Stocks zigzagged early Monday as investors awaited earnings from Alcoa Inc. for more signs that the global economy is healing.
Alcoa's report will give investors one of the first looks at how companies fared in the final quarter of 2009.
Investors also looked to a report that Chinese exports jumped by nearly 18 percent in December. The bigger-than-expected increase follows 13 straight months of declines. The increase in exports has added confidence to investors who believe a global economic rebound is well under way.
Investors are buying into the market ahead of the start of earnings season. Alcoa kicks off the flood of reports that will provide insight into how fast the economy is recovering. Economists polled by Thomson Reuters predict Alcoa earned 6 cents per share in the fourth quarter.
Williams said quarterly results will drive the market in the coming weeks. Revenue should start to show some signs of growth, which is considered vital to a strong recovery, but not necessarily improve "across the board," he said.
In midmorning trading, the Dow Jones industrial average fell 2.72, or less than 0.1 percent, to 10,615.47. The Standard & Poor's 500 index rose 1.05, or 0.1 percent, to 1,146.03, while the Nasdaq composite index fell 2.41, or 0.1 percent, to 2,314.76.
Yesterday’s Top Performing Small Cap stocks:
SkyPeople Fruit Juice, Inc. (AMEX: SPU) was a SmallCapVoice.com top performer yesterday closing up over 9% on trading volume of 455,542 shares.
SkyPeople Fruit Juice, Inc., a processor and manufacturer of concentrated kiwifruit, apple, pear and other fruit juices and fruit products in China, announced continued governmental support for kiwifruit growers in Shaanxi Province and direct governmental support for SkyPeople Fruit Juice. Beginning in 2008, the Shaanxi Fruit Industry Council first announced it would support kiwifruit farmers with a yearly cash subsidy of 300RMB for each Chinese "mu" harvested for kiwifruit (the equivalent value would be approximately $267 USD per acre based on the exchange rate of December 31, 2009). After an initial review of the program's benefits over the last two years, the Shaanxi government reconfirmed support to maintain the program through 2015. Shaanxi Province is China's largest growing area for kiwifruit. In particular, Shaanxi Qinling mountain area is the most fertile growing area for kiwifruit, which can grow 96% species of kiwifruit known worldwide. The output of the kiwifruit growing area was 350,000 tons in 2008.
Lux Energy Corp. (OTC BB: LUXE) was a SmallCapVoice.com top performer yesterday closing up over 57% on trading volume of 122,400 shares.
Lux Energy Corp., an oil and gas production and exploration company, announced that it is negotiating an agreement with the Operator of its West Central Alberta project near Edmonton to acquire a substantial working interest in the “E” well. Lux Energy currently owns positions in A, B, C and D wells in adjoining oil and gas leases.
“E” well is a priority target supported by 3D seismic structure definition. The “E” well is at an offset location to the Company’s previously drilled “C” well. The “C” lease is successfully producing with secondary gas credits. This location is a topographic high where fluids naturally migrate, as was witnessed in “C” well. The operator’s engineers and technicians prospect that the “E” well should encounter substantial liquids in the target reservoir. The operator points out that the “C” well is free-flowing and not yet stimulated but is successfully producing. This bodes well for the prospects of “E” well. The gathering systems and production facilities are on location and in operation, therefore the well completion can transfer to production status immediately. Revenue and cash flow are a critical feature of this “E” project.
Shane Broesky, President of Lux Energy Corp., comments, “The petroleum engineering and geological surveys of the ‘E’ lease indicate a superior opportunity. It is the Company’s primary target in the Barhead prospects and we are optimistic that this unique opportunity to participate in this proven field will be of great benefit to Lux Energy.”
Today’s SmallCapVoice.com Hot Stock to Watch:
Budget Center Inc. (Pink Sheets: BDGN)
Budget Center Inc. has commenced the development of its "budget" category domain network in the online travel and related industries. This program will include the development of the following highly relevant and valuable "budget" brand domains: budgetairlines.com, budgethotels.com, budgetresorts.com, budgetravel.com, budgetskiing.com, budgetadventures.com, budgetentertainment.com, and budgetcharters.com. Budget Center is dedicated to delivering great value to its clients and customers. Through its websites, the Company will strive to offer a range of the best possible travel options for every budget. When shopping at any of the Company-owned websites, visitors will receive great value and service always at budget prices. The Company will continually strive to meet its customers’ needs through ongoing market research, partnerships, and quality offerings at the best savings available.
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