Stocks drift as economy worries outweigh deal news
Stocks are stuck in a narrow range as investors balance economic worries with M&A news
NEW YORK (AP) — Stocks drifted lower Monday as a fresh round of corporate dealmaking was tempered by skepticism about the strength of the economy.
Stocks got an early lift after a spate of new deals were announced, but the gains faded quickly. The Dow Jones industrial average rose 14 points in afternoon trading. Broader indexes were mixed.
Technology giant Hewlett-Packard Co. offered $24 per share for 3Par Inc. just one week after rival Dell Inc. agreed to buy the data storage provider for $18 a share. Meanwhile Potash Corp. of Saskatchewan Inc. formally rejected BHP Billiton’s $38.5 billion offer to acquire the fertilizer company.
European markets rose after banking company HSBC Holdings said it was in talks to buy a controlling stake in Nedbank Group Ltd. of South Africa from Old Mutual for as much as $6.8 billion.
Yesterday’s Top Performing Small Cap Stock:
Convenience TV Inc. (OTCBB: CRPZ)
Convenience TV Inc. was a SmallCapVoice.com top performer closing up over 0.03% on trading volume of 40,407 shares.
Convenience TV Reaches the One Million Viewership Milestone
LOS ANGELES, CA — (Marketwire) — 08/23/10 — Convenience TV Inc. (OTCBB: CRPZ) has achieved a viewership milestone with the completion of its latest network installations.
“We have now expanded to 28, the number of retail outlets in the greater Los Angeles area,” said President and CEO Mr. Norman Knowles. “This is an exciting moment for us at Convenience TV, as our newest client base offers the company a monthly audience of over 1 million viewers.
Today’s SmallCapVoice.com Hot Stock to Watch:
Car Charging Group, Inc. (OTCBB: CCGI)
Car Charging Group, Inc. Partners With Icon Parking in Manhattan to Offer Electric Vehicle (EV) Charging Stations
MIAMI BEACH, FL — (Marketwire) — 08/23/10 — Car Charging Group, Inc. (OTCBB: CCGI) today announced it has entered into a pilot agreement with Icon Parking Systems, the premier provider of parking services in Manhattan, to provide electric vehicle (EV) charging stations at select trial locations helping to smooth the transition to EV by creating a useful charging network for Icon’s customers.
“This partnership lays the groundwork in Manhattan to support the national roll-out of electric automobiles on the way to dealer showrooms in late 2010 from manufacturers such as Tesla Motors, the Renault and Nissan alliance, General Motors, Ford and others,” said Car Charging Group CEO Michael D. Farkas.
SmallCapVoice Clients’ News
Tie Technologies, Inc. (Pink Sheets: TTCS)
Oil Plume Size of Manhattan Threatens Gulf; TIE Technologies Ramps Up for OilDam(TM) Installation
NEW YORK, Aug. 23, 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, announced today that it has completed engineering and is prepared to immediately implement its plan to roll out a multi part oil protection system, including the OilDam™, to protect both low energy water flow coastlines and higher energy areas.
Other Small Cap News
Paramount Gold and Silver Corp. (NYSE: PZG)
Paramount Gold and Silver Corp. Closes Acquisition of X-Cal Resources and the Sleeper Gold Project
WINNEMUCCA, NEVADA–(Marketwire – Aug. 23, 2010) – Further to our press release dated June 22, 2010, Paramount Gold and Silver Corp. (TSX:PZG)(NYSE:PZG) (FRANKFURT:PG6)(WKN:A0HGKQ) (“Paramount”) advises that its previously announced acquisition of X-Cal Resources Ltd. (TSX: XCL)(“X-Cal”) has been approved by 100% of the X-Cal shareholders present or represented by proxy at its recent meeting. The Supreme Court of British Columbia has approved the transaction and the acquisition is now closed.
Sport Endurance, Inc. (OTCBB: SENZ)
Sport Endurance Declares 3% Dividend to All Shareholders of Record as of Thursday, August 26th, 2010
SALT LAKE CITY, Aug. 23, 2010 (GLOBE NEWSWIRE) — Sport Endurance, Inc. (OTCBB:SENZ), recently announced that it entered into a formal letter of intent to acquire S&T Distributors, a Company currently generating in excess of $2,000,000 in annual revenues, with NOI of approximately 30% from its primary business of distributing food and beverage products throughout the Southwest. The S&T revenues will up stream to Sport Endurance, and will be reflected in the annual revenues of the Company.
UQM Technologies, Inc. (NYSE Amex: UQM)
UQM Technologies Appoints Former Chrysler Group Chief Operating Officer, Eric Ridenour, as President and Chief Operating Officer
Mr. Ridenour to Assume Chief Executive Officer Duties on December 1, 2010 upon Retirement of William G. Rankin Who Will Continue as Chairman of the Board of Directors
LONGMONT, Colo.–(BUSINESS WIRE)–UQM Technologies, Inc. (NYSE Amex: UQM), a developer of alternative energy technologies, announced today that it has appointed Eric Ridenour, former Chief Operating Officer of the Chrysler Group, to the position of President and Chief Operating Officer. Mr. Ridenour will join the Company on September 1, 2010 and will become Chief Executive Officer on December 1, 2010. William G. Rankin will continue as Chairman of the Board of Directors.
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