Stocks Pull Back after Excitement Over Euro Fades
Submitted by SmallCapVoice.com
Excitement over the European Union’s nearly $1 trillion rescue program to support debt-burdened countries faded, even as Germany approved its share of the bailout.
The European bailout provided assurances that the euro would remain intact and countries would have access to loans. But heavily indebted nations like Greece still have to significantly scale back spending and programs. That means any European economic recovery could be slow and still drag down a global rebound. Major European indexes all fell.
Asian markets retreated after a report showed inflation in China accelerated last month. Continued high inflation might force the Chinese government to clamp down further on credit to prevent speculative bubbles. The country in recent months has forced banks to increase their reserves in an effort to slow a surging real estate market. China might eventually be forced to raise interest rates to fight inflation, which could slow the economy and imports.
Global economic indicators, such as the U.S. government’s monthly jobs report, had been overshadowed recently as investors feared debt problems in Greece would spread throughout Europe and hurt a recovery. Traders were also concerned about whether European debt woes could potentially destroy the euro, the currency used by 16 European countries.
In early trading, the Dow Jones industrial average fell 69.23, or 0.6 percent, to 10,715.91. The Standard & Poor’s 500 index dropped 9.49, or 0.8 percent, to 1,150.24, while the Nasdaq composite index fell 22.08, or 0.9 percent, to 2,352.59.
Yesterday’s Top Performing Small Cap Stock:
Tootie Pie Company (OTCBB: TOOT)
Tootie Pie Company, Inc was a SmallCapVoice.com top performer yesterday closing up over 26% on trading volume of 31,000 shares.
In a New Audio Interview at SmallCapVoice.com, Don Merrill, Tootie Pie Company’s President and CEO, Provides Details Regarding Recent News
May 11, 2010 (Business Wire) - SmallCapVoice.com, Inc. announced today that a new audio interview featuring, Tootie Pie Company, Inc. (OTCBB: TOOT) is now available. The interview can be heard at http://smallcapvoice.com/blog/5-10-10-audio-interview-with-tootie-pie-company-otcbb-toot/.
Today’s SmallCapVoice.com Hot Stock to Watch:
Vidaroo Corporation (OTCBB: VIDA)
Vidaroo Corporation (Formerly Gen2Media Corporation) and NARM, the Music Business Association, Partner for 2010 NARM Convention
May 11, 2010 (Business Wire) - Vidaroo Corporation (OTCBB: VIDA), the premier video publishing-software, content production and online video network (formerly-Gen2Media Corporation) and NARM, the music business association,-announce a new partnership for the 2010 NARM Convention and Music-Business Crash Course that will take place at the Hilton Chicago from-Friday, May 14 through Monday, May 17.
SmallCapVoice Clients’ News
Tie Technologies, Inc. (OTCPK: TTCS)
TIE Technologies Announces BIO Metric and Intelligent VIDEO Technology Development Project
NEW YORK, May 11, 2010 (GLOBE NEWSWIRE) - TIE Technologies, Inc. (Pink Sheets:TTCS), an information technology, security and telecommunications company, delivering innovative solutions for the dynamic global IT, security, and communications markets, announced today TIE TeleMetric Inc.’s BIO Metrics and Intelligent Video research and development project focused on positive identification technologies.
Other Small Cap News
Generex Biotechnology Corporation (Nasdaq: GNBT)
Generex Biotechnology Achieves Enrollment of Over 400 Subjects in Phase III Generex Oral-lyn(TM) Study
WORCESTER, Mass., May 10, 2010 (GLOBE NEWSWIRE) — Generex Biotechnology Corporation (Nasdaq:GNBT) (www.generex.com), the leader in drug delivery for metabolic diseases through the inner lining of the mouth, today announced that it has achieved enrolled of over 400 subjects in its pivotal global Phase III study of its flagship product, Generex Oral-lyn(TM), a proprietary buccal insulin spray product designed to replace prandial injections of insulin.
Poniard Pharmaceuticals, Inc. (Nasdaq: PARD)
Poniard Pharmaceuticals Announces Results of Phase 3 SPEAR Trial of Picoplatin in Small Cell Lung Cancer to Be Presented at the American Society of Clinical Oncology 2010 Annual Meeting
SOUTH SAN FRANCISCO, Calif., May 10 /PRNewswire-FirstCall/ — Poniard Pharmaceuticals, Inc. (Nasdaq:PARD), a biopharmaceutical company focused on innovative oncology therapies, today announced that data from the Phase 3 SPEAR (Study of Picoplatin Efficacy After Relapse) trial evaluating the efficacy and safety of picoplatin as a second-line treatment in small cell lung cancer (SCLC) has been accepted for an oral presentation during the American Society of Clinical Oncology (ASCO) 2010 Annual Meeting.
Cavico Corp. (Nasdaq: CAVO)
Cavico Updates Progress on Major Construction Projects
HANOI, Vietnam–(BUSINESS WIRE)–Cavico Corp. (NASDAQ: CAVO), a leading infrastructure development company based in Vietnam, today provides updates at key construction projects at Ta Trach Reservoir, Dambri Hydropower and A Luoi Hydropower Plants. As discussed further below, Cavico has successfully broken through the diversion tunnel at Ta Trach Reservoir, completed and handed over to project owner of Dambri Hydropower the road construction package - DR-XL 1&2 and completed the vertical shaft of package G61 at the A Luoi Hydropower Plant.
Baldwin Technology Company, Inc. (NYSE Amex: BLD)
Baldwin Secures Large Order for Newspaper Press Equipment
SHELTON, Conn.–(BUSINESS WIRE)–Baldwin Technology Company, Inc. (NYSE Amex: BLD), a leader in process automation technology for the global printing industry, announced today that it has received an order for the customer Concentra in Belgium through the press manufacturer Koenig & Bauer AG for the retrofitting of a blanket cleaning system valued at close to $1 million on their KBA Commander presses. The Baldwin system consists of a combination of brush technology cleaning and cloth technology cleaning to be installed as a retrofit at the Concentra facility in Paal-Beringen. Installation is planned to take place during the summer of 2010.
Rosetta Genomics, Ltd. (Nasdaq: ROSG)
Rosetta Genomics Announces New Patent Allowance and Provides Intellectual Property Update
REHOVOT, Israel & PHILADELPHIA–(BUSINESS WIRE)–Rosetta Genomics, Ltd. (NASDAQ: ROSG), a leading developer and provider of microRNA-based molecular diagnostic tests, announced today the receipt of a new notice of allowance from the United States Patent and Trademark Office (”USPTO”) for U.S. patent application 11/418,870, including claims related to Sanger hsa-miR-451. miR-451 is used in the Company’s miRview(TM) mets test, which accurately identifies the primary tumor site in patients with metastatic cancer and Cancer of Unknown Primary (CUP).
NIVS IntelliMedia Technology Group, Inc. (NYSE Amex: NIV)
NIVS Announces 2010 First Quarter Results and Guidance for Year 2010
Net income increased 121% to $5.3 million
HUIZHOU, China, May 10 /PRNewswire-Asia-FirstCall/ — NIVS IntelliMedia Technology Group, Inc. (”NIVS” or the “Company”) (NYSE Amex: NIV), a consumer electronics company that designs, manufactures and sells intelligent audio and visual products and mobile phones, announced today that net sales for the three months ended March 31, 2010, were $74.1 million compared to $29.3 million in the comparable prior year period, an increase of 153%. The increase in sales during the first quarter of 2010 compared to the first quarter of 2009 was attributed primarily to the launch of the Company’s mobile phone business and increased sales of the Company’s intelligent audio and video products, which the Company believes was the result of its market expansion efforts.
Zale Corporation (NYSE: ZLC)
Zale Corporation Announces Agreements to Strengthen Capital Structure and Changes to Board of Directors
New $150 Million Senior Secured Term Loan
DALLAS–(BUSINESS WIRE)–Zale Corporation (NYSE: ZLC) today announced that it has closed on a new $150 million, five year senior secured term loan (the “GGC Loan”) provided by Golden Gate Capital (“GGC”), a leading private equity firm with extensive experience in the retail sector. In addition to interest and fees on the GGC Loan, GGC will receive warrants to purchase common stock aggregating a 25% equity interest in the Company on a fully diluted basis once necessary shareholder approvals are obtained. Two representatives of Golden Gate Capital were also elected to serve on the Company’s Board of Directors.
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