February 7, 2010
Week In Review…
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Week In Review For
February 1 to 5, 2010
Canadian Companies mentioned include:
U.S. Companies mentioned include:
This week on AllPennyStocks.com:
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MONTHLY
UPDATE – EUROPEAN COUNTRIES SHAKE-UP NORTH AMERICAN
MARKETS
Markets heard alarm bells from foreign
shores, and the jitters worked their way into the picture
as the first week of February drew to a close, although
some indices coped better with the pressure than others.
The S&P/TSX Composite Index rallied at the end of the
week to 11,223.12, improving 128.81 points or 1.16%. The
TSX Venture Exchange, however, gave back 36.58 points,
or 2.45%, to close the week at 1,455.51
In New York, the Dow Jones Industrials were off 55.10
points to 10,012.23, shrinking 0.55%.
The broader S&P 500 lost 7.66 points, or 0.71%, to
1,066.19, while the tech-rich Nasdaq ended the week at
2,141.12, off 6.23 points or, 0.29%.
On Friday, Portugal’s opposition parties defeated a
government austerity plan and passed their own bill
allowing the country’s autonomous regions to rack up
even more debt. That raised new questions about European
countries’ ability to control their swollen budget
deficits, which are undermining faith in the region’s
euro currency. Greece and Spain are also grappling with
massive budget deficits.
Toronto Stock Exchange operator TMX Group Inc. said on
Monday it is slashing trading fees it charges for
securities worth less than $1, its latest to defend its
waning market share.
TMX, which also runs the smaller TSX Venture Exchange
and Montreal Exchange derivatives market, said the
change represents about a 50% cut. The new pricing model
will take effect on March 1.
The move comes after Alpha ATS, which is backed by the
dealer units of Canada’s big banks and is TMX’s biggest
competitor, announced fee reductions late in January
that came into effect on Monday.
Public data showed Alpha had a 15% share of Canadian
stock trading on a volume basis for the fourth quarter.
TMX held just below 80%.
Economically speaking, on Friday, Statistics Canada said
the economy created more jobs in January than expected,
with employment rising by 43,000 month, against the
consensus estimates for a rise of 15,000. With this, the
unemployment rate fell to 8.3%.
StatsCan reported Thursday that building permits rose a
sequential 2.4% in December and was up 32.6% from a year
ago period. The rise was largely due to a jump in
non-residential sector.
In the States, the Labor Department reported that the
U.S. economy shed 20,000 jobs in January, which was
worse than expected. However, the unemployment rate
dipped to 9.7%, its lowest level since August 2009.
The government was expected to show a net gain of 15,000
jobs for the month, with an unemployment rate of 10%,
according to economists surveyed by Briefing.com.
Elsewhere, the Institute for Supply Management said its
service sector index rose to 50.5 in January from a
downwardly revised 49.8 in December, versus economists’
expectations for an increase to 51.0 from the originally
reported 50.1 for the previous month. A reading above 50
indicates growth in the sector.
In the coming days, StatsCan will release international
merchandise trade numbers on Wednesday, new housing
prices on Thursday and new motor vehicle sales on
Friday. In the States, the economic calendar is a scant
one, consisting of retail sales on Thursday, and
consumer confidence on Friday.
Among featured stocks, Antioquia Gold Inc. (TSX
Venture:AGD) lost two cents, or 5.3%, on the week to 36
cents, although it peaked at 42 cents on Wednesday.
Energy up-and-comer Southern Pacific Resource Corp. (TSX
Venture:STP) dove three cents or 3.2% to end the week at
95 cents, despite reaching as high as a dollar on Monday
and Tuesday.
Down south, A.C. Moore Arts & Crafts Inc. (Nasdaq:ACMR)
shot as high as $3.18 from its original $2.80 to start
the week, but dipped eight cents on the week to $2.72, a
loss of 2.9%, while consumer goods firm Spectrum Group
International Inc. (Pink Sheets:SPGZ) started the week
at $1.90, sprinted ahead to $1.95, but faded to an
eventual $1.83, off seven cents or 3.7%.
If you’d invested in all four, you’d have seen an
average loss of 3.8%. But, if you’d bought in and sold
at their peaks, there would have been a gain of 8%.
Next week, look for exciting things from metals and
mining firm Richfield Ventures Corp. (TSX-Venture:RVC)
and energy company Petro Vista Energy Corp.
(TSX-Venture:PTV). In the States, we feature durable
goods maker Rahaxi Inc. (OTCBB:RHXI) and Guardian
Technologies International Inc. (OTCBB:GDTI).
A company we have been following for a few weeks,
Gen2Media Corp. (OTCBB:GTWO) had several important news
releases this week, and also saw its volume balloon on
Friday. With the several announcements and the volume
and price spike on Friday, the Company’s technicals have
turned very bullish. The full stochastics and ADX for
GTWO look as though they are both about to cross.
Several other technical indicators are pointing to a
trend reversal, as such; investors are encouraged to
watch trading in GTWO on Monday to see if Friday’s gains
could spill over to next week’s trading.
This coming week we will also be spotlighting an
exciting Oil & Gas Company, that despite the drop in
crude oil prices and equities in general, has been doing
very well and currently is trading near its 52 week
high. Not only are the Company’s properties impressive,
but the technicals on their stock is equally favourable.
We will be preparing our write-up and sharing this
Company with all of our subscriber’s tomorrow evening.
Until then, enjoy the New Orleans Saints vs.
Indianapolis Colts Super Bowl game!
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Forward Looking Statements
This report includes forward-looking statements that reflect the mentioned companies current expectations about its future results, performance, prospects and opportunities. the mentioned companies has tried to identify these forward-looking statements by using words and phrases such as “may,” “will,” “expects,” “anticipates,” “believes,” “intends,” “estimates,” “plan,” “should,” “typical,” “preliminary,” “we are confident” or similar expressions. These forward-looking statements are based on information currently available and are subject to a number of risks, uncertainties and other factors that could cause the mentioned companies actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and other factors include, without limitation, the Company’s growth expectations and ongoing funding requirements, and specifically, the Company’s growth prospects with scalable customers, and those outlined above. Other risks include the Company’s limited operating history, the Company’s history of operating losses, consumers’ acceptance, the Company’s use of licensed technologies, risk of increased competition, the potential need for additional financing, the terms and conditions of any financing that is consummated, the limited trading market for the Company’s securities, the possible volatility of the Company’s stock price, the concentration of ownership, and the potential fluctuation in the Company’s operating results.
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