SmallCapVoice.com, Inc., a recognized corporate consulting firm known for its ability to help emerging growth companies build a following among retail and institutional investors, provides the following market commentary and small cap stock highlights:
Stocks Turn Lower in Afternoon Action
Stocks, which were solidly higher earlier in the day, have given up gains and are lower as technology and telecom shares weaken in afternoon action. Financials also are adding some pressure, exacerbated by unexpected write-down by Credit Suisse, while commodity-related stocks are limiting the decline as key metal prices are surging and crude oil topped the $100 per barrel mark. Traders are sifting through a slew of earnings reports headlined by Wal-Mart's better-than-expected earnings, while Medtronic, OfficeMax, and Medco Health Solutions beat the Street's profit estimates. In other equity news, General Mills raised guidance, Staples is making a bid for Corporate Express, Verizon Wireless and AT&T announced flat rate monthly calling plans, and MBIA, Inc. will replace its chairman and CEO. Treasuries remain weaker despite the reversal in equities, and a reading of housing sentiment unexpectedly increased.
In late afternoon trading, the Dow Jones industrial average slid 10.91, or 0.09 percent, to 12,337.30 after being up more than 100 points earlier in the session.
Broader indexes also moved lower. The Standard & Poor's 500 index dropped 1.90, or 0.14 percent, to 1,348.09; and the Nasdaq composite fell 14.67, or 0.63, 2,307.13.
Light, sweet crude for March delivery rose $4.51 to settle at a record $100.01 a barrel on the New York Mercantile Exchange.
The dollar fell Tuesday, giving investors another reason to buy oil. Crude futures offer a hedge against a falling dollar, and oil futures bought and sold in dollars are more attractive to foreign investors when the greenback is falling.
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Today’s Hot Stocks to Watch:
MSE Enviro-Tech Corp. in collaboration with Megola Inc. announced today that Hartindo AF21 Fire Inhibitor is undergoing further testing at CTT Group (CTT) for the textile industry. Various fabrics are being tested in accordance with ASTM D 6413, Standard Test Method for Flame Resistance of Textiles (Vertical Test). Initial reports show that both 100% cotton fabric and a specific nylon/cotton blend used in the manufacturing of uniforms for the Armed Forces have already met the requirements of the test.
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