Stocks fell modestly Thursday morning as a pledge by European leaders to help Greece with its growing debt crisis failed to inspire investors.
Global markets had been shaken in recent weeks by concerns that debt trouble in countries like Greece, Portugal and Spain would unravel a budding global economic recovery. There is concern that Greece’s troubles will spread throughout the 16-nation euro zone and cause problems elsewhere.
Investors were also reacting coolly to a Labor Department report that showed first-time claims for jobless benefits fell sharply last week.
The Labor Department said the number of newly laid-off workers seeking unemployment benefits fell by 43,000 to a seasonally adjusted 440,000, the lowest level in a month. Economists polled by Thomson Reuters were expecting claims to fall to 465,000.
The sharp drop came after claims rose in four of the previous five weeks. The recent increase in claims put investors on edge about whether an economic recovery would be sustainable.
High unemployment has been considered one of the biggest obstacles to strong growth in the country.
In early morning trading, the Dow Jones industrial average fell 21.31, or 0.2 percent, to 10,017.07. The Standard & Poor’s 500 index fell 3.48, or 0.3 percent, to 1,064.65, while the Nasdaq composite index fell 5.51, or 0.3 percent, to 2,142.36.
Yesterday’s Top Performing Small Cap Stock:
Kender Energy Inc. (Pink Sheets: KNDR) was a SmallCapVoice.com top performer yesterday closing up over 9% on trading volume of 223,184 shares.
Kender Energy Inc. is a development phase company active in the field of solar energy. Its present prototypes of solar panels are being developed into a full-scale solar energy production system. The particularity of the Kender solar panel system and technology is to allow, via a closed circuit of gas (usually helium), to create a heat exchange with the sunlight and the air from the environment. The exchange generates the spinning of the helium gas in the closed circuit, propelling a turbine, which produces electricity in a 100% clean and renewable process. The system’s main advantages are that it is efficient, cheap in production, and modular.
Today’s SmallCapVoice.com Hot Stock to Watch:
XcelPlus Global Holdings, Inc. (Pink Sheets: XPGH)
In a New Audio Interview at SmallCapVoice.com, J. Michael Parsons, President and CEO of XcelPlus Global Holdings, Provides a Significant Progress Report
XcelPlus Global Holdings, Inc., a leading manufacturer and distributor of industrial biofuels, will see new markets open up with the recently introduced National Renewable Fuel Standard (RFS2) program from the Environmental Protection Agency (EPA). Members of the XcelPlus Global leadership team and its affiliate, Gen-X Energies, attended a briefing from EPA officials while at the National Biodiesel Annual Conference and Expo in Dallas, TX this week. XcelPlus Global currently serves customers in the road construction, paper mill and lime kiln industries, but the universe of new business possibilities increased greatly with the new legislation.
“The big news for us is the increased enforcement action the EPA is taking with heavy industrial companies to reduce greenhouse gas emissions,” said J. Michael Parsons, president and CEO of XcelPlus Global Holdings. “One of the best solutions for industry will be to use our fuel or a blend of our fuel. Either way, we will benefit by supplying fuel to industries we were not previously serving.”
XcelPlus Global is also looking to expand its business scope to include solar and wind energy in the future. “We’re committed to finding ways to provide cleaner, less expensive energy solutions,” said Parsons. “We see great potential for all forms of renewable energy in the near future.”
Other Small Cap News
Kimber Resources Inc. (NYSE Amex: KBX)
Kimber announces closing of public offering of common shares in the U.S.
VANCOUVER, Feb. 10 /PRNewswire-FirstCall/ – Kimber Resources Inc. (NYSE Amex:KBX, TSX:KBR) (“Kimber” or the “Company”) is pleased to announce that it has closed its previously announced public offering of common shares in the United States (the “Offering”). The Company sold 3,142,000 common shares (the “Shares”) at US$1.00 per share for gross proceeds of US$3,142,000.
Community Bankers Trust Corporation (NYSE Amex: BTC)
Community Bankers Trust Corporation Announces Quarterly Dividend
GLEN ALLEN, Va.–(BUSINESS WIRE)–Community Bankers Trust Corporation, the holding company for Essex Bank (the “Company”) (NYSE Amex: BTC), announced today that its Board of Directors has declared a quarterly dividend of $0.04 per share with respect to the Company’s outstanding common stock. The dividend will be payable on February 25, 2010 to stockholders of record at the close of business on February 15, 2010.
Fannie Mae (NYSE: FNM)
Freddie Mac (NYSE: FRE)
Fannie, Freddie to start buying back bad loans
Mortgage financiers to buy back soured loans contained in mortgage-backed securities
The two companies are repurchasing mortgage loans for which borrowers have missed at least four months of payments. At the end of last year, Fannie had about $127 billion of such loans, while Freddie Mac had about $70 billion.
LeapFrog Enterprises, Inc. (NYSE: LF)
LeapFrog Reports Fourth Quarter 2009 Net Sales Up 37%, Net Income Per Share Up $1.15
Sales were up 37% and net income per share was up $1.15 in the fourth quarter. We are entering 2010 with momentum and lean retail inventories,” said Jeffrey Katz, Chairman and CEO. “Strong sales in the fourth quarter were driven by sales of Tag and Tag Junior reading systems, their software-based books, and our new line of Scout toys.”
Hersha Hospitality Trust (NYSE: HT)
Hersha Hospitality Completes New York City Acquisitions and Increases Presence in Manhattan
Company Negotiates More Favorable Terms and Closes on Three Hotels in Times Square
Jay H. Shah, Chief Executive Officer commented, “We are excited to add these three newly built hotels to our portfolio of select service hotels in New York City. We were able to acquire the Holiday Inn Express in Times Square for an incremental $55 million, thereby lowering our basis for the three hotels to approximately $284,000 per key, which is below replacement cost and is expected to further increase our initial cash yield on the investment.
Javelin Pharmaceuticals, Inc. (NYSE Amex: JAV)
Third Party Reexamination of Javelin Pharmaceuticals’ Phase III Trial Data for Ereska (Intranasal Ketamine) Yields Statistically Significant Primary Endpoint
Company Plans Meeting with FDA to Discuss Next Steps
Javelin Pharmaceuticals, Inc. (NYSE Amex: JAV) today announced that a reexamination conducted by a third party of pain score measurements from its Phase III study of Ereska(TM) (intranasal ketamine) showed that top line results for its primary endpoint were statistically significant.
Journal Communications, Inc. (NYSE: JRN)
Journal Communications Reports Fourth Quarter and Full Year 2009 Results
“In a year where revenue has been challenged, we closed 2009 with our strongest quarter. We showed sequential improvements in revenue comparisons throughout the quarter, including an improving automotive category,” said Steven J. Smith, Chairman and Chief Executive Officer of Journal Communications.
A Solar Holdings Co Ltd (Nasdaq: JASO)
UPDATE 2-JA Solar Q4 beats, ups FY shipment view; shares up
Q4 shr $0.14/ADS vs est $0.11
Feb 11 (Reuters) – Chinese solar panel maker JA Solar Holdings Co Ltd’s (JASO) quarterly profit beat analysts estimates, and the company raised its full-year shipment outlook, sending its shares up 6 percent in premarket trade.
NovaMed, Inc. (Nasdaq: NOVA)
NovaMed Reports a 14% Increase in Earnings Per Diluted Share from Continuing Operations and Same-Facility Revenue Growth of 6% for the Fourth Quarter
“NovaMed continues to execute well in a difficult environment as demonstrated by our fourth quarter results and the significant improvement in our same-facility revenue growth,” commented Thomas S. Hall, Chairman, President and Chief Executive Officer of NovaMed, Inc. “December was a very strong month for surgical procedures performed in our surgery centers.
Infinity Pharmaceuticals, Inc. (Nasdaq: INFI)
Infinity Initiates Clinical Development of Its Fourth Drug Candidate and Announces 2009 Financial Results
Financially Strong With Sufficient Capital to Fund Its Operating Plan Into 2013
“We believe we are well positioned to show the impact that all four of our clinical candidates can have in patients’ lives,” added Adelene Q. Perkins, president and chief executive officer. “Infinity is financially strong, with a cash runway into 2013. We remain focused on using this strength to continue building Infinity’s product pipeline through investment in internal and potential external opportunities.”
Deltek, Inc. (Nasdaq: PROJ)
Deltek Reports Q4 License Revenue of $19.2 million, Up 51% From Prior Quarter
“We are very pleased with our Q4 results as the increasing confidence among our customers drove significant growth in our license revenues,” said Kevin Parker, Deltek’s president and CEO. “This strong top line performance, combined with our continuing focus on our cost structure, produced best-in-class operating margins of 26%.
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Stuart T. Smith CEO