Welcome to The Daily Stock Report...brought to you by QualityStocks.Net, performance tracked daily.
I'm Cathy Rankin and for Wednesday March 14th .... 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...
Stocks tumbled Tuesday as an overly pessimistic market exaggerated everything from the implications of an unwinding in the yen carry trade to potential defaults by subprime lenders spilling over into an economy that again showed signs of slowing.
However, with subprime mortgage worries acting as an overhang for weeks now, more negative developments in the space took a weak stock market and made it even weaker provided a perfect excuse for sellers to take some money off the table following three straight days of gains for the Dow and S&P 500.
Accredited Home Lenders was the latest company in the subprime lineup to warn of such difficulties, saying it needs to raise new funds to cover the risk of default. The stock plunged nearly 70%. Adding insult to injury was Countrywide Financial CEO saying on CNBC that the subprime issue becoming "liquidity crisis."
But the straw that broke the backs of buyers today was report midday from the Mortgage Bankers Association which showed delinquencies among subprime borrowers hit 13.3% in the fourth quarter. That was the highest rate in more than four years and overshadowed a blowout report from Goldman Sachs that discounted the overall impact of something we believe isn't going to have a material impact on the economy.
Nonetheless, the damage was done as a 3.2% sell-off in the most influential of all S&P sectors -- Financials -- pulled the rug out of the market and left buyers sidelined into the close. The Dow, S&P 500 and Nasdaq plunged at least 2.0%, forcing the NYSE to institute downside trading curbs. Of the 147 S&P industry groups, 146 posted losses.
Our SmallCap news today is brought to you by Novori Incorporated.
Novori Inc. (NOVO.OB) is a publicly traded independent online jewelry retailer founded with the specific aim to become a leader in the online retail industry by serving a growing target market with integrity and honesty.
Compress Technology, Inc announced this month they have agreed on a $2 Million dollar payment schedule for Ludwig Enterprises, Inc. right to Use License of CTLG's revolutionary FM-SCA technology.
The technology allows multiple digital channels to be transmitted adjacent to a conventional analogue FM signal. The technology will allow radio to be transmitted on the unused space between two radio channels and will give the ability to transmit up to (50) fifty new fully digital broadcast channels in that unused space, freeing up unused empty space on the dial.
Ludwig Enterprises, Inc. a broadcast/media group whose principals own and operate multiple US radio stations.
Palomar Enterprises announced last month the Date of Record for shareholders to receive a dividend is set for March 8th, 2007. Shareholders of record will be entitled to receive a dividend of free trading stock in The Company's subsidiary, "The BlackHawk Fund.".
Palomar Enterprises will distribute 10 Million shares on a pro-rata basis to its shareholders. This is the first of several planned dividends that Palomar expects to distribute on a quarterly basis.
Previously at 16 cents a share Palomar opens today up 18% at $0.019.
Globex, Inc. announced they have signed a financing agreement with Trimax Capital Group LTD; a Calgary, AB Corporation. Globex Inc. has negotiated an asset leverage program of structured notes based on the significant Uranium discovery on 2 of its properties.
The unique agreement allows Globex to obtain the required working capital to begin Uranium extraction via the proceeds from the notes and most importantly does not result in any share dilution and maintains the book value of the Company's reserves.
Previously at $30 cents a share Globex opens today up 30% at 0.39 a share.
And that's our newsmakers, Stay tuned right here to Quality Stocks Daily for the latest news from small cap to large cap, and everything in by QualityStocks.Net, where performance is tracked daily.
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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Could a lovely girl be more boring?
tannalv 3 years ago