Stocks are Lower on FedEx Warning and Weak Housing Data
Submitted by SmallCapVoice.com
Stocks slipped at the open on Wednesday as FedEx warned about higher costs, housing starts fell to a five-month low and new concerns surfaced over Spain’s fiscal problems.
FedEx on Wednesday offered a conservative outlook for its new fiscal year even as strong exports from Asia led to healthy fourth-quarter results.
The forecast for earnings of $4.40 to $5 per share, falls short of analysts’ predictions of $5.05 per share. But it’s the first time the company has issued a full-year forecast since before the recession, indicating growing confidence in the long-term recovery in global trade.
Housing starts fell more than expected in May to a five-month low as a homebuyer tax credit expired while plunging energy costs pushed producer prices lower, buying time for the Federal Reserve to maintain its ultra-low interest rate policy.
New home building dropped 10 percent to a seasonally adjusted annual rate of 593,000 units, the lowest level since December, the Commerce Department said on Wednesday.
The percentage decline was the biggest in 14 months and April’s housing starts were revised down to show a 3.9 percent increase from a previously reported 5.8 percent rise.
Analysts polled by Reuters had expected housing starts to fall to 650,000 units. Compared to May last year, starts were up 7.8 percent.
The Dow Jones industrial average fell 63.63 points, or 0.61 percent, to 10,341.14. The Standard & Poor’s 500 Index lost 7.14 points, or 0.64 percent, to 1,108.09. The Nasdaq Composite Index was off 13.88 points, or 0.60 percent, to 2,292.00.
Yesterday’s Top Performing Small Cap Stock:
Tie Technologies, Inc. (Pink Sheets: TTCS)
TIE Technologies, Inc. was a SmallCapVoice.com top performer yesterday closing up over 44% on trading volume of 3,600 shares.
TIE Technologies, Inc. and Geocomp Corporation announced that the OilDam(TM) technology and the Trademark Application, patent rights and associated assets are owned in equal parts by TIE Technologies and Geocomp, the team leaders of the OilDam(TM) Emergency Containment Proposal.
An application to register the OilDam(TM) mark has been filed with the United States Patent and Trademark Office, thus it is considered a “pending” application. The overall process, from the time of initial filing to final registration, can take 13-18 months or even longer, depending on many factors; e.g., the Examiner’s preliminary refusal based on technical clarifications, the descriptiveness of the mark and/or a likelihood of confusion with existing third party marks.
TIE Technologies’ revised OilDam(TM) proposal developed in conjunction with Geocomp Corporation has been escalated to final technical engineering review by BP’s Horizon Alternative Response Technology Team and is scheduled for field testing by the BP and U.S. Coast Guard Field Technical Operations Group.
Today’s SmallCapVoice.com Hot Stock to Watch:
Oromin Explorations Ltd. (OTCBB: OLEPF)
Oromin Explorations Ltd.: Update-Santa Rosa Oil and Gas Project
VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 06/16/10 — Oromin Explorations Ltd. (TSX: OLE)(OTCBB: OLEPF) (“Oromin”) is pleased to provide an update on the current status of and plans for its 100% owned Santa Rosa oil & gas concession in the Province of Mendoza, Argentina.
Other Small Cap News
Dataram Corporation (Nasdaq: DRAM)
Strategic Partnering Activities Expanded by Dataram Corporation and Advanced Industrial Computer (AIC)
PRINCETON, N.J.–(BUSINESS WIRE)–Dataram Corporation (NASDAQ: DRAM), a worldwide leader in the manufacture of high-quality computer memory, storage products and software, today announced that it has formally agreed to expand strategic partnering activities with Advanced Industrial Computer (AIC), a leading provider of original equipment and design manufacturer (OEM/ODM) server and storage solutions.
Hemispherx Biopharma, Inc. (NYSE Amex: HEB)
Hemispherx Biopharma Licenses Platform Technologies to GP Pharm
Initial Commercial Target is Chronic Fatigue Syndrome in Latin America
PHILADELPHIA, June 15, 2010 (GLOBE NEWSWIRE) — Hemispherx Biopharma, Inc. (NYSE Amex:HEB) (the “Company” or “Hemispherx”), announced that the Company executed an exclusive revenue sharing Sales, Marketing, Distribution and Supply Agreement for Argentina with GP Pharm Latinoamerica (”GP Pharm”), an affiliate company of Spanish GP Pharm SA (www.gp-pharm.com). Under this Agreement, GP Pharm will be responsible for gaining regulatory approval in Argentina for Ampligen(R), an experimental therapeutic, to treat Chronic Fatigue Syndrome (”CFS”) in Argentina and for commercializing Ampligen(R) for this indication in Argentina.
Blue Dolphin Energy Company (Nasdaq: BDCO)
Blue Dolphin Signs Commitment Letter to Acquire Majority Working Interest in Indonesian Assets
HOUSTON, June 15 /PRNewswire-FirstCall/ — Blue Dolphin Energy Company (Nasdaq:BDCO) (”Blue Dolphin” or the “Company”), an independent oil and gas company with operations in the Gulf of Mexico, announced today that it has signed a commitment letter with Blue Sky Langsa, Ltd. (”Blue Sky”) to acquire 70% working interest in a Technical Assistance Contract for the Langsa area, Offshore Indonesia (the “TAC Langsa”) in a non-cash transaction to be effective June 1, 2010.
Immunomedics, Inc. (Nasdaq: IMMU)
Immunomedics Doses First Patient in Phase I/II Study of Milatuzumab-Doxorubicin Conjugate for Multiple Myeloma Therapy
MORRIS PLAINS, N.J., June 15, 2010 (GLOBE NEWSWIRE) — Immunomedics, Inc. (Nasdaq:IMMU), a biopharmaceutical company focused on developing monoclonal antibodies to treat cancer and other serious diseases, today announced the dosing of the first patient in a Phase I/II clinical trial of the doxorubicin conjugate of milatuzumab for the treatment of patients with relapsed multiple myeloma.
Nymox Pharmaceutical Corporation (Nasdaq: NYMX)
Nymox Reports Near Completion of New Five Year Long-Term Follow-Up NX02-0014 U.S. Study of BPH Drug
HASBROUCK HEIGHTS, N.J., June 15, 2010 (GLOBE NEWSWIRE) — Nymox Pharmaceutical Corporation (Nasdaq:NYMX) announced today that the Company is nearing completion of a new multi-center U.S. long-term follow-up study of NX-1207, its investigational drug for the treatment of benign prostatic hyperplasia (BPH). Nymox expects to report final results and statistical analysis for the study in the next 1-2 weeks. The new study concerns assessment of the 48-60 month efficacy and benefits of a single treatment of NX-1207. Patients in the new study were followed and have remained blinded subsequent to their participation in Nymox’s U.S. Study NX02-0014 in 2005-2006.
HealthTronics, Inc. (Nasdaq: HTRN)
HealthTronics Announces Receipt of FDA 510(k) Clearance
AUSTIN, Texas, June 15, 2010 (GLOBE NEWSWIRE) — HealthTronics, Inc. (Nasdaq:HTRN), a leading provider of urological products and services, today announced that its wholly-owned subsidiary, Endocare, Inc., has received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for Endocare’s Cryocare CS(R) Surgical System, including Endocare’s variable cryoprobe, known as the V-Probe(R).
GenVec, Inc. (Nasdaq: GNVC)
GenVec Announces Engagement of Financial Advisor to Evaluate Strategic Alternatives
GAITHERSBURG, Md., June 15 /PRNewswire-FirstCall/ — GenVec, Inc. (Nasdaq:GNVC) today announced that it has engaged Wells Fargo Securities, LLC to conduct a comprehensive review of strategic alternatives aimed at enhancing shareholder value.
Great Wolf Resorts, Inc. (Nasdaq: WOLF)
Great Wolf Resorts Announces Acquisition of Controlling Interest in Creative Kingdoms
MADISON, Wis.–(BUSINESS WIRE)–Great Wolf Resorts, Inc. ® (NASDAQ: WOLF), North America’s largest family of indoor waterpark resorts, announced that it has acquired a majority stake in Creative Kingdoms, LLC, a developer of experiential gaming products including MagiQuest®, a high-tech, interactive, fantasy entertainment game available at nine Great Wolf Lodge® resorts.
PDL BioPharma, Inc. (Nasdaq: PDLI)
PDL BioPharma Provides Second Quarter 2010 Revenue Guidance of Approximately $120 Million
INCLINE VILLAGE, Nev., June 15 /PRNewswire-FirstCall/ — PDL BioPharma, Inc. (PDL) (Nasdaq:PDLI) today announced revenue guidance for the second quarter ended June 30, 2010 of approximately $120 million, as compared with actual results of $125.9 million for the second quarter of 2009. Included in second quarter 2010 guidance is $1.5 million earned on Eurodollar foreign currency hedging contracts that the Company initiated in January 2010. Included in actual results for the second quarter 2009 and not included in second quarter 2010 guidance are the second of two $12.5 million installment payments from Alexion and royalties of $18.9 million for sales of Synagis®. The Company does not anticipate receiving royalties for Synagis sales in the second quarter of 2010 due to the ongoing legal dispute with MedImmune.
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