3-8-10 Daily Small Cap Market News and Stock Highlights from SmallCapVoice.com
Stocks are slightly higher after a fresh round of mergers and acquisitions news
An uptick in corporate mergers and acquisitions activity continued Monday. Insurer American International Group Inc. reached a deal to sell one of its major foreign subsidiaries to MetLife Inc. for $15.5 billion. MetLife had confirmed last month it was in talks with AIG to buy the unit known as Alico.
It’s the second major sale AIG has made this month as part of its plans to streamline operations, shed assets and repay more than $100 billion in government bailout money it received during the credit crisis.
Also, Royal Dutch Shell and PetroChina offered to buy Australia’s Arrow Energy Ltd. for $3 billion in cash and stock. Royal Dutch Shell already owns a 10 percent stake in Arrow’s international business.
With little economic data due out during the first half of this week and earnings results slowing to a trickle, investors will be looking for other cues to give the market direction.
Investors will get a handful of economic reports toward the end of the week that should provide some insight into the health of the economy. Reports on wholesale and business inventories, retail sales and consumer sentiment are all scheduled for release beginning Wednesday and running through the rest of the week.
The Dow Jones industrial average rose 16.09, or 0.2 percent, to 10,582.29. The Standard & Poor’s 500 index rose 1.59, or 0.1 percent, to 1,140.28, while the Nasdaq composite index rose 3.03, or 0.1 percent, to 2,329.38.
Yesterday’s Top Performing Small Cap Stock:
CitySide Tickets, Inc. (Pink Sheets: CIST)
CitySide Tickets, Inc. was a SmallCapVoice.com top performer yesterday closing up over 17% on trading volume of 547,475 shares.
CitySide Tickets, Inc., which owns and operates CitySidetickets.com, a nationwide event ticket purchasing venue that caters to a diverse selection of popular theater, music, and sporting events, announced that CEO Michael DeAmicis’ interview with FOX Business is now available online at www.Video.QualityStocks.net.
Last week Murphy Analytics (MA) initiated coverage on CitySide Tickets, Inc. The Initiation Report contains a detailed discussion of the Company’s business model, market dynamics, industry competitors, macroeconomic data and indicators, financial results and risks.
The Initiation Report is available at http://www.murphyanalytics.com/uploads/CIST_Initiation
Today’s SmallCapVoice.com Hot Stock to Watch:
CMG Holdings, Inc. (OTCBB: CMGO)
A New Audio Interview Featuring Jim Ennis, COO of CMG Holdings, Inc., is now at SmallCapVoice.com
Mar. 8, 2010 (Business Wire) — SmallCapVoice.com, Inc. announced today that a new audio interview featuring, CMG Holdings, Inc. (OTCBB: CMGO) www.cmgholdingsinc.com, a full service marketing communications company operating in the sectors of commercial rights, event management and talent management is now available. The interview can be heard here at http://smallcapvoice.com/blog/3-5-10-audio-interview-with- cmg-holdings-otcbb-cmgo.
Other Small Cap News
Poniard Pharmaceuticals, Inc. (Nasdaq: PARD)
Poniard Pharmaceuticals Presents Positive Survival Data from a Phase 2 Clinical Study of Picoplatin in Metastatic Prostate Cancer at the 2010 American Society of Clinical Oncology Genitourinary Cancers Symposium
Poniard Pharmaceuticals, Inc. (Nasdaq:PARD), a biopharmaceutical company focused on innovative oncology therapies, today announced the presentation of positive final data, including survival data, from the Company’s Phase 2 clinical trial of picoplatin as a first-line therapy in men with metastatic castration-resistant (hormone-refractory) prostate cancer (CRPC).
NovaGold Resources Inc. (NYSE Amex: NG)
NovaGold Announces Additional US$75 Million Financing
NovaGold Resources Inc. (TSX:NG)(NYSE Amex:NG) today announced that it is proposing to issue 13,636,364 common shares of the Company at a price of US$5.50 per common share for gross proceeds of US$75,000,002 (the “Soros Offering”) to Quantum Partners Ltd., a private investment fund managed by Soros Fund Management LLC. This is in addition to the US$100 million financing announced by the Company on March 4, 2010 (the “Paulson Offering”). The gross proceeds to be raised under the two financings total US$175 million.
Paramount Gold and Silver Corp. (NYSE Amex: PZG)
Paramount Gold and Silver Corp. Discovers Second Bulk-Mineable Gold Target at San Miguel Project in new San Francisco Area as Resource Delineation Continues
Christopher Crupi, CEO of Paramount said; “we are on track to develop new resources at San Miguel with results exceeding our expectations. As the complexities of this mineral system are unraveled we become more and more impressed with the quality of our asset.” Paramount owns a 100% interest in the 188,461 hectare (approximately 466,000 acre) San Miguel Project in the Palmarejo District of northwest Mexico, making it the largest claim holder in this rapidly emerging precious metals mining camp.
Response Genetics, Inc. (Nasdaq: RGDX)
Response Genetics Announces $4 Million Private Placement
Response Genetics, Inc. (Nasdaq:RGDX) announced today that it has entered into a purchase agreement with certain new and existing investors and certain funds managed by Lansdowne Partners Limited Partnership to raise approximately $4 million from the private placement of 3,005,349 newly issued shares of its common stock, at a purchase price of $1.31 per share. The signing of the purchase agreement occurred on Friday, March 5, 2010. We expect the final closing of the shares will occur on Monday, March 8, 2010.
Lionbridge (Nasdaq: LIOX)
Lionbridge Awarded Contract by Department of Homeland Security for Over the Phone Interpretation Services; Expects Contract to Generate Approximately $7 Million
Lionbridge (Nasdaq:LIOX), today announced that the United States Department of Homeland Security (DHS), US Citizenship and Immigration Services has selected Lionbridge as its provider for over-the-phone interpretation services. The contract includes one base year with four option years.
Osteotech, Inc. (Nasdaq: OSTE)
Osteotech’s MagniFuse(TM) Distributed to 68 U.S. Hospitals as Product Revenue Surpasses $1 Million
National Launch on Target to begin in Second Quarter 2010
Osteotech, Inc. (Nasdaq:OSTE), a leader in the emerging field of biologic products for regenerative healing, announced today that its MagniFuse™ Bone Graft has generated its first $1 million in revenue during the four month period beginning with the limited launch of the product in late October 2009. Osteotech began the first phase of its strategic limited launch of MagniFuse with the release of three procedure specific forms for posterior cervical and posterolateral spine fusion and spinal deformity procedures.
RF Micro Devices, Inc. (Nasdaq: RFMD)
RF Micro Devices(R) Updates Financial Outlook
RFMD now expects to generate quarterly revenue of approximately $240 million to $245 million, which represents approximately 41% year-over-year growth at the midpoint of this updated outlook. As a result of the anticipated increase in revenue, RFMD expects to achieve non-GAAP quarterly earnings per share of approximately $0.11 to $0.12.
Harbor BioSciences Inc. (Nasdaq: HRBR)
Harbor BioSciences Reports New Phase I/IIa Data at ASCO Symposium and Announces Plans to Advance Prostate Cancer Treatment Apoptone(R) to Phase IIb
Harbor BioSciences Inc. (Nasdaq:HRBR) said today it had reported encouraging data from its ongoing Phase I/IIa clinical trial with Apoptone(R) (HE3235) for castration resistant prostate cancer (CRPC) — also referred to as hormone resistant prostate cancer — at the ASCO Genitourinary Cancers Symposium in San Francisco on March 6, 2010. Preliminary results from this study, conducted with participating member sites of the Prostate Cancer Clinical Trial Consortium (PCCTC), were first reported on November 16, 2009. Apoptone is a novel steroid analog of a dihydrotestosterone metabolite that has been found to induce cell death (apoptosis) in prostate tumors.
Highway Holdings Limited (Nasdaq: HIHO)
Highway Holdings Announces Share Repurchase Program
Highway Holdings Limited (Nasdaq:HIHO) today announced its board of directors has authorized a share repurchase program of up to $1.0 million of the company’s outstanding common stock from time to time in the open market at prices deemed appropriate by management. The share repurchase program will expire on December 31, 2010.
About SmallCapVoice.com
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