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 Fall Sharply on Consumer Spending and Weak Economic Data
While initial reports about the start of holiday shopping this weekend suggested sales were better than some retailers and analysts expected, Americans are clearly extremely cautious. That has Wall Street concerned about the impact of a continuing drop in consumer spending on the economy
A pair of downbeat economic reports did little to alleviate investors' concerns. The Institute for Supply Management, a trade group of purchasing executives, said its index of manufacturing activity fell to a 26-year low in November. At the same time, the Commerce Department said construction spending fell by a larger-than-expected amount in October.
Both the housing and manufacturing sectors have been suffering for some time, so the reports were ultimately unsurprising. Still, they served as further evidence that the economy remains under pressure.
In midday trading, the Dow Jones industrial average fell 412.10, or 4.67 percent, to 8,416.94. The Standard & Poor's 500 index dropped 49.89, or 5.57 percent, to 846.35, while the Nasdaq composite index fell 85.83, or 5.59 percent, to 1,449.74.
Declining issues outnumbered advancers by about 9 to 1 on the New York Stock Exchange, where volume came to 437.83 million shares.
Bond prices rose. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 2.83 percent from 2.92 percent Friday
Light, sweet crude dropped $4.55 to $49.88 a barrel on the New York Mercantile Exchange after OPEC decided not to cut production at an informal meeting in Cairo on Saturday. The Organization of the Petroleum Exporting Countries, which accounts for about 40 percent of global supply, reduced output quotas in October by 1.5 million barrels a day.
The dollar fell against other major currencies. Gold prices also fell.
Yesterday’s Top Performing SmallCapVoice.com stocks:
Seven Arts Pictures plc (OTC BB: SAPXF) was yesterday’s SmallCapVoice.com top performer moving up over 2% on trading volume of 11,955 shares.
Seven Arts Pictures recently announces its preliminary results for the 15 months ended 30 June 2008.
FINANCIAL HIGHLIGHTS
-- Revenue up 51% to $17,748,394
-- Profit After Tax increased by 107% to $4,013,560
-- Basic EPS up 19% to 17.02 cents
-- Repayment of approximately $8,000,000 of film finance
A full version of the press release can be viewed at http://biz.yahoo.com/iw/081112/0452058.html
Today’s SmallCapVoice.com Hot Stock to Watch:
ZAP (OTC BB: ZAAP) is today’s hot stock to watch.
Electric transportation pioneer ZAP recently announced its financial results for the third quarter ending September 30, 2008. The company announced that increased demand for alternative transportation has resulted in record Advanced Technology Vehicle (electric vehicles) segment revenue in the quarter ended September 30, 2008 of $2.2 million, up 180% from Sept, 2007 quarter revenue of $0.8 million.
A full version of the press release can be viewed at http://biz.yahoo.com/bw/081117/20081117005923.html?.v=1
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