Stocks drop again amid weak economic data
Stocks traded in a tight range Friday after the government’s jobs report met traders’ bleak expectations.
The government’s report that private employers added 83,000 jobs last month was weaker than the gain of 112,000 analysts had forecast. But traders had been bracing for lackluster numbers so the market’s initial reaction was modest.
The government cut 225,000 census jobs in June. Overall, 125,000 workers lost their jobs last month, worse than the 110,000 forecast by economists polled by Thomson Reuters.
Traders have been concerned in recent weeks that the economic recovery could be fading. High unemployment has kept consumers’ confidence low and hurt retail sales. Consumer spending is the biggest driver of the U.S. economy so a rebound in hiring is critical to a sustained recovery.
The government also reported after the start of trading that factory orders fell in May for the first time in nine months. The 1.4 percent drop was the biggest since March 2009, when major stock indexes hit a 12-year low.
In late morning trading, the Dow fell 5.18, or 0.1 percent, to 9,727.05. The Standard & Poor’s 500 index rose 0.90, or 0.1 percent, to 1,028.27, while the Nasdaq composite index fell 0.77, or less than 0.1 percent, to 2,100.59.
Yesterday’s Top Performing Small Cap Stock:
Sillenger Exploration Corp. SLGX
Sillenger Exploration Corp. was a SmallCapVoice.com top performer closing up over 4% on trading volume of 17,879 shares.
Sillenger Exploration Corp. and its airborne survey partner, Fugro Airborne Surveys, recently conducted a joint-reconnaissance flight of the Rio Muni area of the Republic of Equatorial Guinea to see the region firsthand, and to get a better sense of the size and scope of the survey.
Today’s SmallCapVoice.com Hot Stock to Watch:
Tootie Pie Company TOOT
Tootie Pie Company Reports Over a $1 Million Gross Profit
SAN ANTONIO–(BUSINESS WIRE)–Tootie Pie Company, Inc. TOOT announced a gross profit of $1,078,349 and annual revenues of $1,686,109, for fiscal year ending March, 2010, reflecting increases in both areas from the 2009 fiscal year.
“We’re pleased to report an improvement in cash flow of $667,369, resulting primarily from an 82% reduction in cash used for operating activities,” said Don L. Merrill, Jr. President & CEO. Merrill attributed the reduced cash flow loss of only $148,037 to “cost saving measures adopted by our management team to address the U.S. Economic downturn.”
“The Company has demonstrated the ability to significantly reduce operating expenses while still maintaining our sales levels, thereby bringing Tootie Pie Company very close to cash flow break even,” added Merrill.
Other Small Cap News
Ramtron International Corporation RMTR
Ramtron Secures $6.0 Million Term Loan from Silicon Valley Bank
COLORADO SPRINGS, Colo.–(BUSINESS WIRE)–U.S. semiconductor maker Ramtron International Corporation RMTR, a leading developer and supplier of ferroelectric-based low-power memory and integrated semiconductor products, announced today that it has secured a $6.0 million loan from Silicon Valley Bank to strengthen its working capital position as the company makes the remaining capital and development investments in its current IBM foundry project. The 4-year term loan has a fixed rate of 6.5% and is supplemental to the company’s existing $6.0 million line of credit. As of July 1, 2010, the company does not have an outstanding balance on the line of credit.
Covenant Transportation Group, Inc. CVTI
Covenant Transportation Group Announces Expectations Concerning Second Quarter Financial Results
Chairman, President and Chief Executive Officer, David R. Parker, offered the following comments: “After reviewing preliminary financial and operating information through the third week of June, we expect to report consolidated results of operations in a range of $0.12 to $0.20 diluted earnings per share for the second quarter of 2010. Our expectations for the second quarter of 2010 compare to a reported net loss of ($0.22) per diluted share for the second quarter of 2009.”
Level 3 Communications, Inc. LVLT
Level 3 Delivers Tour de France Content to VERSUS’ Online and iPhone Audiences
Level 3 to Provide Exclusive CDN, Vyvx, Encoding and End-to-End Support Services for Live and On-Demand Delivery of the 97th Edition of the Tour de France 3
BROOMFIELD, Colo.–(BUSINESS WIRE)–Level 3 Communications, Inc. LVLT today announced that it has been selected again by VERSUS, the exclusive television home of the Tour de France in the U.S., to be the online and mobile content delivery provider for the 2010 edition of the race. This year marks the second consecutive year that Level 3 will partner with VERSUS to stream live Tour de France content to online audiences via the Tour Tracker on www.VERSUS.com and the first year the content is available via iPhone.
Optelecom-NKF, Inc. OPTC
Optelecom-NKF Reports on Strategic Initiatives
GERMANTOWN, Md., July 1 /PRNewswire-FirstCall/ — Optelecom-NKF, Inc. OPTC, manufacturer of market leading Siqura® advanced video surveillance solutions, today reported it completed the consolidation of manufacturing operations in the U.S. into its existing Dutch manufacturing facility, supplemented with U.S. based contract manufacturing at ACDI, a manufacturing services firm based in Frederick, Maryland. The changes are part of a series of anticipated restructuring initiatives announced April 12, 2010 that are designed to strengthen the Company’s financial and operational framework.
Northgate Minerals Corporation (NYSE Amex: NXG)
Northgate Minerals Receives Key Permit for the Development of the Young-Davidson Mine
VANCOUVER, July 2 /PRNewswire-FirstCall/ – (All figures in US dollars except where noted) Northgate Minerals Corporation (“Northgate”) NGXNXG is pleased to announce that it has received notice from the Ontario Ministry of Northern Development, Mines and Forestry (“MNDMF”) of acceptance of the Closure Plan for the Young-Davidson Mining Project. Acceptance of the Closure Plan allows Northgate to commence construction and development of the Young-Davidson mine, which is forecast to produce an average of 180,000 ounces of gold per year at a cash cost of $350 per ounce over a 15-year mine life starting in 2012.
Sandridge Energy Inc. SD
SandRidgeto sell Oklahoma rights for $140M
SandRidge Energy signs letter of intent to sell deep-acreage rights for $140 million
OKLAHOMA CITY (AP) — SandRidge Energy will sell some deep-acreage rights in Oklahoma to an unnamed company for $140 million.
SandRidge said Friday that the deal would help it pay down debt. It won’t affect its tie-up with Tulsa, Okla. oil and natural gas company Arena Resources, Inc., the company said. The deal is expected to close in the third quarter.
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