Stocks move higher amid better-than-expected jobless claims report
Stocks extended a rally into a third day as investors welcome a report that first-time jobless claims fell more than expected last week.
Mixed reports Thursday from retailers on June sales results have helped boost some individual stocks, but did not widely affect the market.
The Labor Department said initial jobless claims fell to their lowest levels since early May. Initial claims fell to a seasonally adjusted 454,000 last week, better than the 465,000 economists polled by Thomson Reuters had forecast.
The drop in claims, at least temporarily, reverses a trend of disappointing jobs reports that had sent stocks lower in recent weeks. Before a stock surge over the past two days, investors had regularly sold off stocks in recent weeks because of economic reports that showed the economy is growing, but not as fast as had been predicted.
Continued high unemployment has dragged down consumer confidence, which in turn has slowed spending. Consumer spending accounts for the bulk of economic activity. Without a rebound in jobs and sales, the economy is likely to continue to post only modest growth.
Reports from retailers indicated June sales were mixed. Limited Brands Inc., which owns Victoria’s Secret and Bath & Body Works, reported sales that topped expectations. Many teen retailers saw a drop in sales last month, including Hot Topic Inc. and The Wet Seal Inc.
In early morning trading, the Dow Jones industrial average rose 77.72, or 0.8 percent, to 10,096.00. The Standard & Poor’s 500 index rose 7.91, or 0.8 percent, to 1,068.18, while the Nasdaq composite index rose 17.25, or 0.8 percent, to 2,176.72.
Yesterday’s Top Performing Small Cap Stock:
Tootie Pie Company TOOT
Tootie Pie Company was a SmallCapVoice.com top performer closing up over 23% on trading volume of 12,950 shares.
Tootie Pie Partners with Kraft Foods
Jul. 8, 2010 (Business Wire) — Tootie Pie Company, Inc. TOOT announced that it has entered into a partnership with Kraft Foods for the upcoming holiday season. The two companies will co-market Tootie Pie with Kraft’s Cool Whip.
“There is probably no more recognizable, high-quality food brand than Kraft Foods,” said Don Merrill, President & CEO. “We are proud and excited that Kraft recognizes the value of having its Cool Whip product featured alongside Tootie Pie.”
Today’s SmallCapVoice.com Hot Stock to Watch:
Concordis Group, Inc. (Pink Sheets: CNGI)
Concordis Group, Inc. Joins Captive Insurance Companies Association
DESTIN, Fla., July 8 /PRNewswire-FirstCall/ — Concordis Group, Inc. (Pink Sheets: CNGI), a growing financial holding company, today announced it has become a member of the Captive Insurance Companies Association (CICA). CICA is the only domicile-neutral captive insurance association, free from jurisdictional or commercial ties since it is not linked with a domicile or government entity.
CICA members have an average of 2.5 captives per member. These captives most commonly write workers’ compensation and property/casualty lines, but have also diversified into areas such as product liability and employee benefits. Others have diversified into a substantial amount of related outside business and view their captives as important cost-savings mechanisms.
Other Small Cap News
Ballantyne Strong, Inc. (NYSE Amex: BTN)
Ballantyne Strong Secures New Order for 60 NEC Digital Cinema Projectors in China
Adds to Growing Asian Focus With Opening of Shanghai Office
BEIJING & SHANGHAI, CHINA & OMAHA, Neb.–(BUSINESS WIRE)–Ballantyne Strong, Inc. (NYSE Amex: BTN), a provider of digital cinema projection equipment and services, cinema screens and other cinema products, announced today that it has received a new order to provide 60 NEC digital cinema projectors to Beijing SunWah World Management Co., Ltd, China for theatres located throughout the People’s Republic of China (PRC). Initial projector shipments are expected to commence in Q3 ‘10, with the order slated for completion by early 2011.
Nymox Pharmaceutical Corporation NYMX
Nymox Reports Positive New Clinical Trial Data on Improvement in Key Symptom in Patients on NX-1207 Drug for Prostate Enlargement
Urinary Urgency Symptoms in Patients Reduced by 52%
HASBROUCK HEIGHTS, N.J., July 7, 2010 (GLOBE NEWSWIRE) — Nymox Pharmaceutical Corporation NYMX reported today positive new results from pooled analysis of completed clinical trials of NX-1207, the Company’s investigational drug for BPH. The trial data shows that patients receiving NX-1207 recorded significant quantitative improvement in the important symptom of urgent need to urinate. Compared to baseline, symptoms of urgency to urinate were reduced by 52% at 90 days after a single treatment with NX-1207, and this improvement was statistically significant compared to double-blinded placebo control patients (p<.003).
Frequency Electronics, Inc. FEIM
Frequency Electronics Awarded $5 Million in Low G DOD Contracts
MITCHEL FIELD, N.Y., July 7, 2010 (GLOBE NEWSWIRE) — Frequency Electronics, Inc. FEIM has been awarded two contracts totaling approximately $5 million in follow-up production requirements for an ongoing Department of Defense (DOD) program previously under development and pilot production contracts at Frequency. Product delivery is required to be completed within 12 to 18 months.
Integral Systems, Inc. ISYS
Integral Systems wins $14M contract modification
Integral Systems wins $14 million contract modification for satellite project
COLUMBIA, Md. (AP) — Satellite systems maker Integral Systems Inc. on Wednesday said it has won a $14.2 million modification to a U.S. Air Force contract. The change is to a contract first awarded in early 2002 for a command and control project of the Air Force’s Space and Missile Systems Center. Under the modification, Integral Systems will continue providing its EPOCH integrated product suite to simplify operations through the consolidation of satellite ground systems.
CVD Equipment Corporation CVV
CVD Equipment Corporation 2010 Orders Increase by 70%
RONKONKOMA, N.Y.–(BUSINESS WIRE)–CVD Equipment Corporation CVV announced that it received over $6.0 million in new orders during the three (3) months ended June 30, 2010 and approximately $9.3 million in new orders for the six (6) months ended June 30, 2010. This surpasses the $2.8 and $5.5 million of new orders received during the three (3) and six (6) months ended June 30, 2009 by 125% and 70% respectively. The orders received during this period also exceeded all January through June periods in the history of CVD.
RegeneRx Biopharmaceuticals, Inc. (NYSE Amex: RGN)
RegeneRx Awarded Australian Patent for New TB4 Applications
ROCKVILLE, Md.–(BUSINESS WIRE)–RegeneRx Biopharmaceuticals, Inc. (NYSE Amex: RGN) (the “Company” or “RegeneRx”) today announced it has received Notice of Acceptance from the Australian patent office for the use of Thymosin beta 4 (Tβ4), its analogues, isoforms and other derivatives in the treatment of infections and inflammatory disorders including colitis, ileitis, gastrointestinal ulcers and gingivitis, among others. The patent expires in 2023. This is one of several patents the Company has been granted in Australia related to its technology and drug candidates.
Dejour Enterprises Ltd. (NYSE Amex: DEJ)
Dejour Announces Strong June 2010 Production Results
Credit Facility Expansion Augments Q3 Drilling Capital
CALGARY, Alberta–(BUSINESS WIRE)–Dejour Enterprises Ltd. (NYSE-AMEX: DEJ / TSX: DEJ) (“Dejour”), a high growth oil and natural gas company operating multiple exploration and production projects in Northeastern British Columbia and Western Colorado, today announces high volume crude oil and natural gas output in June from the Company’s Woodrush Project located in the Peace River Arch in British Columbia, Canada.
Ballantyne Strong, Inc. (NYSE Amex: BTN)
Ballantyne Strong Secures $20 Million Revolving Credit Facility with Wells Fargo
OMAHA, Neb.–(BUSINESS WIRE)–Ballantyne Strong, Inc. (NYSE Amex: BTN), a provider of digital cinema projection equipment and services, cinema screens and other cinema products, announced today that it has entered into a $20 million, one-year Revolving Credit Agreement and Note (collectively, the “Credit Facility”) with Wells Fargo Bank, N.A. Borrowings under the Credit Facility, which bear interest at a rate of LIBOR plus 125 basis points, will be primarily used for working capital and other general corporate purposes. The Credit facility expires June 30, 2011 and is secured by Ballantyne’s accounts receivable, general intangibles and inventory. The Credit Facility contains certain covenants and restrictions pertaining to the operations of the Company.
PhotoMedex, Inc. PHMD
PhotoMedex Receives Purchase Order from Its Middle East Distributor for Seventy-Five XTRAC® Laser Systems
MONTGOMERYVILLE, Pa.–(BUSINESS WIRE)–PhotoMedex, Inc. PHMD announced that the Company has received from AMICO Group, its distributor in the Middle East, a multi-million dollar order to purchase XTRAC laser systems that will be installed in hospitals throughout the Kingdom of Saudi Arabia. The order includes customary terms and conditions, including advanced payments and letters of credit covering the purchase order. Delivery is expected to be in the third and fourth quarters of this year. GlobalMed Technologies, the Company’s master distribution partner, will facilitate the logistics associated with the deployment of the XTRAC systems under the purchase order, throughout the Saudi market.
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