The drop in early trading Wednesday comes as investors have little economic news to shape sentiment and are looking to earnings reports for the July-September quarter. Alcoa Inc. will be the first of the 30 companies that make up the Dow Jones industrial average to report results after the closing bell.
Earnings will provide insight into just how far any economic rebound has been so far. During the second quarter, companies largely beat modest earnings expectations by cutting costs and streamlining operations. That helped fuel the market's rally throughout the summer.
Traders also tracked the dollar, which rose against other major currencies after sagging Tuesday following an interest rate increase in Australia. A stronger dollar can cut into profits from companies selling goods overseas.
In midmorning trading, the Dow Jones industrial average fell 31.82, or 0.3 percent, to 9,699.43. The Standard & Poor's 500 index fell 1.24, or 0.1 percent, to 1,053.48, while the Nasdaq composite index fell 3.79, or 0.2 percent, to 2,099.78.
Yesterday’s Top Performing Small Cap stock:
Cellceutix Corporation (OTCBB: CTIX) was a SmallCapVoice.com top performer yesterday closing up over 42% on trading volume of 24,600 shares.
A new audio interview with Cellceutix Corporation, an emerging bio-pharmaceutical company in the business of developing small-molecule therapies in areas of unmet medical needs, is now available. The interview can be heard at http://smallcapvoice.com/blog/10-5-09-audio-interview-with-cellceutix-corp-otcbb-ctix.
Headquartered in Beverly, Mass., Cellceutix is an emerging bio-pharmaceutical company in the business of developing small-molecule therapies in areas of unmet medical needs. It owns the rights to seven drug compounds, including Kevetrin, which it is developing as a treatment for certain drug resistant cancers, and KM-133, which it is developing for psoriasis.
Today’s SmallCapVoice.com Hot Stock to Watch:
Biomedical Technology Solutions Holdings, Inc. (OTCBB: BMTL)
Biomedical Technology Solutions Holdings, Inc. announced the BMTS in-store Demolizer II Sharps Disposal Program and the placement of its first Demolizer II in a Kroger pharmacy. This program is designed to establish a valuable, full service sharps life cycle solution to pharmacy syringe customers. With over 2000 retail pharmacy outlets in the U.S., the placement of the first system in a Kroger pharmacy is an important benchmark for BMTS.
BMTS believes this program will help to build national awareness of the growing public health and environmental problems associated with the improper or unsafe transportation and disposal of sharps waste generated at home. By establishing a safe, environmentally friendly and convenient in-store disposal method BMTS hopes to encourage the estimated 9 million people in the U.S. that administer 3 billion injections at home annually to take advantage of the in-store Demolizer II sharps disposal program.
The first of its kind, this in-store sharps disposal program provides a safe and environmentally friendly biomedical waste disposal alternative designed to enable diabetics and others using syringes at home to safely destroy their sharps waste by bringing it back to their pharmacy when replenishing treatment supplies.
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