Stocks trade in tight range amid European debt worries
Fresh concerns about Europe’s sovereign debt crisis are keeping the stock market in check Tuesday.
Stocks are trading in a narrow range after Fitch Ratings cut its view on a major European bank and ahead of the start of the Federal Reserve’s two-day rate-setting committee meeting.
Fitch Ratings slashed its view on BNP Paribas SA, the eurozone’s largest bank by deposits. That has renewed worries that plagued global markets in recent months. Traders are concerned that mounting sovereign debt across Europe, particularly in Greece, Spain and Portugal, would disrupt a global economic recovery and lead to a fresh round of losses for banks holding that government’s debt. Banks around the globe were hammered with losses during the credit crisis in late 2008.
If caution grows among banks because of worries about sovereign debt, that could slow lending to companies and consumers during a time when access to credit is already tight.
The euro, used by 16 countries in Europe, resumed its fall against the dollar after rising for eight of the past 10 days. The euro fell to $1.2298.
The tight trading range and drop in euro come as the U.S. Federal Reserve opens a two-day meeting where it is expected to keep a key interest rate at historic lows. That move is intended to stimulate growth as a domestic recovery moves slowly.
High unemployment and weakness in the housing market have been two reasons a rebound has been slow and unsteady, though it has allowed the Fed to keep rates low. A new report due out Tuesday is expected to show sales of previously occupied homes rose in May, though sales could fall in the coming months now that a home buyer tax credit has expired.
The Dow Jones industrial average rose 19.80, or 0.2 percent, to 10,462.21. The Standard & Poor’s 500 index rose 1.63, or 0.2 percent, to 1,114.83, while the Nasdaq composite index rose 12.90, or 0.6 percent, to 2,301.99.
Yesterday’s Top Performing Small Cap Stock:
Concordis Group, Inc. (Pink Sheets: CNGI)
Concordis Group, Inc. was a SmallCapVoice.com top performer closing up over 66% on trading volume of 15,240 shares.
Concordis Group, Inc. is a diversified holding company that provides investment brokerage services and business insurance products for its clients. Concordis Group, Inc. provides investment products and risk management solutions through its two wholly owned subsidiaries, Concordis Insurance SPC and Puritan Securities, Inc.
Today’s SmallCapVoice.com Hot Stock to Watch:
VizStar, Inc. VIZS
SectorWatch.biz: As Corporations Shun Jet Ownership, On-Demand Air Charter May Spark New Interest
The past few years of turbulent economic conditions has forced even the largest corporations to slash expenses. Ownership of expensive corporate jets was an obvious place to cut. Business jet manufacturing was down 38% last year according to General Aviation Manufacturer’s Association, and fractional ownership was down even more. But the recession that devastated the manufacturing segment of the private jet business has given birth to an innovative and resilient travel model that has great appeal to corporations: on-demand, private air charter.
SmallCapVoice Clients’ News
Sillenger Exploration Corp. SLGX
Sillenger Exploration Corp. Announces Change of Director
TORONTO — (Marketwire) — 06/21/10 — Sillenger Exploration Corp. (“Sillenger”) SLGX SLGX reports that Carolyn Sing, sole Director, Chief Financial Officer, Treasurer, and Corporate Secretary, has resigned to pursue other opportunities. The resignation was effective June 17, 2010. The Company also announces that John Gillespie, President and Chief Executive Officer of the Company, will assume the role of interim Chief Financial Officer, Treasurer, and Corporate Secretary of the Company until a permanent replacement is named. The appointment of Mr. Gillespie as interim Chief Financial Officer, Treasurer, and Corporate Secretary was effective June 17, 2010. Mr. Gillespie was also appointed as the Company’s sole Director.
Other Small Cap News
Level 3 Communications LVLT
Level 3 Invests in Manchester Resiliency, Deepens European Presence
Diverse Route Supports City’s Economic Development Goals
LONDON–(BUSINESS WIRE)–Level 3 Communications, Inc. LVLT today announced it has invested in making Level 3’s connection to the city of Manchester resilient, meaning the city’s Internet connectivity is now independent of the Level 3 London hub. Level 3 serves approximately 45 markets in Europe and can seamlessly deliver transport as well as Internet Protocol (IP) services from Manchester through to Western Europe and markets across North America.
Cardero Resource Corp. (NYSE Amex: CDY)
Cardero Secures 49.5% Interest in Coalhunter Mining Corporation Through Participation in Equity Financing
VANCOUVER, BRITISH COLUMBIA–(Marketwire – 06/21/10) – Cardero Resource Corp. (“Cardero” or the “Company”) CDU CDY CR is pleased to announce that it has acquired approximately 49.5% of the common shares of Coalhunter Mining Corporation (“Coalhunter”) through a private placement. Coalhunter is a private British Columbia company which has the right to acquire a majority interest in the Carbon Creek coalfield in north-eastern British Columbia.
Great Basin Gold Ltd. (NYSE Amex: GBG)
Great Basin Gold reports significant advances in Hollister geological evaluation & corporate updates
VANCOUVER, June 21 /PRNewswire-FirstCall/ – Great Basin Gold Ltd. (“Great Basin Gold” or the “Company”) GBG announces additional positive exploration results from its Hollister property in Nevada as well as the completion of a corporate acquisition, a disposition and the settlement of a dispute.
Star Scientific, Inc. CIGX
Star Scientific Files Second Application With FDA for Approval of a Modified Risk Tobacco Product
LEN ALLEN, Va., June 21 /PRNewswire-FirstCall/ — Star Scientific, Inc. CIGX announced that on Friday, June 18 the company filed an application with the Food & Drug Administration for approval to market Stonewall-BDL™ as a “modified risk tobacco product” under the Family Smoking Prevention and Tobacco Control Act of 2009. This is Star’s second such application to the Tobacco Products Center of the FDA, which has been established to oversee all aspects of tobacco regulation outlined in the 2009 Act. The first modified risk tobacco product application, for ARIVA-BDL™, was filed by Star on February 19, 2010. The company believes that these are the only applications for modified risk products that have been filed with the FDA to date.
FieldPoint Petroleum Corporation (NYSE Amex: FPP)
FieldPoint Petroleum Partners in Horizontal Drilling Project in Lea County, New Mexico.
Cimarex Energy Co will be well operator with 37.5% working interest and FieldPoint will hold 43.75% working interest
AUSTIN, Texas–(BUSINESS WIRE)–FieldPoint Petroleum Corporation (NYSE/AMEX: FPP) announced today that it has signed an operating agreement with Cimarex Energy Co, XEC www.cimarex.com to drill two wells that will target the Bone Spring formation in section 15 of the East Lusk Federal field in Lea County, New Mexico. The proposals include the possibility of drilling an additional well in the same section, depending upon the success of the first two wells. The total cost for each well is expected to be approximately $4,000,000.
LodgeNet Interactive Corporation LNET
LodgeNet Announces Technology Licensing Agreement With Panasonic
Integration of LodgeNet b-LAN Technology Into Panasonic LRU20 Series HDTVs Further Expands Range of ‘LodgeNet Ready’ TV Options for Hoteliers
SIOUX FALLS, S.D., June 21 /PRNewswire-FirstCall/ — LodgeNet Interactive Corporation LNET, the leading provider of media and connectivity solutions to the hospitality industry, announced today that it has licensed its b-LAN™ (broadband local area network) technology to Panasonic for integration into new LRU20 series high-definition (HD) television displays that Panasonic is designing for the hospitality market.
Neurologix, Inc. NRGX
Neurologix Announces Successful Phase 2 Trial of Gene Therapy for Parkinson’s Disease
FORT LEE, N.J., June 22 /PRNewswire-FirstCall/ — Neurologix, Inc. NRGX, today announced positive results in a Phase 2 trial of its investigational gene therapy for advanced Parkinson’s disease (PD), NLX-P101. Study participants who received NLX-P101 experienced statistically significant and clinically meaningful improvements in off-medication motor scores compared to control subjects who received sham surgery. In the trial, this benefit was seen at one month and continued virtually unchanged throughout the six month blinded study period. The results also demonstrated a positive safety profile for NLX-P101, with no serious adverse events related to the gene therapy or surgical procedure reported. Patients enrolled in the trial had moderate to advanced PD and were not adequately responsive to current therapies.
Cadence Pharmaceuticals, Inc. CADX
Cadence Pharmaceuticals Signs Option Agreement to Acquire Incline Therapeutics
Company Also Closes $30 Million Debt Financing
SAN DIEGO, June 21 /PRNewswire-FirstCall/ — Cadence Pharmaceuticals, Inc. CADX, a biopharmaceutical company focused on in-licensing, developing and commercializing proprietary product candidates principally for use in the hospital setting, announced today that it has signed an agreement providing Cadence with an exclusive option to acquire Incline Therapeutics, Inc., a privately held specialty pharmaceutical company.
Lexicon Pharmaceuticals, Inc. LXRX
Lexicon Presents Data Describing LX4211 Positive Phase 2 Clinical Results and Novel Mechanism of Action for Type 2 Diabetes
THE WOODLANDS, Texas, June 21 /PRNewswire-FirstCall/ — Lexicon Pharmaceuticals, Inc. LXRX, a biopharmaceutical company focused on discovering breakthrough treatments for human disease, presented clinical data and analysis from its Phase 2a clinical trial of LX4211 for patients with type 2 diabetes mellitus at ENDO 2010 today. The results reported today included newly-obtained data showing a trend of increased total GLP-1 in both LX4211 treatment arms relative to placebo as measured in a post-trial analysis of blood samples.
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