Stocks are trading in a tight range after insurer American International Group Inc. reported a larger than expected fourth-quarter loss
AIG's news overshadowed a Commerce Department report that the nation's economy grew at a faster pace than initially estimated for the end of 2009. The government said gross domestic product grew at an annual rate of 5.9 percent, above the 5.7 percent previous estimate.The stronger growth from the third quarter to the fourth quarter was welcome news but analysts say much of the gain is tied to businesses rebuilding inventories. Growth is expected to slow in the coming quarters.
The report from AIG brought a reminder of the strains that still exist in the financial system. AIG said it lost $8.87 billion in the fourth quarter of 2009. That's improved from a year earlier but weaker than analysts expected. The stock fell more than 7 percent.
Not all the news was downbeat. Private equity firm Thomas H. Lee Partners said it would acquire the parent of Carl's Jr. and Hardee's restaurants. The offer for CKE Restaurants Inc. totals $619 million in cash and $309 million in debt. Analysts like to see takeovers because it is a sign of confidence in the economy. CKE stock jumped 25 percent.
The mixed reports did little to add to investors' understanding of the direction of the economy. Major stock indexes have logged modest moves since the start of the year because there is disagreement over the pace of recovery. This week stocks have fallen, jumped and slid again as worries about the economy intensified and eased.
In early trading, the Dow Jones industrial average rose 3.63, or less than 0.1 percent, to 10,324.66. The broader Standard & Poor's 500 index slipped 0.20, or less than 0.1 percent, to 1,102.73, and the Nasdaq composite index fell 2.99, or 0.1 percent, to 2,231.23.
Yesterday’s Top Performing Small Cap Stock:
Fleet Management Solutions Inc. (Pink Sheets: FLMG)Fleet Management Solutions Inc. was a SmallCapVoice.com top performer yesterday closing up over 28% on trading volume of 38,950 shares.
Fleet Management Solutions Inc. continues to shine since its initial profile on SmallCapVoice.com.
FMS Client Triples Initial Contract and Penske earns $18.7 Million in 4Q as Sales Rise
Feb. 25, 2010 (U.S. Equity News) — Automotive Retail industry alert provided by U.S. Equity News. Fleet Management Solutions Inc. (Pinksheets: FLMG) ("FMS" or "the Company") is pleased to announce that one of its client companies, ATE Rent S.A. of Athens, Greece, which specializes in the operation of leasing passenger cars, has increased the size of its initial contract with FMS by over 200% in just over 5 months. The initial contract between FMS and ATE Rent S.A., a Greece-based financial institution, was signed in August 2009 for the after sales servicing and management of its fleet of 225 vehicles. Following the success of the initial contract, ATE Rent S.A. has amended the contract to include an additional 452 leased vehicles for a total fleet of 677. As part of the agreement, FMS provides full management of the fleet including accident and breakdown repairs, the provision of replacement vehicles, and regular and scheduled maintenance. The total value of the contract is expected to exceed US$800,000.Read More »
Today’s SmallCapVoice.com Hot Stock to Watch:
CitySide Tickets, Inc. (Pink Sheets: CIST)Feb. 25, 2010 (Business Wire) — CitySide Tickets, Inc. (Pink Sheets: CIST), which owns and operates CitySidetickets.com, a nationwide event ticket purchasing venue that caters to a diverse selection of popular theater, music and sporting events, today announces that CEO Michael DeAmicis will be featured on FOX Business Live at 12:40 p.m. EST on Friday, February 26, 2010.
Read More »
SmallCapVoice Clients' News
KV Pharmaceutical Company (NYSE: KV-A)KV Pharmaceutical Reaches Agreement with U.S. Department of Justice
KV Pharmaceutical Company (NYSE: KV-A) ("the Company") today announced that it has reached an agreement, subject to court approval, with the United States Attorney for the Eastern District of Missouri and the Office of Consumer Litigation of the United States Department of Justice to resolve an investigation regarding certain activities of ETHEX Corporation, its generic pharmaceutical marketing and distribution subsidiary, which occurred in 2008. Under the terms of the settlement, ETHEX will plead guilty to criminal charges, and will be required to pay a fine and restitution of $25.8 million. ETHEX also will not contest an administrative forfeiture of $1.8 million.Read More »
Other Small Cap News
Strategic Hotels & Resorts (NYSE: BEE)Strategic Hotels & Resorts Reports Fourth Quarter and Full Year 2009 Results
During the fourth quarter, the company closed on the sale of the Renaissance Le Parc hotel in Paris for a purchase price of euro 35.5 million (approximately $51.5 million) and the Four Seasons Mexico City for $54.0 million. Proceeds from the sales were used to enhance corporate liquidity.Read More »
U-Store-It Trust (NYSE: YSI)
U-Store-It Completes $875 Million in 2009 Capital Raising Efforts; Reports Fourth Quarter and Annual 2009 Results; Provides 2010 Earnings Guidance
"We are very pleased with our capital raising efforts during 2009," said Dean Jernigan, Chief Executive Officer of U-Store-It. "Our primary focus in 2010 will be to maximize the internal growth opportunities we have within our existing portfolio," continued Jernigan. "Meaningful consolidation in our sector will occur over the next several years and our current financial position, systems and people have us in position to put our operating platform to work."Read More »
Kopin Corporation (Nasdaq: KOPN)
Kopin Reports Record Full-Year 2009 Earnings of $19.4 Million; Best Fourth Quarter in Company History
Company Posts Full-Year Revenues of $114.7 Million“We capped a strong year with the best fourth quarter in our history,” said President and Chief Executive Officer Dr. John C.C. Fan. “After a difficult economic environment to start the year, III-V revenues ended 2009 with a flourish, increasing approximately 37% year-over-year in the fourth quarter.
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Scientific Learning Corporation (Nasdaq: SCIL)
Scientific Learning Reports Record Fourth Quarter and Fiscal Year Results
Fourth Quarter Booked Sales Increased 54% to $14.6 Million & EPS Improved to $0.08Andy Myers, Chief Executive Officer, stated, “We are pleased with our strong fourth quarter results and finish to the year. The operational improvements made in 2008 and 2009 enabled us to make the most of the significant additional opportunities afforded by stimulus increases to federal Title I and IDEA programs."
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Level 3 Communications, Inc. (Nasdaq: LVLT)
Level 3 Expands Operations in South Texas
Level 3 Committed to Increasing Presence in Houston and Austin Areas“As the fifth largest market in the United States, Houston is a very important part of our local strategy,” said Steve Reemts, Level 3’s general manager for South Texas. “Local marketplace knowledge coupled with industry expertise and an on-the-ground support team is a winning combination for a superior customer experience – a combination that fully supports our goal of being the number one competitive alternative to the incumbents here in South Texas.”
Read More »
Arena Pharmaceuticals, Inc. (Nasdaq: ARNA)
Arena Pharmaceuticals Receives PDUFA Date for Lorcaserin NDA
FDA Assigns October 22, 2010, PDUFA DateJack Lief, Arena's President and Chief Executive Officer, stated, "With an October PDUFA date for the lorcaserin NDA, we are another step closer to our goal of improving the treatment of obesity. We believe that lorcaserin, if approved, will be well positioned as first-line therapy to help patients achieve sustainable weight loss in a well-tolerated manner."
Read More »
ChipMOS Technologies Nasdaq: IMOS)
ChipMOS Enters Into Definitive Agreements With Spil
The purchased shares represent approximately 15.8% of the total number of ChipMOS Taiwan's outstanding shares. Under the terms and conditions of the Share Purchase Agreement, SPIL will pay the purchase price in four installments to the Company with the final installment scheduled to be paid on or about March 31, 2011.Read More »
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