Stephen Bernard, AP Business Writer
Stocks slip even as unemployment claims drop
Stocks fall modestly even as new economic reports indicate economy continues slow growth
NEW YORK (AP) — Investors snapped a recent trend Thursday when they sold stocks after the latest signs on the economy continued to show modest growth.
The Dow Jones industrial average fell about 8 points in late morning trading. Broader indexes also fell modestly.
The Labor Department said first-time claims for unemployment benefits fell to a two-month low, but still remain at levels that indicate economic growth is sluggish. Claims dropped to 450,000 last week. Economists polled by Thomson Reuters forecast they would rise to 460,000.
In recent weeks, reports that topped forecasts were enough to rally the market as investors’ worries about the economy falling back into recession dissipated. But the economy remains weak and stocks are approaching the high end of their recent trading range, which could be putting a lid on the market’s September rally.
"We really don’t have any economic trend in place other than stumbling economic growth," said Brett Gallagher, deputy chief investment officer at Artio Global Investors. "The reality is we’re in for a lengthy slog of below-trend growth."
Yesterday’s Top Performing Small Cap Stock:
Convenience TV Inc. (OTCBB: CRPZ)
Convenience TV Inc. was a SmallCapVoice.com top performer closing up over 36% on trading volume of 5,100 shares.
Convenience TV is focused on the Convenience Store Industry and provides their clients with an "in-location" TV network. The Network is designed to deliver both entertaining content and targeted advertising on a demographic basis to each retail location. In addition, the Network delivers promotional advertising tied to products within the retail location. The programming can be up-dated quickly and is tailored to meet the specific client’s need for increased sales, customer enjoyment and brand reinforcement.
Today’s SmallCapVoice.com Hot Stock to Watch:
Tootie Pie Company (OTCBB: TOOT)
Tootie Pie to Open 3rd Café Location
Sep. 16, 2010 (Business Wire) — Tootie Pie Company, Inc. (OTCBB:TOOT) will sell its gourmet pies in the newest Tootie Pie Gourmet Café in Alamo Heights, an established community in San Antonio. The newest Café will be located at 5130 Broadway, in The Stewart Center.
Similar to its two other Tootie Pie Gourmet Cafés, this location will sell Tootie Pie, coffee, bagels, gourmet sandwiches, pastries and other comfort foods Monday through Thursday, 7 am until 7 pm; Friday and Saturday until 9 pm and Sunday until 3 pm. The Company is looking for more locations in San Antonio, Austin, Houston and Dallas.
Other Small Cap News
Zoom Technologies, Inc. (Nasdaq: ZOOM)
Zoom Technologies Receives a Proposal for a Line of Credit of $44 Million From Bank of China
Funds Instrumental to Expanding Manufacturing Volume; Reflects Increased Customer Orders and Market Share
BEIJING–(Marketwire – 09/15/10) – Zoom Technologies, Inc. (NASDAQ:ZOOM), a leading China based manufacturer of mobile phones and related products, today announced that its manufacturing subsidiary, TCB Digital, has been provided a proposal for a line of credit of up to Rmb 300 million (approximately US$44 million) from the Bank of China for the Company. The credit facility, if provided, can allow Zoom Technologies to accelerate manufacturing expansion to support the increase in its EMS (electronics manufacturing services) customer demand.
TechTeam Government Solutions, Inc. (Nasdaq: TEAM)
Department of Defense Awards Contract to TechTeam Government Solutions
CHANTILLY, Va., Sept. 15 /PRNewswire/ — TechTeam Government Solutions, Inc., a wholly-owned subsidiary of TechTeam Global, Inc. (Nasdaq:TEAM), announced today that its Sytel Division has been awarded a contract in support of the Department of Defense Office of the Deputy Chief Management Officer (DCMO) for technical support services. The base year of the task order has a value of $2.5 million; there are also two option years.
Fuwei Films (Nasdaq: FFHL)
Fuwei Films Reports Strong Sales in BOPET Films
BEIJING–(Marketwire – 09/16/10) – Fuwei Films (Holdings) Co., Ltd. (NASDAQ:FFHL) ("Fuwei Films" or the "Company"), a manufacturer and distributor of high-quality BOPET plastic films in China, today reported a strong upturn in the sale of BOPET films during the third quarter of 2010.
interclick, inc. (Nasdaq: ICLK)
interclick Greatly Improves Credit Facility Due to Strong Growth
Line of Credit More Than Doubles to $15 Million, Significantly Reduces Cost of Capital
NEW YORK, Sept. 16, 2010 (GLOBE NEWSWIRE) — interclick, inc. (Nasdaq:ICLK), a leading digital advertising technology company, announced today that it has secured a $15 million loan and security agreement (the "facility") with Silicon Valley Bank ("SVB"), the primary subsidiary of SVB Financial Group (Nasdaq:SIVB). The company also announced it will be using SVB’s cash management services for the majority of its operating needs, effective immediately.
Seven Arts Pictures Inc. (Nasdaq: SAPX)
Seven Arts Pictures Inc. to Acquire Additional Shares in Seven Arts Pictures Plc
HOLLYWOOD, CA–(Marketwire – 09/16/10) – Seven Arts Pictures Inc. ("SAP"), a private company controlled by Seven Arts’ CEO Peter Hoffman and a principal shareholder of Seven Arts Pictures Plc (NASDAQ:SAPX), announced today that it has agreed to continue its purchase of shares of SAPX between now and September 30, 2010, subject to market conditions. SAP’s share purchases to date will be reflected in its filing with the Securities and Exchange Commission.
NovaBay Pharmaceuticals, Inc. (NYSE Amex: NBY)
NovaBay Pharmaceuticals Spotlights Positive Results for New Class of Anti-Infectives at 50th Annual ICAAC Meeting
Four Poster Presentations Highlight the Potency and Versatility of NovaBay’s Aganocide(R) Compounds
EMERYVILLE, Calif., Sept. 16, 2010 (GLOBE NEWSWIRE) — NovaBay Pharmaceuticals, Inc. (NYSE Amex:NBY), a clinical stage biotechnology company developing first-in-class, anti-infective compounds for the treatment and prevention of antibiotic-resistant infections, delivered four poster presentations on its Aganocide compounds at the 50th Annual Interscience Conference on Antimicrobial Agents and Chemotherapy (ICAAC) in Boston, MA.
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Stephen Bernard, AP Business Writer
Stocks continue rally after drop in jobless claims
Stocks climb following bigger-than-expected drop in claims for unemployment benefits
Stocks extended their September rally Thursday after more encouraging news on the job market.
The Dow Jones industrial average rose 60 points in late morning trading, putting it back into positive territory for the year, after the Labor Department said first-time claims for unemployment benefits fell last week to the lowest level in two months.
The report came in much better than analysts had expected and added to other positive signals on the economy, including a pickup on job creation for August reported last week. Treasury prices and the dollar fell as investors stepped up their appetite for risk.
Stephen Bernard, AP Business Writer
Stocks fall on fresh European bank concerns
Stocks retreat to kick off holiday-shortened week following European bank worries
NEW YORK (AP) — Fresh worries about European banks sent stocks lower Tuesday. Treasury prices rose as investors sought out safe places to park their money.
The Dow Jones industrial average fell about 67 points, getting the holiday-shortened week off to a weak start.
With little economic news in the U.S. following the Labor Day weekend, traders were focused on developments overseas.
European stocks fell following news reports that banks there may have more risky government debt on their books than was disclosed during “stress tests” earlier this year. That could mean fees from regulators and more capital-raising by the banks to bolster their balance sheets.
“The soundness of stress tests are, and continue to be, in question,” said Brian O’Reilly, president of the Collingwood Group. Uncertainty about the tests could be a drag on the market until European regulators provide some more transparency about exactly what figures were included in the test, O’Reilly said.
Yesterday’s Top Performing Small Cap Stock:
Convenience TV Inc. (OTCBB: CRPZ)
Convenience TV Inc. was a SmallCapVoice.com top performer closing up over 16% on trading volume of 92,500 shares.
Seth Sutel, AP Business Writer
Stocks rise after better GDP report; Bonds slip
Stocks move higher after 2nd-quarter GDP revision isn’t as bad as feared; Bonds slip
Stocks are mainly higher and bond prices slipped after the government reported that U.S. economic growth didn’t slow down as much as feared.
Stocks recovered from an early stumble Friday morning after Intel Corp. issued a profit warning and Federal Reserve Chaiman Ben Bernanke didn’t offer any concrete new steps for stimulating the economy.
The Dow Jones industrial average rose 58, or 0.6 percent, to 10,043 in morning trading. The Standard & Poor’s 500 Index rose 5, or 0.5 percent, to 1,052 and the Nasdaq composite index rose 12, or 0.6 percent, to 2,131.
Gross domestic product grew at a 1.6 percent rate in the second quarter, the government reported, not as bad as the 1.4 percent rate economists expected.
Yesterday’s Top Performing Small Cap Stock:
Convenience TV Inc. (OTCBB: CRPZ)
Convenience TV Inc. was a SmallCapVoice.com top performer closing up over 18% on trading volume of 308,156 shares.
Stephen Bernard, AP Business Writer
Stocks mixed as caution about recovery remains
Stocks mixed even as claims for unemployment benefits fall more than expected
NEW YORK (AP) — Major stock indexes turned mixed Thursday as a drop in new claims for unemployment benefits wasn’t enough to resolve worries about the economy.
The Dow Jones industrial average fell 7 points in late morning trading after getting an early 45-point lift from the weekly unemployment report. Broader indexes also traded in a narrow range.
“It really doesn’t change the trend,” Peter Cardillo, chief market economist at Avalon Partners Inc. said of the report, which showed that initial claims for unemployment benefits fell more than expected last week. The economy is still sputtering, so investors are cautious, particularly ahead of Federal Reserve chairman Ben Bernanke’s speech Friday.
Cardillo said investors are anxious to see if Bernanke gives any indication about the pace of recovery or indicates the Fed is worried that the U.S. might slip back into recession.
Yesterday’s Top Performing Small Cap Stock:
Car Charging Group, Inc. (OTCBB: CCGI)
Car Charging Group, Inc. was a SmallCapVoice.com top performer closing up over 2% on trading volume of 23,200 shares.
LOS ANGELES, CA — (Marketwire) — 08/26/10 — Convenience TV Inc. (OTCBB: CRPZ) is pleased to announce that it has completed its initial eastern installations with 5 Convenient Food Mart Stores in Wheeling, West Virginia. This is the Company’s first step in expanding its network to the eastern United States market.
Company President and CEO Mr. Norman Knowles states: “These successful installations represent a significant step in the expansion of our network into a national presence.”