4-29-10 Daily Small Cap Market News and Stock Highlights from SmallCapVoice.com
Stocks are higher on signs of an improving domestic economy
The Labor Department said initial claims for unemployment benefits fell last week, though they did not drop quite as far as predicted. First-time claims dipped to 448,000 last week. Economists polled by Thomson Reuters had forecast a drop to 445,000.
Dealmaking and earnings have also provided fresh evidence the U.S. economy is on the mend.
Hewlett-Packard Co. said late Wednesday that it is buying smart phone maker Palm Inc. in an all-cash deal worth $1.4 billion. Acquisitions are a sign that the economy is recovering and companies are comfortable spending cash reserves to build their businesses.
Earnings from companies like Motorola, Time Warner Cable and Starwood Hotels & Resorts also topped expectations, which has been a regular trend throughout earnings season.
The upbeat signs in the U.S. economy come against a backdrop of ongoing debt concerns in Europe. European stock markets rose after two days of declines. Investors worldwide remain cautious about the European debt problems. Spain on Wednesday was the third country this week to see its debt rating slashed by Standard & Poor’s, following Greece and Portugal.
In early morning trading, the Dow Jones industrial average rose 77.08, or 0.7 percent, to 11,122.35. The Standard & Poor’s 500 index rose 10.87, or 0.9 percent, to 1,202.23, while the Nasdaq composite index rose 18.06, or 0.7 percent, to 2,489.79.
Yesterday’s Top Performing Small Cap Stock:
Grid Petroleum Corp. (OTCBB: GRPR)
Grid Petroleum Corporation was a SmallCapVoice.com top performer yesterday closing up over 19% on trading volume of 1,289,200 shares.
Grid Petroleum Receive SISM Independent Research Report – 18-24 Month Price Target $2.20, High Case of $9.69
Apr. 28, 2010 (Business Wire) – Grid Petroleum Corp. (OTCBB:GRPR) is pleased to announce the initiation of research coverage by leading independent research company, SISM Research and Investment Services of Zurich, Switzerland, which concludes with an 18-24 month target price of $2.20. The report goes on to detail an upside price of $9.69.
Today’s SmallCapVoice.com Hot Stock to Watch:
GWS Technologies, Inc. (OTCBB: GWSC)
GWS Technologies, Inc. Appoints Business Development Representative for Wind and Solar Projects in Mexico
Apr. 29, 2010 (Business Wire) – GWS Technologies, Inc. (OTCBB: GWSC) an alternative energy company developing renewable energy solutions, today announced that it has appointed Lars Johnson as Business Development Representative for the Company’s planned solar farms, wind farms and other alternative energy power production projects in Mexico and Central America.
SmallCapVoice Clients’ News
Tootie Pie Company (OTCBB: TOOT)
Tootie Pie Goes Large at Shorty Smalls
Apr. 29, 2010 (Business Wire) — Tootie Pie Company, Inc. (OTCBB:TOOT) announced that it had landed Shorty Smalls restaurant chain, which operates eight locations in Little Rock, Arkansas; Oklahoma City, Oklahoma; Branson, Missouri and Wichita, Kansas.
“We have been working hard to add restaurant chains to our list of Tootie Pie customers and Shorty Smalls not only opens us up to some great new cities, it comes through a new food distributor: Reinhart Foods, which means access to more restaurants and hotels,” said Don Merrill, President & CEO.
Other Small Cap News
Endologix, Inc. (Nasdaq: ELGX)
Endologix Announces Publication of Consolidated Long-Term Anatomical Fixation Clinical Trial Results
IRVINE, Calif., April 28 /PRNewswire-FirstCall/ — Endologix, Inc. (Nasdaq:ELGX), developer of minimally invasive treatments for aortic disorders, announced today the publication of consolidated results from its prospective, multicenter clinical trials of the Company’s Powerlink(R) stent graft for the endovascular repair of abdominal aortic aneurysms (AAA) using an anatomical fixation technique. The trial results demonstrate no aneurysm ruptures, no conversions to open repair, no device migrations, no stent fractures, no graft fatigue, no junctional endoleaks, no transgraft endoleaks, and 100% freedom from aneurysm-related mortality for up to five years post-implant. In addition, core lab evaluations found a low rate of limb occlusion (0.6% of limbs), with significantly reduced or stable aneurysm sacs in 95% and 93% of patients at one year and five years, respectively.
U.S. Energy Corp. (Nasdaq: USEG)
U.S. Energy Corp. Announces Cash Distribution From Standard Steam Trust
RIVERTON, Wyo., April 28, 2010 (GLOBE NEWSWIRE) — U.S. Energy Corp. (Nasdaq:USEG) (“USE” or the “Company”), a natural resources exploration and development company with interests in oil and gas, molybdenum, geothermal, and real estate assets, today announced that it has received a cash distribution of $1.1 million from Standard Steam Trust (“SST”).
pSivida Corp. (Nasdaq: PSDV)
pSivida Receives $15 million payment from Alimera Sciences
WATERTOWN, Mass.–(BUSINESS WIRE)–pSivida Corp. (NASDAQ:PSDV)(ASX:PVA), a leader in the development of ophthalmic sustained release drug delivery products, today said it had received full payment of a $15 million note, including an additional $225,000 in accrued interest, from Alimera Sciences, Inc., pSivida’s licensee developing Iluvien(R) for the treatment of diabetic macular edema (DME).
Minco Gold Corporation (NYSE Amex: MGH)
Minco Gold Has Commenced Field Program to Follow Up Discoveries at Oujiaba and Yejiaba Properties
VANCOUVER, BRITISH COLUMBIA–(Marketwire – 04/29/10) – Minco Gold Corporation (the “Company” or “Minco Gold”) (TSX:MMM)(AMEX:MGH)(Frankfurt:MI5) is pleased to announce that it has started its field program to follow the significant results and the discovery of the gold mineralization zone discovered during 2009 along the 6 km long structural zone on its Oujiaba property (13.2 g/t Au over 10.0 m, see March 9, 2010 press release) and along the +10 km long structural trend (100.2 g/t Ag, 1.25% Pb, 46.6% Fe over 5.0 M, March 23, 2010 press release) on its Yejiaba property both located in Gansu Province, P.R.C.
Prana Biotechnology (Nasdaq: PRAN)
Prana Provides Detailed Analysis of PBT2 Therapeutic Strategy for Alzheimer’s Disease
NEW YORK, NY–(Marketwire – 04/29/10) – Prana Biotechnology (NASDAQ:PRAN) (ASX:PBT) today announced the release of a position statement on the proposed mechanism of action of PBT2, Prana’s lead drug for the treatment of Alzheimer’s Disease. The statement provides an overview of a range of therapeutic strategies based on the ‘amyloid hypothesis,’ that typically aim to reduce the amount of the A-beta protein in the brain, in contrast to PBT2, where the therapeutic strategy is to not only clear A-beta from the brain, but also prevent it from becoming toxic to the brain, restoring normal neuronal function. The statement, entitled, “PBT2 – evidence-based unique mechanism to treat AD” is available on the company’s website at http://www.pranabio.com.
Magnetek, Inc. (NYSE: MAG)
Magnetek Receives $6 Million Order for Large Wind Power Inverters
MENOMONEE FALLS, Wis.–(BUSINESS WIRE)–Magnetek, Inc. (NYSE: MAG) today announced that it has received a production order for its E-Force(TM) wind power inverters valued at approximately $6 million. Magnetek’s modular utility-scale wind power inverters regulate and transform DC power generated by wind turbines into utility-grade AC power, which is distributed to the power transmission grid. The order is scheduled for delivery beginning in September 2010, through December 2010.
WCA Waste Corporation (Nasdaq: WCAA)
WCA Waste Corporation Announces Results for the Quarter Ended March 1, 2010
HOUSTON, April 28, 2010 (GLOBE NEWSWIRE) — WCA Waste Corporation (Nasdaq:WCAA) announced today financial results for the three months ended March 31, 2010. For the first quarter of 2010, revenue was $52.3 million, operating income was $3.6 million, and net loss available to common stockholders was $1.9 million, or $0.10 per share. Excluding the non-operational impact of the interest rate swap, merger and acquisition related expenses, and tax impact of restricted shares, our net loss available to common stockholders was $1.6 million, or $0.08 per share. Please refer to the attached tables below for a reconciliation of net loss available to common stockholders to adjusted net income (loss) available to common stockholders and for adjusted EBITDA as a percentage of revenue.
Entropic Communications, Inc. (Nasdaq: ENTR)
Entropic Communications Reports First Quarter Results
Entropic Communications Reports First Quarter Results Conference Call to be Webcast Today at 2:00 p.m. Pacific Time
SAN DIEGO, April 28, 2010 (GLOBE NEWSWIRE) — Entropic Communications, Inc. (Nasdaq:ENTR), a leading provider of silicon and software solutions to enable connected home entertainment, today reported its first quarter results for the period ended March 31, 2010. Entropic reported first quarter net revenues of $37.5 million, an increase of 7 percent compared with $35.1 million in the fourth quarter of 2009 and an increase of 56 percent compared to $24.1 million in the first quarter of 2009.
Geron Corporation (Nasdaq: GERN)
Geron Corporation Reports 2010 First Quarter Financial Results and Highlights
MENLO PARK, Calif.–(BUSINESS WIRE)–Geron Corporation (Nasdaq: GERN) today reported financial results for the three months ended March 31, 2010.
For the first quarter of 2010, the company reported operating revenues of $918,000 and operating expenses of $17.4 million, compared to $444,000 and $17.1 million, respectively, for the comparable 2009 period. Net loss for the first quarter of 2010 was $16.6 million, or $(0.18) per share, compared to $16.8 million, or $(0.20) per share, for the comparable 2009 period. The company ended the quarter with $166.5 million in cash and investments.
Hewlett-Packard Company (NYSE: HPQ)
HP to Acquire Palm for $1.2 Billion
Combination will Accelerate HP’s Growth within the More Than $100 Billion Connected Mobile Device Market
PALO ALTO, Calif. & SUNNYVALE, Calif.–(BUSINESS WIRE)–HP (NYSE: HPQ) and Palm, Inc. (NASDAQ: PALM) today announced that they have entered into a definitive agreement under which HP will purchase Palm, a provider of smartphones powered by the Palm webOS mobile operating system, at a price of $5.70 per share of Palm common stock in cash or an enterprise value of approximately $1.2 billion. The transaction has been approved by the HP and Palm boards of directors.
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