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:
Small Payroll Drop Ignites Stock Rally
Stocks had been languishing in early trading and received only a temporary lift from a new move by the Federal Reserve designed to add liquidity into the financial system. But equities were supercharged after nonfarm payrolls fell by a less-than-expected 20,000, suggesting that economic activity is sluggish but not as bad as feared. Meanwhile, earnings season continues but announcements today are having only a limited impact on the market this morning. Viacom, EOG Resources, ADP, Duke Energy, and MetLife topped, but Sun Microsystems missed projections and announced job cuts.
In midmorning trading, the Dow rose 117.65, or 0.90 percent, to 13,127.65.
Broader stock indicators also rose. The Standard & Poor's 500 index advanced 12.71, or 0.90 percent, to 1,422.05, and the Nasdaq composite index rose 13.30, or 0.54 percent, to 2,494.01.
Stocks surged Thursday as investors viewed the rising dollar and falling oil prices as promising signs for the economy. The Dow soared nearly 190 points to close above 13,000 for the first time since Jan. 3.
Bond prices fell Friday as investors moved into stocks from the safety of government debt. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.86 percent from 3.77 percent late Thursday.
Oil prices moved higher after retreating Thursday on a strengthening dollar. Light, sweet crude rose $1.39 to $113.91 per barrel on the New York Mercantile Exchange.
Economic data:
Nonfarm payrolls better than forecast
Nonfarm payrolls fell by 20,000 in April, the fourth-straight decline, but less than the Bloomberg estimate of an 80,000 decline. March's loss widened by 1,000 to 81,000, and February's decline worsened by 7,000 to 83,000. Manufacturing jobs fell by 46,000 while the service-sector gained 90,000.
The unemployment rate, which is derived from the separate household survey, fell from 5.1% to 5.0%, lower than the forecast of a rise to 5.2%.
New Fed action
The Federal Reserve announced that it will increase the amounts auctioned under its biweekly Term Auction Facility (TAF) from $50 to $75 billion, beginning with the auction on May 5.
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Thursday’s Top Performing SmallCapVoice.com stocks:
NexHorizon Communications, Inc. (OTC BB: NXHZ ) was a SmallCapVoice.com top performer for 5/1/08 closing up over 66% on trading volume of 25,572 shares.
NexHorizon Communications, Inc. yesterday announced it is expanding its service offering to include Triple Play Voice, Data, and Video services. NexHorizon has entered into an agreement to partner with Ad Systems, Inc., a wholly owned subsidiary of Praebius Communications, Inc. (OTC: PRCM), to provide its newest advertising insertion technology for cable television providers. The product, Addige.net, utilizes a proprietary technology that allows it to operate in cable systems that have not had the capability of locally inserted advertising
Today’s Hot Stocks to Watch:
Sunovia Energy Technologies Inc. (OTC BB: SUNV) is today’s SmallCapVoice.com’s hot stock to watch.
Smallcap Rapp(TM) will feature Carl Smith, CEO for Sunovia Energy Technologies, IncMonday May 5, 2008 at 1:00 PM EDT.
SUNV recently announced they completed their mezzanine round of financing. The company has raised a total of $12 million, and continues to allocate proceeds to the development of the scalable CdTe-based solar cell manufacturing facility and sales of the EvoLucia(TM) LED-based solid-state lighting solutions.
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About SmallCapVoice.com
SmallCapVoice.com is a recognized corporate investor relations firm, with clients nationwide. Known for its ability to help emerging growth companies build a following among retail and institutional investors, SmallCapVoice.com utilizes its stock newsletter to feature its daily stock picks, audio interviews, as well as its client's financial news releases. SmallCapVoice.com also offers individual investors with all the tools they need to make informed decisions about the stocks they are interested in. Tools like our stock charts, stock alerts, and our investor fact sheets can assist with investing in stocks that are traded on the OTC BB and Pink Sheets.
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