More solid earnings reports and upbeat outlooks from big-name companies are feeding investors' newfound optimism and carrying stocks higher.
Stocks are rallying in early trading Tuesday as Caterpillar Inc. joined other companies in issuing an improved 2009 profit forecast, even as it said its second-quarter profit fell 66 percent on weaker sales. The heavy equipment maker is considered a bellwether of the global economy so its guidance was particularly encouraging to investors. Its shares soared more than 12 percent.
Meanwhile, chemical maker DuPont Co. and drug company Merck & Co. reported drops in their quarterly profit, but results still came in ahead of Wall Street's forecasts.
Companies' reports have largely exceeded expectations so far this earnings season, fostering a renewed sense of optimism in the market and helping to drive the Dow Jones industrials back into the black for the year.
Other companies expected to report Tuesday include tech giants Yahoo Inc. and Apple Inc., as well as Starbucks Corp.
Investors will also be listening intently to testimony from Federal Reserve Chairman Ben Bernanke, who will give his semiannual report to Congress on Tuesday and Wednesday. The market is anxious for his take on the economy, and are hungry for any clues on how the central bank plans to exit the numerous emergency support programs put in place last fall at the height of the financial crisis.
In early trading, the Dow is up 66.06, or 0.8 percent, to 8,914.21. The Standard & Poor's 500 index is up 3.88, or 0.4 percent, to 955.01, while the Nasdaq composite index is up 2.65, or 0.1 percent, to 1,545.35.
Yesterday’s Top Performing Small Cap stock:
HearAtLast Holdings, Inc. (Pink Sheets: HRAL) was a SmallCapVoice.com top performer closing up over % on trading volume shares.
HearAtLast Holdings, Inc., a leading provider of suitable affordable solutions to clients with hearing needs in the billion dollar hearing loss market, announced today that the grand opening of the Dufferin Mall Wal-Mart location on June 16, 2009 has shown immediate signs of success in one of Toronto's oldest multicultural communities. With an established empty-nester base to draw from, the research and demographic studies used to select new clinics in Canada is proving to be quite successful, stated Robert Oswald of HearAtLast Holdings, Inc.
With a high concentration of laborers and retirees, the percentage of noise-induced patients is significant and many benefit from Canada's world leading health care system and workman's compensation programs. Noise induced hearing loss is recognized as the number one disability facing the North America workforce claims the World Health Organization at a cost of over 60 billion dollars annually. Even after many years of OSHA-regulated efforts to conserve hearing, and despite the ready availability of hearing protection devices (HPDs), rates of noise-induced hearing loss continue to rise. A recent National Health Interview Survey showed hearing problems among individuals age 45 to 64 up 26 percent over the past 30 years.
Today’s SmallCapVoice.com Hot Stock to Watch:
GWS Technologies, Inc. (OTC BB: GWSC)
A New Audio Interview Featuring Richard Reincke of GWS Technologies, Inc., is now at SmallCapVoice.com. The interview can be heard at http://smallcapvoice.com/blog/7-13-09-audio-interview-with-gws-technologies-inc-otcbb-gwsc/
GWS stands for GreenWindSolar. We are a renewable energy technology company developing and marketing solar and wind-powered renewable energy products and solutions. Our products and solutions are part of the new microgeneration movement that is transforming the way businesses and consumers provide for their energy needs. The company was founded in 2005 and is headquartered in Scottsdale, Arizona.
Other SmallCapVoice.com stocks making news:
Mantra Venture Group Ltd. (OTC BB: MVTG)
Mantra announced that it has retained BTL Media Corp. (BTL) to expand upon the Company's current public relations program.
Larry Kristof, President and CEO of Mantra, commented: "As society continues to focus more and more on the inherent value of the green tech sector, we felt that this was an ideal time to create awareness of Mantra's innovative technologies on a global scale. Mantra diligently evaluated numerous firms to help launch this initiative, and BTL's established market presence and positive track record made it an ideal partner for the campaign."
"We are very pleased to take on Mantra as a client," noted Michael French, President of BTL. "We have had great success in generating awareness for Green Technologies as of late, and Mantra should be no exception."
Tie Technologies, Inc. (Pink Sheets: TTCS)
SectorWatch.biz announces the availability of MarketStats for leading IT and Communications equities in the news and driving markets today. MarketStats offers a perspective on the aforementioned equities and the opportunity for investors to respond with articles, blogs and opinions.
Investors can view MarketStats by visiting: www.SectorWatch.biz - a division of FiSpace.net, a dynamic social networking site for investors.
Today's MarketStats for IT and Communications companies include Tie Technologies, Inc. (Pink Sheets: TTCS), Infosys Technologies Ltd. (Nasdaq: INFY), Atheros Communications, Inc. (Nasdaq: ATHR), Wipro Limited (NYSE: WIT), Satyam Computer Services Ltd. (NYSE: SAY), and Pervasive Software Inc. (Nasdaq: PVSW).
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