Pallavi Gogoi, AP Business Writer
Stocks down as investors worry over mortgage rates
Stocks edge lower as investors worry over mortgage rates, brush aside positive jobs data
NEW YORK (AP) — U.S. stocks edged lower Thursday morning, brushing aside some positive economic news.
Reports on Midwest business conditions, jobs and home sales all showed improvement. However, investors fretted over rising rates and the effect they will likely have on an already weak housing market. The average rate on 30-year fixed mortgages rose this week to 4.86 percent, the highest level in seven months.
The Dow Jones industrial average on Thursday morning was down 19.6 points, or 0.2 percent, to 11,565.80. The S&P 500 fell 1.38, or 0.1 percent, to 1,258.40, while the technology-focused Nasdaq composite index was down 3.10, or 0.1 percent, to 2,663.83.
The week has been marked by thin trading. Thursday is effectively being considered the last trading day of note because the burst of economic data gives one last glimpse into the state of the economy before 2011. Fewer traders are expected to show up on Friday.
Yesterday’s Top Performing Small Cap Stock:
Concordis Group, Inc. (Pink Sheets: CNGI)
Concordis Group, Inc. was a SmallCapVoice.com top performer closing up over 45% on trading volume of 30,326 shares.
Concordis Group, Inc. is a diversified holding company that provides investment brokerage services and business insurance products for its clients. Concordis Group, Inc. provides investment products and risk management solutions through its two wholly owned subsidiaries, Concordis Insurance SPC and Puritan Securities, Inc.
Concordis Group’s go-to-market strategy is based upon strong organic growth combined with strategic acquisitions of companies in the financial services and insurance industries that create additional synergy, have positive cash-flow, exhibit strong long-term growth potential, and have highly qualified management teams.
Today’s SmallCapVoice.com Hot Stock to Watch:
Casey Container Corp. (OTCBB: CSEY)
Casey Container To Focus Entirely on Ramping Up Biodegradable Plastic Preforms and Bottle Manufacturing Capacity
Company to Concentrate Its Resources on Meeting Immediate Industry Demand for Biodegradable Plastic Packaging Solutions
SCOTTSDALE, Ariz., Dec. 29, 2010 /PRNewswirel-FirstCall/ — Casey Container Corp. (OTC Bulletin Board: CSEY) today announced that senior management is focusing on the manufacturing of its preforms which are used to produce biodegradable plastic bottles and containers. This decision comes as the Company has received purchase orders and numerous inquiries for its biodegradable plastic solution for bottled water and other consumer product containers that use traditional plastic materials.
Other Small Cap News
Wave Systems Corp. (Nasdaq: WAVX)
Global Automaker Expands Wave Software Deployment by $5.2 Million to a Total of $10.9 Million
Hardware Encryption to Protect Sensitive Data on Laptops Worldwide; Wave to Receive $8.1 Million Cash Payment Early in Q1 2011
LEE, MA–(Marketwire – 12/30/10) – Wave Systems Corp. (NASDAQ:WAVX) today announced that it has received $5.2 million in additional license and maintenance orders through its PC OEM partners on behalf of a U.S.-based automotive company. The orders hasten the deployment and increase the total value of the automaker’s software orders to $10.9 million, $6.7 million of which will be recorded as revenue over the next 12 months, $1.9 million of which was recorded as revenue in 2010 and $2.3 million of which is expected to be recognized as revenue in 2012 through 2014.
Wowjoint Holdings Limited (Nasdaq: BWOW)
Wowjoint Holdings Limited Signs $4 Million in New Contracts
$1 Million Contract with China Railway for Two 160-ton Special Carriers
BEIJING, Dec. 30, 2010 /PRNewswire-Asia/ — Wowjoint Holdings Limited ("Wowjoint," or the "Company") (Nasdaq:BWOW), a leading provider of customized heavy duty lifting and carrying machinery used in large scale infrastructure projects such as railway, highway and bridge construction, today announced it has signed a $1 million equipment sales contract with China Railway Fangshan Bridge Co., Ltd with delivery anticipated in March 2011. The equipment includes two customized 160-ton special carriers that will be used in a highway bridge construction project administered by the Erdos Project Department in Batuta-Junggar. Due to the location of the project, the equipment will offer an environmental protection function for the surrounding mountain area.
Compugen Ltd. (Nasdaq: CGEN)
Compugen Signs $5 Million R&D Funding Agreement in Support of its Pipeline Program
Baize Investments to obtain a financial interest in five program molecules and a 30-month warrant to purchase 500,000 Compugen shares at $6.00 per share
TEL AVIV, Israel–(BUSINESS WIRE)– Compugen Ltd. (NASDAQ:CGEN) announced today that it has entered into an agreement with Baize Investments (Israel) Ltd., a private corporation investing, inter alia, in innovative medical technologies, under which it will receive $5,000,000 in R&D funding. Under the terms of the funding agreement, which is in support of Compugen’s recently announced Pipeline Program, Baize Investments has obtained a financial interest in five designated Compugen-discovered molecules and has been issued a warrant to purchase 500,000 Compugen shares at an exercise price of $6.00 per share, expiring June 30, 2013.
Suffer (Pink Sheets: SUFF)
SUFFER Apparel Signs Letter of Intent With Gold’s Gym
LAS VEGAS, NV–(Marketwire – 12/29/10) – SUFFER (Pinksheets:SUFF) President Joseph Lewis today announced that SUFFER has an signed a Letter of Intent with Gold’s Gym to sell its apparel and fight gear line in Gold’s Gym Locations. Furthermore Mr. Lewis anticipates the first order to possibly arrive today.
FX Energy, Inc. (Nasdaq: FXEN)
FX Energy Starts Production From KSK Production Project
SALT LAKE CITY, Dec. 29, 2010 /PRNewswire/ — FX Energy, Inc. (Nasdaq:FXEN) today announced the start of production from its KSK production project in Poland. The KSK production project serves three wells: Sroda-4, Kromolice-1 and Kromolice-2. The Sroda-4 well is providing the initial production, and is expected to produce approximately 4 million cubic feet of gas per day (mmcfg/d) gross during an initial plateau production phase of several years. Production from the two Kromolice wells is scheduled to begin in approximately 60 days at a rate of approximately 10 mmcfg/d gross. FX Energy owns 49% interest in all three KSK wells; the Polish Oil and Gas Company (PGNiG) operates and owns 51%.
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