3-2-10 Daily Small Cap Market News and Stock Highlights from SmallCapVoice.com
Stocks are higher following upbeat signs of economic improvement overseas and continued takeover activity
Overseas markets rose following upbeat economic reports in Asia and growing hopes European leaders will complete a bailout for debt-burdened Greece.
U.S. markets are getting a boost from mergers and acquisitions activity for the second straight day. CF Industries made another offer for fertilizer maker Terra Industries, which last month agreed to be sold to Norway’s Yara for $4.1 billion.
Signs of improvement in overseas economies bolstered the market. Japan’s unemployment rate dropped for the second straight month in January and household spending grew — hopeful signs for recovery in the world’s second-largest economy. Australia’s central bank continues to reduce stimulus measures as the nation’s economy rebounds. It increased a key interest rate to 4 percent.
Greece’s debt problems have added volatility to markets around the world for more than a month. Investors are worried that the country’s rising debt problems will spread and upend a global recovery. Traders have welcomed any signs of a resolution by bidding shares higher, though nothing official has been hammered out between Greece’s government and other European leaders.
In the U.S., investors could get details on potential new banking regulations. Senate negotiators are closing in on a deal that would create a new consumer protection agency within the Federal Reserve. The House has passed a bill that would create a separate entity to regulate everything from credit cards to mortgages.
Uncertainty surrounding potential changes to bank regulations have dogged the market in recent months. On Monday, major stock market indexes closed at their highest levels in more than a month and the Standard & Poor’s 500 index and the Nasdaq composite index erased their losses for the year.
In midmorning trading, the Dow Jones industrial average rose 39.45, or 0.4 percent, to 10,443.24. The broader S&P 500 index rose 5.52, or 0.5 percent, to 1,121.23, and the Nasdaq rose 11.17, or 0.5 percent, to 2,284.74.
Yesterday’s Top Performing Small Cap Stock:
Tootie Pie Company (OTCBB: TOOT)
Tootie Pie Company, Inc. was a SmallCapVoice.com top performer yesterday closing up over 13% on trading volume of 78,471 shares.
Tootie Pie Company has seen its shares rise over 70% since being featured on SmallCapVoice.com less than three weeks ago.
Tootie Pie recently reported the best overall quarterly operating results in the Company’s history. The shift to increase retail sales growth from existing and planned acquisitions has positioned Tootie Pie for continued sales growth and profits.
Today’s SmallCapVoice.com Hot Stock to Watch:
CitySide Tickets, Inc. (Pink Sheets: CIST)
Finance Veteran Marshall Sterman Joins Board of Directors at CitySide Tickets, Inc.
Harvard MBA to Add Prestigious Finance Background to Board
Mar. 2, 2010 (Business Wire) — CitySide Tickets, Inc. (PINK SHEETS:CIST) owns and operates www.CitySidetickets.com, a nationwide event ticket purchasing venue that caters to a diverse selection of popular theater, music, and sporting events, today announces that Mr. Marshall Sterman has joined the company’s Board of Directors.
Other Small Cap News
Lucas Energy, Inc. (NYSE Amex: LEI)
Lucas Energy Announces Letter of Intent for New Joint Venture
The purpose of the proposed joint venture is the development of the Eagleford Shale properties owned by Lucas Energy, Inc. in Gonzales County, Texas. The joint venture partner will acquire an 85% working interest in the deep rights, including the Eagleford Shale formation. Lucas will retain a 15% working interest. The joint venture does not include any producing wells or current production sale at closing. The joint venture is estimated to provide Lucas with $1.00 per share in cash and other considerations.
Level 3 Communications, Inc. (Nasdaq: LVLT)
Icarus Studios Selects Level 3 for CDN Services for Fallen Earth Game
“Since the launch, we have aimed to make Fallen Earth more accessible to all of our customers worldwide,” said James Hettinger, CEO of Icarus Studios. “Level 3 enables us to provide players with a quick, reliable download and seamless gaming experience. With Level 3, we have increased our bandwidth capacity by 20-fold and supported peaks of up to 4,000 Megabits per second.”
Antares Pharma, Inc. (NYSE Amex: AIS)
Antares Pharma Announces Completion of Patient Enrollment in Phase 3 Pivotal Trial of Anturol for the Treatment of Overactive Bladder
On Track for New Drug Application Filing in 2010
Dr. Paul Wotton, President and Chief Executive Officer of Antares, said, “We are delighted to announce the completion of enrollment for this pivotal trial of Anturol, and we remain on track to file a New Drug Application, or NDA, with the U.S. FDA in 2010. We continue to believe that Anturol offers many unique advantages over currently marketed products for the treatment of OAB. As Anturol is dispensed in a pump and applied directly to the skin once daily, potential advantages include a more reproducible and convenient dosing formulation, the ability to titrate the dosage, and potential for fewer side effects or adverse events.”
Questcor Pharmaceuticals, Inc. (Nasdaq: QCOR)
Questcor Reports Solid Fourth Quarter Results
“We are making excellent progress on all of Questcor’s top priorities,” said Don M. Bailey, President and CEO. “Our fourth quarter financial performance improved significantly on a sequential basis. Questcor’s sales in the MS market showed marked growth and there are preliminary indications that Acthar may also begin to be adopted in the NS market, which is much larger than either the IS or MS markets. In addition, IS prescriptions and payer mix both improved during the fourth quarter from a very weak third quarter. To date, we are seeing little or no impact on Acthar sales in the IS market from the September 2009 introduction of Sabril (vigabatrin).”
Tix Corporation (Nasdaq: TIXC)
Tix Corporation Has Acquired the Assets of All Access Entertainment, a Las Vegas Discount Ticket Broker
Accretive Acquisition Adds Five Locations Being Converted to the “Tix4Tonight” Brand
The five facilities operated by All Access Entertainment are being converted to the Company’s wholly-owned subsidiary Tix4Tonight brand and operations. The additional facilities bring the total number of Tix4Tonight same-day discount ticket stores in Las Vegas to thirteen. All Access Entertainment President Metin Durmus will provide consulting services to assist the Company in the transition and to help achieve additional growth.
Tower Semiconductor Ltd. (Nasdaq: TSEM)
TowerJazz Announces Agreement with IC Design Education Center (IDEC) in Korea
TowerJazz, the global specialty foundry leader, today announced a agreement with Korea’s IC Design Education Center (IDEC) to accelerate the country’s specialty IC design expertise. Under the terms of the agreement, IDEC will provide Korean universities with access to a broad range of specialty process technologies from TowerJazz’s MH fab through discounted multi-project wafer (MPW) shuttles. The agreement underscores TowerJazz’s highly appreciated industry innovation, technology leadership, and growing customer momentum in Korea which includes engagements with C&S Technology, Cesign, Dongwoon, SemiHow, and others.
Dyax Corp. (Nasdaq: DYAX)
KALBITOR(R) (ecallantide) Data Presented at American Academy of Allergy, Asthma and Immunology Annual Meeting
Results of KALBITOR Efficacy for HAE Acute Attacks by Attack Location
Data demonstrating the effectiveness of KALBITOR (ecallantide) to treat hereditary angioedema (HAE) acute attacks by primary attack location were provided in an oral presentation yesterday at the American Academy of Allergy, Asthma and Immunology (AAAAI) 2010 Annual Meeting in New Orleans. KALBITOR, discovered and developed by Dyax Corp. (NASDAQ:DYAX), was approved by the U.S. Food and Drug Administration (FDA) late last year and is indicated for the treatment of acute attacks of HAE in patients 16 years of age or older.
Atmel(R) Corporation (Nasdaq: ATML)
Atmel Receives French Worker Approval for Sale of Rousset Fab
Atmel(R) Corporation (Nasdaq:ATML), a leader in microcontroller and touch solutions, today announced that the proposed sale of Atmel’s wafer fabrication operation in Rousset, France, to LFoundry GmbH has been approved by employees at the facility and the Rousset Works Council. Subsequent to receiving Works Council approval, Atmel sought and obtained approval from its Board of Directors to enter into a stock purchase agreement with LFoundry for the sale, which is expected to close in the second quarter.
AirMedia Group Inc. (Nasdaq: AMCN)
AirMedia Announces Unaudited Fourth Quarter and Fiscal Year 2009 Financial Results
“Total revenues reached US$45.2 million in the fourth quarter of 2009, a record high in our operating history, which demonstrates the recovery of the advertising sector in China. 2009 has been a year of media expansion for AirMedia. During the year, within the air travel advertising sector, we expanded our digital frame network to 31 airports, including all the top 15 airports in China, further enhanced our media presence in the top tier airports and extended our leading position to traditional media in the top tier airports. Outside the air travel advertising sector, we obtained exclusive concession rights until the end of 2014 to put our media in Sinopec’s gas stations across China,” commented Herman Guo, chairman and chief executive officer of AirMedia.
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