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I'm Cathy Rankin and for Friday, February 2nd.... we're bringing you the latest news from around the markets as well as the top movers to look out for today...
In Headline News Today...
The Stock Trader's Almanac states that, "as the S&P goes in January, so goes the year." Well, with the S&P 500 briefly slipping into negative territory for 2007 last Friday but rallying into the end of the month to finish up 1.4%, that momentum carried over into Thursday's session, jump starting what is historically a flat month for equities.
Perhaps more notably was the economically-sensitive sector's ability to look past a discouraging update about manufacturing conditions. The January ISM index unexpectedly fell to 49.3%, indicating contraction, which ran counter to a Fed directive that showed firming economic growth a day earlier. The disappointment initially left investors questioning the validity of Wednesday's rally that we still believe was overdone considering the Fed's continued talk about tightening.
Be that as it may, investors eventually rallied around an earlier report that reinforced the Fed's view of moderating inflation pressures.
Before the bell, the Commerce Dept. reported only a 0.1% rise in the core PCE deflator -- the Fed's favored inflation measure. While the January data left the year/year increase steady at 2.2%, still probably above where the Fed would like to see it, the rate of increase slowing over the last three months offered some added relief on the market's current focus -- inflation.
In Our Small Cap News today... some of the companies Quality Stocks Daily will be watching intently next week.
Particle Drilling Technologies, Inc. announced that it has entered into a one year agreement with a multi-national independent exploration & production company (the "Operator"). The Operator currently ranks among the top five companies in the U.S. in terms of domestic onshore drilling and development activity.
Particle Drilling Technologies, Inc. will provide its patented Particle Impact Drilling ("PID") services in connection with the Operator's drilling program in East Texas with the initial PID operations expected to commence during the first calendar quarter of 2007.
Particle Drilling Technologies, Inc. is a development stage oilfield service and technology company owning certain patents and pending patents related to the Particle Impact Drilling technology. The Company's technology is designed to enhance the rate-of- penetration function in the drilling process, particularly in hard rock drilling environments.
Titan Global Entertainment, Inc. announced that the Board of Directors has restructured the company into three business units which will provide the required management focus and leadership in meeting the company's strategic business plans. Following the announced restructure plans in November 2006, the three units will consist of the following: Artist Distribution Unit, Media Distribution Unit and Technology and
Distribution Licensing Unit.
Titan Global Entertainment, Inc. is a multi-faceted entertainment company that specializes in audio and video digital distribution.
Rancher Energy Corp. announced yesterday that they have been rated "Speculative Buy" with a target price of $7.39 by Beacon Equity Senior Research Analyst, Kris Goldcross, CFA. Rancher Energy has successfully acquired major land positions in five oil & gas fields with proven past production and significant potential for undeveloped remaining reserves.
Rancher Energy Corp. is an oil & gas exploration and development company working to develop five significant assets in the Rocky Mountain region of the United States. Leading edge hydrocarbon recovery techniques like CO2 injection, directional drilling and 3-D seismic data have made it possible to extract the proven in-place oil and natural gas reserves that remain behind in mature fields, and high oil & gas prices plus rising demand have made it profitable.
And that's it for the news makers... Be sure to join us every market day for the latest commentary... on small cap to large cap and everything in between brought to you by Quality Stocks. Net.
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Thank you for tuning in, I'm Cathy Rankin. Have a great day and we'll see you tomorrow, right here on the daily report.
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QualityStocks Daily Video 02/09/2007by QualityStocks2,969 views
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