Stocks retreat after disappointing jobs report
Stocks drop after private hiring slumps in July; Dow off 64 in early trading
Source: Stephen Bernard, AP Business Writer
NEW YORK (AP) — Stocks and interest rates dropped Friday after a disappointing employment report renewed concerns about a slowdown in economic growth.
The Dow Jones industrial average fell 33 points in morning trading. Broader indexes also fell.
The Labor Department said 131,000 jobs were cut last month, though that was primarily tied to layoffs of temporary census workers. The unemployment rate remained unchanged at 9.5 percent. Economists polled by Thomson Reuters had forecast 65,000 jobs would be cut last month and the unemployment rate would rise to 9.6 percent.
In early morning trading, the Dow Jones industrial average fell 32.77, or 0.3 percent, to 10,642.29. The Standard & Poor’s 500 index fell 4.09, or 0.4 percent, at 1,121.72, while the Nasdaq composite index fell 8.86, or 0.4 percent, to 2,284.20.
Investors bid up Treasury prices after the employment report came out, driving interest rates lower in the bond market. The yield on the 10-year Treasury note, which moves opposite its price, fell to 2.86 percent from 2.91 percent late Thursday. Its yield, which helps set interest rates on mortgages and other consumer loans, is hovering near levels not seen since April 2009.
There were a couple of more upbeat figures deeper in the report that could indicate hiring might eventually pick up. Average hourly earnings rose 0.2 percent last month after falling 0.1 percent in June. Earnings were expected to rise 0.1 percent.
Yesterday’s Top Performing Small Cap Stock:
eDOORWAYS Corporation (Pink Sheets: EDWY)
eDOORWAYS Corporation was a SmallCapVoice.com top performer closing up over 84% on trading volume of 15,266,746.
In A New Audio Interview at SmallCapVoice.com, Dr. Ramiro Jordan Discusses the New Technology from eDoorways Corporation
Aug. 5, 2010 (Business Wire) — SmallCapVoice.com, Inc. announced today that a new audio interview featuring eDoorways Corporation (Pink Sheets: EDWY) is now available. The interview can be heard at http://smallcapvoice.com/blog/8-5-10-audio-interview-with-edoorways-corporation-pink-sheets-edwy/.
Dr. Ramiro Jordan is Founder and Executive Vice President of ISTEC (the Ibero-American Science and Technology Education Consortium), a non-profit organization comprised of educational, research, industrial, and multilateral organizations throughout the Americas and the Iberian Peninsula. Currently he holds the position of VP for the Americas Region in the International Federation of Engineering Education Societies. He is also a Board member of the Engineering for the Americas Initiative, which is an Initiative of all Heads of State of the Americas Region hosted by the Organization of American States. He also is Executive Vice-president and Chief Development Officer of Gridline Communications Holdings, Inc. He is currently a faculty at the Electrical and Computer Engineering department at the University of New Mexico (USA) as well in the Universidad Nacional de La Plata, La Plata (Argentina).
Today’s SmallCapVoice.com Hot Stock to Watch:
Tie Technologies, Inc. (Pink Sheets: TTCS)
NEW YORK, Aug. 3, 2010 (GLOBE NEWSWIRE) — TIE Technologies, Inc. (Pink Sheets:TTCS), who operates a portfolio of Homeland Security assets focused on environmental disaster remediation and security driven by proprietary smart logistics, telemetrics, and advanced IT solutions, recently announced the submission of its Emergency Containment Proposal to keep oil spill away from the shores of the Kalamazoo River and Lake Michigan, contain it and enable its removal.
Other Small Cap News
Manitex International, Inc. MNTX
Manitex International, Inc. Receives $5.0 Million in New Boom Truck Crane Orders
BRIDGEVIEW, Ill., Aug. 5 /PRNewswire-FirstCall/ — Manitex International, Inc. MNTX, a leading provider of engineered lifting solutions including boom truck and rough terrain cranes, rough terrain forklifts, specialized trailers and special mission oriented vehicles, today announced that Manitex, Inc., its Georgetown, TX based boom truck subsidiary, has recently received orders totaling $5 million for shipment during the third and fourth quarters of 2010.
GSE Systems, Inc. (NYSE Amex: GVP)
GSE Announces over $4 Million in Conventional Power Sector Simulation Awards
SYKESVILLE, Md.–(BUSINESS WIRE)–GSE Systems, Inc. (GSE) (NYSE Amex:GVP), a leading global provider of real-time simulation and training solutions to the power, process, manufacturing and Government sectors, announced the award of approximately $4.3 million of new work in its conventional power simulation sector. Included in the awards was a contract to build a simulator for a five block combined cycle gas turbine (CCGT) plant in the Kingdom of Saudi Arabia. This contract represents one of the largest CCGT simulator projects in the Company’s history. In addition, the simulator also includes an associated desalination plant located at the same site. The simulator will be used to train both the plant control room operators as well as local field operators who manipulate equipment located outside of the control room.
CIBER, Inc. CBR
CIBER Reports Second Quarter Results
Continued Momentum on Revenue Growth
“Excluding the significant items, CIBER delivered solid financial performance in the second quarter,” said Peter Cheesbrough, CIBER’s chief financial officer. “We are benefitting from an improving macro environment and our revenue growth was the strongest in the past 6 quarters.” Cheesbrough noted that while EPS and operating margin were in line with expectations for the quarter, they remain an area for improvement. “We continue to focus on gaining operating efficiencies by removing redundant costs in our current model. We have begun moving CIBER towards a more efficient shared-service model and to make improvements, particularly in the U.S, to our sales, delivery and overhead infrastructures.”
Endeavour Silver Corp. (NYSE Amex: EXK)
Endeavour Silver Reports Higher EBITDA, Cash-Flow, Revenues in Q2, 2010; Silver Production Up 41%, Cash Costs Down 15% Compared to Q2, 2009
Conference Call Scheduled for 10:30 AM PDT on Friday, August 6
VANCOUVER, BRITISH COLUMBIA–(Marketwire – 08/05/10) – Endeavour Silver Corp. EDREXKEJD announced today its financial and operating results and unaudited financial statements for the Second Quarter, 2010. Endeavour owns and operates two high-grade, underground, silver-gold mines in Mexico, the Guanacevi Mines in Durango State and the Guanajuato Mines in Guanajuato State.
Lannett Company, Inc. (NYSE Amex: LCI)
Lannett Receives FDA Approval for Ondansetron Injection USP, 2 mg/mL Single-Dose Vials
Aug. 6, 2010 (Business Wire) — Lannett Company, Inc. LCI, a manufacturer of generic pharmaceuticals, announced today that it has received approval from the U.S. Food and Drug Administration (FDA) of its Abbreviated New Drug Application (ANDA) for Ondansetron Injection, USP, 2 mg/mL, Single-Dose Vials. Ondansetron Injection, USP, 2 mg/mL is the generic version of GlaxoSmithKline’s Zofran Injection, 2 mg/mL. For the 12 months ending December 2009, Ondansetron Injection, USP, 2 mg/mL had U.S. sales of approximately $58 million at Average Wholesale Price. A launch date for the product has not been set.
“Ondansetron Injection is another product coming out of our joint venture with Wintac Ltd. and the second injectable product for which we filed an ANDA and received FDA approval,” said Arthur Bedrosian, president and chief executive officer of Lannett. “The additional dosage form broadens our product offering and builds our presence in the injectable market.”
Alamo Energy Corp. ALME
Alamo Energy Corp. Expands West Virginia Operations
LONDON, Aug. 6, 2010 (GLOBE NEWSWIRE) — Alamo Energy Corp. ALME is pleased to announce that it has entered into a well re-entry program with Allied Energy Inc. on its Dillon #1 re-entry well, Pleasants County, West Virginia.
The Dillon #1 well, which is located on approximately 204.4 acres was originally drilled to approximately 3,600 feet with first production in 1985 from the lower Huron Shale. The well did not target shallower zones known to be oil bearing.
The re-entry recompletion program plans include several candidate shallower zones totaling 317 feet of sands that have been analyzed as potentially oil productive. We believe that the cumulative production from the recompleted well may be as high as 20,000 barrels of oil.
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