Stephen Bernard, AP Business Writer
Stocks edge lower as investors pocket profits
Stocks slip to kick off week; Traders review flurry of new dealmaking
NEW YORK (AP) — Stocks took a pause from their big September rally on Monday.
With no major economic reports to drive trading, investors focused instead on individual stocks after a fresh round of corporate dealmaking in the airline, consumer products and retailing industries.
The Dow Jones industrial average fell 6 points in late morning trading. The Dow entered Monday having risen each of the past four weeks, its longest winning streak since eight consecutive weekly gains ended in late April when stocks hit their highest levels of the year.
In deal news, consumer products giant Unilever NV agreed to buy beauty products maker Alberto Culver Co. for $3.7 billion. Southwest Airlines Co. will purchase AirTran Holdings Inc. for about $1.4 billion. Wal-Mart Stores Inc. proposed to buy South African consumer goods distributor Massmart Holdings Ltd. for about $4.25 billion.
Michael Sansoterra, portfolio manager of the RidgeWorth Large Cap Growth Fund, said the latest deals are sign companies are confident economic growth will pick up in the coming quarters. Acquisition activity has been booming this month as companies become more willing to take large cash reserves built up during the recession and invest it.
Yesterday's Top Performing Small Cap Stock:
General Automotive Co. GNAU
General Automotive Co. was a SmallCapVoice.com top performer closing up over 25% on trading volume of 6,120 shares.
General Automotive Company GNAU, a North American provider of aftermarket parts and advanced technology for the automotive industry, recently announced a joint venture agreement with Taichi Automotive of China.
Today's SmallCapVoice.com Hot Stock to Watch:
Suffer (Pink Sheets: ENTK)
SUFFER (Pink Sheets:ENTK) recently announced that company Director Frank Mir was contacted by reps at Universal Republic about being featured in a Music Video featuring Frank training for his fight against Mirko Cro Cop.
Other Small Cap News
Intellicheck Mobilisa, Inc (NYSR Amex: IDN)
Missouri Army Base Awards Contract to Intellicheck Mobilisa
PORT TOWNSEND, Wash.–(BUSINESS WIRE)–Intellicheck Mobilisa, Inc. (NYSE AMEX:IDN), a global leader in access control and wireless security systems, received a contract from the US Army at Fort Leonard Wood to provide them with the Defense ID ® access control equipment. The value of the contract is approximately $250,000 for equipment, software, installation, training and warranties.
eFuture Information Technology Inc EFUT
eFuture Announces Share Purchase Agreement
BEIJING, Sept. 27, 2010 (GLOBE NEWSWIRE) — eFuture Information Technology Inc. EFUT (the “Company”, or “eFuture”), a leading provider of software and services in China's rapidly growing retail and consumer goods industries, today announced that it has entered into a share purchase agreement to sell 337,685 ordinary shares to 13 shareholders for US$1,813,368 in cash. The agreement was effective as of September 23, 2010.
BIOLASE Technology, Inc. BLTI
BIOLASE Announces $9 Million Order, Including $6 Million for Purchases of the Revolutionary iLase(TM) Personal Laser
Largest Order in the Company's History Under Non-Exclusive Distribution Agreement; Henry Schein to Pay $3 Million Up Front
IRVINE, CA–(Marketwire – 09/27/10) – BIOLASE Technology, Inc. BLTI, the world's leading dental laser company, is proud to announce that Henry Schein, Inc. HSIC has placed an irrevocable $9 million open purchase order for BIOLASE products, $6 million of which will be for the purchase of the revolutionary iLase™ personal laser, with an option for an additional $3 million of iLase or for other laser systems, including the flagship Waterlase® MD Turbo™. This purchase order is expected to be fulfilled by June 2011. Deliveries are to start immediately, and are expected to increase over the course of the 2010 fourth quarter and thereafter. As part of the distribution agreement, Henry Schein has agreed to engage in a substantial marketing campaign to launch the iLase product line throughout North America.
Arotech Corporation ARTX
Arotech Announces Nearly $3 Million in Battery and Rechargeable Orders
Battery Backlog Stands at $15.3 Million, the Highest Ever in the Division's History
ANN ARBOR, MI–(Marketwire – 09/27/10) – Arotech Corporation ARTX, a provider of quality defense and security products for the military, law enforcement and security markets, announced today that its Battery and Power Systems Division has received new and follow on orders of close to $3 million for batteries and rechargeables for military and domestic consumption. The batteries and rechargeables will be used for telecom equipment, aviation safety devices and the military's future soldier programs.
Ocean Power Technologies, Inc. OPTT
Ocean Power Technologies Completes First-Ever Grid Connection of a Wave Energy Device in the US
PENNINGTON, N.J.–(BUSINESS WIRE)–Ocean Power Technologies, Inc. OPTT (“OPT” or the “Company”) announces that it has completed the first-ever grid connection of a wave energy device in the United States at the Marine Corps Base Hawaii (“MCBH”), in conjunction with the US Navy. This connection demonstrates the ability of OPT's PowerBuoy® systems to produce utility-grade, renewable energy that can be transmitted to the grid in a manner fully compliant with national and international standards.
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