Stocks are mixed after a weak retail sales report
Stocks are mixed in early trading after an unexpected drop in retail sales renewed concerns about the pace of the economic recovery.
The Commerce Department said retail sales fell 1.2 percent in May. It was the first drop in sales in eight months and was well short of forecasts. Economists polled by Thomson Reuters had predicted the pace of growth would slow between April and May, but still rise 0.4 percent. The drop in sales was widespread.
The disappointing report comes a day after stocks surged on upbeat global economic data. The back-and-forth movements fits into the trend of extreme volatility that has been seen in recent weeks. The Dow Jones industrial average has had only one two-day winning streak since late April, and that included a day where it rose just 6 points. That’s a sign of uncertainty among traders
The Dow Jones industrial average is down 29.17, or 0.29 percent, at 10,143.36. The Standard & Poor’s 500 index is down 2.85, or 0.26 percent, at 1,083.99, while the Nasdaq composite index is up 1.42, or 0.06 percent, at 2,220.13.
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 163% on trading volume of 125,624 shares.
BP and U.S. Coast Guard to Test TIE Technologies OilDam(R) Solution
NEW YORK, June 10, 2010 (GLOBE NEWSWIRE) — TIE Technologies, Inc. (Pink Sheets:TTCS), an information technology, smart logistics, and telemetrics company, today announced that its OilDam® solution has been scheduled for testing by the BP and U.S. Coast Guard Field Technical Operations Group for June 28, 2010.
The OilDam® solution will be deployed along a sand bar, in water of approximately three to four feet in depth, to test its ability to deflect waterborne oil from a tidal salt water marsh along the Gulf Coast. Exact location details have yet to be announced.
Today’s SmallCapVoice.com Hot Stock to Watch:
Tootie Pie Company TOOT
Tootie Pie now carried by Toby Keith restaurant Read more: Tootie Pie now carried by Toby Keith restaurant – San Antonio Business Journal
A restaurant chain created by country music star Toby Keith is now carrying Tootie Pie products at its three Oklahoma locations.
Toby Keith’s “I Love This Bar & Grill” restaurants are located at Bricktown in Oklahoma City, the Hard Rock Hotel in Tulsa and the newly opened WinStar Casino in Thackerville.
Other Small Cap News
Angiotech Pharmaceuticals, Inc. ANPI
Angiotech Pharmaceuticals announces European launch and first implants of Boston Scientific Corporation’s platinum chromium TAXUS(R) Element(TM) Stent System
VANCOUVER, June 10 /PRNewswire-FirstCall/ – Angiotech Pharmaceuticals, Inc. ANPIANP today announced that its corporate partner, Boston Scientific Corporation BSX, has commercially launched and implanted its first TAXUS(R) Element(TM) Paclitaxel-Eluting Coronary Stent Systems in the European Union and other CE Mark countries. The TAXUS Element Stent System is Boston Scientific’s third-generation drug-eluting stent (DES) technology and incorporates a platinum chromium alloy with an innovative stent design and an advanced catheter delivery system. It received CE Mark approval last month, which included a specific indication for the treatment of diabetic patients.
NexMed, Inc. NEXM
NexMed Provides Update on Canadian Filing for Vitaros®
SAN DIEGO–(BUSINESS WIRE)–NexMed, Inc. NEXM, a specialty CRO with a pipeline of products based on the NexACT® technology, today provided an update on the status of its New Drug Submission (“NDS”) with Health Canada for Vitaros®, the Company’s topical treatment for erectile dysfunction.
Crimson Exploration Inc. CXPO
Crimson Exploration Inc. Announces Borrowing Base Redetermination and Maturity Date Extension on Credit Facility
HOUSTON–(BUSINESS WIRE)–Crimson Exploration Inc. CXPO today announced the borrowing base under its senior secured revolving credit facility (the “Senior Credit Agreement”) was redetermined by its bank group at $100 million, compared to the prior level of $105 million. A maximum of $95 million of the $100 million borrowing base may be utilized until the Company enters into additional hedging agreements that would add an incremental $3 million in present value to the value of its reserve base, discounted at 9% assuming the bank-price deck.
Lucas Energy, Inc. (NYSE Amex: LEI)
Lucas Energy Announces Testing of Gescheidle No.1 Well
HOUSTON, June 10, 2010 (GLOBE NEWSWIRE) — Lucas Energy, Inc. (NYSE Amex:LEI) an independent oil and gas company (the “Company”) based in Houston, Texas, today announced that the Company has begun testing the Gescheidle No.1 well, Gonzales County, Texas. The well is a plug back of a horizontal well in the Austin Chalk formation with straight hole drilling down to the Buda formation. On initial test after perforating and stimulation, the well produced 254 bbls of oil in 24 hours, flowing.
MannKind Corp. LLY
MannKind says Afrezza insulin met goal in trial
MannKind says inhaled insulin candidate Afrezza works as well as Lilly’s Humalog in study
MannKind said Afrezza worked as well as Eli Lilly & Co.’s Humalog insulin at reducing blood sugar levels in patients who were not able to get their diabetes under control with other drugs. Humalog is an injectable insulin, while Afrezza is taken through an inhaler. MannKind has been trying to get the product approved for more than a year.
Exide Technologies XIDE
Exide in battery licensing deal with Honeywell
Exide in licensing deal for Honeywell’s Autolite brand for batteries in North America
MILTON, Ga. (AP) — Battery maker Exide Technologies said Thursday that it had struck a licensing deal to make batteries using Honeywell International Inc.’s Autolite trademark for auto, lawn and garden, marine and power-sports applications in North America.
Exide said there are currently no active mass market distributors of Autolite batteries, despite its strong brand name on spark plugs and other aftermarket replacement parts.
Bronco Drilling Company, Inc. BRNC
Bronco Drilling Company, Inc. Announces Monthly Operating Results
OKLAHOMA CITY–(BUSINESS WIRE)–Bronco Drilling Company, Inc. (Nasdaq/GS:BRNC), announced today operational results for the month ended and as of May 31, 2010.
Utilization for the Company’s drilling fleet was 54% for the month of May compared to 52% for the month of April and 43% for the first quarter of 2010. The Company had an average of 37 marketed drilling rigs in May compared to 37 in April, and 37 for the first quarter of 2010. The average dayrate on operating drilling rigs as of May 31, 2010, was $16,268 compared to $15,664 as of April 30, 2010 and $15,949 for the first quarter of 2010.
BioTime, Inc. (NYSE Amex: BTIM)
BioTime Forms New Subsidiary, OrthoCyte Corporation, to Develop Treatments for Orthopedic Conditions Using Stem Cell Technology
Arnold I. Caplan Ph.D., Founder of Osiris Therapeutics, Inc. Appointed Chief Scientific Officer
ALAMEDA, Calif.–(BUSINESS WIRE)–BioTime, Inc. (NYSE Amex: BTIM) announced today that it has organized a new subsidiary, OrthoCyte Corporation, for the purpose of developing novel therapeutics based on stem cell technology for the treatment of injuries and disorders affecting the musculoskeletal system, including therapeutics that would regenerate bone, cartilage, tendons and ligaments. BioTime will transfer certain patents and license certain technology to OrthoCyte for use in the field of orthopedic therapies.
Aastrom Biosciences ASTM
Interim Results From Aastrom Critical Limb Ischemia Study Presented Today at Society for Vascular Surgery Annual Meeting
ANN ARBOR, Mich., June 11, 2010 (GLOBE NEWSWIRE) — Richard J. Powell, M.D., section chief of vascular surgery at the Dartmouth-Hitchcock Medical Center in Lebanon, NH and a principal investigator of the U.S. Phase 2b RESTORE-CLI clinical trial sponsored by Aastrom Biosciences ASTM, will present the full results from the interim analysis at today’s session of the annual meeting of the Society for Vascular Surgery.
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