Stocks are higher on better-than-expected retail earnings report
Stocks are higher in the last session ahead of the Memorial Day weekend, supported by an unexpected profit from Sears Holdings Corp, and a better-than-expected earnings report from fellow retailer Gap Inc. Moody’s said it is comfortable with the US government’s triple-A credit rating, easing fears about the future of the nation’s rating, which were exacerbated by yesterday’s rating outlook downgrade of the UK by Standard & Poor’s. Treasuries are higher in an abbreviated session even as equities gain ground and as there are no major economic releases scheduled for today. In other equity news, BankUnited became the largest bank failure this year, and the US Treasury confirmed that it will inject $7.5 billion of additional capital into GMAC. Overseas, markets are mixed as Europe is also in rebound mode.
Yesterday’s Top Performing Small Cap stock:
The McClatchy Company (NYSE: MNI) was a SmallCapVoice.com top performer moving up over 30% on trading volume of 6,318,300 shares.
The McClatchy Company announced yesterday that it is commencing a private exchange offer to exchange its outstanding notes and debentures for a combination of cash and new debt securities. The exchange offer is being made only to qualified institutional buyers inside the United States and to certain non-U.S. investors located outside the United States. The purpose of these private exchange offers is to reduce indebtedness and improve the financial flexibility of the Company.
Today’s SmallCapVoice.com Hot Stock to Watch:
ZAGG Inc. (OTC BB: ZAGG)
ZAGG Inc., a leading producer of mobile electronics accessories including the popular invisibleSHIELDTM and award-winning ZAGGaudioTM brands, announces a trend of current and potential growth through their international distribution. Companies like Brightpoint AB in Sweden and iPhoneScout.de in Germany exemplify the growth trend, according to ZAGG executives.
ZAGG’s invisibleSHIELD offers consumers an alternative to bulky cases with thousands of precision-cut designs for a multitude of gadgets, including cell phones, digital cameras and laptops. Recent expansion into European and Asian markets has seen encouraging initial success.
“The outcomes from new partnerships, as well as leveraging existing distributors, are now resulting in the introduction of the invisibleSHIELD to new customers in our current international markets,” said Derek Smith, ZAGG’s Vice President of Sales. “We anticipate continued strong growth in 2009 to begin this summer with the release of announced new devices like the Palm Pre and a possible new iPhone.”
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