Stocks Rise After Pending Home Sales Top Forecasts
Stocks extend climb after April homes sales increase 6 percent on race to meet tax credit
Stocks rebounded Wednesday after a stronger-than-expected increase in pending home sales restored investors’ optimism about the economy.
The Dow Jones industrial average rose about 80 points in late morning trading. The major indexes made back some of the big losses they suffered Tuesday shortly when the government announced criminal and civil investigations into the Gulf oil spill.
The upbeat report on home sales provided some hope on the nation’s housing market. An increase in signed contracts for homes was due partly to a rush to meet a tax credit that expired in April. The National Association of Realtors said its index of contracts on existing homes rose 6 percent in April, and ahead of the estimates of economists polled by Thomson Reuters.
“Anything that indicates more of a stabilization — and not rapid declines — in housing is probably a good thing,” said Jason D. Pride, director of investment strategy at Glenmede in Philadelphia.
Yesterday’s Top Performing Small Cap Stock:
Sillenger Exploration Corp. (OTCBB: SLGX)
Sillenger Exploration Corp. was a SmallCapVoice.com top performer yesterday closing up over 6% on trading volume of 21,000 shares.
Sillenger Signs Mineral and Hydrocarbon Exploration Contract With Government of Equatorial Guinea to Develop Country’s Natural Resources
VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 06/02/10 — Sillenger Exploration Corp. (“Sillenger”) (OTCQB: SLGX)(OTCBB: SLGX), an innovative and progressive mineral exploration and claims management company, with experience in mining and business process management in Africa and other regions of the world, is pleased to announce that, through its relationship with FCMI Global Inc. and its African affiliates, Sillenger has entered into a contract with the Government of the Republic of Equatorial Guinea to conduct an airborne geophysical survey of the continental region (27,000 sq. km) of Equatorial Guinea, known as Rio Muni, as well as 30 km of Continental Platform (4,500 sq. km) off the Atlantic coastline.
Today’s SmallCapVoice.com Hot Stock to Watch:
Oromin Explorations Ltd. (OTCBB: OLEPF)
Oromin Explorations Ltd.: Drilling Extends Kourouloulou Gold Deposit to 300 Metre Depth and Expands Maki Medina Deposit
VANCOUVER, BRITISH COLUMBIA–(Marketwire - 06/02/10) - Oromin Explorations Ltd. (TSX:OLE - News)(OTC.BB:OLEPF) -
HIGHLIGHTS
GOLOUMA STYLE HIGHER GRADE DEPOSITS AND TARGETS
– Kourouloulou Deposit returns 58.79 g/t gold over 4 metres in DH-673 and
73.89 g/t gold over 3 metres in DH-653
– Koulouqwinde Target returns 7.26 g/t gold over 3 metres in RC-707 and
260.0 g/t gold over 1 metre in DH-633
SmallCapVoice Clients’ News
Tie Technologies, Inc. (Pink Sheets: TTCS)
TIE Technologies Announces ACUMEN(TM) Airport Product Suite Release
NEW YORK, June 1, 2010 (GLOBE NEWSWIRE) - TIE Technologies, Inc. (Pink Sheets: TTCS), an information technology, security and telecommunications company, today announces the release of Airport ACUMEN(TM) solution for general aviation air field facilities.
TIE’s ACUMEN(TM) Airport product is aimed at solving the general aviation airport’s need for the ability to manage disparate pieces of data, be it runway debris (FOD), air flight path obstacles, asset movement or the identity of aircraft or improved individual security. Post 9-11 security measures of this type are all commonplace at major USA airports, however, many regional and general aviation airports are still evolving the integration of these technologies.
Other Small Cap News
Lions Gate Entertainment Corp. (NYSE: LGF)
Icahn Extends Tender Offer for Lions Gate Common Shares and Waives Minimum Tender Condition
NEW YORK, June 1 /PRNewswire/ — Carl C. Icahn announced today that the offer by his affiliated entities to purchase up to all of the outstanding common shares of Lions Gate Entertainment Corp. for $7.00 per share in cash has been extended and will now expire at 8:00 p.m., New York City time, on June 16, 2010, unless extended or withdrawn. Mr. Icahn also announced that the offer has been amended to remove the condition that at least 36,985,976 Lions Gate common shares shall have been tendered under the offer. The offer is now for ANY AND ALL of Lions Gate’s outstanding common shares. All other terms and conditions of the tender offer remain unchanged.
Targeted Genetics Corporation (Pink Sheets: TGEN)
Targeted Genetics Corporation Reports Fourth Quarter and Full Year 2009 Financial Results
Plus Update on Celladon Heart Failure Clinical Data and Business Strategy
For the fourth quarter of 2009, the Company reported net income of $1.8 million, or $0.08 per common share, compared to a net loss of $10.8 million, or $0.54 per common share, for the fourth quarter of 2008. For the year ended December 31, 2009, the Company reported net income of $7.9 million, or $0.39 per common share, compared to a net loss of $20.7 million, or $1.04 per common share, for the year ended December 31, 2008. Per share results for 2008 include a non-cash goodwill impairment charge of $7.9 million recognized in the fourth quarter of 2008.
Generex Biotechnology Corporation (Nasdaq: GNBT)
Generex Awarded Two New Patents for Its Proprietary Buccal Drug Delivery System
New Patents Also Cover Method of Preparation as Well as Method of Administration
WORCESTER, Mass., June 1, 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 been awarded two new patents in Japan and Ukraine.
Ener1, Inc. (Nasdaq: HEV)
ENER1 Receives Commitment for $65 Million Equity Investment
Proceeds will Fund Investment Program for 2010
NEW YORK, June 1 /PRNewswire-FirstCall/ — Ener1, Inc. (Nasdaq:HEV), a global manufacturer of large-format lithium-ion battery systems for automotive and utility grid applications, today announced that it has executed an agreement with its principal shareholder, Ener1 Group, for the purchase of common stock and warrants for $65 million. The investment, which is expected to close later this week, is subject to customary closing conditions.
RealNetworks Inc. (Nasdaq: RNWK)
More Than 600 Million Devices Worldwide Use RealNetworks’ Technology to Playback Digital Content
TAIPEI, Taiwan, June 1 /PRNewswire-FirstCall/ — COMPUTEX — RealNetworks(R), Inc. (Nasdaq:RNWK), the digital entertainment services company, today announced that RealVideo has been shipped on more than 600 million mobile and consumer electronic devices worldwide. RealVideo (RMVB) delivers higher quality videos to consumer devices by compressing the file size, which is essential for connected devices. Strong consumer demand makes RealVideo a requirement for consumer electronic products such as mobile phones, televisions, personal media players, mediaboxes, set-top boxes, DVD/HD players, smartbooks, netbooks, and tablets.
Level 3 Communications, Inc. (Nasdaq: LVLT)
Level 3 and Solid State Networks Support UTV True Games
Level 3 and Solid State Networks’ Combined Solution Provides Advanced Reporting and Analytics for Pure-Play Online Games Company
BROOMFIELD, Colo.–(BUSINESS WIRE)–Level 3 Communications, Inc. (NASDAQ: LVLT) today announced its work with Austin, Tx.-based UTV True Games (www.truegames.com), an international pure-play online game publisher for massive multi-player online games (MMOGs), to provide content delivery network (CDN) services and advanced reporting analytics to support UTV True Games’ MMOG game titles.
Competitive Technologies, Inc. (NYSE Amex: CTT)
Competitive Technologies Raising Capital to Accelerate Calmare(R) Pain Therapy Treatment Sales
FAIRFIELD, Conn., June 2, 2010 (GLOBE NEWSWIRE) — Competitive Technologies, Inc. (NYSE Amex:CTT) today announced that it has signed an agreement to raise over $5 million by selling 2 million shares of equity to Crisnic Fund, S.A. based on a 15% discount from the volume weighted average price on the date the SEC declares the registration effective, as detailed in the 8-K being filed today. The funds raised will provide financing for CTT to more aggressively sell its innovative Calmare(R) Pain Therapy Treatment, which treats chronic neuropathic and oncologic pain, both in the U.S. and internationally.
SandRidge Energy, Inc. (NYSE: SD)
SandRidge Energy, Inc. and Arena Resources, Inc. Announce Amendment to Merger Agreement
OKLAHOMA CITY and TULSA, Okla., June 2 /PRNewswire-FirstCall/ — SandRidge Energy, Inc. (NYSE:SD) and Arena Resources, Inc. (NYSE:ARD - News) today jointly announced that they have agreed to amend the merger agreement under which SandRidge will acquire Arena. Pursuant to the revised terms, each outstanding share of Arena will be converted in the merger into the right to receive 4.7771 shares of SandRidge common stock plus $4.50 per share in cash.
China Advanced Construction Materials Group, Inc. (Nasdaq: CADC)
China ACM Awarded $1.3 Million China High-Speed Rail Contract
BEIJING–(Marketwire - 06/02/10) - China Advanced Construction Materials Group, Inc. (NASDAQ:CADC) (”China ACM” or the “Company”), a leading provider of ready-mix concrete and related technical services in China, today announced that China Rail has awarded the Company a new contract valued at $1.3 million to provide its premium ready-mix concrete (RMC) manufacturing services for a section of the Tianjin to Qinhuangdao high-speed railway in Hebei Province.
Seanergy Maritime Holdings Corp. (Nasdaq: SHIP)
Seanergy Maritime Holdings Corp. Announces the Acquisition of a Controlling Interest in Maritime Capital Shipping Limited and the Expansion of Its Controlled Fleet to 20 Dry Bulk Vessels
ATHENS, GREECE–(Marketwire - 06/02/10) - Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ:SHIP) announced today that the Company has completed the final documentation, after entering into a Share and Purchase Agreement with Maritime Capital Shipping (Holdings) Limited, a company incorporated in the British Virgin Islands (the “Seller”), for the acquisition of a 51% ownership interest in Maritime Capital Shipping Limited, a company incorporated in Bermuda (”MCS”), for a purchase price of $33.0 million.
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