Stocks are higher after Greece announced a budget plan and as ISM data showed that the service sector improved
The new plan had been expected in recent days, which likely has kept reaction to the report muted. Concerns about Greece's debt problems have dogged the markets in recent weeks. Investors have been worried that debt problems could spread through Europe and devalue the euro and upend a global economic recovery.
The Institute for Supply Management said its services index rose to 53.0 from 50.5 in January. The reading was the highest since December 2007 and well above the 51.0 median forecast of 71 economists surveyed by Reuters.A reading above 50 indicates expansion in the services sector, which accounts for the majority of U.S. employment.
The index's employment component jumped to 48.6 from 44.6 the prior month while the prices paid component fell to 60.4 from 61.2.
The report is closely watched because service jobs comprise more than 80 percent of non-farm U.S. employment. The sector is highly reliant on consumer spending, which accounts for more than two-thirds of all economic activity.
Payroll company ADP said employers cut 20,000 jobs last month, matching forecasts from economists polled by Thomson Reuters.
The ADP report is considered a barometer for what the government's monthly employment report might say. The Labor Department is expected to say the unemployment rate edged up to 9.8 percent last month and that employers cut 50,000 jobs.
Investors will also get better clues about regional economic activity after the Federal Reserve releases its beige book report at 2 p.m. EST.
In morning trading, the Dow Jones industrial average rose 21.92, or 0.2 percent, to 10,427.90. The Standard & Poor's 500 index rose 3.00, or 0.3 percent, to 1,121.31, while the Nasdaq composite index rose 3.78, or 0.2 percent, to 2,284.57.
Yesterday’s Top Performing Small Cap Stock:
CitySide Tickets, Inc. (Pink Sheets: CIST)
Independent Research Firm Murphy Analytics Announces Initiation of Coverage on CitySide Tickets, Inc.
ST. LOUIS, March 3, 2010 (GLOBE NEWSWIRE) — Murphy Analytics (MA) has initiated coverage on CitySide Tickets, Inc. (Pink Sheets:CIST). The Initiation Report contains a detailed discussion of the Company’s business model, market dynamics, industry competitors, macroeconomic data and indicators, financial results and risks.
Today’s SmallCapVoice.com Hot Stock to Watch:
Tootie Pie Company (OTCBB: TOOT)
Tootie Pie Company bakes and sells high-quality, handmade pies through three basic sales channels: retail, corporate and wholesale. The retail segment serves individual consumers through in-store sales, orders via telephone and internet on the Company's website. The corporate segment serves businesses that purchase pies as a way to promote their company through client and employee appreciation programs. The wholesale segment is made up of national and regional broad line grocery and foodservice distributors who purchase pies and then resell them through their respective sales distribution channels.
SmallCapVoice Clients' News
VitaminSpice (OTCBB: VTMS)
VitaminSpice Announces Exclusive North American Packaging Rights to FunnelPack's Triangular Packets
WAYNE, Pa., March 2 /PRNewswire-FirstCall/ — VitaminSpice (OTC Bulletin Board: VTMS) (German WKN: A0YCND) (www.VitaminSpice.net) has signed a multi-year agreement with Inland Packaging/FunnelPack USA, giving them the exclusive North American license, sales, and marketing rights for FunnelPack’s single-serving triangular packaging. The isosceles-triangle shape resembles a pizza slice — a pointed reference to their target market. VitaminSpice intends to use the packaging for their vitamin-infused Granulated Garlic, Crushed Red Pepper, Parmesan Cheese, and related blended seasonings.
Other Small Cap News
Ballard Power Systems (Nasdaq: BLDP)
Ballard to Power SunLine Transit Agency Buses
VANCOUVER, March 2 /PRNewswire-FirstCall/ - Ballard Power Systems (TSX: BLD; NASDAQ: BLDP) announced that it has entered into contracts for the supply of fuel cell power modules to power two different transit bus configurations at SunLine Transit Agency in Thousand Oaks, California.
Level 3 Communications Inc. (Nasdaq: LVLT)
Level 3 gets stimulus funds for 6-state broadband infrastructure project
Level 3 Communications Inc. has won nearly $13.8 million in federal stimulus money to build broadband infrastructure linking rural areas to the national fiber optic networks carrying Internet traffic.
GeoPharma, Inc. (Nasdaq: GORX)
GeoPharma Announces the Acceptability of Their Largo Cephalosporin Plant
GeoPharma, Inc. (Nasdaq:GORX) (the "Company") announced today that the FDA Office of Compliance has completed the evaluation of its Largo, Florida manufacturing facility dedicated to the production of Cephalosporin antibiotics and has indicated, based on the adequacy of the Company's written response, that it is acceptable to manufacture upon FDA approval of its Cephalexin ANDA.
Acorn Energy, Inc. (Nasdaq: ACFN)
Coreworx Inc. to Acquire Decision Dynamics Technology
"Decision Dynamics believes that today's announcement provides attractive value for our shareholders and customers," said Justin Zinke, President & CEO of Decision Dynamics Technology. "The combination of project information controls and cost management information provides a great value proposition for our customers. Our shareholders, customers, partners and employees will all benefit as DDY combines with Coreworx and brings together our very complementary technology, experience, and skill sets."
Capstone Therapeutics (Nasdaq: CAPS)
Capstone Therapeutics Announces Continuation of AZX100 Phase 2 Clinical Trial in Keloid Scarring
"We have met our objectives for this preliminary analysis," said Randolph C. Steer, MD, PhD, President of Capstone Therapeutics. "Following a limited review by our independent statistician of the safety and quality of the dataset, we have been advised to continue the trial. The primary endpoint is the 12-month POSAS score; we expect to report data from this trial during 4Q2010."
Optelecom-NKF, Inc. (Nasdaq: OPTC)
Optelecom-NKF Wins a Major Traffic Management Contract in South Carolina, USA
Optelecom-NKF, Inc. (Nasdaq:OPTC), a leading global supplier of advanced video surveillance equipment and the manufacturer of Siqura(R) surveillance solutions, today announced the award of a $503,000 traffic management equipment contract from Temple, Inc., a regional systems distributor based in Decatur, Alabama, USA.
Satcon Technology Corporation (Nasdaq: SATC)
Satcon to Ship 38 Megawatts of its 500kW PowerGate(R) Plus Inverters to GCL for Projects in China
Company’s Industry-Leading Utility Scale Inverters to Power Three Solar Power Plants with Completion in First Half of 2010
Satcon Technology Corporation (NASDAQ CM: SATC), a leading provider of utility scale power solutions for the renewable energy market, today announced that it has been selected to ship 38 megawatts of its PowerGate(R) Plus 500 kW solar PV inverter solutions to GCL Solar Limited, one of China’s largest utility solar power plant developers.
Sapiens International Corporation N.V. (Nasdaq: SPNS)
Liverpool Victoria Friendly Society Renews Contract With Sapiens for $7M Over 5 Years for Support Services for Closed Books
Sapiens International Corporation N.V. (NASDAQ and TASE: SPNS) a member of Formula Group (NASDAQ:FORTY), and a provider of insurance software solutions, today announced that Liverpool Victoria Friendly Society (LV=), renewed its contract with Sapiens valued at $7M over a period of five years, to provide support services for the Sapiens INSIGHT for Closed Books. The Sapiens solution is used to administer more than 3 million policies defined as "closed books of business" in LV='s Life and Pension portfolio.
Uroplasty, Inc. (NYSE Amex: UPI)
New Publication Highlights 2-Year Durability and Effectiveness of Macroplastique(R)
Uroplasty, Inc. (NYSE Amex: UPI) highlighted results from a two-year, multicenter clinical study of Macroplastique that will be published in the April 2010 print edition of The Journal of Urology(R). The 24-month study evaluated the durability of Macroplastique for stress urinary incontinence in women with previously documented success at 12 months. Substantial, durable results were sustained during 2 years with 84% of patients maintaining significant improvement from their 12-month assessment. Additionally, 67% of the patients implanted with Macroplastique were dry at the 24-month follow-up visit.
Rexahn Pharmaceuticals, Inc. (NYSE Amex: RNN)
Rexahn Pharmaceuticals Submits Zoraxel Phase IIb Protocol to FDA
Company Forms Urology Scientific Advisory Board
Rexahn Pharmaceuticals, Inc. (NYSE Amex: RNN), a clinical stage pharmaceutical company commercializing potential best in class oncology and CNS therapeutics, today announced that it has submitted a Phase IIb protocol to the FDA for ZoraxelTM for the treatment of erectile dysfunction (ED).
Technology Research Corporation (Nasdaq: TRCI)
Technology Research Corporation Announces Acquisition of Patco Electronics
Technology Research Corporation ("TRC") (Nasdaq:TRCI) today announced that it has signed an agreement to acquire 100% of the stock of Patco Electronics, Inc. from its shareholders for $5.0 million in cash, approximately 675,000 shares of TRC common stock and contingent cash payments if certain revenue targets are met for either or both of the two years after the closing of the transaction. The number of shares of TRC stock issuable at closing was based on the average per-share closing price of the common stock for the 5 trading days preceding the signing.
pSivida Corp. (Nasdaq: PSDV)
pSivida Reports Presentation of Additional Positive 24-Month Data from Iluvien(R) Phase 3 FAME Study for Diabetic Macular Edema at Angiogenesis 2010
pSivida Corp. (NASDAQ:PSDV) (ASX:PVA) (FF:PV3), a leader in the development of ophthalmic sustained release drug delivery products, with two of the only three such products approved by the FDA for treatment of back of the eye diseases, today said that 24-month data from the FAME Phase 3 study for Iluvien presented at Angiogenesis 2010 included additional efficacy and safety data that reinforced the positive top-line results reported in December 2009 by pSivida and its licensee, Alimera Sciences, Inc.
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