4-21-10 Daily Small Cap Market News and Stock Highlights from SmallCapVoice.com
Stocks are higher on the heels of strong earnings reports
Stocks rose early Wednesday after stronger earnings reports from Apple Inc. and Morgan Stanley raise expectations for a recovery.
With few economic reports to go on, investors are focused on earnings. Better-than-expected results across many industries have helped push stocks higher.
Apple’s earnings easily topped expectations thanks to strong sales of iPhones. Apple was the latest in a string of technology companies to report improving profits as the economy recovers. Intel Corp. and IBM Corp. also posted stronger sales and profits.
Morgan Stanley’s first-quarter earnings rose after the bank saw a boost from trading.
Investors were also looking to Washington. A proposed tax on banks that could raise $90 billion over the next decade could be a drag on the financial industry and the broader market. The idea, first proposed by President Barack Obama in January, is gaining support in Congress and could be added to a bill overhauling financial regulation. Congress is working on revamping financial regulation.
In early trading, the Dow Jones industrial average rose 25.17, or 0.2 percent, to 11,142.23. The broader Standard & Poor’s 500 index rose 3.08, or 0.3 percent, to 1,210.25. The Nasdaq composite index rose 10.00, or 0.4 percent, to 2,510.31.
Yesterday’s Top Performing Small Cap Stock:
Grid Petroleum Corp. (OTCBB: GRPR)
Grid Petroleum Corp. (OTC BB: GRPR) was a SmallCapVoice.com top performer yesterday closing up over 7% on trading volume of 543,276 shares.
Grid Petroleum Receive Cohen Independent Research Report-Cohen Price Index Target $2.26
Apr. 21, 2010 (Business Wire) — Grid Petroleum Corp. (OTCBB:GRPR) is pleased to announce the completion of a financial report by premier research company, Cohen Independent Research Inc., which concludes with a Price Index Target of $2.26.
Today’s SmallCapVoice.com Hot Stock to Watch:
CitySide Tickets, Inc. (Pink Sheets: CIST)
SectorWatch.biz: Could This be the Hottest Ticket in Town?
IRVINE, Calif., April 20, 2010 (GLOBE NEWSWIRE) — SectorWatch.biz announces the availability of a commentary of interest to investors in CitySide Tickets, Inc. (Pink Sheets:CIST) and other amusement & event-related equities making news and driving markets today. Investors can view our free commentaries at: www.SectorWatch.biz – in association with BoardMark.com, a dynamic social networking site for investors.
Other Small Cap News
Myriad Pharmaceuticals, Inc. (Nasdaq: MYRX)
Myriad Pharmaceuticals Presents Data From Nampt Inhibitor Program at AACR 101st Annual Meeting
SALT LAKE CITY, April 20, 2010 (GLOBE NEWSWIRE) — Myriad Pharmaceuticals, Inc. (Nasdaq:MYRX) today announced the presentation of preclinical data characterizing MPI-0486348, the lead compound in the company’s Nicotinamide phosphoribosyltransferase (Nampt) inhibitor pre-clinical program at the American Association for Cancer Research (AACR) 101st Annual Meeting in Washington, D.C.
Immunomedics, Inc. (Nasdaq: IMMU)
Immunomedics Reports New Blood Test for Detecting Early Stage Pancreatic Cancer Correlates With Response to Clivatuzumab Tetraxetan Treatment
WASHINGTON, April 20, 2010 (GLOBE NEWSWIRE) — Immunomedics, Inc. (Nasdaq:IMMU), a biopharmaceutical company focused on developing monoclonal antibodies to treat cancer and other serious diseases, today reported that a new blood test using the Company’s proprietary humanized antibody, clivatuzumab or PAM4, predicted a partial response in an initial set of patients treated with a combination of the antibody labeled with yttrium-90 (Y-90) and gemcitabine. Results were presented at the 101st Annual Meeting of the American Association for Cancer Research.
Uranerz Energy Corporation (NYSE Amex: URZ)
Uranerz Initiates 2010 Powder River Basin Drilling Program
Uranerz Energy Corporation (“Uranerz” or the “Company”) (TSX:URZ)(AMEX:URZ)(Frankfurt:U9E) announces the initiation of the 2010 exploration drilling program with two rotary rigs now turning at its advanced-stage uranium projects in the central Powder River Basin (“PRB”) of Wyoming, U.S.A. This year’s program will focus on identifying new uranium mineralization trends, further delineating known trends, and defining additional uranium resources. The scope of the program will comprise up to 400 drill holes with depths averaging approximately 700 feet
NovaGold Resources Inc. (NYSE Amex: NG)
NovaGold Announces Pre-Feasibility Study Underway at Galore Creek Project
VANCOUVER, BRITISH COLUMBIA–(Marketwire – 04/20/10) – NovaGold Resources Inc. (TSX:NG)(AMEX:NG) today announced that a pre-feasibility study is underway for its Galore Creek copper-gold-silver project located in northern British Columbia. Galore Creek is owned equally by NovaGold and Teck Resources and managed by the Galore Creek Mining Corporation (“GCMC”).
DARA BioSciences, Inc. (Nasdaq: DARA)
DARA BioSciences to Present Results of a Phase 2 Clinical Study for KRN5500 at the “Third International Congress on Neuropathic Pain”
RALEIGH, N.C., April 20, 2010 (GLOBE NEWSWIRE) — DARA BioSciences, Inc. (Nasdaq:DARA) announced today that the company has been selected by the Scientific Programme Committee to present results from its Phase 2 study at the Congress on May 29, 2010 in Athens, Greece.
Wendy’s/Arby’s Group, Inc. (NYSE: WEN)
Wendy’s/Arby’s Group Announces Formation of Strategic Sourcing Group Co-op to Leverage Combined Purchasing Power of 10,000 Restaurants
ATLANTA–(BUSINESS WIRE)–Wendy’s/Arby’s Group, Inc. (NYSE: WEN), today announced the formation of a new independent purchasing cooperative, Strategic Sourcing Group Co-op, LLC, responsible for securing a range of goods and services for both Wendy’s(R) and Arby’s(R) restaurants.
RELM Wireless Corporation (NYSE Amex: RWC)
RELM Wireless Receives Service Contract From U.S.D.A. Forest Service
RELM Wireless Corporation (NYSE Amex: RWC) today announced that it has been awarded a contract from the U.S.D.A. Forest Service (USFS) to service and repair RELM two-way land mobile radios. The initial period of the contract is one year, which commenced on April 16, 2010, and may be extended for up to four additional one-year periods. The estimated maximum value of the contract is $500,000 but may vary depending on the agency’s needs. The contract provides for service on an as-needed and when-needed basis.
Evergreen Solar, Inc. (Nasdaq: ESLR)
Evergreen Solar Announces Proposed $165 Million Convertible Senior Secured Notes Offering
Evergreen Solar, Inc. (NasdaqGM: ESLR) today announced its intention to offer $165 million aggregate principal amount of convertible senior secured notes due 2015, subject to market conditions and other factors. The notes are to be offered and sold to qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act of 1933, as amended (the “Securities Act”).
The Princeton Review, Inc. (Nasdaq: REVU)
The Princeton Review Completes Agreement with The National Labor College
The Princeton Review, Inc. (Nasdaq:REVU), a leading provider of test preparation and online career education services, announced today the signing of agreements with the National Labor College to form a strategic relationship to assist the National Labor College in bringing high-quality bachelor degree completion and certificate programs to the AFL-CIO’s 11.5 million members and the working adults in their families. As previously announced, the strategic relationship will bring together the technical and financial resources of The Princeton Review and its subsidiary, Penn Foster, with the educational experience of the National Labor College in the development and delivery of expanded academic offerings by the College.
LightPath Technologies, Inc. (Nasdaq: LPTH)
LightPath Technologies Announces Quarterly Conference Call and Fiscal 2010 Preliminary Third Quarter Comments
Jim Gaynor, President and Chief Executive Officer of LightPath, commented, “LightPath continued to capitalize on the strength in the Telecom and Industrial Laser tool markets. During the third quarter of fiscal 2010 our order activity remained healthy as evidenced by the 70% increase in the backlog scheduled to ship within the next 12 months when compared to the June 30, 2009 backlog. Our quote activity for new orders has continued to increase with the number of quotes up 10% over the second quarter, giving us two consecutive quarters with increases of 10% or higher. We have increased our production rates in China resulting in a 22% increase in revenue for the third quarter compared to the second quarter of the current fiscal year.”
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