Austin, TX 12/24/2009 2:20:35 AM
News / Business

Daily Small Cap Market News and Stock Highlights from SmallCapVoice.com

Stocks are lower amid weak home sales data

Stocks are giving up early gains Wednesday after a report showed sales of new homes unexpectedly fell last month.

 

The Commerce Department says new home sales fell 11.3 percent in November to their lowest level since March. The market had rallied a day earlier after sales of existing homes rose much faster than expected last month.

 

New home sales fell to a seasonally adjusted annual rate of 355,000, the lowest level since March. Economists had forecast sales would rise to 440,000.

 

The Dow Jones industrial average is down 13.46, or 0.1 percent, at 10,451.47. The Standard & Poor's 500 index is down 0.50, or less than 0.1 percent at 1,117.52, while Nasdaq composite index is up 2.97, or 0.1 percent, at 2,255.64.

 

Yesterday’s Top Performing Small Cap stocks:

 

Vega Promotional Systems Inc. (OTC BB: VGPR) was a SmallCapVoice.com top performer yesterday closing up over 24% on trading volume of 4,739,208 shares.

 

Vega Promotional Systems Inc. (VGPR) 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.

 

Solutions Group, Inc. (Pink Sheets: SOLU) was a SmallCapVoice.com top performer yesterday closing up over 25% on trading volume of 56,700 shares.

 

Solutions Group, Inc. announced that its subsidiary, idrive Monitoring Systems, entered into a strategic partnership with Zenware, Inc., an Idaho-based solar technology company. Under the terms of the synergistic agreement, Zenware will distribute the iDrive X-1 product line to government and fleet customers in the Northwestern US, anticipating thousands of sales beginning in January 2010, while SGI will introduce a line of Zenware solar products targeting fleet vehicles to current clients and prospects.

 

Today’s SmallCapVoice.com Hot Stock to Watch:

 

Lucas Energy, Inc. (AMEX: LEI)

 

Standard & Poor’s announced today that it has commenced Factual Stock Report coverage on Lucas Energy, Inc.

 

Lucas Energy, Inc. is an independent oil and gas company based in Houston, Texas with approximately 15,000 gross (12,000 net) acres of oil and gas leases in South Texas, primarily in the Gonzales County, Texas area. The company's strategy is to acquire underperforming oil and gas properties in which Lucas believes it can restore or increase production.

 

Lucas evaluates, identifies, and acquires oil and gas property interests, primarily in the Austin Chalk formation of South Texas, that are underperforming or have been shut-in or plugged and abandoned. These properties are revitalized by undertaking extensive re- entry and work-over procedures, including clean-up, repairs and treatments of the existing well bores and lateral extensions, as well as extending or drilling new laterals into previously non-producing areas of the formation.

 

As of November 2009, Lucas operated 32 producing wells that produce in the aggregate approximately 80 to 135 barrels of oil per day, gross. It controlled another 16 shut-in or plugged wellbores. As of September 30, 2009, the company owned 100% working interests in all but seven of its operated wells.

 

The company's average daily production, net to its interest, from its oil and gas properties totaled approximately 72 barrels of oil equivalent (boe) per day for the three months ended September 30, 2009. During that same period, oil production was 6,382 barrels and natural gas production was approximately 1.29 million cubic feet, for a total of 6,596 boe. Production totaled 42,560 boe in FY 09 (Mar.).

 

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