Stocks are sharply lower amid disappointing jobs report
Stocks tumbled more than 1 percent at the open on Friday as lower-than-expected jobs growth in May dented hopes for the employment outlook.
Job creation by private companies grew at the slowest pace since the start of the year, as a wave of census hiring lifted payrolls by 431,000 in May. The unemployment rate dipped to 9.7 percent as people gave up searching for work.
The Labor Department’s new employment snapshot released Friday suggested that outside of the burst of hiring of temporary census workers by the federal government many private employers are wary of bulking up their work forces.
That indicates the economic recovery may not bring relief fast enough for millions of Americans who are unemployed.
Virtually all the job creation in May came from the hiring of 411,000 census workers. Such hiring peaked in May and will begin tailing off in June.
By contrast, hiring by private employers, the backbone of the economy, slowed sharply. They added just 41,000 jobs, down from 218,000 in April and the fewest since January.
The Dow Jones industrial average slid 157.50 points, or 1.54 percent, at 10,097.78. The Standard & Poor’s 500 Index was down 19.00 points, or 1.72 percent, at 1,083.83. The Nasdaq Composite Index was off 43.96 points, or 1.91 percent, at 2,259.07, and was briefly down more than 2 percent.
Yesterday’s Top Performing Small Cap Stock:
Tie Technologies, Inc. (Pink Sheets: TTCS)
TIE Technologies, Inc. was a SmallCapVoice.com top performer yesterday closing up over 8% on trading volume of 30,377 shares.
TIE Technologies, Inc. (Pink Sheets: TTCS), an information technology, security and telecommunications company, recently announced the release of Airport ACUMEN™ solution for general aviation air field facilities.
Today’s SmallCapVoice.com Hot Stock to Watch:
BRAVADA International Ltd (Pink Sheets: MFLI)
BRAVADA Muscle Flex Announces its Two Reality TV Shows BRAVADA Girl and The Complete Package Have Preliminary Clearance for Broadcast on ION, America’s Fifth Most Watched National Cable Television and Affiliate Network
Jun. 3, 2010 (Business Wire) — BRAVADA Muscle Flex Inc. (www.BravadaLtd.com) (Pink Sheets:MFLI) announced today that its two reality TV shows BRAVADA Girl(TM) and The Complete Package(TM) have been given preliminary clearance for broadcast on ION, one of the nation’s leading national cable and local affiliate networks ranked #5 nationally in viewership according to January 2010 Neilson ratings with viewers 18 – 49 years old. BRAVADA’s new reality show, BRAVADA Girl, is a suspenseful, energy packed blend of “Entourage” meets “Venus Swimwear.”
Other Small Cap News
Level 3 Communications, Inc. LVLT
Level 3 Expands Operations in Boston
Level 3 Committed to Increasing Presence for Enterprise Customers
BOSTON–(BUSINESS WIRE)–Level 3 Communications, Inc. LVLT today announced that it has expanded its operations and is enhancing its local presence in Boston. This initiative reflects Level 3’s ongoing commitment to enhancing its presence in local markets throughout the country, with the goal of providing mid-market enterprises with a world-class customer experience.
Multimedia Games, Inc. MGAM
Multimedia Games Granted Gaming Manufacturer and Supplier License by Louisiana Gaming Control Board
Will Submit Games for Laboratory Approval to Address the 22,000 Slot Machine Louisiana Market
AUSTIN, Texas–(BUSINESS WIRE)–Multimedia Games, Inc. MGAM (“Multimedia Games” or the “Company”) today announced that the Louisiana Gaming Control Board has granted the Company a gaming manufacturer and supplier license and granted approvals to members of the Company’s senior management team. This action begins the process which will allow Multimedia Games to sell slot machines to, or place them on a revenue share basis in, licensed riverboat casinos, live racing facilities with gaming devices and a land-based casino in the State of Louisiana.
Standard Register SR
Standard Register Acquires Dayton-Based Fusion Graphics
In-Mold Labeling Business to Become Part of the Industramark(TM) Business Unit
DAYTON, Ohio–(BUSINESS WIRE)–Standard Register SR today announced that it has purchased the assets of Fusion Graphics, Inc., a leader in in-mold labeling (IML) and decorating technology. The assets consist primarily of intellectual property and will become part of the company’s Industramark(TM) business unit, which is focused on product marking and other solutions for industrial manufacturers.
Tandy Leather Factory, Inc. TLF
Tandy Leather Factory, Inc. Reports May 2010 Sales Up 3% over May 2009
Retail Same Store Sales Up 7%; Wholesale Same Store Sales Up 4%
FORT WORTH, Texas–(BUSINESS WIRE)–Tandy Leather Factory, Inc. TLF reported today that sales for the month of May were $4.4 million, up 3% from $4.2 million in May 2009. Year to date sales are up 9% to $23.9 million in the current year compared to $22.1 million last year.
Advanced Medical Isotope Corporation ADMD
AMIC Signs Exclusive Global license for "Sub-Critical System" to Produce Mo-99
KENNEWICK, Wash., June 3, 2010 (GLOBE NEWSWIRE) — Advanced Medical Isotope Corporation ("AMIC") ADMD, a company engaged in the production and distribution of medical isotopes, is delighted to announce the execution of an exclusive world-wide license for patented technology for a ’sub-critical system’ relating to generating clinically relevant quantities of radioisotopes (including Mo-99).
Converted Organics Inc. COIN
Converted Organics Reports 90% Year-Over-Year Increase in Organic Fertilizer Sales Year-to-Date
BOSTON, June 3, 2010 (GLOBE NEWSWIRE) — Converted Organics Inc. COIN today announced that sales of its all-natural, organic fertilizer products from January 1 — May 31, 2010 totaled $1.85 million, an increase of 90% over the same period in 2009. The year-over-year sales growth is largely attributable to a continued increase in customer demand for organic fertilizer programs that reduce both the environmental and health risks associated with synthetic, chemical-based fertilizer products.
Angeion Corporation ANGN
Angeion Corporation Awarded National Contract by Broadlane
Broadlane Customers and Partners Gain Access to MedGraphics Cardiorespiratory Diagnostic Systems
SAINT PAUL, Minn.–(BUSINESS WIRE)–Angeion Corporation (NASDAQ: ANGN) announced that it has been awarded a three-year contract with Broadlane – the leading end-to-end cost-management partner for healthcare providers – for its MedGraphics® cardiorespiratory diagnostic systems, including related supplies and service. The agreement, effective July 1, 2010, will offer Broadlane members and partners access to MedGraphics’ systems that diagnose and monitor therapy in a wide spectrum of heart and lung disorders, such as congestive heart failure, asthma and other forms of chronic obstructive pulmonary disease (COPD), at their earliest stages to achieve
Omni Energy Services Corp. OMNI
Omni Energy agrees to be bought by investment firm
Omni Energy to be acquired by Wellspring Capital Mgmt for $2.75 per share, or about $57.8M
CARENCRO, La. (AP) — Omni Energy Services Corp., which provides seismic services to the domestic oil and gas industry, agreed to be acquired by private investment company Wellspring Capital Management for $2.75 per share, or about $57.8 million.
Idera Pharmaceuticals, Inc. IDRA
Idera Pharmaceuticals Announces Publication of Preclinical Data on Cancer Immunotherapy with its Dual Agonist of Toll-like Receptors 7 and 8
CAMBRIDGE, Mass.–(BUSINESS WIRE)–Idera Pharmaceuticals, Inc. IDRA today announced the publication of data from studies of a dual agonist of Toll-like Receptor 7 (TLR7) and TLR8 in preclinical models of cancer. The Company created this first-in-class RNA-based dual agonist of TLR7 and TLR8 through its chemistry-based approach to identifying novel TLR-targeted drug candidates. The paper entitled “Antitumor Activity and Immune Response Induction of a Dual Agonist of Toll-like Receptors 7 and 8” is published in the June issue of Molecular Cancer Therapeutics (Vol. 9: 1788, 2010) and is authored by Idera scientists.
Parlux Fragrances, Inc. PARL
Vince Camuto Enters Into Fragrance in an Exclusive Partnership With Parlux Fragrances, Inc.
The Brand Introduces a Clean, Sexy Scent for the Modern Woman
FORT LAUDERDALE, Fla., June 4, 2010 (GLOBE NEWSWIRE) — Vince Camuto, Chief Designer and CEO of Camuto Group, today announced an exclusive licensing relationship with Parlux Fragrances, Inc. PARL to develop a signature fragrance under the company’s heritage line, Vince Camuto. This marks the next step for the brand which is growing rapidly in the accessories market with a line of contemporary footwear and leather handbags.
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