Stephen Bernard, AP Business Writer
Stocks waver ahead of Federal Reserve announcement
Stocks trade in tight range amid questions over about size of Fed stimulus program
NEW YORK (AP) — Stocks traded in a tight range Wednesday as investors turned their attention to the Federal Reserve after there were few surprises in the midterm elections.
The Dow Jones industrial average fell 19 points in late morning trading, but still near its highest closing level in more than two years. Broader indexes also fell slightly.
By the end of the day, investors will likely know exactly how much the Fed plans to spend to stimulate the economy. The central bank has hinted for two months it plans to buy Treasurys to drive interest rates lower in an attempt to spark lending and spending. However, there was still plenty of debate about the size and length of the program, particularly in the past few days.
Lawrence Creatura, a portfolio manager at Federated Investors, said the market has factored in expectations that the Fed will buy $500 billion or less of Treasury bonds. A bigger program would most likely drive stocks higher, though there is a small possibility it could spook investors' views about the health of the economy, Creatura said.
Yesterday's Top Performing Small Cap Stock:
Concordis Group, Inc. (Pink Sheets: CNGI)
Concordis Group, Inc. was a SmallCapVoice.com top performer closing up over 12% on trading volume of 25,900 shares.
Concordis Group, Inc. is a diversified holding company that provides investment brokerage services and business insurance products for its clients. Concordis Group, Inc. provides investment products and risk management solutions through its two wholly owned subsidiaries, Concordis Insurance SPC and Puritan Securities, Inc.
Concordis Group's go-to-market strategy is based upon strong organic growth combined with strategic acquisitions of companies in the financial services and insurance industries that create additional synergy, have positive cash-flow, exhibit strong long-term growth potential, and have highly qualified management teams.
Today's SmallCapVoice.com Hot Stock to Watch:
Infrax Systems, Inc. IFXY
Infrax Systems offers a series of interrelated operational management, communications, and grid security related products and services known as Secure Intelligent Energy Platform (SIEP). Infrax's products enable a comprehensive and unified solution for communications and applications management of the Smart Grid. SIEP™ incorporates a wide array of communications, security, device and data management tools for Smart Grid applications such as advanced metering solutions and grid optimization. SIEP platform creates a unified solution to securely manage Advanced Metering Infrastructure (AMI) and distribution automation. Infrax's secure smart grid platform incorporates a communications transport and management system, (Grid Mesh™), device and data security management, and ultimately secures intelligent endpoint devices (SIED). The secure management of the “last mile” backhaul will be necessary for utilities to implement Smart Grid applications including AMI, real-time pricing, Demand Side Management (DSM), Distribution Monitoring and Automation. When combined, these applications can offer economic, operational and environmental benefits for utilities, and ultimately the utility's customers.
Other Small Cap News
Cleveland BioLabs, Inc. CBLI
Cleveland BioLabs and Incuron Receive $489,000 in Qualifying Therapeutic Discovery Project Grants
BUFFALO, NY–(Marketwire – 11/02/10) – Cleveland BioLabs, Inc. CBLI today announced that the Company and Incuron, LLC, a joint venture between the Company and Bioprocess Capital Ventures, have each been awarded grants of $244,479 under the highly competitive Qualifying Therapeutic Discovery Project Program, created by the Affordable Care Act of 2010. The Cleveland BioLabs award was received on November 1, 2010, and the Incuron award will be distributed on January 30, 2011.
Pressure BioSciences, Inc. PBIO
Pressure BioSciences, Inc. Awarded $244,000 Therapeutic Discovery Grant
SOUTH EASTON, Mass., Nov. 2, 2010 (GLOBE NEWSWIRE) — Pressure BioSciences, Inc. PBIO (“PBI” and the “Company”) today announced that it has been awarded a Therapeutic Discovery Grant (“TDG”) for $244,479.25. The TDG Program is part of the Patient Protection and Affordable Care Act of 2010 signed into law on March 23, 2010. Grant funds are not taxable for federal income tax purposes, do not require performance of any additional studies or services, and are immediately available to the Company.
Zalicus Inc. ZLCS
Zalicus Awarded $244,000 Therapeutic Discovery Project Grant
- Grant Supports Development of Synavive for Immuno-Inflammatory Conditions -
CAMBRIDGE, Mass.–(BUSINESS WIRE)– Zalicus Inc. ZLCS, innovators in the treatment of pain and immuno-inflammatory disease, today announced that it has been awarded a $244,000 grant under the IRS Qualifying Therapeutic Discovery Project (QTDP). The grant, which targets therapeutic discovery projects that show potential to result in new therapies to treat areas of unmet medical need or treat chronic or acute diseases and conditions potentially resulting in reduced health care costs, was awarded to Zalicus to help fund the further clinical development of Synavive™, a clinical-stage product candidate in development for immuno-inflammatory diseases such as rheumatoid arthritis.
GenMark Diagnostics, Inc. GNMK
GenMark Diagnostics Acquires License to HCV Genotyping Patent Estate
CARLSBAD, Calif.–(BUSINESS WIRE)– GenMark Diagnostics, Inc. GNMK, a provider of automated, multiplex molecular diagnostic testing systems, announced today that it has acquired a non-exclusive license to Innogenetics' Hepatitis C Virus (HCV) genotyping patent estate for the United States. The agreement includes an option to extend the license on a global basis. The financial terms of the license transaction were not disclosed.
GenVec, Inc. GNVC
GenVec Awarded Grant for Qualifying Therapeutic Development Project
GAITHERSBURG, Md., Nov. 2 /PRNewswire/ — GenVec, Inc. GNVC announced today that it was awarded a cash grant of approximately $244,479 under the U.S. Government's Qualifying Therapeutic Discovery Project (“QTDP”) program.
pSivida Corp. PSDV
pSivida Corp Awarded Two Therapeutic Discovery Project Grants Totaling $489,000
WATERTOWN, Mass.–(BUSINESS WIRE)– pSivida Corp. PSDV, a leader in the development of sustained release drug delivery products for the treatment of back-of-the-eye disease including the product candidate Iluvien™ for the treatment of Diabetic Macular Edema, today announced that it has been awarded two grants totaling $489,000 under the IRS Qualifying Therapeutic Discovery Project (QTDP). The grants were awarded to pSivida to help fund further research on new generations of the company's drug delivery technologies targeting ophthalmic diseases.
Marina Biotech, Inc. MRNA
Marina Biotech Announces Clinical Protocol Approval of CEQ508 at Massachusetts General Hospital
Data Safety Monitoring Board Assembled With World Class Key Opinion Leaders
BOTHELL, WA–(Marketwire – 11/03/10) – Marina Biotech, Inc. MRNA, a leading RNAi-based drug discovery and development company, today announced institutional site approval at Massachusetts General Hospital (MGH), for their clinical trial protocol for Familial Adenomatous Polyposis (FAP), allowing trial initiation including patient enrollment and dosing. The protocol was independently reviewed and approved by the Institutional Review Board (IRB) and the Institutional Biosafety Committee (IBC) at MGH, a world class medical center and clinical trial site.
Scientific Games Corporation SGMS
Scientific Games Awarded Iowa Lottery Systems Contract and Instant Ticket Contract Extension
NEW YORK, Nov. 3, 2010 /PRNewswire/ — Scientific Games Corporation SGMS today announced it has been awarded the integrated Lottery Gaming Systems contract by the Iowa Lottery. The new contract includes the installation of new sales terminals, a new terminal communications network and a full suite of data processing servers. The Iowa Lottery's 2,500 retail locations will be equipped with the next-generation WAVE™ terminal as well as the industry's most innovative ticket checkers, peripherals, and displays. The contract, which was awarded through a competitive procurement process, begins July 2011, has an initial term of seven years and includes three additional one-year contract extension options.
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