Matthew Craft and David K. Randall, AP Business Writers
Stocks slide as jump in oil prices renews worries
Stocks fall sharply with oil nearing $100; Bernanke says rising oil prices could hurt economy
NEW YORK (AP) — Stocks suffered steep losses as oil prices surged on Tuesday, renewing worries that higher fuel prices could hobble the economic recovery.
Oil rose $2.66 to settle at $99.63 a barrel amid unrest in Iran and Libya. Iran clamped down on anti-government protesters and forces loyal to Libya's leader Moammar Gadhafi launched counter-attacks against rebels expanding control over the country.
Prices jumped 13 percent last week with a rise in turmoil across North Africa and the Middle East. That pushed gas prices up 20 cents per gallon. As a result, Americans are now paying roughly $75 million more per day to fill their gas tanks than a week ago.
Federal Reserve Chairman Ben Bernanke told the Senate Banking Committee that a sustained increase in crude prices could pose a risk to the recovery. But he predicted only a temporary increase in inflation, not runaway prices. The Fed chief also said he expected the economy to grow this year, although not enough to lower the 9 percent unemployment rate.
Yesterday's Top Performing Small Cap Stock:
Royale Energy, Inc. ROYL
Royale Energy, Inc. was a SmallCapVoice.com top performer closing up over 5% on trading volume of 1,500,894 shares.
Headquartered in San Diego, Royale Energy, Inc. is an independent energy company. The company is focused on development, acquisition, exploration, and production of natural gas and oil in California, Texas and the Rocky Mountains. It has been a leading independent producer of oil and natural gas for over 20 years. The company's strength is continually reaffirmed by investors who participate in funding over 50% of the company's new projects. Additional information about Royale Energy, Inc. is available on its web site at www.royl.com.
Today's SmallCapVoice.com Hot Stock to Watch:
American Petro-Hunter, Inc. AAPH
American Petro-Hunter Commences Drilling Operations at NOS227 Well, North Oklahoma Project
SCOTTSDALE, AZ–(Marketwire – 03/01/11) – American Petro-Hunter, Inc. (OTC.BB:AAPH) (“American Petro-Hunter” or the “Company”) is pleased to announce that drilling operations have commenced at the NOS227 Well at the North Oklahoma Project, Payne County Oklahoma. The new well location is taking advantage of a favorable oil producing geological trend, and is up dip and to the west offsetting the existing production.
SmallCapVoice Clients' News
Advanced Medical Isotope Corp. ADMD
AMIC Signs 1-Year Option to License Injectable Radiogel for High-dose Interstitial Radiation Therapy Developed at Pacific Northwest National Laboratory
AMIC to Advance Development Program With Clinicians in the Northwest to Commercialize Radiogel
KENNEWICK, Wash., Feb. 28, 2011 (GLOBE NEWSWIRE) — James Katzaroff, Chairman and Chief Executive Officer of Advanced Medical Isotope Corporation ADMD, a company engaged in the production and distribution of medical isotopes, has signed an option agreement with Battelle Memorial Institute, operator of Pacific Northwest National Laboratory (PNNL) for rights to an injectable “Radiogel” for High-dose Interstitial Radiation Therapy. Upon exercise of the option and execution of an exclusive license with Battelle, AMIC will have the exclusive right to further develop the technology, which is a microsphere-embedded, injectable polymer solution designed to maximize the radiation dose to cancerous tumors that cannot be removed surgically.
Other Small Cap News
MarineMax Inc. HZO
MarineMax and Marinas International Announce Strategic Business Alliance
CLEARWATER, Fla.–(BUSINESS WIRE)– MarineMax Inc. HZO, the nation's largest recreational boat and yacht retailer, today announced a strategic business alliance with Marinas International, one of the largest marina operators in the United States with 27 locations across the country. This business alliance will allow MarineMax access to Marinas International's marinas and the opportunity to establish sales brokerage offices while supplying Marinas International with increased traffic and occupancy for its more than 15,000 slips.
Star Scientific, Inc. CIGX
Roskamp Institute Obtains IRB Approval for Multi-Site Human Clinical Trial with Rock Creek Pharmaceutical RCP-006 Compound
GLEN ALLEN, Va., Feb. 28, 2011 /PRNewswire/ — Rock Creek Pharmaceuticals, a wholly owned subsidiary of Star Scientific, Inc. CIGX has been notified by the Roskamp Institute of Sarasota, Florida that the Institute has received institutional review board (IRB) approval to conduct a three-month, multi-site clinical trial with Rock Creek's RCP-006 nutritional supplement formula. The study (referred to as the “Flint Study”), will enroll approximately 200 subjects and begins with subject recruitment and enrollment. It will be centered in the Flint, Michigan area, where a number of physicians and surgeons have volunteered to enroll patients who meet the subject profile. The trial will examine the effect of RCP-006 on chronic inflammation in individuals who have elevated blood levels of C-reactive protein (CRP).
Bel Fuse Inc. BELFB
Bel Fuse makes $246M offer for Pulse Electronics
Bel Fuse makes unsolicited $246M offer for Pulse Electronics, will push own board nominees
JERSEY CITY, N.J. (AP) — Bel Fuse Inc., a maker of electronic components, said Monday that it made an unsolicited offer to buy Pulse Electronics Corp. for $6 per share, or about $246 million.
Bel Fuse said Pulse Electronics' board has not engaged in negotiations for a buyout. The company also said it will try to get its own slate of four directors elected at Pulse Electronics' annual shareholder meeting in May.
Poniard Pharmaceuticals PARD
Poniard Pharmaceuticals Receives Chinese State FDA Approval for Clinical Development of Picoplatin
SAN FRANCISCO, CA–(Marketwire – 03/01/11) – Poniard Pharmaceuticals, Inc. PARD, a biopharmaceutical company focused on innovative oncology therapies, today announced that it has received Clinical Trial Application (CTA) approval from the Chinese State Food and Drug Administration (SFDA) to conduct two Phase III clinical studies of its lead product candidate, picoplatin, in the treatment of second-line small cell lung cancer (SCLC) and second-line ovarian cancer in the People's Republic of China.
JA Solar Holdings Co., Ltd. JASO
JA Solar to Supply 110 MW of Solar Products to Solar-Fabrik AG in 2011
SHANGHAI, China, March 1, 2011 (GLOBE NEWSWIRE) — JA Solar Holdings Co., Ltd. JASO (“JA Solar” or “the Company”), one of the world's largest manufacturers of high-performance solar cells and solar power products, today announced that it has signed a supply agreement with Solar-Fabrik AG. Headquartered in Germany, Solar-Fabrik AG is one of Europe's leading solar power companies.
Novavax, Inc. NVAX
NOVAVAX Awarded HHS-BARDA Contract Valued at up to $179 Million to Develop Pandemic and Seasonal Influenza Vaccines for U.S. Government Using Recombinant VLP Technology
Contract Includes $97 Million 3-year Base Period and $82 Million 2-year Option Period
ROCKVILLE, Md., March 1, 2011 /PRNewswire/ — Novavax, Inc. NVAX announced today that it has been awarded a contract valued at up to $179 million by the Office of Biomedical Advanced Research and Development Authority (BARDA) within the Office of the Assistant Secretary for Preparedness and Response at the U.S. Department of Health and Human Services (HHS) for the advanced clinical and manufacturing development of recombinant vaccines for the prevention of seasonal and pandemic influenza.
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