David K. Randall, AP Business Writer
Stock fall after unexpected rise in unemployment
Stock fall after crucial report shows US unemployment rose in November; bond prices rise
NEW YORK (AP) — An unexpected increase in the U.S. unemployment rate pushed stock prices down and lifted prices of safer assets Friday.
The unemployment rate climbed to a seven month high in November as employers added only 39,000 jobs. Economists had expected that 145,000 were added last month. The unemployment rate climbed to 9.8 percent from 9.6 percent in October.
Investors were hoping that a strong jobs report would lift stock prices.
“In order for stocks to push through their highs for this year, we're going to need a positive number on the jobs front,” Todd Salamone, the director of research at Schaeffer's Investment Research, had said before the report.
Yesterday's Top Performing Small Cap Stock:
Madison Ave. Media, Inc. KHZM
Madison Ave. Media, Inc. was a SmallCapVoice.com top performer closing up over 4% on trading volume of 508,235 shares.
World Class Business Development and Financial Management Executive Joins Madison Ave. Media Advisory Board
James Bernard “Bernie” Rice Adds Impeccable Credentials and C-Level IBM Experience to the Board
BOCA RATON, FL — (Marketwire) — 12/03/10 — Madison Ave. Media, Inc. KHZM, today announced that Bernie Rice has joined its Advisory Board, bringing his Internationally respected experience and expertise to corporate leadership as the company continues its rapid growth.
Madison Ave. Media Chairman Stephen Molinari commented, “Bernie has been a trusted friend and advisor since the company was founded. Knowing that he will continue that role plus expand his involvement with our Madison Ave. Media Advisory Board is a tremendous asset to the company.”
Today's SmallCapVoice.com Hot Stock to Watch:
Energy & Technology Corp. ENGT
As the holding company of Technical Industries, Inc., Energy Pipe, LLC. and Energy Technology MFG & Threading LLC., Energy & Technology, Corp. is a single source for rig, integrated systems, down hole tools, OCTG tubing and casing, linepipe, drillpipe, drilling tools and supply chain solutions. ENGT provides a comprehensive drilling system for parts, down hole tools, engineering, non-destructive testing, storage, maintenance and other products, and services.
Other Small Cap News
CEL-SCI Corporation (NYSE Amex: CVM)
CEL-SCI Corporation Receives Government Approval from Taiwan to Commence Phase III Clinical Trial of Multikine in Head and Neck Cancer
VIENNA, Va.–(BUSINESS WIRE)– CEL-SCI Corporation (NYSE AMEX: CVM) announced today it has received governmental approval from the Taiwanese Department of Health to begin enrollment of subjects for a Phase III clinical trial of Multikine® in Taiwan. Multikine is the Company's flagship immunotherapy developed as a first-line standard of care in treating head and neck cancer. Taiwan is one of nine countries to participate in this global Phase III trial.
Alnylam Pharmaceuticals, Inc. ALNY
Alnylam's Tuschl II Patent Fully Upheld in European Opposition Proceedings
Decision of European Patent Office Validates Significance of Exclusively Held Tuschl II Patent for RNAi Therapeutics
CAMBRIDGE, Mass.–(BUSINESS WIRE)– Alnylam Pharmaceuticals, Inc. ALNY, a leading RNAi therapeutics company, announced today that the European Patent Office (EPO) has fully upheld its Tuschl II '044 (EP 1407044) patent in oral opposition proceedings held in Munich. Specifically, the originally granted claims of the '044 patent were upheld without any modification and were deemed valid and supported by the EPO. Opponents included Sirna Therapeutics Inc., a subsidiary of Merck & Co., Silence Therapeutics AG, Pfizer Inc., BASF SE, and an anonymous party, who collectively failed in their arguments during the course of multi-day proceedings to revoke the patent.
Multimedia Games Inc. MGAM
Multimedia Games to buy back company shares
Multimedia Games to repurchase up to $15 million in company shares
AUSTIN, Texas (AP) — Multimedia Games Inc. said Friday that it will repurchase up to $15 million of company stock during the next three years.
The move typically increases the value of remaining outstanding shares.
Multimedia, based in Austin, Texas, said it is in a good financial position to buy back shares. The company has cash reserves of about $22 million, and it expects to generate another $20 million in cash during its 2011 fiscal year.
Deutsche Bank Securities will act as an agent for the company's repurchase program.
Orbit International Corp. ORBT
Orbit International Receives Contract for U.S. Navy Prototype MK 110 Signal Data Converter Valued in Excess of $275,000
Precursor to Production Effort
HAUPPAUGE, N.Y.–(BUSINESS WIRE)– Orbit International Corp. ORBT, an electronics manufacturer and software solution provider, today announced that its Electronics Group has received a prototype award from a U.S. Navy Procurement Agency valued in excess of $275,000 for the MK 110 Signal Data Converter (SDC). This recent award was received by the Company's Integrated Combat Systems, Inc. (“ICS”) subsidiary located in Louisville, Kentucky. Deliveries under this contract award are expected to commence in the first quarter of 2011 and conclude in the second quarter of 2011.
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