Stocks are trading in a narrow range as investors weighed mixed signals on the economy
A report on August retail sales beat expectations, but earnings from Best Buy and Kroger disappointed investors.
The Commerce Department said retail sales climbed 2.7 percent last month, faster than the 2 percent jump expected by economists polled by Thomson Reuters. Consumers are considered a key to any economic recovery as their spending accounts for more than two-thirds of all economic activity.
Excluding auto sales, which were boosted by the government's popular Cash for Clunkers program, retail sales rose 1.1 percent, topping the 0.4 percent increase expected.
Meanwhile, electronics retailer Best Buy reported worse-than-expected fiscal second-quarter results as sales fell at established stores. However, the company raised its profit and sales forecast for the year, saying customer traffic is stabilizing. Grocery store chain Kroger Co. also reported earnings that fell short of analysts expectations and cut its earnings outlook.
Separately, the Labor Department said inflation at the wholesale level increased 1.7 percent in August, more than double the 0.8 percent jump economists had forecast -- a sign inflation fears might becoming to fruition.
Another government report showed business inventories fell 1 percent in July for the 11th straight month. The decline in inventories has put a drag on production at factories as manufacturers slow their work to match a slowdown in demand from businesses. Business sales rose 0.1 percent.
The U.S. market has risen sharply throughout the spring and summer on hopes of a recovery. Now investors are looking for evidence of actual growth, having slowed the market's surge as they hunt for signs of improvement.The Dow Jones industrial average fell 12.39, 0.1 percent, to 9,614.41. The Standard & Poor's 500 index dipped 2.41, or 0.2 percent, to 1,046.93, while the Nasdaq composite index rose 0.16, or 0.01 percent, to 2,091.94.
Yesterday’s Top Performing Small Cap stock:
GWS Technologies, Inc. (OTC BB: GWSC) was a SmallCapVoice.com top performer yesterday closing up over6 % on trading volume of 62,730 shares.
GWS Technologies, Inc., an alternative energy company developing and marketing solar and wind-powered renewable energy products and solutions, today commented on the September 2, 2009 ruling by the Maricopa County Superior Court affirming that the Arizona Corporation Commission has the authority to set renewable energy standards and allow utilities to collect tariffs to meet them.
“This ruling is widely seen as a big win for Arizona’s solar industry and will provide incentives to promote more renewable energy developments in the state,” said GWS President Richard Reincke. Mr. Reincke cited media reports that a “modern-day land rush is under way in the deserts of Arizona and the Southwest” as public utilities and speculators vie for vast tracts of public and private land on which to build solar-power plants. He also cited a report by the National Renewable Energy Laboratory that Arizona has some of the richest solar land in the country, with much of the prime land for solar use situated along the Interstate 10 corridor between Buckeye and the California state line. GWS Technologies is currently developing plans for solar farms in Arizona and a combined solar and wind farm in Lubbock, Texas.
Today’s SmallCapVoice.com Hot Stock to Watch:
Power Renewable Energy, Inc. (OTC BB: PPRW)
A New Audio Interview with Dean Marks, CEO of Premier Power Renewable Energy, Inc., is now at SmallCapVoice.com. The interview can be heard at http://smallcapvoice.com/blog/9-2-09-audio-interview-with-premier-power-renewable-energy-inc-otcbb-pprw/.
Premier Power Renewable Energy, Inc. is a leading global provider of large and small-scale solar power systems, delivering unmatched experience to commercial, governmental and residential customers throughout North America and Europe. Premier Power designs, engineers and integrates the solar industries leading products. Premier Power's technologies and services have enabled its customers to maximize clean energy output along with project savings. Today, Premier Power designs and deploys the most innovative solar electric systems through market-leading innovation and exceptional customer service.
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Stuart T. Smith