Stocks turn positive despite report that consumers remain cautious
Stocks turn positive in light of a report that signaled consumers remain cautious about spending.
The modest gain in stocks comes ahead of a big week of economic data, including the government’s monthly jobs report on Friday. Investors will want to see private sector job growth because any signs of hiring could add confidence that the economy is improving.
A report Monday showed that consumers are still nervous about spending while unemployment remains high. The government said consumer spending rose 0.2 percent last month, just above the 0.1 percent growth forecast by economists polled by Thomson Reuters.
Growth was slow, although personal income rose 0.4 percent. A bigger jump in income than spending means consumers are still unsure about their financial position and choosing to save their money. Weak spending could continue to hamper growth because consumer spending is the biggest driver of the economy.
The tepid recovery has led some leaders to push for new stimulus measures to bolster growth, though a jump in government spending would make it difficult to control deficits.
In morning trading, the Dow Jones industrial average is up 25.92, or 0.26 percent, to 10,169.73.
Yesterday’s Top Performing Small Cap Stock:
Tie Technologies, Inc. (Pink Sheets: TTCS)
TIE Technologies, Inc. was a SmallCapVoice.com top performer closing up over 34% on trading volume of 34,487 shares.
TIE Technologies, Inc., and Geocomp Corporation announce that BP and U.S. Coast Guard team is to make final inspection of potential site for the field deployment and testing of the OilDam(TM) in Baldwin County, Alabama.
TIE Technologies’ revised OilDam(TM) proposal developed in conjunction with Geocomp Corporation has undergone technical engineering review by BP’s Horizon Alternative Response Technology Team. The site inspection in Weeks Bay in Baldwin County is being conducted by the BP and U.S. Coast Guard Field Technical Operations Group. Scheduled field testing will commence within 8 days of the site approval. The proposed site will allow the OilDam(TM) to be deployed along a sand like sea floor, in water of approximately three to four feet in depth, in front of a tidal salt water marsh near the mouth of Weeks Bay.
Today’s SmallCapVoice.com Hot Stock to Watch:
Sillenger Exploration Corp. SLGX
Sillenger Opens Equatorial Guinea Office
TORONTO — (Marketwire) — 06/28/10 — Sillenger Exploration Corp. (“Sillenger”) SLGX SLGX is pleased to report that the Company has established its office in the Republic of Equatorial Guinea, in the capital city of Malabo. The office will serve as the Company’s base of operations in Equatorial Guinea. Having a local presence will enable more cohesive interaction with the Government, and its Ministries, and offer greater efficiencies in coordinating the Company’s activities with Fugro and local service providers.
SmallCapVoice Clients’ News
VizStar, Inc. VIZS
Independent Research Firm Murphy Analytics Announces Initiation of Coverage on VizStar, Inc.
ST. LOUIS, June 28, 2010 (GLOBE NEWSWIRE) — Murphy Analytics (MA) has initiated coverage on VizStar, Inc. VIZS. The Initiation Report contains a detailed discussion of the Company’s business model, market dynamics, industry competitors, macroeconomic data and indicators, financial results and risks.
The Initiation Report is available at http://www.murphyanalytics.com/uploads/VIZS_Initiation.
Other Small Cap News
Athersys, Inc. ATHX
Athersys and CSCRM Receive Grant Funding to Support Research Into Novel Stem Cell Treatment of Spinal Cord Injury
CLEVELAND, June 25, 2010 (GLOBE NEWSWIRE) — Athersys, Inc. ATHX and its collaborators, including the Center for Stem Cell and Regenerative Medicine (CSCRM) and Case Western Reserve University (CWRU), announced today that they have been awarded $1 million through the Ohio Third Frontier Biomedical Program to support research into the treatment of spinal cord injury (SCI) with MultiStem(R), Athersys’ proprietary stem cell product candidate. The project is intended to advance preclinical and translational research involving the use of MultiStem as a treatment for damage associated with SCI.
OraSure Technologies, Inc. OSUR
OraSure Technologies Receives FDA Approval for OraQuick(R) HCV Rapid Test, the First Rapid HCV Test Approved for Sale in the U.S.
BETHLEHEM, Pa., June 25, 2010 (GLOBE NEWSWIRE) — OraSure Technologies, Inc. OSUR announced today that its OraQuick(R) Hepatitis C (“HCV”) Rapid Antibody Test has been approved by the U.S. Food and Drug Administration (“FDA”) for use in detecting HCV antibodies in venous whole blood specimens, making it the first rapid HCV test approved by the FDA for use in the United States.
Gammon Gold Inc. GRS
Gammon Gold Provides Updated Ocampo Production and Cash Cost Outlook for 2010
HALIFAX, Canada, June 28, 2010 /PRNewswire-FirstCall/ – Gammon Gold Inc. (“Gammon”) GRS GAM: announces that due to the suspension of operations at the El Cubo mine located in Guanajuato State, Mexico, it is providing an updated 2010 production and cash cost outlook for the Ocampo mine. This adjusted outlook has assumed that the 154 contract workers and key pieces of underground mining equipment recently re-deployed from El Cubo will be supporting expanded operations at Ocampo to the end of the year.
Level 3 Communications, Inc. LVLT
Level 3 Delivers 2010 FIFA World Cup South Africa to Record-Breaking Online Audience in Spain
Level 3, Telecinco See Record Number of Concurrent Online Viewers for Spain v. Switzerland Game
LONDON–(BUSINESS WIRE)–Level 3 Communications, Inc. LVLT today announced it is providing its Internet Broadcast services to a number of European broadcasters, including Spanish broadcaster Telecinco, to stream the 2010 FIFA World Cup South Africa™ games in high-definition (HD) to online audiences. During Spain’s game against Switzerland, approximately 220,000 concurrent users watched the broadcast at Telecinco’s website, making it the most-watched event the broadcaster and Level 3 have ever delivered to online audiences in Spain.
Pluristem Therapeutics Inc. PSTI
Pluristem is Advancing Toward Two Phase IIb Clinical Trials for Treatment of Critical Limb Ischemia and Moderate-Severe Claudication
Company Awarded a $2.5 Million Grant from Israeli Government
HAIFA, Israel–(BUSINESS WIRE)–Pluristem Therapeutics Inc. PSTI PJT today announced that following its meeting with the Paul Ehrlich Institute (PEI), the German regulatory authority for advanced therapy products (ATP), the company is advancing toward designing two Phase IIb clinical trials for its placenta-derived cell therapy product, PLX-PAD, for the treatment of Critical Limb Ischemia (CLI) and Moderate-severe Claudication.
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