4-19-10 Daily Small Cap Market News and Stock Highlights from SmallCapVoice.com

Stocks are higher on upbeat economic indicator report

Stocks are higher following a jump in the Conference Board’s index of leading economic indicators.

The increase suggests that economic activity will strengthen in the next three to six months. The Conference Board says Monday its leading indicators index has risen 1.4 percent for March. Economists had predicted growth of 0.9 percent.

The market has been trading in a tight range following mixed news about banks. Investors remained concerned about civil fraud charges against Goldman Sachs, but profits at Citigroup were ahead of expectations.

The Dow Jones industrial average is up 26 at 11,046. It had been up 15 ahead of the report. The Standard & Poor’s 500 index is up 2 at 1,194. The Nasdaq composite index is up 2 at 2,484.

Yesterday’s Top Performing Small Cap Stock:

Tootie Pie Company (OTCBB: TOOT)

Tootie Pie Company was a SmallCapVoice.com top performer yesterday closing up over 13% on trading volume of 15,000 shares.

Tootie Pie Company recently announced that March 2010 unit sales jumped 27%, versus March, 2009.

“Coming on the heels of a 10% gain for January and February, I am very pleased with a 27% gain for March,” said Don Merrill, President & CEO. “We also logged about a 50% increase in revenues, which were helped by sales from our two new Gourmet Cafés.”

“We are experiencing sales increases across all of our selling channels and are especially encouraged by our wholesale foodservice and grocery sales growth. We continue to be very happy with the percentage of pie sales occurring in our Tootie Pie Gourmet Café, as those sales come at much higher retail profit margins,” Merrill added.

Today’s SmallCapVoice.com Hot Stock to Watch:

Grid Petroleum Corp. (OTCBB: GRPR)

Grid Petroleum Corp. owns assets in the SE Jonah Field, an area of premium natural gas reserves within the Greater Green River Basin in the Rocky Mountains area of Wyoming.

Regarded as one of the foremost gas fields in the Rocky Mountains, the Green River Basin area contains approximately 26 TCF (Trillion Cubic Feet) of natural gas, with the Jonah Field estimated to contain 7 to 10 TCF according to the Wyoming State Geological Survey. The Jonah Field currently produces from in excess of 500 wells. This well-defined region also fits Grid’s model of low-risk, high-impact exploration and development, in that the region has an incredibly high success rate for drilling and completion. It is reported that in 2006, over 3,000 wells were drilled with a success rate of almost 98%.

Oilfield services giant Schlumberger recently completed a technical report on the Jonah Field asset. The full Schlumberger report can now be viewed on Grid’s website: www.gridpetroleum.com.

Paul Watts, CEO of Grid Petroleum said: “We are delighted to have this report in place from Schlumberger. As one of the most respected names in the industry, this adds real credibility to what Grid aspire to explore and prove. The upside potential which is approaching 1.3 TCF (Trillion Cubic Feet) would be a major discovery to any oil company, and presents an immense opportunity for our company.”

Other Small Cap News

Doral Financial Corporation (NYSE: DRL)

Doral Financial Announces Agreement for Up to $600 Million Capital Raise

SAN JUAN, PR–(Marketwire – 04/19/10) – Doral Financial Corporation (NYSE:DRL) (“Doral” or the “Company”), the holding company of Doral Bank, today announced that it has entered into definitive agreements to raise up to $600 million of new equity capital for the Company through a private placement, primarily with institutional investors.

Hospira, Inc. (NYSE: HSP)

Hospira and Javelin Pharmaceuticals Enter Into Definitive Merger Agreement for Hospira to Acquire Javelin Pharmaceuticals; Hospira Will Initiate Tender Offer

Javelin’s post-operative pain drug would strengthen acute-care offering

Hospira, Inc. (NYSE:HSP), a global specialty pharmaceutical and medication delivery company, and Javelin Pharmaceuticals, Inc. (NYSE – Amex: JAV), today announced that the companies have entered into a definitive merger agreement providing for the acquisition of Javelin by Hospira for $2.20 per share in cash, or approximately $145 million. Hospira expects to commence a tender offer for all outstanding shares of Javelin common stock on or about April 21, 2010, in accordance with the terms of the merger agreement.

Immunomedics, Inc. (Nasdaq: IMMU)

Immunomedics Develops Novel Immunoconjugate for Targeted Delivery of siRNAs to Solid Cancers

WASHINGTON, April 19, 2010 (GLOBE NEWSWIRE) — Immunomedics, Inc. (Nasdaq:IMMU), a biopharmaceutical company focused on developing monoclonal antibodies to treat cancer and other serious diseases, today reported the development of a novel protein complex, designated as E1-L-thP1, for targeted delivery of small interfering ribonucleic acids (siRNAs) to diverse solid cancers.

Eagle Rock Energy Partners, L.P. (Nasdaq: EROC)

Eagle Rock Announces Redetermination of Borrowing Base and Additional 2013 Crude Oil Hedges

Eagle Rock Energy Partners, L.P. (the “Partnership”) (Nasdaq:EROC) today announced that the borrowing base under its senior secured credit facility has been set at $130 million by its commercial lenders as part of the Partnership’s regularly scheduled semi-annual borrowing base redetermination. The redetermined borrowing base is effective April 1, 2010, with no additional fees or increases in interest rate spread incurred.

XETA Technologies (Nasdaq: XETA)

XETA Technologies Announces Letter of Intent to Purchase Pyramid Communications Services, Inc.

BROKEN ARROW, Okla., April 19, 2010 (GLOBE NEWSWIRE) — XETA Technologies (Nasdaq:XETA), a national provider of converged communications solutions for the enterprise marketplace, today announced it has signed a non-binding Letter of Intent (“LOI”) to purchase Pyramid Communications Services, Inc. (“Pyramid”). Headquartered in Dallas, Texas, Pyramid is a privately-held company focused on providing communications equipment and applications, as well as related services. Founded in 1998, Pyramid ended 2009 with revenues in excess of $10 million.

Cost Plus, Inc. (Nasdaq: CPWM)

Cost Plus, Inc. Announces Termination of Shareholder Rights Plan

OAKLAND, Calif.–(BUSINESS WIRE)–Cost Plus, Inc. (NASDAQ: CPWM) announced that its Board of Directors has voted to accelerate the termination of the Company’s Shareholder Rights Plan.

Mr. Barry Feld, President and Chief Executive Officer said, “The Board regularly evaluates the effectiveness of and the need for a rights plan, and is always striving to improve our corporate governance in an effort to improve long-term shareholder value. The Board has determined that the plan is unnecessary at this time.”

Spire Corporation (Nasdaq: SPIR)

Spire to Provide Solar Systems for BJ’s Wholesale Club

Spire Solar Systems leverages rapidly growing Northeast Market

BEDFORD, Mass.–(BUSINESS WIRE)–Spire Corporation (Nasdaq: SPIR), a global solar company providing Engineering, Procurement and Construction (EPC) integration services for solar systems, and capital equipment and turnkey manufacturing lines to manufacture photovoltaic (PV) modules, announced today its Spire Solar Systems business has completed construction of PV systems at two separate BJ’s Wholesale Club (BJ’s) locations in Massachusetts (MA) and began construction on two additional stores located in New Jersey (NJ).