Stocks surge on global effort to ease European debt crunch
Stocks rocketed higher Monday after European leaders agreed to a nearly $1 trillion rescue plan to avoid a major debt crisis and the U.S. Federal Reserve said it would also provide loans overseas.
The 16 countries that use the euro and the International Monetary Fund have agreed to create a nearly $1 trillion rescue fund to support European nations burdened by heavy debt. Markets around the world plummeted last week as fears escalated that Greece’s debt problems would spread throughout Europe and upend a global economic recovery.
Investors also feared that if Greece didn’t get a bailout, the fate of the euro, which is used by 16 countries, could be in trouble. The euro rose Monday against the dollar.
The U.S. Federal Reserve and other central banks also stepped up with financial support to help head off what some analysts believe could have been a broader financial crisis.
The Fed reopened a program launched in 2008 during the credit crisis under which dollars are shipped overseas through the foreign central banks. Those central banks can then lend the dollars out to banks in their home countries.
Aside from the Fed, other central banks, including the Bank of Canada, the Bank of England, the European Central Bank, the Swiss National Bank and the Bank of Japan are also involved in the dollar swap effort.
In midmorning trading, the Dow rose 397.45, or 3.8 percent, to 10,777.88. The Standard & Poor’s 500 index rose 46.85, or 4.2 percent, to 1,157.73. The Nasdaq composite index rose 104.20, or 4.6 percent, to 2,369.84.
Yesterday’s Top Performing Small Cap Stock:
Tie Technologies, Inc. TTCS
TIE Technologies, Inc. was a SmallCapVoice.com top performer yesterday closing up over 10% on trading volume of 7,815 shares.
TIE Technologies, Inc., an information technology, security and telecommunications company, recently announced that its award winning Whirlwind Media Services subsidiary has united with the Zonta Club of Bonita Springs to support victims of domestic violence by promoting the Glass Slipper Ball.
Whirlwind Media Services, www.whirlwindms.com provides high-quality multimedia services, specialty small business applications and Internet hosting solutions to a who’s who list of businesses, government agencies, prominent individuals and non-profit organizations worldwide. Whirlwind has a commitment to giving back and a track record of supporting worthy charitable organizations, amongst them Ronald McDonald House, Foster Care of South West Florida, Ricky Kings’ Children’s Fund and Mary’s House of Hope.
Today’s SmallCapVoice.com Hot Stock to Watch:
BRAVADA Muscle Flex Inc. (Pink Sheets: MFLI)
BRAVADA Muscle Flex Confirms it is Engaged in Late Stage Talks with a Major National Cable Network for the Broadcast of its Reality Show, The Complete Package(TM)
May 10, 2010 (Business Wire) — BRAVADA Muscle Flex Inc. (www.BravadaLtd.com) (Pink Sheets:MFLI) confirmed today that it is in late stage discussions with its partner, TLK Fusion (www.TLKFusion.com), with a major national cable television network for the broadcast of its TV Reality Show, The Complete Package. BRAVADA Muscle Flex also confirms that it had more than one offer to air The Complete Package from a major nationally based television cable network. BRAVADA chose to engage this particular national cable network because of a number of criteria that would provide an extremely beneficial environment for the growth and development of the reality show into a multi-season endeavor most important of which is the excitement and commitment this particular national cable network has for The Complete Package.
Other Small Cap News
US Gold Corporation (NYSE Amex: UXG)
US Gold’s Regional Drilling in Mexico Returns 213.9 gpt Silver Over 16.1 Meters at Palmarito
US Gold Corporation (NYSE Amex: UXG) UXG is pleased to announce results from five core holes at the Palmarito Project in Sinaloa State, Mexico. Palmarito is located 9 miles (15 km) from the Company’s flagship El Gallo silver discovery (Fig 1) and is part of an aggressive regional exploration program. The best hole from Palmarito intersected 6.2 ounces of silver per ton (opt) over 52.8 feet (ft) (213.9 grams per tonne silver (gpt) over 16.1 meters (m).
Innovative Solutions & Support, Inc. ISSC
Innovative Solutions & Support, Inc. Receives $4 Million Order for Flat Panel Display Systems
EXTON, Pa.–(BUSINESS WIRE)–Innovative Solutions & Support, Inc. ISSC announced today it has received an order valued at over $4 million to provide its B757 Cockpit/IP(TM) Flat Panel Display System.
Euroseas Ltd. ESEA
Euroseas Ltd. Declares Quarterly Dividend, Announces Two Year Time Charter Agreement for Its Panamax Bulk Carrier M/V Eleni P and Sets Date for the Release of First Quarter 2010 Results, Conference Call and Webcast
MAROUSSI, GREECE and ATHENS, GREECE–(Marketwire – 05/07/10) – Euroseas Ltd., ESEA an owner and operator of drybulk carriers and container vessels and provider of seaborne transportation for dry bulk and containerized cargoes, announced today that the Company’s Board of Directors has declared a dividend of $0.05 per common share for the first quarter of 2010. The dividend is payable on June 18, 2010 to all shareholders of record as of June 11, 2010. This is the 19th consecutive quarterly dividend since the company accessed the capital markets in August 2005.
Rock of Ages Corporation ROAC
Rock of Ages Receives Going Private Proposal
BARRE, Vt.–(BUSINESS WIRE)–Rock of Ages Corporation ROAC today announced that its Board of Directors received an unsolicited proposal from Swenson Granite Company, LLC (“Swenson”) to purchase all outstanding shares of common stock, including shares underlying vested options, of Rock of Ages for a purchase price of $4.38 per share in cash.
Novavax, Inc. NVAX
NOVAVAX Reports First Quarter 2010 Financial Results
“Our first quarter financial results reflect the continued progress of our clinical programs, the achievement of positive findings from our seasonal and H1N1 influenza programs and preparations for clinical testing of our respiratory syncytial virus (RSV) vaccine candidate later this year,” said Dr. Rahul Singhvi, President and Chief Executive Officer of Novavax.
Euro Tech Holdings Company Limited CLWT
Euro Tech Holdings Company Limited Reports Contracts Awarded to Blue Sky
HONG KONG, May 10 /PRNewswire-Asia/ — Euro Tech Holdings Company Limited CLWT today announced that its associated company, Zhejiang Tianlan Environmental Technology Co. Ltd., (“Blue Sky”), has recently been awarded five contracts totally US$10.7 million by five companies in China. The contracts cover design, supply, installation and commissioning of desulphurization equipment for various applications.
BioDelivery Sciences International, Inc. BDSI
BioDelivery Sciences and Meda Announce the Approval of ONSOLIS in Canada
First Product Approved in Canada for the Treatment of Breakthrough Cancer Pain
RALEIGH, N.C.–(BUSINESS WIRE)–BioDelivery Sciences International, Inc. BDSI today announced the approval of a New Drug Submission (NDS) by Health Canada, the regulatory authority in Canada, for ONSOLIS (fentanyl buccal soluble film) in the management of breakthrough pain in opioid-tolerant adult patients with cancer. ONSOLIS is the first product approved in Canada for this indication.
Encorium Group, Inc. ENCO
Encorium Group, Inc. Announces New Business Contract Wins of $6.8 Million, Including Two Pivotal Phase III Studies for a Major Asian Technology Company
Announces Preliminary First Quarter 2010 Net Revenue and Net Loss
WAYNE, Pa., May 10 /PRNewswire-FirstCall/ — Encorium Group, Inc. ENCO, a full service multinational clinical research organization (CRO) conducting studies in over 30 countries for many of the world’s leading pharmaceutical and biotechnology companies, today announced that it has recently been awarded $6.8 million of new business awards, primarily consisting of two Phase III studies for a major Asian technology company that is diversifying its operations into the pharmaceutical industry.
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