Stocks turn positive after U.S. manufacturing grew more than expected in May
U.S. stocks pared losses and the Dow and the Nasdaq turned positive on Tuesday after a report showed U.S. manufacturing grew more than expected in May.
A slowdown in manufacturing in China also worried investors. U.S. traders will get a reading on the domestic manufacturing sector after the market opens.
The Dow Jones industrial average is down nearly 71 points after falling 122 on Friday.
The euro fell as low as $1.2112 before easing off that low to $1.2196. Markets worldwide have been tracking the euro, the currency used by 16 countries in Europe. The euro has been seen as an indication for confidence in whether countries like Greece, Spain and Portugal will be able to cut spending to contain mounting debt without stalling a recovery.
Investors in recent weeks have used any signs of weakening around the world to sell stocks and move into safe-haven investments like the dollar and U.S. Treasurys.
In early morning trading, the Dow Jones industrial average dropped 0.57 points, or 0.01 percent, to 10,136.06. The Standard & Poor’s 500 Index fell 2.39 points, or 0.22 percent, to 1,087.02. The Nasdaq Composite Index gained 0.89 points, or 0.04 percent, to 2,257.93.
Yesterday’s Top Performing Small Cap Stock:
AGR Stone & Tools, Inc. AGRT
AGR Tools, Inc. was a SmallCapVoice.com top performer yesterday closing up over 20% on trading volume of 60,793 shares.
AGR Stone & Tools USA, Inc., a wholly owned subsidiary of AGR Tools, Inc., is a major supplier of diamond tools and adhesives. It specializes in producing consumable tools for the natural stone, engineered stone, concrete and masonry industries, and its goal is to provide its clients with superior quality products, excellent customer service and the most competitive prices in the diamond tool industry. The company has completed extensive research and testing, and uses the latest technologies to assure it is at the forefront of the diamond tool industry. The company also employs some of the world’s top scientists, engineers and metallurgists to produce the highest quality diamond tools for the construction industry.
Today’s SmallCapVoice.com Hot Stock to Watch:
BRAVADA International Ltd (Pink Sheets: MFLI)
BRAVADA Muscle Flex to Release Its Major Media Announcement After the Close of Trading on Thursday June 3rd Regarding Its Reality Show, The Complete Package and BRAVADA Productions
Jun. 1, 2010 (Business Wire) — BRAVADA Muscle Flex Inc. (www.BravadaLtd.com) (Pink Sheets:MFLI) announced today that it will make its major media announcement at the close of trading on Thursday June 3, 2010 with regards to its TV Reality Show, The Complete Package(TM) in conjunction with its television production subsidiary, BRAVADA Productions and its partner, TLK Fusion (www.TLKFusion.com).
Other Small Cap News
CKx, Inc. CKXE
CKx Confirms Receipt of Acquisition Proposal from Group Led by Simon Fuller
NEW YORK–(BUSINESS WIRE)–CKx, Inc. CKXE confirmed that it received a proposal today from a group of investors led by Simon Fuller to acquire CKx. The Board of Directors of the Company is evaluating the proposal, as well as other potential strategic alternatives for the Company, and has retained Gleacher & Company as financial advisor and Wachtell, Lipton, Rosen & Katz as legal advisor to assist in this evaluation. CKx cautioned, however, that there can be no assurance that it will enter into any agreement with respect to any transaction, or as to the timing or terms thereof, including price.
GreenHunter Energy, Inc. (NYSE Amex: GRH)
California Debt Limit Allocation Committee Awards $29.9 Million Bond Allocation for GreenHunter Mesquite Lake, LLC
GRAPEVINE, Texas–(BUSINESS WIRE)–GreenHunter Energy, Inc. (NYSE Amex: GRH) announced today that on May 26, 2010, the California Debt Limit Allocation Committee (“CDLAC”) awarded an allocation of $29.9 million of tax-exempt Recovery Zone Facility Bonds to be issued by the California Enterprise Development Authority (a joint powers authority) for and on behalf of the Company’s wholly-owned subsidiary, GreenHunter Mesquite Lake, LLC. CDLAC awarded the maximum amount of bonds requested by the Company in its application. This $29.9 million allocation has also previously been approved at two separate Tax Equity Finance Reform Act (“TEFRA”) hearings held on March 16, 2010 and May 25, 2010, by the Board of Supervisors of Imperial County, California.
International Tower Hill Mines Ltd. (NYSE Amex: THM)
International Tower Hill Reports New Flotation and Column Leach Results for the Livengood Project, Alaska
VANCOUVER, BRITISH COLUMBIA–(Marketwire – 05/28/10) – International Tower Hill Mines Ltd. ITHTHMIW ("ITH" or the "Company") is pleased to announce the results for its first large cell flotation tests results and Column leach test results. This initial follow-up test work produced encouraging flotation concentrates, with an average of 89% of the gold reporting to the concentrate (Table 1). In addition, the initial group of column leach test results at 1/2 inch crush size were received and showed results similar to the earlier bottle role data, thus confirming the leachability of the oxide ores.
Joe’s Jeans Inc. JOEZ
Joe’s Jeans Opens Branded Store at Cincinnati Premium Outlets(R)
LOS ANGELES, CA–(Marketwire – 05/28/10) – Joe’s Jeans Inc. (the "Company") JOEZ announced today that it has opened its thirteenth store located at Cincinnati Premium Outlets(R), home to 100 of the finest branded outlet stores, just north of Cincinnati, Ohio.
Peregrine Pharmaceuticals, Inc. PPHM
New Progression-Free Survival Data From Peregrine’s Bavituximab in Phase II Refractory Breast Cancer Trial to Be Presented at ASCO
TUSTIN, CA–(Marketwire – 05/28/10) – Peregrine Pharmaceuticals, Inc. PPHM, a clinical-stage biopharmaceutical company developing innovative monoclonal antibodies for the treatment of cancer and viral infections, today announced new median progression-free survival (PFS) data of 7.4 months from a Phase II trial evaluating bavituximab in combination with docetaxel in refractory patients with advanced breast cancer. Best overall response rate from this trial was 61% (28 of 46 patients) with 11% (5 of 46) of the patients achieving a clinical complete response.
Orexigen(R) Therapeutics, Inc. OREX
Orexigen(R) Therapeutics Announces FDA Acceptance of Contrave(R) New Drug Application for the Treatment of Obesity
SAN DIEGO, June 1 /PRNewswire-FirstCall/ — Orexigen(R) Therapeutics, Inc. OREX, a biopharmaceutical company focused on the treatment of obesity, today announced that the U.S. Food and Drug Administration (FDA) has accepted for filing the Company’s New Drug Application (NDA) for Contrave(R) (naltrexone SR/bupropion SR), its investigational drug for the treatment of obesity. The NDA is based on a substantial body of evidence gathered through the Contrave Obesity Research (COR) clinical program, which included over 4,500 patients.
Mad Catz Interactive, Inc. (NYSE Amex: MCZ)
Mad Catz Acquires Gaming Audio Headset Company TRITTON Technologies
SAN DIEGO & VISTA, Calif.–(BUSINESS WIRE)–Mad Catz Interactive, Inc. (AMEX/TSX: MCZ), a leading third-party interactive entertainment accessory provider, announced today that it has acquired 100% of the stock of TRITTON Technologies, Inc. (“TRITTON”), a privately-owned California-based provider of gaming audio headsets, high-performance multimedia consumer electronics and computer peripherals. Total consideration for this acquisition includes $1 million in cash at closing, subject to a working capital adjustment, and a maximum of $9 million in cash over the next five years subject to the sales performance of TRITTON’s products. In calendar 2009, on an unaudited basis, TRITTON generated approximately $8 million in revenue from sales principally to customers in North America.
Sinovac Biotech Ltd. SVA
Sinovac Selected by Beijing CDC to Supply Hepatitis A Vaccine Healive(R)
BEIJING, June 1 /PRNewswire-Asia/ — Sinovac Biotech Ltd. SVA, a leading China-based vaccine manufacturer, announced today that it has received the confirmation from the China International Tendering Company that Sinovac was selected by the Beijing Centers for Diseases Control and Prevention (Beijing CDC) to supply the Company’s hepatitis A vaccine, Healive, to the Beijing Expanded Program of Immunization (EPI).
Cavico Corp. CAVO
Cavico Signs $12 Million Construction Contract for Nui Tao Stone Mines
HANOI, Vietnam–(BUSINESS WIRE)–Cavico Corp. CAVO, a leading infrastructure development company based in Vietnam, today announced that its majority-owned subsidiary, Cavico Construction and Infrastructure JSC (Cavico Infrastructure) has signed a contract with Binh Thuan Minerals and Building Materials JSC for construction work at the Nui Tao Stone Mine. The expected revenue value of contract is $12 million.
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