Stocks are slightly higher on signs of economic growth
Hopeful signs that debt in Europe won’t derail a global economic recovery sent stocks higher Wednesday.
Federal Reserve chairman Ben Bernanke is scheduled to testify in front of the House Budget Committee. He is expected to reiterate his belief that the U.S. economy will not fall back into recession, but growth will remain slow. Similar comments from the Fed chairman helped push stocks higher Tuesday.
The Fed releases its beige book report Wednesday afternoon. The report is a snapshot of regional economic activity. A more positive tone by the Fed, which has been guarded in its assessment of the economy thus far, could provide the impetus to push stocks higher.
A report on wholesale inventories and sales is likely to confirm continued domestic growth. The report is expected to show inventories at the wholesale level rose for the fourth straight month, while sales likely climbed for the 13th straight month in April.
Economists surveyed by Thomson Reuters expect that inventories at the wholesale level rose 0.5 percent in April, while sales rose 0.6 percent. That compares with inventory growth of 0.4 percent and a jump in sales of 2.4 percent in March.
The slowdown in sales would be consistent with recent data that shows the economy is improving, but growth is slow and sometimes choppy.
Despite expected signs of growth in the U.S., concerns about the health of Europe’s economy has traders anxious. Governments across Europe are planning deep spending cuts to contain rising debt, which some investors worry will bring even a modest global economic recovery to a halt.
Stocks are also getting a boost after the euro climbed back above $1.20, after trading slightly lower earlier in the morning. Major European indexes erased early morning losses.
In early morning trading, the Dow Jones industrial average rose 39.00, or 0.4 percent, to 9,978.98. The Standard & Poor’s 500 index rose 5.33, or 0.5 percent, to 1,067.33, while the Nasdaq composite index rose 13.54, or 0.6 percent, to 2,184.11.
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 66% on trading volume of 116,214 shares.
TIE Technologies OilDam(R) Proposal Escalated to Final Review by BP
NEW YORK, June 8, 2010 (GLOBE NEWSWIRE) — TIE Technologies, Inc. (Pink Sheets:TTCS), an information technology, smart logistics, and telemetrics company, today announces BP’s escalation of TIE Technologies’ previously submitted OilDam® Emergency Containment Proposal to field review by BP and U.S. Coast Guard.
TIE Technologies’ revised OilDam® proposal has been escalated to final technical engineering review by BP’s Horizon Alternative Response Technology Team and is now under consideration for immediate field testing by the BP and U.S. Coast Guard Field Technical Operations Group.
Today’s SmallCapVoice.com Hot Stock to Watch:
CaseyCorp Enterprises, Inc. CCPR
Casey Corp Announces 2009 Update Review: Over $45,000,000 Revenues in Profitable Gold Sales
NEW YORK, June 9, 2010 /PRNewswire-FirstCall/ — Casey Corp. CCPR (the “Company”), a recycler of precious metals, wishes to update its shareholders with a quarterly review.
In 2009, Casey Corp.’s through its ESM operating subsidiary, showed a positive cash flow and a net profit, with revenues in excess of $45million.
SmallCapVoice Clients’ News
BRAVADA International Ltd (Pink Sheets: MFLI)
BRAVADA Announces Special Guest Mel B to Attend its Exclusive Red Carpet BRAVADA Women’s Athletica Grand Opening Party on June 10 at 6:00 PM on Robertson Blvd in Los Angeles
Jun. 9, 2010 (Business Wire) — BRAVADA Muscle Flex Inc. (www.BravadaLtd.com) (Pink Sheets:MFLI) announced today that special guest Mel B is to attend BRAVADA’s Red Carpet Grand Opening Party for the BRAVADA Women’s Athletica Los Angeles June 10 at 6 PM on Robertson Blvd Retail location. Mel B (www.OfficialMelanieBrown.com) is one of the most recognized international female entertainers and has achieved iconic success as one of the members of the Spice Girls, Scary Spice, as well as a number of other acting, musical and philanthropic endeavors. As BRAVADA’s special guest, Mel B will bring incredible excitement and international flare in joining the celebration for the BRAVADA Women’s Athletica Store Grand Opening extravaganza being held on June 10 at 322 Robertson Blvd in Los Angeles California.
Other Small Cap News
Celsion Corporation CLSN
Celsion Announces ThermoDox® Abstract Presented at the American Society of Clinical Oncology 2010 Annual Meeting
Abstract presented as part of the “Trials in Progress Poster Session”
COLUMBIA, Md., June 8 /PRNewswire-FirstCall/ — Celsion Corporation CLSN announced today that an abstract on the Phase I/II DIGNITY trial of ThermoDox® in Recurrent Chest Wall (RCW) Breast Cancer was presented at a poster session on June 7, 2010 at the American Society of Clinical Oncology (ASCO) 2010 Annual Meeting. The abstract presented the background, rationale, and design of the DIGNITY study, which is ongoing and evaluating ThermoDox in combination with microwave hyperthermia in women with RCW. The ASCO Annual Meeting is being held June 4-8, 2010 at the McCormick Place Convention Center in Chicago, Illinois.
Rexahn Pharmaceuticals, Inc. (NYSE Amex: RNN)
Rexahn Pharmaceuticals Retains Investment Banker Frederick Frank to Provide Advisory Services
ROCKVILLE, Md.–(BUSINESS WIRE)–Rexahn Pharmaceuticals, Inc. (NYSE Amex:RNN), a clinical stage pharmaceutical company commercializing potential best in class oncology and CNS therapeutics, today announced that it has engaged renowned investment banker Frederick Frank, Vice Chairman of Peter J. Solomon Company (PJSC), as an independent consultant, to advise on a range of corporate activities.
Emrise Corp. (NYSE Arca: ERI)
EMRISE Corporation Enters into Binding Agreement to Sell Advanced Control Components to Aeroflex Incorporated for $20 Million
Net Proceeds Will Pay Down Debt, Help Strengthen Balance Sheet and Position Company To Focus on Growing Its Business
Emrise Corp. (NYSE Arca:ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that is has entered into a binding stock purchase agreement with Plainview, NY-based Aeroflex Incorporated pursuant to which EMRISE will sell all of the issued and outstanding shares of common stock of its Advanced Control Components, Inc. subsidiary (“ACC”) to Aeroflex for $20 million in an all cash transaction, subject to a potential working capital adjustment. The sale of ACC is subject to the approval of EMRISE’s stockholders. The transaction is expected to close in July 2010.
Cereplast, Inc. CERP
Cereplast Expects to Ship 16 Million Pounds of Bioplastics in 2010
Sales momentum builds for company’s ‘Green’ alternative to traditional plastics
EL SEGUNDO, Calif.–(BUSINESS WIRE)–Cereplast, Inc. CERP a leading manufacturer of proprietary bio-based, sustainable plastics, announced today that it expects to produce and ship approximately 16 million pounds of their proprietary bio-plastic resins to customers in 2010, representing a 400% increase in shipments compared to 2009.
Advanced Battery Technologies, Inc. ABAT
Advanced Battery Technologies Enters US Electric Vehicles Market
NEW YORK, June 8, 2010 (GLOBE NEWSWIRE) — Advanced Battery Technologies, Inc. ABAT, a leading developer, manufacturer and distributor of rechargeable Polymer Lithium-Ion (PLI) batteries as well as a manufacturer of electric vehicles, today announced that it received an order to sell electric vehicles valued at approximately $1.1 million to US-based All-Power America. The first batch of electric motorcycles was shipped to All-Power America on June 6, 2010. This is the first entry into the US market for ABAT’s electric vehicles since the Company acquired ownership of Wuxi ZQ in May 2009.
Almaden Minerals Ltd. (NYSE Amex: AAU)
Almaden Minerals Ltd.: Merit Gold Project Optioned
VANCOUVER, BRITISH COLUMBIA–(Marketwire – 06/08/10) – Almaden Minerals Ltd. AMMAAU is pleased to announce that it has formed an option agreement on its wholly owned Merit Gold Prospect in the Spences Bridge Gold Belt, British Columbia with Sunburst Explorations Inc. (“Sunburst”), a private company, which can earn up to a 60% interest in the property by spending $C3MM on exploration, and issuing Almaden 700,000 shares of Sunburst shares within five years from the listing of the stock on the TSX Venture Exchange (TSX-V). Sunburst has until May 31, 2011 to be listed on the TSX-V. Sunburst has agreed to a firm commitment of $C100,000 in exploration expenditures which must be completed by December 31, 2010. Sunburst has started an exploration program consisting of IP geophysics to better define the currently known exploration targets for a future drill program.
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