Joyce M. Rosenberg, AP Business Writer
Stocks close modestly higher on retail reports
Stocks end seesaw day with modest advance as investors put positive spin on retail report
NEW YORK (AP) — Stocks ended a seesaw day with a modest gain Wednesday after investors found some pluses in retail earnings reports.
The Dow Jones industrial average and other major indexes fluctuated throughout the day before closing with slender gains. There was little news to motivate investors a day after a stream of improving economic numbers restored some of their enthusiasm for stocks and sent the Dow up 103 points. But retailers continued reporting second-quarter earnings and investors found a few positives.
Target Corp. missed analysts’ forecasts for its second quarter revenue and offered a muted outlook for sales for the rest of the year. But the company told analysts it hopes to offset weak sales with higher sales of groceries and its new discounts for credit card holders. Target initially fell sharply, then recovered to a healthy advance.
The reports came a day after Wal-Mart Stores Inc. and Home Depot Inc. issued numbers that were upbeat. Almost all the big retailers closed higher Wednesday. An exception was BJ’s Wholesale Club Inc., which lowered its earnings outlook for the year. Its stock dropped.
Yesterday’s Top Performing Small Cap Stock:
Tootie Pie Company TOOT
Tootie Pie Company was a SmallCapVoice.com top performer closing up over 5% on trading volume of 2,800 shares.
Today’s SmallCapVoice.com Hot Stock to Watch:
Pro-Pointer, Inc. (Pink Sheets: PPII)
Pro-Pointer, Inc. Enters Negotiations With International Pharmaceutical Distributor to the Middle Eastern and North African Regions
LAS VEGAS, NV — (Marketwire) — 08/17/10 — Pro-Pointer, Inc. PPII, through it’s wholly owned subsidiary Coenzyme-A Technologies, Inc., is pleased to announce they are continuing the international distribution negotiations with Global Pharmaceuticals and Medical Supplies (GPMS), a new company that promises to be a leading exporter of American made pharmaceutical products and health and beauty supplies to the Middle Eastern and North African (MENA) countries within the next five years. They are confident that they can accomplish their goals by being the sole representing agent for carefully selected American supply manufacturers, which includes Coenzyme-A Technologies, Inc.
Other Small Cap News
Tenet Healthcare Corp. THC
Tenet Healthcare buys $781.5 million in notes
Tenet Healthcare buys $781.5 million in senior notes
DALLAS (AP) — Hospital operator Tenet Healthcare Corp. said Tuesday it validly tendered $781.5 million in senior 7.375 percent senior notes due 2013.
The company had previously announced that it would buy up to $800 million in those senior notes. The offering expires Aug. 30.
Meanwhile, the company said it completed a private offering of $600 million in 8 percent senior notes due 2020.
Photronics, Inc. PLAB
Photronics Reports Third Quarter Financial Results
Company exceeds high-end of both sales and earnings guidance
Constantine (“Deno”) Macricostas, Photronics’ chairman and chief executive officer, commented, “We exceeded our guidance range for both sales and non-GAAP net income for the third quarter of fiscal 2010. Third quarter sales improved 7% from the sequential second quarter of fiscal 2010 as a result of increased demand for high-end integrated circuit and flat panel photomasks. The strength in demand at the high-end for both FPD and IC photomasks continues to validate our strategy to deploy capital in these high growth markets. Improved volume leverage coupled with our disciplined cost management resulted in a significant increase in non-GAAP net income from $4.7 million for the second quarter of 2010 to $7.3 million for the third quarter of 2010. In addition, our continued focus on cash management has enabled us to have a net cash position of $16 million at the end of the quarter compared with a net debt position of $17 million at the beginning of the third quarter.”
RTI Biologics Inc. RTIX
RTI Biologics, Medtronic Continue Strong Relationship
ALACHUA, Fla.–(BUSINESS WIRE)–RTI Biologics Inc. (RTI) RTIX, a leading processor of orthopedic and other biologic implants, in response to inquiries regarding Medtronic’s announced acquisition of Osteotech stated today that the relationship between Medtronic and RTI Biologics continues to be strong, with no changes near-term.
Microvision, Inc. MVIS
Microvision Secures $60 Million Committed Equity Financing Facility
REDMOND, Wash.–(BUSINESS WIRE)–Microvision, Inc. MVIS today announced that it has secured a committed equity financing facility under which it may sell up to $60 million of its shares of common stock to Azimuth Opportunity, Ltd. over a 24-month period. Microvision is not obligated to use the facility and remains free to enter into and consummate other equity and debt financing transactions.
XETA Technologies, Inc. XETA
XETA Technologies to Report Third Quarter Financial Results
BROKEN ARROW, Okla., Aug. 17, 2010 (GLOBE NEWSWIRE) — XETA Technologies, Inc. XETA, announced today that it will conduct its third quarter earnings conference call and simultaneous webcast on Thursday, Aug. 26, 2010, at 4 p.m. CDT. The call will be led by Greg Forrest, president and CEO of XETA.
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