Stocks are posting solid gains after last weeks 5% decline
Investors are again examining the housing market for clues about the economy. The National Association of Home Builders is set to release its index of builders’ confidence for May at 1 p.m. Eastern.
There was some upbeat news on the housing industry before the opening bell. Lowe’s Cos., the nation’s second largest home improvement chain, posted a 22 percent drop in its first-quarter earnings but results topped Wall Street’s forecasts.
Banking company State Street Corp. said it plans to raise funds through stock and debt offerings as part of an effort to repay the $2 billion the government loaned as part of its financial rescue last fall. State Street, which specializes in serving institutional investors and wealthy customers, said it expects to raise $1.45 billion from the stock offer alone. The stock slipped 1 percent in electronic trading.
Analysts say the ability of banks to turn to the market to raise cash is a welcome sign of stability, even if the introduction of added shares makes those already in circulation worth less.
Last week, the Dow slid 3.6 percent, the S&P 500 index lost 5 percent and the Nasdaq fell 3.4 percent as investors worried that the economy’s recovery might be further off than hoped after stocks rallied since hitting 12-year lows more than two months ago.
Beyond the housing sales report, Wall Street will be looking this week to data Tuesday on housing construction and regional manufacturing on Thursday.
Yesterday’s Top Performing SmallCapVoice.com stocks:
Alkane, Inc. (Pink Sheets: ALKN) was a SmallCapVoice.com top performer moving up over 17% on trading volume of 66.977 shares.
Alkane, Inc. is dedicated to the development and sales of alternative fuels and additives which reduce the cost of operating and maintaining vehicles. Additional benefits of Alkane, Inc.’s product offerings include positive environmental impact through the reduction of harmful emissions and a lessened U.S. dependence on foreign oil due to a decrease in crude oil dependent diesel fuel consumption.
Today’s SmallCapVoice.com Hot Stock to Watch:
Defense Solutions, Inc. (OTC BB: DFSH)
Defense Solutions, Inc., an international project management and executive consulting firm, a wholly owned subsidiary of Defense Solutions Holding, Inc., announced that the Company has signed an agreement with iRobot Corporation, to distribute its iRobot PackBot®, a multi-mission tactical mobile robot, in Iraq and Afghanistan. iRobot is a designer and developer of robots for the consumer, government, and industrial markets worldwide. The iRobot PackBot will be used by military and government ground forces.
The iRobot PackBot, currently in use by US forces, is a perfect fit for Iraqi Security Forces, as the responsibility to find and neutralize roadside bombs, car bombs and other IEDs, as well as unexploded ordinance shifts from US forces to Iraqi forces. Defense Solutions will offer the iRobot PackBot to allow the Iraqi Security forces to perform dangerous missions while keeping military personnel and first responders out of harm’s way.
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