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:
VizStar, Inc. VIZS
Concordis Group, Inc. was a SmallCapVoice.com top performer closing up over 66% on trading volume of 15,240 shares.
VizStar, Inc. Announces First Acquisition of 5 Star Jets; Adds $2 Million in Annual Revenues
Jun. 22, 2010 (Business Wire) — VizStar, Inc. VIZS, an upscale air charter transportation broker, is pleased to announce that the company has completed the acquisition of 5 Star Jets. A Westchester-based private jet charter company, 5 Star Jets has over two decades experience in the private aviation and services industry via its principal, William Culpepper.
Today’s SmallCapVoice.com Hot Stock to Watch:
Sillenger Exploration Corp. SLGX
Sillenger Announces Change of Auditors
TORONTO — (Marketwire) — 06/22/10 — Sillenger Exploration Corp. (“Sillenger”) SLGX SLGX announces that the Company has appointed MSCM LLP of Toronto, Ontario as its independent registered public accounting firm, replacing Silberstein Ungar PLLC, to begin providing services for the first fiscal quarter of 2010. The decision to change auditors was not the result of any disagreement between the Company and Silberstein Ungar on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.
Other Small Cap News
Borders Group, Inc. BGP
Borders Offers Best eReader Values on Market Company Bundles $20 Gift Card with Purchase of Kobo eReader
Company introduces application for the iPhone and the iPad
ANN ARBOR, Mich., June 22 /PRNewswire/ — Borders Group, Inc. BGP today announced that the Kobo eReader will now be bundled with a $20 Borders gift card, and double Borders Bucks that can be used towards a future Borders purchase. At $149.99 the Kobo is among the lowest priced eReaders available, and bundled with the gift card, delivers the best eBooks value available today.
Micronetics, Inc. NOIZ
Micronetics Receives Production Orders Exceeding $4M for Microwave Subassemblies Used in Jamming Systems
HUDSON, N.H.–(BUSINESS WIRE)–Micronetics, Inc. NOIZ announced today that its New Jersey based subsidiary, Microwave Concepts (Micro-Con), has received orders valued at over $4 million from a major defense OEM for highly integrated microwave subassemblies. These subassemblies are used as part of a high performance airborne jamming system. The anticipated period of performance on this program is approximately 24 months.
Hansen Medical, Inc. HNSN
Pre-Clinical In-Vivo Study Highlights Potential for Reduction in Vessel Trauma and Improvements in Efficiency With Hansen Medical’s New Vascular Robot
MOUNTAIN VIEW, CA–(Marketwire – 06/22/10) – Hansen Medical, Inc. HNSN announced the successful completion of a pre-clinical in-vivo study evaluating its new vascular robot, which demonstrated improvements in catheter navigation, reductions in vessel trauma during catheter manipulation, and improvements in access time for some vessels, as compared to manual catheter manipulation during endovascular procedures. Results also showed that the company’s vascular robot has the potential to standardize catheter navigation, which may lead to more predictable procedures. The early, but encouraging results were presented June 12, 2010 at the Society of Vascular Surgery’s 2010 Vascular Annual Meeting in Boston.
Level 3 Communications, Inc. LVLT
Springs Hosting Turns to Level 3 for Data Services
Level 3 to Provide Backbone Services to Managed Hosting Company
BROOMFIELD, Colo.–(BUSINESS WIRE)–Level 3 Communications, Inc. LVLT today announced that it has been selected to deliver additional data transport services to Springs Hosting, a Colorado Springs, Colo.-based provider of managed hosting services.
Blockbuster Inc. BBI
New York Stock Exchange Accepts Blockbuster’s Plan to Regain Compliance With Minimum Market Capitalization Requirement
DALLAS, June 22 /PRNewswire-FirstCall/ — Blockbuster Inc. BBI BBI.B), a leading provider of media entertainment, today announced that the New York Stock Exchange ("NYSE") has accepted the Company’s plan to regain compliance with the NYSE’s minimum average market capitalization requirement. As a result, Blockbuster’s common stock will continue to be listed on the NYSE, subject to quarterly reviews by the Exchange to monitor the Company’s progress against the confidential plan and subject to the Company’s compliance with the other NYSE continued listing requirements.
Nymox Pharmaceutical Corporation NYMX
Nymox Announces New U.S. Follow-Up Results From Study NX02-0014, BPH Drug NX-1207 Continues to Show Positive Data at 5 Years
Efficacy From Single Treatment for Enlarged Prostate Maintains Statistical Significance at 5 Years
HASBROUCK HEIGHTS, N.J., June 22, 2010 (GLOBE NEWSWIRE) — Nymox Pharmaceutical Corporation NYMX is pleased to report positive new results from the 48-60 month follow-up study of patients treated with NX-1207 in Study NX02-0014. The initial study, completed in the U.S. in 2006, reached statistical significance in Intent-to-Treat Primary Efficacy outcomes at 90 days post-treatment with NX-1207 2.5 mg. The new study assessed American Urological Association BPH Symptom Index scores in blinded subjects without additional NX-1207 treatment after 48-60 months. There were no significant drug safety problems reported by any subjects in the study initially as well as in the 5 year follow-up.
Capstone Turbine Corporation CPST
Capstone Turbine Corporation Names Eastern Joint Marine Services as Its Distributor in Hong Kong
CHATSWORTH, Calif., June 23, 2010 (GLOBE NEWSWIRE) — Capstone Turbine Corporation (www.capstoneturbine.com) CPST, the world’s leading clean technology manufacturer of microturbine energy systems, has named Eastern Joint Marine Services (Far East) Ltd., as its distributor in Hong Kong.
SIGA Technologies, Inc. SIGA
SIGA Completes Fourth Successful Human Safety Clinical Trial
NEW YORK, June 23, 2010 (GLOBE NEWSWIRE) — SIGA Technologies, Inc. SIGA, a company specializing in the development of pharmaceutical agents to combat bio-warfare pathogens, announced today the successful completion of its fourth human clinical trial, supporting the safety and tolerability of the anticipated clinical dose of ST-246(R), SIGA’s lead smallpox antiviral drug candidate. Analyses of the trial’s results are consistent with findings from previous studies of ST-246 and together show that the drug will likely be found to be a safe and well-tolerated therapeutic for the treatment of orthopoxvirus infections.
General Moly (NYSE Amex: GMO)
General Moly Announces Significant Milestone in Mt. Hope Permitting Effort
LAKEWOOD, Colo.–(BUSINESS WIRE)–General Moly (NYSE Amex:GMO)GMO announced that it received contingent approval by the Bureau of Land Management (BLM) of the Company’s hydrology modeling study, pending incorporation of final comments from the BLM and cooperating agencies, paving the way for the drafting of the Preliminary Draft Environmental Impact Statement (PDEIS). Incorporation of the final hydrology study comments, which are minor in nature, is anticipated to be completed this week.
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