after Thursday’s close. One analyst polled by Thomson Financial was looking for revenues of $95.87 million and net income of $0.43 per share. The stock is up $1.01, or 22%, to $5.70.
Shares of Omtool Ltd. (Nasdaq: OMTL), which provides document and information handling solutions, are sagging on news of a possible removal from the Nasdaq Capital Market. The Andover, Mass.-based company announced after Thursday’s close that it has received a notice from the Nasdaq Listing Qualifications Department on June 8 that it is no longer in compliance with listing requirements. Omtool said it will request a hearing to argue its case. The stock is down $0.15, or 8%, to $1.75.
Metal Storm Ltd. (Nasdaq: MTSX), an Australian developer of ballistic systems and projectile technology, said before the opening bell that it completed successful milestone test firings of its remotely operated weapons system Redback. The company said that it has planned tests of three shot grenade launchers starting June 18 at its site in Singapore. Shares are flat at $2.25.
In economic news, the price of oil has added about 50 cents to clear $68 a barrel following a rise in violence in the Middle East and a third day of worries about the ability of aging U.S. refineries to handle peak summer demand.
The following were the most actively traded companies in Friday's trading among those with market capitalizations under $500 million:
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