Tag - NYSE:FTI

There have been graduations and degradations, but the results are in. Russell Investments has reconstituted its small-cap Russell 2000 (NYSE:IWM) index.

In an effort to maintain true representation of global equity markets and ensure changes in the market are accurately reflected, Russell Investments annually rebalances all of its indices, including the Russell 2000.

Through all the shuffling, health care saw the most action on the upside. Fifty-three health-care companies were invited to join the small-cap index, while 30 companies were ousted according to the Associated Press.

Biomarin Pharmaceutical (Nasdaq:BMRN), Hologic Inc. (Nasdaq:HOLX), Illumina Inc. (Nasdaq:ILMN), Inverness Medical Innovations Inc. (AMEX:IMA) and Perrigo Co. (Nasdaq:PRGO) graduated to the Russell 1000, Russell’s large-cap index, from the Russell 2000. PDL BioPharma Inc. (Nasdaq:PDLI), on the other hand, slid to the Russell 2000 from the Russell 1000.

Following the health care sector, the technology and consumer discretionary sectors saw the most additions to the Russell, while consumer discretionary also saw the most deletions, unsurprising with the strapped consumer.

Thirty-seven technology companies were added, while 24 were jettisoned. Ansys Inc. (Nasdaq:ANSS), Equinix Inc. (Nasdaq:EQIX), Flir Systems Inc. (Nasdaq:FLIR), Nuance Communications Inc. (Nasdaq:NUAN), On Semiconductor Corp. (Nasdaq:ONNN) and SAIC Inc. (NYSE:SAI) climbed to the Russell 1000 from the Russell 2000. Acxiom Corp. (Nasdaq:ACXM), Riverbed Technology Inc. (Nasdaq:RVBD), Sanmina-SCI Corp. (Nasdaq:SANM) and Verifone . . .

Key Technology, Inc. (Nasdaq: KTEC) cleans your plate before you get the chance. It dehusks nuts, picks nits out of green beans, combs through lettuce, pits peaches, slices and dices potatoes, and prepares poultry. The company does everything to make sure your chicken dinner is processed to perfection.

Founded 60 years ago as a maker of vegetable processing equipment, Key has morphed into a global supplier to the food industry. It melds electro-optical automated inspection and sorting systems with processing systems that include conveyors and preparation equipment to pinpoint and eject unacceptable matter in the food flow. Its systems improve product yield and quality over manual sorting and defect removal, saving on labor costs.

The biggest markets for Key are processors of potatoes (mostly French fries), vegetables, fruit and snack foods. The French fry is king, representing 90% of the more than eight billion pounds of frozen potato products processed annually in the United States. The expansion of American-style fast food chains in other countries is fast turning others into French fry fanatics and opening avenues for Key. The company also cleans and processes tobacco, and is successfully selling into the emerging pharmaceutical and nutraceutical industries. Indeed, Key believes there are many additional applications for its systems in both food and non-food markets.

Mastering the food chain has its rewards. Key closed fiscal 2007 on Sept. 30 with annual sales of $107.5 million, up 27% from the previous year. Earnings were $1.37 per diluted share, turning around a loss of $0.15 in fiscal 2006. Key topped the year with a first-rate fourth quarter, exceeding the expectations of the one analyst who covers the company. Earnings were $0.42 per share versus a loss of $0.11 in the year-ago quarter. Revenues were $31.7 million, up 31%.