Stocks rose early Friday as better-than-expected earnings reports from technology companies raised hopes that companies could begin boosting revenue.
Software titan Oracle Corp. and BlackBerry maker Research In Motion Ltd. each reported strong earnings that beat analysts' expectations after the markets closed Thursday.
Oracle's results suggested companies are becoming more willing to spend on technology projects.
Palm Inc., however, reported a wider second-quarter loss than analysts predicted as sales of its smart phones declined.
The tech reports come as investors look for signs that a nine-month advance in the stock market is justified by improvements in the economy. At the same time, as year-end approaches many investors are also eager to secure gains for 2009.
In midmorning trading, the Dow Jones industrial average rose 36.43, or 0.4 percent, to 10,344.69. The broader Standard & Poor's 500 index rose 5.71, or 0.5 percent, to 1,101.79, and the Nasdaq composite index rose 23.27, or 1.1 percent, to 2,203.32.
Yesterday’s Top Performing Small Cap stock:
Lux Energy Corp. ( (OTC BB: LUXED) was a SmallCapVoice.com top performer yesterday closing up over 33% on trading volume of 186,360 shares.
Lux Energy Corp., an oil and gas production and exploration company, recently announced that it has entered into negotiations to participate in significant natural gas prospect in South Eastern Alberta. Lux is seeking an agreement for a 50% working interest in eight development NG leases in the sweet gas rich areas of Medicine Hat.
Southern Alberta gas plays have produced thousands of wells over the past several decades. This area is historically famous in oil and gas circles for low cost, high BTU content reservoirs in the Milk River and Medicine Hat geological formations. The arena of petroleum spans 10,000 square kilometers of Sandstone Geology starting at the Foothills and stretching into Saskatchewan.
The prospect will involve a drilling program of 20 to 30 wells per section drilled to depths of 800 meters. Reservoir life is estimated at between 13 to 30 years. The project has outstanding economies. Wells can be drilled, completed and tied into established gathering, processing and delivery infrastructure within 30 days. In addition, the joint venture operator advises that recent technical advances in this play have increased potential recoveries and increased production.
Today’s SmallCapVoice.com Hot Stock to Watch:
Vega Promotional Systems, Inc. (OTC BB: VGPR)
In A New Audio Interview at SmallCapVoice.com, Michael K. Molen, Chairman of Vega Promotional Systems, Inc., Updates Shareholders and Provides a Company Progress Report.The interview can be heard at http://smallcapvoice.com/blog/12-17-09-audio-interview-with-vega-promotional-systems-inc-otcpk-vgpr/.
Vega Promotional Systems Inc. engages in the production and sale of biofuel products worldwide. The Company manufactures energy efficient pellet fuel made from organic waste by-products. It offers bio-mass and bio-diesel products for power generation units.
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