Stephen Bernard, AP Business Writer
Banking concerns, GE results drag stocks lower
Stocks erase early morning gains as traders worry about banks, GE results disappoint
NEW YORK (AP) — Concerns about the financial sector and a disappointing drop in revenue at General Electric halted a market rally Friday.
Stocks initially rose after Federal Reserve chairman Ben Bernanke reiterated the central bank is ready to do more to stimulate the sluggish economy. Bernanke’s comments were the latest confirmation the central bank is about to ramp up its purchase of Treasury bonds to spark growth.
But that burst of optimism couldn’t overcome worries about how banks like Bank of America Corp. and JPMorgan Chase & Co. handled the foreclosure process on failed mortgages. Both banks, along with General Electric Co., were the primary culprits in sending the Dow Jones industrial average down 57 points in morning trading.
The technology-dominated Nasdaq composite index got a lift from Google Inc., whose shares skyrocketed after the Internet search giant reported a big jump in earnings.
Yesterday’s Top Performing Small Cap Stock:
Tootie Pie Company (OTCBB: TOOT)
Tootie Pie Company was a SmallCapVoice.com top performer closing up over 12% on trading volume of 83,940 shares.
ORLANDO, Fla., Oct. 15, 2010 (GLOBE NEWSWIRE) — General Automotive Company (OTCBB:GNAU), a North American provider of aftermarket parts and advanced technology for the automotive industry, today announced the launch of its complete Cabin Air Filter product line.
General Automotive has launched its first complete line of aftermarket products for distribution in the US. The new Cabin Air Filter program has complete coverage for Domestic, Asian, and European makes. All of General Automotive’s products will be made with the highest quality in mind that meet or exceed OE specifications. General Automotive will carry the complete line in inventory at its Orlando, Florida warehouse and distribution facility.
Stephen Bernard, AP Business Writer
Stocks slip after jobs, inflation reports
Stocks edge lower after jobs, inflation reports; Dollar tumbles again
NEW YORK (AP) — Stocks edged lower Thursday after another disappointing report on jobs. But losses were limited because traders expect the Federal Reserve will act soon to strengthen the economy.
The Dow Jones industrial average fell 10 points in morning trading. In recent months, a disappointing weekly jobs report would have likely led to a big sell-off in stocks. However losses have been limited following weak economic reports recently because such weakness supports expectations the Fed will step in to support growth.
Traders sent the dollar lower and gold higher Thursday because of the expected Fed action. The Fed is expected to buy government bonds, which would drive down interest rates down from already low levels. That makes gold and other currencies where interest rates are higher more attractive than the dollar.
Gold hit another record high, while the dollar fell to a 15-year low against the yen and touched its lowest level against the euro since January.
Yesterday’s Top Performing Small Cap Stock:
General Automotive Co. (OTCBB: GNAU)
General Automotive Co. was a SmallCapVoice.com top performer closing up over 44% on trading volume of 10,000 shares.
Stephen Bernard, AP Business Writer
Stocks set to end September surge with more gains
Stocks jump on last day of quarter after upbeat reports on unemployment claims, GDP
NEW YORK (AP) — Stocks are ending a strong September with more gains Thursday after new reports on unemployment claims, economic growth and manufacturing topped expectations.
Major indexes have been surging all month on signs of incremental improvement in the economy, which have reduced worries the country will fall back into recession.
The Dow Jones industrial average rose nearly 80 points in morning trading. It has risen 9 percent this month, which puts it in line for its best September performance since 1939.
The Labor Department said Thursday that first-time claims for unemployment benefits fell more than economists had predicted last week. Applications are still at levels that indicate employers aren’t necessarily ramping up hiring, but at least the pace of firings seems to be slowing.
Yesterday’s Top Performing Small Cap Stock:
Diamond Ranch Foods, Ltd. (OTCBB: DRFO)
Diamond Ranch Foods, Ltd. was a SmallCapVoice.com top performer closing up over 19% on trading volume of 9,250 shares.
Sep. 30, 2010 (Business Wire) — SmallCapVoice.com, Inc. announced today that a new audio interview featuring Dan Valladao, Chief Executive Officer and President at General Automotive (OTC Bulletin Board: GNAU), is now available. The interview can be heard here http://smallcapvoice.com/blog/9-29-10-audio-interview-with-general-automotive-co-otcbb-gnau/.
SmallCapVoice.com is a recognized corporate investor relations firm, with clients nationwide, known for its ability to help emerging growth companies build a following among retail and institutional investors. SmallCapVoice.com utilizes its stock newsletter to feature its daily stock picks, audio interviews, as well as its clients’ financial news releases. SmallCapVoice.com also offers individual investors all the tools they need to make informed decisions about the stocks they are interested in. Tools like stock charts, stock alerts, and client information sheets can assist with investing in stocks that are traded on the OTC BB and Pink Sheets. To learn more about SmallCapVoice.com and their services, please visit http://www.smallcapvoice.com/services.html.
Podcast: Download (Duration: 8:40 — 7.9MB) | Embed
You Can Also Listen to the 1-26-10 Audio Interview with GNAU Here.
Dan Valladao, Chief Executive Officer and President at General Automotive (OTCBB: GNAU) called into SmallCapVoice.com to update his shareholders on the recently announced joint venture agreement with Taichi Automotive of China. In addition, Dan talked about the goals for GNAU for the remainder of 2010 and into 2011.
General Automotive Company provides original equipment and aftermarket automotive parts, and automotive technology in the United States and internationally. It focuses on automotive parts sales and distribution through its subsidiary, OE Source L.C. General Automotive is also a partnered in GreenCell Inc., a joint venture with SenCer Inc., a New York based ceramic technology company. Greencell, Inc., has created “Ultra-Temp”, a proprietary technology and a potential game changer for the manufacturing of multiple automotive products including oxygen sensors, brakes and SOFC fuel cells for powering automobiles. General Automotive Company (“GAC”) is also focused on expanding its operating growth platform through multiple and ongoing acquisitions of successful automotive parts companies. General Automotive Company is based in Orlando, Florida.