Stocks pull back after yesterday’s huge gains
Wall Street gave back some of its gains Tuesday as investors reassessed the market’s strength a day after its biggest advance in five months.
Some pullback was to be expected after the Dow Jones industrial average jumped 498 points, or 6.8 percent, on Monday. Investors had extended a two-week rally as the government detailed a plan to take over up to $1 trillion in bad mortgage securities with the help of private investors. An unexpected rise in home sales also lifted traders’ mood.
With little economic data to go on, investors will again be looking to Washington for direction. Federal Reserve Chairman Ben Bernanke and Treasury Secretary Timothy Geithner are making a rare joint appearance at a congressional hearing to testify over bonuses at American International Group Inc.
AUSTIN, TX — (Marketwire) — 03/24/09 — Ronn Motor Company, Inc. (PINKSHEETS: RNNM) announced today it will begin training in April 2009 for installation procedures for its proprietary H2GO(TM) hydrogen injection system at select AAMCO transmission locations in the Houston, Austin, Ft. Worth, New Orleans and Phoenix areas. Ronn Motors will be working closely with Doug Watkins, owner of four Houston franchises, and other AAMCO owners and association members. Together, they will finalize installation procedures and packaging for its real-time H2GO(TM) hydrogen injection system.
H2GO(TM) Powered Scorpion(TM) Invited to Join Internationally Recognized Elite Supercars
AUSTIN, TX — (Marketwire) — 03/19/09 — Ronn Motor Company, Inc. (PINKSHEETS: RNNM) announced today that it has been invited to showcase the H2GO(TM) powered Scorpion(TM) at the April 2009 ‘Top Marque Monaco’ in Monte Carlo. The ‘Top Marque Monaco’ is the world’s most exclusive auto show. It is the only supercar show in the world featuring an elite group of automotive producers whose marques are recognized the world over for their luxury, speed and rarity.
Ronn Maxwell, CEO of Ronn Motors, stated, “The Scorpion(TM) is the first real-time, hydrogen enhanced, eco-friendly, exotic supercar of its kind. Its appearance in Monte Carlo will provide Ronn Motors with a prominent, prestigious and exceptional opportunity to reach the vast automotive marketplace in Europe, Asia and the Middle East with our ‘green’ showpiece technology, the H2GO(TM) Hydrogen On-Demand system as well as our finely built, handcrafted supercar.”
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.
Stocks extend rally on comments by Fed Chairman Bernanke
Investors buoyed by comments on the economy from Federal Reserve Chairman Ben Bernanke sent stocks mostly higher Monday. The Dow Jones industrials and Standard & Poor’s index rose for a fifth straight day.
Bernanke said Sunday the recession would probably end this year if the government’s program to boost the banking industry succeeds. But the Fed chairman also cautioned that the task of improving the banking system is a difficult one. During an interview with CBS’ “60 Minutes,” Bernanke said the government needs to get banks to lend more freely and get the financial markets to work more normally.
In morning trading, the Dow Jones industrial average rose 84.90, or 1.18 percent, to 7,308.88. The Standard & Poor’s 500 index rose 10.02, or 1.32 percent, to 766.57, while the Nasdaq composite index fell 4.28, or 0.30 percent, to 1,427.22.
Latest Deal Emboldens Sales Projection Estimates of 1 Million Units Over Three Year Term
AUSTIN, TX — (Marketwire) — 03/16/09 — Ronn Motor Company, Inc. (RMC) (PINKSHEETS: RNNM) announced today that the Company has recently signed an Agreement with Frigette for the manufacturing and distribution of RMC’s proprietary H2GO(TM) Real-Time Hydrogen Injection System. The Agreement was formally signed during the MACS convention held recently in Dallas, Tx.
Under the terms of the agreement, RMC would receive a royalty for each device sold through Frigette. The Ronn Motor Company business plan projects 1,000,000 units sold in the U.S. market alone over the next three years, reflecting 1/2 of one percent penetration among domestic vehicles. These sales could potentially yield over $100,000,000 in top-line revenue for Ronn Motors.