By Leah Schnurr – Reuters
Stocks hit lowest level in seven weeks
NEW YORK (Reuters) – Stocks fell to their lowest level in seven weeks on Tuesday as an unexpectedly large drop in home sales ratcheted up concerns that the economic recovery is even weaker than had been feared.
The Dow and S&P 500 racked up their fourth day of losses in a row after an industry group reported that sales of U.S. existing homes in July fell to their slowest pace in 15 years.
“What’s really driving us is the sense that the economic outlook is unraveling a bit,” said Bernie McSherry, senior vice president at Cuttone & Co in New York.
With housing a linchpin of the U.S. consumer economy, the latest data cast doubt on the pace of recovery and added fuel to investors’ recent search for safety.
Prices of U.S. Treasuries soared, sending two-year yields to another record low. On the S&P 500, defensive plays telecoms and utilities were the only sectors to gain for the day.
Yesterday’s Top Performing Small Cap Stock:
Convenience TV Inc. (OTCBB: CRPZ)
Convenience TV Inc. was a SmallCapVoice.com top performer closing up over 7.22% on trading volume of 172,614 shares.
A New Audio Interview Featuring Norman Knowles, President and CEO of Convenience TV Inc., is now at SmallCapVoice.com
Aug. 24, 2010 (Business Wire) — SmallCapVoice.com, Inc. announced today that a new audio interview featuring Convenience TV Inc. (OTCBB:CRPZ) is now available. The interview can be heard at http://smallcapvoice.com/blog/8-23-10-audio-interview-with-convenience-tv-inc-otcbb-crpz.
Today’s SmallCapVoice.com Hot Stock to Watch:
Pro-Pointer, Inc. (Pink Sheets: PPII)
Pro-Pointer, Inc. Introduces a Revolutionary Supplement for Stress and Anxiety
LAS VEGAS, NV — (Marketwire) — 08/24/10 — Pro-Pointer, Inc. (PINKSHEETS: PPII), through its wholly-owned subsidiary Coenzyme-A Technologies, Inc., proudly announces today the introduction of their latest Nutraceutical development, the “MODULATOR MATRIX I” formula, especially designed to help the individual user to effectively cope with today’s Stress and Anxiety Syndromes.
According to an American Psychological Association (APA) recent study, a total of 43% of adults in the U.S. suffer adverse health effects from stress. The National Institute of Mental Health reports that Anxiety disorders affect approximately 40 million American adults age 18 years or older. That clearly translates to 18% of the population in a given year. Stress is a psychological response to an external happening, whereas anxiety is a state of mind that is real or imagined and manifests itself in physical symptoms like rapid heart rate and sweaty palms, sleeping disorders and eventually depression.
Other Small Cap News
Aoxing Pharmaceutical Company, Inc. (NYSE Amex: AXN)
Aoxing Pharmaceutical Company Receives Clinical Trial Approval for Buprenorphine/Naloxone Sublingual Tablets for Opioid Addiction Treatment
National Institute on Drug Dependence to Administer Study for Novel Opioid Dependence Therapy in China
NEW YORK, NY–(Marketwire – 08/24/10) – Aoxing Pharmaceutical Company, Inc. (AMEX:AXN) (“Aoxing Pharma”), a specialty pharmaceutical company focusing on research, development, manufacturing and distribution of narcotic and pain-management products, today announced that the China SFDA has granted approval of the company’s New Drug Application to initiate the registration clinical trial of Buprenorphine/Naloxone sublingual tablets for opioid addiction treatment. The approval enables Aoxing Pharma to move forward to the final development stage with this therapy, which is novel in China as it is not yet available to patients.
Nevsun Resources Ltd. (NYSE Amex: NSU)
Nevsun Resources Ltd.: Bisha Royalty Buyout Increases Future Cash Flows
VANCOUVER, BRITISH COLUMBIA–(Marketwire – 08/23/10) – Nevsun Resources Ltd. (TSX:NSU)(AMEX:NSU) is pleased to announce that it has bought out a third party royalty on its Bisha project in Eritrea. The removal of this royalty further increases Nevsun’s stake in Bisha’s future cash flows, resulting in an estimated net benefit of at least $0.20 per share. Nevsun paid Cdn$18,500,000 to acquire the 1.5% net smelter royalty on the project, previously held by an arm’s length private company.
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