3-12-10 Daily Small Cap Market News and Stock Highlights from SmallCapVoice.com
Stocks turn lower after weak inventories report
Stocks are erasing an early advance after the government said that business inventories were essentially flat in January.
Stocks had been higher at the start of trading Friday after a surprising increase in February retail sales. But investors were displeased with the Commerce Department’s report that inventories were unchanged rather than rising as economists forecast. Economists are hoping that businesses will restock store shelves on a sustained basis and give the economy a list.
Stocks are rising in early trading after retail sales unexpectedly rose in February, raising hopes that the economy may be gaining momentum.
The Commerce Department said retail sales rose 0.3 percent last month. Analysts had expected sales to decline by 0.2 percent.
Higher consumer spending is vital to the recovery because it accounts for about 70 percent of economic activity. Economists cautioned, though, that any spending increases could falter as unemployment weighs on a sustained recovery.
The nation’s unemployment rate was 9.7 percent in February.
Investors will look to data from the Reuters/University of Michigan consumer sentiment index for March to provide more evidence on how much consumers are willing to spend.
The Dow Jones industrial average is down 7 at 10,605. It had been up 20 ahead of the report. The Standard & Poor’s 500 index is down 1 at 1,149. The Nasdaq composite index is down 3 at 2,366.
Yesterday’s Top Performing Small Cap Stock:
GWS Technologies, Inc. (OTCBB: GWSC)
GWS Technologies, Inc. was a SmallCapVoice.com top performer yesterday closing up over 15% on trading volume of 13,646 shares.
GWS Technologies, Inc., an alternative energy company developing renewable energy solutions, recently announced that it will start supplying CHS Farms LLC with wind turbines, solar panels, and hydro electric generators.
Today’s SmallCapVoice.com Hot Stock to Watch:
CitySide Tickets, Inc. (Pink SHeets: CIST)
CitySide Tickets, Inc. to Enter Multibillion-Dollar MMA Industry
Mixed Martial Arts to Win Over Highly Profitable Young Adult Demographic
Mar. 11, 2010 (Business Wire) — CitySide Tickets, Inc. (PINK SHEETS: CIST), which 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 the company will be forming CitySide Entertainment for the purpose of promoting and sponsoring Mixed Martial Arts (MMA) events.
SmallCapVoice Clients’ News
VitaminSpice (OTCBB: VTMS)
VitaminSpice Expands Its Market Exposure In Natural Products Expo West
WAYNE, Pa., March 11 /PRNewswire-FirstCall/ — VitaminSpice (OTC Bulletin Board: VTMS) (German WKN: A0YE4L) (www.VitaminSpice.net) has announced their participation in the Natural Products Expo West (March 12-14, 2010). Since VitaminSpice’s launch in 2009, they’ve attracted co-branding opportunities with top name companies, such as with Iron Chef; they’ve garnered top level management, such as the appointment of Bill Fields (former CEO of WalMart Retail) to the Board of Directors; and they’ve seen a rapid expansion in their sales, since the recent introduction (early 2010) of their products to retail and other distribution outlets.
Other Small Cap News
Magellan Petroleum Corporation (Nasdaq: MPET)
Magellan Petroleum Outlines Montana Field Consolidation, Changes to Existing Warrant Agreement, and Australian Gas Sales Update
Magellan Petroleum Corporation (Nasdaq:MPET) (ASX:MGN.ax) (“Magellan” or the “Company”) announced the completion of a transaction in North America, the amendment of a warrant agreement, and an update on gas sales flow updates in Australia.
Globalstar, Inc. (Nasdaq: GSAT)
DeLorme Places Large Initial Order for New GPS Satellite Communicators From Globalstar
MILPITAS, Calif., March 11, 2010 (GLOBE NEWSWIRE) — Globalstar, Inc. (Nasdaq:GSAT), a leading provider of mobile satellite voice and data services to businesses, governments and consumers, today announced it has received a substantial order for the initial delivery of more than 15,000 SPOT Satellite Communicators from DeLorme, an innovation leader in mapping and GPS technologies. The introductory order will address DeLorme’s retail distribution channel fill requirements.
Conolog Corporation (Nasdaq: CNLG)
Conolog Announces Design Extension of the CM-100 Platform to Provide Ethernet Transmission Applications
Conolog Corporation (NASDAQ: CNLG), an engineering and design company that provides digital signal processing solutions to global electric utilities, announced today adding Ethernet Transmission capability to its CM-100 multiplexer with IEC 61850 protocol.
Interstate Hotels & Resorts (NYSE: IHR)
Interstate Hotels & Resorts holders approve deal
Interstate Hotels & Resorts shareholders approve buyout by Hotel Acquisition
ARLINGTON, Va. (AP) — Lodging real estate investment trust and hotel manager Interstate Hotels & Resorts Inc. said Thursday that its shareholders have approved a $307 million buyout by Hotel Acquisition Co.
Hyperdynamics Corporation (NYSE Amex: HDY)
Hyperdynamics Announces Extension of Memorandum of Understanding With Government of Guinea
Hyperdynamics Corporation (NYSE Amex: HDY) today announced that the Memorandum of Understanding (MOU) with the government of the Republic of Guinea has been extended by five working days to allow the government to complete its review of a proposed amendment to the 2006 Production Sharing Contract (PSC) among Hyperdynamics, Dana Petroleum and the Republic.
Caraco Pharmaceutical Laboratories, Ltd. (NYSE: CPD)
Caraco Pharmaceutical Laboratories, Ltd. Markets Generic Eloxatin(R)
Caraco Pharmaceutical Laboratories, Ltd. (NYSE:CPD) has launched oxaliplatin injections. These 50mg and 100mg oxaliplatin injections, which are therapeutically equivalent to Eloxatin(R) from Sanofi-Aventis, received approval from the US Food and Drug Administration (FDA) for Sun Pharma’s Abbreviated New Drug Application (ANDA). Oxaliplatin is an anticancer used in the treatment of colon and rectal cancer. Oxaliplatin injections have annual sales of approximately $1.3 billion in the US.
China Integrated Energy, Inc. (Nasdaq: CBEH)
China Integrated Energy Reports Record Fourth Quarter and 2009 Financial Results
“Growth was exceptionally robust during the fourth quarter of 2009, enabling us to generate record results for 2009 and to surpass our previously issued guidance,” stated Mr. Gao Xincheng, Chief Executive Officer of China Integrated Energy, Inc. “We increased sales in all business segments as we continued to expand our customer base and further penetrate existing markets as well as new market territories, while capitalizing on increased demand for our fuel products. During the quarter we increased distributed petroleum product sales by 80.1%, retail gas sales by about 53.3%, and biodiesel sales by more than 5.4% over the same period last year.”
Progenics Pharmaceuticals, Inc. (Nasdaq: PGNX)
Progenics to Advance Oral Methylnaltrexone into Late Stage Clinical Development
Phase 2b/3 trial to begin later this year
Progenics Pharmaceuticals, Inc. (Nasdaq: PGNX) today announced that it plans to advance oral methylnaltrexone for the treatment of opioid-induced constipation (OIC) into late stage clinical development and will commence a phase 2b/3 clinical trial of a methylnaltrexone tablet in chronic-pain patients in the second half of 2010. Progenics also announced data from a clinical trial of this methylnaltrexone tablet.
Bovie Medical Corporation (NYSE Amex: BVX)
Bovie Medical Corporation Announces Clearance to Market Its ICON VS Electrosurgical Generator
Medical Corporation (the “Company”) (NYSE Amex: BVX), a manufacturer and marketer of electrosurgical products, today announced the Company received clearance from the Food and Drug Administration (FDA) to market its ICON VS electrosurgical generator. The generator has been designed to perform vessel sealing procedures, providing both monopolar and bipolar energy options to the surgeon. The clearance of the ICON VS generator allows the Company to complete testing required in support of the previously filed vessel sealing instrument 510(k) application.
Magnum Hunter Resources Corporation (NYSE Amex: MHR)
Magnum Hunter Resources Announces Year-End 2009 Proved Reserves
Reserves Up 99% From Year End 2008
Magnum Hunter Resources Corporation (NYSE Amex:MHR) (“Magnum Hunter,” or the “Company”) announced today a 98.9% increase in the quantity of the Company’s Proved Reserves at year-end 2009 versus year-end 2008. The Company’s present value of future cash flows before income taxes and asset retirement obligations as of December 31, 2009, discounted at 10% (“PV-10″), increased 212% as compared to year-end 2008. PV-10 is a non-GAAP financial measure and should not be considered as an alternative to standardized measure of discounted future net cash flows as defined under GAAP.
Lions Gate Entertainment Corp. NYSE: LGF)
Lions Gate rejects Icahn offer to buy shares
Lions Gate Entertainment Corp. on Friday rejected an offer from activist shareholder Carl Icahn to boost his stake in the movie studio by buying up to 13.2 million shares.
The company’s board called Icahn’s unsolicited offer of $6 per share — or up to $79 million — “inadequate.”
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