2-24-10 Daily Small Cap Market News and Stock Highlights from SmallCapVoice.com
Stocks are rallying after Fed Chairman Bernanke reaffirmed his commitment to keep interest rates low for an extended period
Stocks rebounded from a two-day slide Wednesday as Federal Reserve Chairman Ben Bernanke told Congress that low interest rates are still needed to support the economy.
Bernanke sounded an upbeat note about a recovery as part of his regular semi-annual report to Congress on the economy. He told the House Financial Services Committee he still expects interest rates will remain low for an extended period. Investors want to see low-cost borrowing continue to help revive the economy.
The Dow Jones industrial average jumped 100 points, erasing a 101-point drop from Tuesday.
At the same time, a disappointing report on new home sales brought the latest reminder that a recovery in the economy will be difficult even with government aid.
The Commerce Department said sales of new homes fell to a record low in January. Economists had been expecting an increase. The government said that new home sales fell 11.2 percent last month to a seasonally adjusted annual sales rate of 309,000 units. That’s the lowest level on a record that goes back nearly 50 years.
It was the third straight monthly drop.
Housing has been a big concern for investors who this week have been worrying about consumer spending. A surprising drop in consumer confidence reminded investors of the fragility of the economic recovery and sent stocks sliding on Tuesday. The market also posted modest losses on Monday.
In midmorning trading, the Dow rose 104.15, or 1 percent, to 10,386.56. The broader Standard & Poor’s 500 index rose 8.89, or 0.8 percent, to 1,103.49, and the Nasdaq composite index rose 23.28, or 1.1 percent, to 2,236.72.
Yesterday’s Top Performing Small Cap Stock:
Tootie Pie Company, Inc. (OTC BB: TOOT) was a SmallCapVoice.com top performer yesterday closing up over 5% on trading volume of 25,000 shares.
(OTCBB: TOOT) Records Profit in a Down Economy
Tootie Pie Company maintained a gross margin of 70% even as flour prices fluctuated to some of the highest prices seen since 2008. A 6.6% overall improvement to bottom line helped Tootie Pie post a net profit of $29,771 on revenues of $910,837.
Today’s SmallCapVoice.com Hot Stock to Watch:
CitySide Tickets, Inc. (Pink Sheets: CIST)
Feb. 22, 2010 (Business Wire) — CitySide Tickets, Inc. (PINK SHEETS: CIST), which owns and operates www.CitySidetickets.com, a nationwide event ticket purchasing venue that caters to a diverse selection of popular theater, music, and sporting events, today announces that it has signed a Letter of Intent with StadiumTickets.com, an international entertainment and event ticket broker exchange. Terms of the letter include a 100% ownership in StadiumTickets.com by CitySide Tickets, Inc. The website, www.stadiumtickets.com, will be live and accepting broker orders on March 1st.
Other Small Cap News
Zale Corp. (NYSE: ZLC)
Zale shares soar after report firm might buy stake
Shares of Zale soar after report private equity firm might buy stake
NEW YORK (AP) — Shares of struggling jeweler Zale Corp. soared Tuesday after a report that a private equity firm may seek a stake in the ailing jewelry chain.
Shares rose 35 cents, or 17 percent, to $2.36 on heavy volume in morning trading.
Nevsun Resources Ltd. (NYSE Amex: NSU)
Nevsun Reports Increased Cash Flow Projections for 2011
The Bisha mine is now fifty percent (50%) complete with plant commissioning targeted as early as November 2010. The Company expects Bisha to be cash flow positive in Q1 2011, with a 4% increase in the capital budget to $260M (originally estimated at $250 million).
Converted Organics Inc. (Nasdaq: COIN)
Converted Organics Signs Licensing Agreement with MassOrganics for New Manufacturing Facility
As part of the agreement, MassOrganics I will pay a licensing fee to Converted Organics of $1,000,000 and a royalty of $20 per ton of fertilizer sold from the facility. Converted Organics has agreed to give MassOrganics I the right of first refusal for the development of similar facilities in Maine, Connecticut, New Hampshire, Rhode Island, Massachusetts, and Vermont.
Eastman Kodak Company (NYSE: EK)
Kodak Launches Private Placement of $400 Million Senior Secured Notes
Kodak intends to use the net proceeds from the offering to repurchase all $300 million aggregate principal amount of its 10.50% Senior Notes due 2017 and to repurchase a portion of its 7.25% Senior Notes due 2013 through a tender offer.
SRS Labs, Inc. (Nasdaq: SRSL)
SRS Labs Reports Fourth Quarter 2009 Results
“2009 was a milestone year for SRS Labs,” said Thomas C.K. Yuen, SRS Lab’s chairman and CEO. “The investments we made in 2008 and 2009 provided the resources to build a substantial infrastructure to execute our strategic growth plan. These resources allowed us to develop new technologies, drive branding initiatives, and deploy a professional customer-focused sales team. From an operational perspective, we achieved what we set out to accomplish: strong top-line growth, diversification of our revenue and customer base, margin expansion, and penetration of key high growth target markets.
Poniard Pharmaceuticals, Inc. (Nasdaq: PARD)
Poniard Pharmaceuticals Secures $20 Million Committed Equity Financing Facility
Poniard Pharmaceuticals, Inc. (Nasdaq:PARD), a biopharmaceutical company focused on innovative oncology therapies, today announced that it has entered into a committed equity financing facility under which it may sell up to $20 million of its registered common stock to Commerce Court Small Cap Value Fund, Ltd. over an approximately 18-month period. Poniard is not obligated to utilize any of the facility and remains free to enter into other financing transactions.
BGC Partners, Inc. (Nasdaq: BGCP)
BGC Partners Reports Fourth Quarter and Full Year 2009 Financial Results
NEW YORK, Feb. 23, 2010 (GLOBE NEWSWIRE) — BGC Partners, Inc. (Nasdaq:BGCP) (“BGC Partners” or “the Company”), a leading global intermediary to the wholesale financial markets, today reported its financial results for the fourth quarter and full year ended December 31, 2009.
Approach Resources Inc. (Nasdaq: AREX)
Approach Resources Inc. Announces 2009 Reserves and Production
FORT WORTH, Texas–(BUSINESS WIRE)–Approach Resources Inc. (NASDAQ: AREX) today reported year-end 2009 proved oil and gas reserves of 218.9 Bcfe. At December 31, 2009, proved reserves consisted of 77% natural gas and 23% oil, condensate and natural gas liquids (“NGLs”), and had a reserve life index of over 20 years based on 2009 production of 8.8 Bcfe. The proved developed portion of year-end 2009 proved reserves was 43%.
Radian Group Inc (NYSE: RDN)
UPDATE 3-Radian shares rise on results, delinquency forecast
Q4 loss/shr $1.12 vs est loss/shr $1.69
“At the beginning of 2009, the big issues that we were dealing with were liquidity and risk-to-capital ratio. We feel very positive about having addressed those issues significantly. We essentially eliminated near-term liquidity as an issue,” Chief Executive S.A. Ibrahim told Reuters.
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