Stocks rally despite a slowdown in the service sector
U.S. stocks rose on Tuesday, led by financial and technology shares, even though data showed U.S. non-manufacturing activity grew at a slower rate than expected in June.
An industry trade group says the service sector grew more slowly in June, yet another sign growth could weaken in the second half of 2010.
The Institute for Supply Management, a trade group of purchasing executives, says its index tracking service-oriented companies dipped to 53.8 last month from 55.4 in May.
A reading above 50 indicates expansion. Economists polled by Thomson Reuters expected a reading of 55.0 for June.
A robust service sector, which accounts for about 80 percent of U.S. employment, is crucial to keeping the economy growing and adding jobs.
ISM also says employers’ plans to hire declined in June after growing in May for the first time in 28 months.
The Dow Jones industrial average rose 147.36 points, or 1.52 percent, to 9,833.84. The Standard & Poor’s 500 Index jumped 16.86 points, or 1.65 percent, to 1,039.44. The Nasdaq Composite Index climbed 38.40 points, or 1.84 percent, to 2,130.19.
Yesterday’s Top Performing Small Cap Stock:
VizStar, Inc. VIZS
VizStar, Inc. was a SmallCapVoice.com top performer closing up over 34% on trading volume of 108,444 shares.
VizStar, Inc. President and CEO Highlighted as a Featured Guest on Mind Your Own Business (MYOB) Radio Show
Jul. 6, 2010 (Business Wire) — VizStar, Inc. VIZS, an upscale aviation charter transportation broker, today announces that VizStar, Inc. President and CEO Gary Clyburn Jr. was recently featured on the MYOB (Mind Your Own Business) Radio Show with longtime entrepreneurs Rick Brutti and Jeffrey Davis.
Today’s SmallCapVoice.com Hot Stock to Watch:
Tootie Pie Company TOOT
A New Audio Interview with Don Merrill, President and CEO of Tootie Pie Company, is now at SmallCapVoice.com
Jul. 6, 2010 (Business Wire) — SmallCapVoice.com, Inc. announced today that a new audio interview with Tootie Pie Company, Inc. TOOT, a premium baker and seller of high-quality, handmade pies, is now available. The interview can be heard at http://smallcapvoice.com/blog/7-2-10-audio-interview-with-tootie-pie-company-otcbb-toot/.
Other Small Cap News
FuelCell Energy, Inc. FCEL
FuelCell Energy to Supply Fuel Cell Stacking and Conditioning Equipment to POSCO Power for Manufacturing Facilities
POSCO Power Orders DFC300 Fuel Cell Power Plant to Develop Applications for Emergency Power
DANBURY, Conn., July 6, 2010 (GLOBE NEWSWIRE) — FuelCell Energy, Inc. FCEL a leading manufacturer of high efficiency ultra-clean power plants using renewable and other fuels for commercial, industrial, government, and utility customers today announced a contract to procure fuel cell stack module assembly and conditioning equipment to sell to POSCO Power, the Company’s South Korean partner. This contract demonstrates POSCO Power’s continued investment in fuel cell production capacity to capitalize on the demand for ultra-clean and highly efficient power generation in South Korea centered on the Company’s Direct FuelCell(R) products. FuelCell Energy also announced that under a separate contract, POSCO Power has ordered a 300 kilowatt DFC 300MA fuel cell power plant.
Aastrom Biosciences, Inc. ASTM
Aastrom to Pursue Phase 3 Clinical Program in CLI
ANN ARBOR, Mich., July 6, 2010 (GLOBE NEWSWIRE) — Aastrom Biosciences, Inc. ASTM, the leading developer of autologous cellular therapies for the treatment of severe cardiovascular diseases, today announced that the company will pursue a Phase 3 clinical program for its autologous cell therapy for the treatment of critical limb ischemia (CLI) through the U.S. Food and Drug Administration’s special protocol assessment (SPA) process. Aastrom is currently completing a Phase 2b clinical trial of its cell therapy in patients with CLI and recently met with FDA officials to discuss plans for the Phase 3 program.
Entrée Gold Inc. (NYSE Amex: EGI)
Entrée Gold receives new coal mining licence, Mongolia
VANCOUVER, July 6 /PRNewswire-FirstCall/ – Entrée Gold Inc. EGI has received a mining licence covering its Nomkhon Bohr coal discovery, outlined through exploration efforts in 2008-2009. The new mining licence comprises approximately 14,030 hectares and covers the northwest corner of the former Togoot exploration licence. The portion of the property included in the mining licence is mainly underlain by Permian sediments which are known to host rich coal deposits in this part of the Gobi Desert.
Curis, Inc. CRIS
Curis Achieves Phase I Milestone Under Hsp90 Collaboration with Debiopharm
CAMBRIDGE, Mass.–(BUSINESS WIRE)–Curis, Inc. CRIS announced today that its licensee Debiopharm S.A. (“Debiopharm”) has treated the fifth patient in its ongoing Phase I clinical trial for small molecule heat shock protein 90 (Hsp90) inhibitor Debio 0932, formerly called CUDC-305. Under the terms of the August 2009 license agreement between Curis and Debiopharm, Curis will receive a $3 million milestone payment from Debiopharm for the achievement of this development objective.
Aurizon Mines (NYSE Amex: AZK)
Aurizon and Niogold enter into agreement to advance the Marban Block property, Quebec
“We are pleased to enter into this agreement with Niogold for the exploration of the Marban Block.” said David Hall, Aurizon’s CEO. “This is a continuation of our strategy to assemble a portfolio of exploration properties, at various stages of development, to complement our Casa Berardi and Joanna projects and to provide a strong pipeline for future growth.”
Arena Pharmaceuticals, Inc. ARNA
Arena Makes Deal On Obesity Drug
Japan-based Eisai will market the weight management treatment in the U.S. once it gets FDA approval.
Arena Pharmaceuticals said today Japan-based Eisai will market the obesity and weight management drug lorcaserin in the US once it receives Food and Drug Administration approval.
Lucas Energy, Inc. (NYSE Amex: LEI)
Lucas Energy Announces Closing Part II of Eagle Ford Shale Joint Venture
HOUSTON, July 2, 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 closed the second part of its Eagle Ford joint venture with Hilcorp Energy I, L.P., an affiliate of Hilcorp Energy Company, one of the largest privately owned oil and gas companies in the United States. Hilcorp Energy I, L.P. has acquired interests in additional leases in the Company’s Eagle Ford acreage in Gonzales County, Texas. Additional Eagle Ford properties will be part of a third closing that is expected to take place by the end of July. To date, Lucas has received $8.9 million for an 85% working interest in approximately 10,500 acres in Gonzales County, Texas.
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