Stocks open sharply lower on continued worries about a potential slowdown in global growth
The Dow Jones industrials plunged below 10,000 Tuesday as traders turned away from stocks amid worries about the global economy and tensions between North and South Korea.
The Dow fell 206.51, or 2.1 percent, to 9,859.76. It closed at 10,066 on Monday and has fallen 1,346 points, or more than 12 percent, from its recent high of 11,205, reached April 26.
Investors also exited the euro and commodities including oil and again sought the safety of Treasurys. That sent yields and interest rates lower. The benchmark 10-year note’s yield fell to its lowest level since April 2009.
World stock markets also fell sharply.
A disappointing report on U.S. home prices added to the market’s dark mood. The Standard & Poor’s/Case-Shiller 20-city home price index fell 0.5 percent in March from February, a sign that the housing market remains weak even as mortgage rates are near historic lows. There are concerns that last month’s expiration of the government’s home buyer tax credit will hurt sales in the coming months.
A better-than-expected report on consumer confidence had no lasting effect on trading. The Conference Board’s consumer confidence index rose for the third straight month, climbing to 63.3 in May from 57.7 last month.
Yesterday’s Top Performing Small Cap Stock:
Tootie Pie Company TOOT
Tootie Pie Company was a SmallCapVoice.com top performer yesterday closing up over 21% on trading volume of 5,000 shares.
Tootie Pie Company bakes and sells high-quality, handmade pies through three basic sales channels: retail, corporate and wholesale. The retail segment serves individual consumers through in-store sales, orders via telephone and internet on the Company’s website. The corporate segment serves businesses that purchase pies as a way to promote their company through client and employee appreciation programs. The wholesale segment is made up of national and regional broad line grocery and foodservice distributors who purchase pies and then resell them through their respective sales distribution channels.
Today’s SmallCapVoice.com Hot Stock to Watch:
AISystems, Inc. ASYI
World Market Media Adds AISystems to the WMM MicroCap Index
WEST PALM BEACH, Fla., May 25, 2010 (GLOBE NEWSWIRE) — World Market Media, Inc. (“WMM”) announced today the addition of AISystems, Inc. ASYI to the WMM MicroCap Index. The WMM MicroCap Index includes select companies between $50 and $300 million in market cap.
Other Small Cap News
Sterling Financial Corporation STSA
Warburg Pincus to invest $139M in Sterling Financial
Sterling Financial Corp. said that Warburg Pincus Private Equity will invest $139 million into the holding company for Sterling Savings Bank and Golf Savings Bank.
News of the investment deal sent shares of Spokane-based Sterling STSA soaring in Monday trading, with shares rising 16 percent, up 12 cents to close at 87 cents.
Converted Organics Inc. COIN
Converted Organics Signs Letter of Intent With R.M. & S.M. Family Farm to Build Vertically-Integrated Agricultural Portfolio, Gain Immediate Revenue, Facilitate Large-Scale R&D
BOSTON, May 24, 2010 (GLOBE NEWSWIRE) — Converted Organics Inc., an industry leader in the organic fertilizer market, announced today that the Company has entered into a Letter of Intent to acquire R.M. & S.M. Family Farm, LLC of Mosca, CO, including rights to all equipment and intellectual property currently needed to operate the farming business.
Competitive Technologies, Inc. (NYSE Amex: CTT)
Additional Abstract Affirms Competitive Technologies’ Calmare(R) Pain Therapy Effectively Treats Cancer Patients’ Pain
FAIRFIELD, Conn., May 24, 2010 (GLOBE NEWSWIRE) — Competitive Technologies, Inc. (NYSE Amex:CTT) today announced the issuance of an abstract of a study which has shown the successful treatment of Chronic Cancer Pain (CCP) using CTT’s Calmare(R) Pain Therapy Treatment for patients with advanced stages of cancer. The abstract cites results of the study, which will be published in the proceedings of the American Society of Clinical Oncology (ASCO) Annual Meeting to be held June 4-8, 2010. Also at this meeting, the results of a previously announced study showing successful treatment of patients suffering from pain associated with chemotherapy-induced peripheral neuropathy (CIPN) using Calmare pain therapy will be presented.
Repligen Corporation RGEN
Repligen drug gets FDA orphan drug status
Repligen drug candidate aimed at genetic disorder gets FDA’s orphan drug status
WALTHAM, Mass. (AP) — Repligen Corp. said Monday the Food and Drug Administration granted the potential genetic disorder treatment RG2833 orphan drug status.
Orphan drug status is given to drugs aimed at rare conditions or conditions that have a lack of treatments on the market.
Incentives for such drugs include seven years of market exclusivity following FDA approval, assistance in clinical trial design, a reduction in user fees and tax credits.
Neuralstem, Inc. (NYSE Amex: CUR)
Neuralstem Updates Clinical Trial Progress
ROCKVILLE, Md., May 24 /PRNewswire-FirstCall/ — Neuralstem, Inc. (NYSE Amex: CUR) updated the progress of its ongoing Phase I human clinical trial to treat ALS (Amyotrophic Lateral Sclerosis, or Lou Gehrig’s disease) at Emory University in Atlanta, Georgia. The company announced that, after reviewing the safety data from the first cohort of three patients, the Safety Monitoring Board has approved moving to the next cohort and transplantation of the fourth patient. The first cohort of patients received five injections of the Company’s spinal cord stem cells on one side of the spinal cord. The second cohort of three patients will receive ten injections, five on each side of the cord.
Rosetta Genomics, Ltd. ROSG
Joint Study by Rosetta Genomics and NYU Langone Medical Center Identifies Potential microRNA Drug Target for Mesothelioma
Findings published in the online edition of The Journal of Biological Chemistry
REHOVOT, Israel & PHILADELPHIA–(BUSINESS WIRE)–Rosetta Genomics, Ltd. ROSG, a leading developer and provider of microRNA-based molecular diagnostics, announced today that the results of a joint study with the NYU Langone Medical Center were published on May 12th, 2010 in the online issue of The Journal of Biological Chemistry. The study “Pro-tumorigenic Effects of miR-31 Loss in Mesothelioma,” demonstrates the potential of miR-31 to be used for the development of new therapies against mesothelioma and other cancers.
Retractable Technologies, Inc. (NYSE Amex: RVP)
Retractable Technologies, Inc. Reports Final Judgment and Permanent Injunction in Patent Litigation Suit and Litigation Fee Arrangement
LITTLE ELM, Texas–(BUSINESS WIRE)–Retractable Technologies, Inc. (NYSE AMEX: RVP), a leading maker of safety medical devices, reported it has received the Final Judgment and Permanent Injunction and an Order in its patent litigation against Becton, Dickinson and Company (“BD”).
Tenet Healthcare Corporation THC
Tenet Healthcare shares rise after upgrade
Tenet Healthcare shares rise after analyst upgrades on health care reform, recent stock dip
INDIANAPOLIS (AP) — Shares of Tenet Healthcare Corp. climbed Monday afternoon, as a JPMorgan analyst upgraded the hospital operator to “Overweight” from “Neutral,” noting a recent pullback in the company’s stock price and anticipated benefits from health care reform.
PowerSecure International, Inc. POWR
PowerSecure Announces $30 Million Award to Provide a Major U.S. Utility with Infrastructure Upgrades
WAKE FOREST, N.C.–(BUSINESS WIRE)–PowerSecure International, Inc. POWR today announced its Utility Services unit has been selected by a major U.S. utility to provide a total of approximately $30 million of infrastructure services over the next three years. PowerSecure’s Utility Services team will assist the utility with its plan to upgrade its distribution infrastructure to improve its efficiency and durability. This new award expands and extends the services the Company’s Utility Services unit has been providing the utility over the last twelve months.
Lime Energy LIME
Lime Energy Awarded Contract for New Jersey’s Clean Energy Program
Lime Energy Will Recruit Participants and Install a Projected $3.7 Million in Energy Efficiency
ELK GROVE VILLAGE, Ill., May 25, 2010 (GLOBE NEWSWIRE) — Lime Energy LIME announced today that it has been awarded a competitively bid contract to implement the direct install component of New Jersey’s Clean Energy Program, which is a national model for energy efficiency and renewable energy. Under this contract, Lime Energy will operate exclusively in Bergen, Essex and Hudson counties, where the program is available to customers with a monthly electric demand not exceeding 200 kW. The program provides customer incentives of up to 80% of the project cost for upgrades including energy efficient lighting, lighting controls, energy efficient motors, refrigeration, as well as heating,
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