10-19-09 Daily Small Cap Market News and Stock Highlights

October 19th, 2009 | Author: ExpressIR

Stocks trend higher although some earnings reports signaled that companies are still having a hard time boosting revenue

Toymaker Hasbro Inc., like many other companies, reported its third-quarter earnings rose as it cut costs, but said that its revenue fell. Gannett Co., the country’s largest newspaper publisher, also had a profitable quarter even with another big decline in ad revenue.

Apple Inc. and Texas Instruments Inc. are scheduled to release earnings after the closing bell.

Investors are anxious to see whether companies from a range of industries fared better in the quarter than banks did.

Disappointing earnings from Citigroup Inc. and Bank of America Inc. chilled some of investors’ optimism last week. Their results showed that loan losses remain high meaning consumers and businesses are having trouble paying their bills.

Traders who last week sent the Dow over 10,000 for the first time in a year, questioned whether reports still to be released by hundreds of companies would also point to a lackluster recovering economy.

Bond prices mostly fell. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.43 percent from 3.42 percent late Friday.

The dollar fell against other major currencies, while gold prices rose.

Light, sweet crude fell 24 cents to $78.29 per barrel on the New York Mercantile Exchange.

Yesterday’s Top Performing Small Cap Stock:

Cellceutix Corporation (OTC BB: CTIX) was a eXpessIR top performer yesterday closing up over 33% on trading volume of 116,684 shares.

Cellceutix Corporation is a preclinical cancer and anti-inflammatory drug developer. Cellceutix owns the rights to seven drug compounds, including Kevetrin, which it is developing as a treatment for certain cancers, and KM-133, which it is developing for the treatment of psoriasis. More information is available on the Cellceutix web site at www.cellceutix.com.