Stocks are lower as overseas markets weaken and the dollar strengthens
Major indexes dropped more than 1 percent, including the Dow Jones industrials, which tumbled 130 points.
Investors showed little deference to a new report on weekly unemployment claims that was in line with expectations.
The Labor Department said the number of newly laid off workers seeking unemployment benefits for the first time was unchanged last week at 505,000, matching economists’ expectations.
Nov. 19, 2009 (Business Wire) — PowerVerde, Inc. (OTCBB: PWVI), a manufacturer of high performance pressure and gas expansion products motors used in the production of renewable electric power, announced today that it has entered into a nonbinding Memorandum of Understanding (MOU) with The Eakins Group (“Eakins”), a Manteno, Ill.-based oil service and construction company. As per the MOU, the parties intend for Eakins to be given an exclusive Midwest territory to sell PowerVerde’s Gas Expansion and Gas Pressure Motors. Terms of the MOU reflect a joint effort between the companies to distribute, install and maintain PowerVerde’s proprietary Power System technology with the intent of Eakins developing a nationwide footprint. PowerVerde will be responsible for delivering to Eakins high quality Power Systems, including Organic Rankine Cycle and related subsystems, along with all spare parts and training for installation and repair.
Stocks turn after trade report data
Stocks turned higher a day after a slide as investors weighed a bigger-than-expected increase in the trade deficit and more retail earnings reports.
A disappointing report on consumer sentiment briefly sent stocks lower.
The Commerce Department said Friday that the trade deficit jumped 18.2 percent in September to $36.5 billion. That was the largest deficit since January and more than the $31.7 billion imbalance economists had expected.
The wider deficit was driven by a big rise in imports, led by a jump in oil shipments. That overwhelmed a fifth consecutive increase in exports. Exports are expected to continue to rise as the dollar continues to weaken, which makes U.S. exports less expensive to overseas buyers.
Stocks drift lower as investors worry soft retail sales signal spending will remain weak
Stocks drifted lower early Thursday as news of an improving job market failed to offset the market’s disappointment over sales at Wal-Mart Stores Inc.
The Labor Department said new claims for unemployment insurance fell to a seasonally adjusted 502,000 from an upwardly revised 514,000 the previous week. That’s the fewest claims since the week ending Jan. 3, and below economists’ estimates.
The news is evidence the job market is slowly healing.
Test Proves System Can Efficiently Run on Solar, Biomass, Geothermalor Waste Heat
Nov. 11, 2009 (Business Wire) — PowerVerde, Inc. (OTCBB: PWVI), a leading manufacturer of high performance pressure and gas expansion products, today announced the successful test of its new Organic Rankine Cycle (“ORC”), the PowerVerde 25/50 KW electric power system. The new system, a next generation design, is capable of producing 25 kilowatts of electrical power on any low grade heat (180 degree F). This test was conducted at the company’s facility, Arizona Research and Development, last Wednesday. This renewable energy heat recovery power generation system will operate on any adequate heat source. The system was designed principally for solar, geothermal, biomass, or waste heat, the latter of which can be captured from manufacturing processes or fossil fuel driven motors.
Nov. 4, 2009 (Business Wire) — SmallCapVoice.com, Inc. announced today that a new audio interview with PowerVerde, Inc. (OTCBB: PWVI) is now available. The interview can be heard at http://smallcapvoice.com/blog/11-2-09-audio-interview-with-powerverde-inc-otcbb-pwvi/.