Stephen Bernard, AP Business Writer
Stocks fall on fresh European bank concerns
Stocks retreat to kick off holiday-shortened week following European bank worries
NEW YORK (AP) — Fresh worries about European banks sent stocks lower Tuesday. Treasury prices rose as investors sought out safe places to park their money.
The Dow Jones industrial average fell about 67 points, getting the holiday-shortened week off to a weak start.
With little economic news in the U.S. following the Labor Day weekend, traders were focused on developments overseas.
European stocks fell following news reports that banks there may have more risky government debt on their books than was disclosed during “stress tests” earlier this year. That could mean fees from regulators and more capital-raising by the banks to bolster their balance sheets.
“The soundness of stress tests are, and continue to be, in question,” said Brian O’Reilly, president of the Collingwood Group. Uncertainty about the tests could be a drag on the market until European regulators provide some more transparency about exactly what figures were included in the test, O’Reilly said.
Yesterday’s Top Performing Small Cap Stock:
Convenience TV Inc. CRPZ
Convenience TV Inc. was a SmallCapVoice.com top performer closing up over 16% on trading volume of 92,500 shares.
Convenience TV is focused on the Convenience Store Industry and provides their clients with an “in-location” TV network. The Network is designed to deliver both entertaining content and targeted advertising on a demographic basis to each retail location. In addition, the Network delivers promotional advertising tied to products within the retail location. The programming can be up-dated quickly and is tailored to meet the specific client’s need for increased sales, customer enjoyment and brand reinforcement.
Today’s SmallCapVoice.com Hot Stock to Watch:
Kore Nutrition, Inc. KORE
ALL IN Energy Appoints Experienced Advisory Board
HENDERSON, NV, Sept. 7 /PRNewswire-FirstCall/ – Kore Nutrition Incorporated (“Kore” or the “Company”) KORE and the Company’s wholly owned subsidiary, Go All In, Inc. (“ALL IN”), are pleased to announce the appointment of a unique and experienced Advisory Board to facilitate rapid expansion of the ALL IN Energy brand of products. The Advisory Board will be chaired by Phil Atwell, owner of Geronimo Film Productions Inc., which has been responsible for the development of music videos for 50 Cent, Dr. Dre, Eminem and Marilyn Manson, as well as commercial campaigns for Coors Light.
SmallCapVoice Clients’ News
Curaxis Pharmaceutical Corp. CURX
Curaxis Pharmaceutical Corp. Announces Change of Trading Symbol
DURHAM, N.C., Sept. 7, 2010 (GLOBE NEWSWIRE) — Patrick S. Smith, President and Chief Executive Officer of Curaxis Pharmaceutical Corp. CURX, announced today that the Financial Industry Regulatory Authority (“FINRA”) has approved the change of the company’s trading symbol on the OTCBB market from ASCH to CURX effective immediately.
Other Small Cap News
Somaxon Pharmaceuticals, Inc. SOMX
Somaxon Pharmaceuticals Announces Commercial Availability of Silenor
SAN DIEGO–(BUSINESS WIRE)–Somaxon Pharmaceuticals, Inc. SOMX, a specialty pharmaceutical company, today announced that Silenor® (doxepin) now is commercially available by prescription in the United States. Somaxon has implemented a wholesale and retail stocking program to disseminate Silenor 3 mg and 6 mg dosepacks to pharmacies across the United States. Silenor is indicated for the treatment of insomnia characterized by difficulty with sleep maintenance.
CytRx Corporation CYTR
CytRx Initiates Phase 2 Clinical Trial with Bafetinib in Advanced Prostate Cancer
Patient enrollment to begin at City of Hope as well as multiple international sites
LOS ANGELES–(BUSINESS WIRE)–CytRx Corporation CYTR, a biopharmaceutical company specializing in oncology, today announced initiation of the PROstate Advanced Cancer Treatment (PROACT) Phase 2 proof-of-concept clinical trial to evaluate the efficacy and safety of bafetinib in patients with advanced prostate cancer.
ENER1, Inc. HEV
ENER1 Announces $65 Million Capital Raise
NEW YORK, Sept. 3 /PRNewswire-FirstCall/ — ENER1, Inc. HEV today announced that it has agreed to sell $55 million of senior unsecured notes, together with shares of common stock and warrants, to certain investment funds, led by funds managed by Goldman Sachs Asset Management, L.P. In addition, the company also announced the sale of $10 million in senior convertible notes to strategic partner ITOCHU Corporation. This follows a $65 million investment from principal shareholder Ener1 Group in June of this year, and a $20 million investment from ITOCHU Corporation in December, 2009. The sale of the senior notes is subject to customary closing conditions, and is expected to be completed on or before September 8, 2010.
Emmis Communications Corporation EMMS
Emmis Communications Further Extends Preferred Stock Exchange Offer and Adjourns Special Shareholder Meeting
INDIANAPOLIS, Sept. 3 /PRNewswire-FirstCall/ — EMMS Emmis Communications Corporation, an Indiana corporation (“Emmis”) today announced that it is further extending its offer to issue 12% PIK Senior Subordinated Notes due 2017 (“New Notes”) in exchange for Emmis’ 6.25% Series A Cumulative Convertible Preferred Stock (“Preferred Stock”) at a rate of $30.00 principal amount of New Notes for each $50.00 of liquidation preference of Preferred Stock until 5:00 p.m., New York City time, on Wednesday, September 8, 2010. The exchange offer, as previously extended, was originally scheduled to expire at 5:00 p.m., New York City time, on Thursday, September 2, 2010 .
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