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Posts Tagged ‘CETG’

Stocks are lacking any real direction amid lackluster earnings reports

Stocks rose on Wednesday, helped by a jump in shares of big manufacturers, including Caterpillar Inc and Boeing Co, while upbeat broker comments on Gilead Sciences Inc lifted biotech shares.

A rise in big-cap technology shares also underpinned the Nasdaq ahead of Apple Inc’s quarterly results after the close.

Among other boosts were shares of Caterpillar after a broker upgrade on the stock. After the open the Nasdaq and the S&P 500 had dropped more than 1 percent.

The Dow Jones industrial average was up 60.45 points, or 0.76 percent, at 8,030.01. The Standard & Poor’s 500 Index added 6.61 points, or 0.78 percent, at 856.69. The Nasdaq Composite Index gained 22.59 points, or 1.37 percent, at 1,666.44.

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The Company Significantly Reduced Its Corporate Overhead and Expenses

COLUMBUS, Ohio–(BUSINESS WIRE)–Capital City Energy Group, Inc. (OTCBB: CETG) or “Capital City” announced that its Hotwell Services (“Hotwell”) division had its best quarter in the Company’s history. Hotwell’s revenues for the first quarter ending March 31, 2009 were greater than its total revenues for the entire 2008 year. Hotwell’s first quarter 2009 revenues were up over 50% sequentially versus its fourth quarter 2008 revenues ending December 31, 2008. The division continues to aggressively grow its core business while leveraging its activities within the Capital City group of companies.Joe Sites, the President of Hotwell Services commented on the positive activity in the first quarter, “I am pleased with the overall results of the first quarter and feel optimistic about our steady growth plans through 2009 and into 2010. Our company’s strategy of putting service and quality above all has made an impact on the region and offers a unique value proposition in comparison to our competition. Hotwell Services continues to add value to the clients in the Marcellus Shale by providing the expertise and technology for efficiently completing horizontal wells. We were able to position ourselves strategically in front of the Marcellus Shale play and are routinely providing top tiered wireline services for the leading operators in this blossoming play.”

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Profit taking hits Wall Street as personal spending rises but personal incomes decline

Stocks are retreating in early trading as investors cash in some of this month’s big gains.

After a 21 percent surge in the Dow Jones industrial average over just 13 days, a dip in personal incomes and a slowdown in personal spending gave investors little reason to extend the rally.

The Commerce Department said Friday personal spending rose 0.2 percent in February, as expected, down from a 1 percent gain in January. Personal incomes fell 0.2 percent.

In midmorning trading, the Dow fell 101.15, or 1.3 percent, to 7,823.41.
Broader stock indicators also declined. The Standard & Poor’s 500 index fell 11.22, or 1.4 percent, to 821.64, and the Nasdaq composite index fell 23.81, or 1.5 percent, to 1,563.19.

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Stocks extend gains following upbeat economic data

Stocks are extending their gains after getting another better-than-expected report on the housing market.

The government has reported that new home sales rose 4.7 percent in February. The report is encouraging because economists had expected sales to fall.

Stocks were already rising Wednesday on a report that demand for big-ticket manufactured goods rose in February rather than fell as economists had predicted. The home sales report added momentum to the buying.

The Dow Jones industrial average is up 160 at 7,820. The Standard & Poor’s 500 index is up 17 at 823, while the Nasdaq composite index is up 35 at 1,552.

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Stocks fluctuate in narrow trade ahead of Bernanke speech

Wall Street fluctuated Friday as investors set aside their inflation concerns and went back to buying as they awaited a speech by Federal Reserve Chairman Ben Bernanke.

The Fed gave the market a jolt this week by announcing plans to buy Treasury securities to revive lending and the economy. Wall Street initially jumped on the move but fell Thursday on worries about the dollar and inflation.

In just two days, the dollar fell 5 percent versus the euro and 3 percent versus the yen. Oil prices, meanwhile, soared 7 percent Thursday above $51 a barrel to the highest level this year.

Investors are eager for more insights into the Fed’s plans. Bernanke will be speaking on the financial crisis at the Independent Community Bankers of America convention in Phoenix. The speech is set for noon EDT.

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Stocks give up some recent gains ahead of Fed meeting

Investors gave up some of their big gains Wednesday as they awaited the conclusion of the Federal Reserve’s interest rate meeting.

The Fed is expected to leave rates at their current historically low level following its two-day meeting, but the market is anxious to see how the central bank assesses the economy in its statement accompanying the rate decision. Investors also want to know if the Fed has any further moves planned to help boost the economy.

In morning trading, the Dow Jones industrial average fell 90.72, or 1.23 percent, to 7,304.98. The Standard & Poor’s 500 index fell 7.94, or 1.02 percent, to 770.18, while Nasdaq composite index fell 4.55, or 0.31 percent, to 1,457.56.

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