Stocks rise on the heels of China’s currency policy
Stocks are extending a rally after China said it will allow its currency to appreciate against the dollar, a move that could provide a boost for U.S. manufacturers and exporters.
China currently keeps its currency, the yuan, artificially low to bolster exports. At the same time, the weak currency makes imported goods expensive for consumers. A stronger yuan compared with the dollar should allow U.S. manufacturers to be more competitive selling their products in China, one of the world’s largest and fastest growing economies.
In the opening moments of trading Monday, the Dow Jones industrial average is up 113.97, or 1.1 percent, at 10,565.29. The Standard & Poor’s 500 index is up 10.92, or 1 percent, at 1,128.43, while the Nasdaq composite index is up 28.72, or 1.2 percent, at 2,338.52.
Yesterday’s Top Performing Small Cap Stock:
VizStar, Inc. VIZS
VizStar Inc. was a SmallCapVoice.com top performer yesterday closing up over 3% on trading volume of 258,500 shares.
VizStar, Inc. Begins Trading of Common Stock after Successful Acquisition of Celestial Jets
Jun. 21, 2010 (Business Wire) — VizStar, Inc. VIZS, an upscale air charter transportation broker, announces the final closing of merger with Celestial Jets, a nationwide air charter service provider offering private, point-to-point luxury air travel to the corporate community. The Company’s common stock is now being traded on the over the counter markets under the symbol “VIZS.”
Today’s SmallCapVoice.com Hot Stock to Watch:
Oromin Explorations Ltd. OLEPF
Oromin Explorations Ltd.: Update-Santa Rosa Oil and Gas Project
VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 06/16/10 — Oromin Explorations Ltd. OLEOLEPF (“Oromin”) is pleased to provide an update on the current status of and plans for its 100% owned Santa Rosa oil & gas concession in the Province of Mendoza, Argentina.
The Santa Rosa concession is a large mineral tenure comprising 7694 km2 situated over a geological dome structure centred 91 km east of the city of Mendoza. The Santa Rosa dome prospect is the only known major structure in the eastern region of the Cuyana Basin. The Cuyana Basin totals approximately 161,000 km2 and has hosted over 934 producing wells from 2440 total wells drilled. Initial recoverable reserves in 18 oil pools in the Tupungato and Cacheuta sub-basins – the northern portion of the Cuyana Basin – total 1.2 billion barrels. These reserves were found to the west and southwest of our Santa Rosa concession, and there are no known discoveries of commercial quantities of hydrocarbons on our concession.
Other Small Cap News
Alliance One International, Inc. AOI
Alliance One Signs an Agreement With Philip Morris Brazil
MORRISVILLE, N.C., June 21 /PRNewswire-FirstCall/ — Alliance One International, Inc. AOI today announced that its Brazilian subsidiary, Alliance One Brasil Exportadora de Tabacos Ltda. (“AOB”), has entered into an agreement with Philip Morris Brasil Industria e Comercio Ltda (“PMB”), an affiliate of Philip Morris International Inc. (NYSE/Euronext Paris: PM).
American Defense Systems, Inc. (NYSE Amex: EAG)
ADSI Receives $50 Million U.S. Navy MAC IDIQ Award for Crew Protection Kits
HICKSVILLE, NY–(Marketwire – 06/21/10) – American Defense Systems, Inc. (“ADSI”) EAG, a provider of advanced transparent and opaque armor, architectural hardening and security products for Defense and Homeland Security, has received a Multiple Award Contract (MAC), Indefinite Delivery Indefinite Quantity (IDIQ) Award from the Naval Facilities Expeditionary Logistics Center (NFELC) of Port Hueneme, California.
Palatin Technologies, Inc. (NYSE Amex: PTN)
Palatin Technologies, Inc. Announces Positive Preclinical Data with PL-3994 for Asthma Indications
Requests Pre-Investigational New Drug Application Meeting with Food and Drug Administration
CRANBURY, N.J., June 21 /PRNewswire-FirstCall/ — Palatin Technologies, Inc. (NYSE Amex: PTN) today announced results of preclinical studies in respiratory tissue with PL-3994. In rat, guinea pig and human tissues, PL-3994 produced potent relaxation of isolated airway smooth muscle, indicating that PL-3994 may be a potent bronchodilator in humans.
Fronteer Gold (NYSE Amex: FRG)
Fronteer Gold Inc.: Drilling Hits 2.35 Ounces/Ton Gold and 33.18 Ounces/Ton Silver Over 9.6 Feet at Sandman, Nevada
VANCOUVER, BRITISH COLUMBIA–(Marketwire – 06/21/10) – Fronteer Gold FRGFRG reports additional intersections of near-surface, high-grade oxide gold at Sandman, demonstrating the Nevada deposit’s strong open-pit development potential.
Richmont Mines Inc. (NYSE Amex: RIC)
Richmont Mines Inc. Announces Acquisition of Outstanding 30% of Louvem Approved by Louvem Shareholders
MONTREAL, QUEBEC, CANADA–(Marketwire – 06/18/10) – Richmont Mines Inc. (“Richmont” or the “Company”) RICRIC is pleased to announce that its proposed acquisition of 30% of the issued and outstanding shares of Louvem Mines Inc. (“Louvem”) (TSX Venture Exchange:LOV – News) not currently owned by Richmont, through an amalgamation (the “Transaction”), has been approved by the shareholders of Louvem at an annual and special meeting of the shareholders of Louvem held earlier today.
GeoGlobal Resources Inc. (NYSE Amex: GGR)
GeoGlobal Announces Award of Oil & Gas Licenses in Israel
CALGARY, ALBERTA–(Marketwire – 06/18/10) – GeoGlobal Resources Inc. (GeoGlobal or the Company) GGR announces that the Israel Ministry of National Infrastructure (MNI) has approved the transfer and registration to a consortium, in which GeoGlobal has a 5% participating interest and has been designated as Operator, of two deepwater offshore licenses known as 347 “Mira” and 348 “Sara”.
Luby’s, Inc. LUB
Luby’s To Purchase Fuddruckers
HOUSTON, June 18 /PRNewswire-FirstCall/ — Luby’s, Inc. LUB today announced that it will purchase substantially all of the assets of Fuddruckers, Inc., Magic Brands, LLC and certain of their affiliates (collectively, “Fuddruckers”) for approximately $61 million of cash. Luby’s will also assume certain of Fuddruckers’ obligations, real estate leases and contracts and will pay an additional $2.45 million of cash if it does not assume certain specified contracts. Luby’s will fund the purchase from cash and an expansion of its credit facility.
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