Austin, TX 2/4/2009 1:07:11 AM
News / Business

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

Stocks are flat amid mixed earnings and in advance of auto and housing data

Stocks mostly rose in early trading Tuesday as several better-than-expected corporate earnings reports eased investors' worries about the economy.

 

The drugmaker Merck & Co. posted a profit for the fourth quarter, topping analysts' expectations despite a decline in sales. The homebuilder D.R. Horton Inc. reported a loss for its latest quarter that was narrower than analysts anticipated thanks to cost cuts. Results from food processor and ethanol producer Archer Daniels Midland Co. and the drugmaker Schering Plough also topped estimates.

 

Not all earnings were stronger than expected, however. Dow Chemical Co., for one, lost more than $1.5 billion in the fourth quarter, while cell phone maker Motorola lost $3.6 billion. Analysts had been forecasting a profit for Dow Chemical, and break-even results for Motorola.

 

In Washington, the Obama administration is reworking a bailout package for the struggling financial services industry and devising restrictions on compensation for bank executives.

Investors are also bracing for gloomy news when automakers release their January vehicle sales and the National Association of Realtors reports on pending home sales in December.

 

Yesterday’s Top Performing SmallCapVoice.com stock:

 

ZAGG, Inc. (OTC BB: ZAGG) was yesterday’s SmallCapVoice.com top performer moving up about 1% on trading volume of 143,176 shares.

 

Today’s SmallCapVoice.com Stock to Watch:

 

Omega Commercial Finance Corp. (OTCBB: OCFN) is today’s hot stock to watch.

 

Omega Commercial Finance Corporation is pleased to announce that its current balance sheet reflects an increase of $8,434,845 in assets due to its previously announced acquisition of its luxury casino cruise ship the "Omega Royale." This increase encompasses the partial allocation of substantiated assets from its cruise ship onto its balance sheet.

 

Based upon the current amount of shares outstanding the Company estimates a current shareholder book value of 30 cents per share.

The Omega management team firmly believes that the initiatives taken in 2008 are the first of many strategic implementations that are currently being conducted in order to build corporate and shareholder value. Current initiatives for 2009 include the acquisition of quality assets, as well as, the launching of several new and diverse divisions for the Company. The Company anticipates announcing full details on the structure of its new divisions and its newly formed Omega Opportunity Fund within the next quarter.

 

A full version of the press release can be viewed at:

http://finance.yahoo.com/news/Omega-Commercial-Finance-prnews-14233476.html

 

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