July 25, 2008 -- JERICHO ENERGY COMPANY, INC. (Other OTC: JECI), formerly CENTIRE INTERNATIONAL, INC., is proud to announce that effective at the open of business 7/18/08 the company began trading under their new corporate name, Jericho Energy Company, Inc., along with its new ticker symbol JECI. Jericho's Chief Operating Officer and President, Russell Hilbourn, stated, "We at Jericho Energy have been waiting patiently for our corporate name and ticker change to become official. We want to assure our shareholders that during this waiting period the company has been anything but dormant and accomplished many important tasks behind the scenes. Our most recent accomplishment was getting "current information" status on pink sheets, which is the highest rating there is for a pink sheet company. Having this rating is extremely important for maximizing shareholder value because investors are more comfortable investing in a company that has full disclosure. These are exciting times at Jericho Energy and we look forward to sharing many more of our recent accomplishments with our loyal shareholders in the near future."
July 25, 2008 -- GT Solar International, Inc. (NASDAQ: SOLR | Quote | Chart | News | PowerRating) issued the following statement concerning the announcement by LDK Solar that it has signed a contract to purchase JYT multicrystalline and monocrystalline furnaces. According to the announcement, LDK Solar has been granted the exclusive right by JYT to purchase furnaces for the contract period, which extends through 2010. Bob Woodbury, chief financial officer for GT Solar International, Inc. made the following statement. "This announcement by LDK does not in any way impact GT Solar's backlog, nor do we believe it will have any effect on our internal targets or projections. In fact, LDK Solar's total orders represent less than 20 percent of our current backlog. Moreover, LDK's furnace orders represent less than eight percent of our current backlog. "Additionally, GT Solar has and will continue to diversify its customer base. LDK Solar remains an important customer, and we continue to negotiate with them for future equipment needs related to multicrystalline furnaces and silicon reactors".
July 25, 2008 -- Mechel OAO (NYSE: MTL | Quote | Chart | News | PowerRating) publishes its official statement. Mechel shares the concerns of the Government of the Russian Federation, steel plants and metallurgical industry in regard to the growth in prices for steel products and raw materials in the recent time. As was previously announced, Mechel has started the process of forming long-term commercial relationships with key partners and has signed a number of agreements for delivery of its products to the end of this year. Mechel is ready for cooperation with federal authorities of the Russian Federation and, if required, will provide complete information on any arising issues. Mechel is one of the leading Russian companies. Its business includes three segments: mining, steel, and power. Mechel unites producers of coal, iron ore concentrate, nickel, steel, rolled products, hardware, heat and electric power. Mechel products are marketed domestically and internationally.
July 25, 2008 -- Vimpel-Communications (NYSE: VIP | Quote | Chart | News | PowerRating) announced that it has issued Russian ruble-denominated bonds through LLC VimpelCom-Invest, a consolidated Russian subsidiary of VimpelCom, in an aggregate principal amount of 10 billion Russian rubles, which is the equivalent of approximately $428 million at today's Central Bank of Russia exchange rate. The bonds are guaranteed by VimpelCom. The bonds are due on July 19, 2013. Interest will be paid semiannually. The annual interest rate for the first three payment periods is 9.05%. VimpelCom-Invest will determine the annual interest rate for subsequent periods based on market conditions. Bond holders will have the right to sell their bonds to VimpelCom-Invest when the annual interest rate for subsequent periods is announced at the end of the third payment period. The proceeds of the offering will be used for the development and expansion of VimpelCom's networks, including through possible acquisitions or investments in existing operators, and to repay indebtedness. This release shall not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The securities will not be registered under the Securities Act of 1933, as amended (the "Securities Act"). Unless and until so registered, the securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.
July 25, 2008 -- Northwest Airlines (NYSE: NWA | Quote | Chart | News | PowerRating) and PayPal are making booking summer travel easier by giving passengers the ability to book flights now and pay for them later with PayPal's promotional financing service, PayPal Pay Later. As part of the introductory financing option, customers can buy tickets on nwa.com and defer payments for 90 days, allowing them to complete their payments on a timeline that works best for their budgets. "PayPal has already demonstrated its value to our customers, providing a safe and easy way to pay for tickets online," said Al Lenza, Northwest Airlines vice president, distribution and e-commerce. "Adding PayPal Pay Later gives our customers even more flexibility when paying for their next trip on Northwest Airlines." Northwest customers can use PayPal Pay Later even if they don't have PayPal accounts. The streamlined application can be completed in 30 seconds and provides qualified travelers with instant access to credit. Northwest Airlines has been offering PayPal as an online payment option since June 2007.
July 25, 2008 -- Federal Signal Corporation (NYSE: FSS), a leader in advancing security and well-being, reported net income from continuing operations of $8.0 million, or $.17 per share, for the second quarter of 2008 on net sales of $254 million. For the same period of 2007, the Company earned $12.2 million from continuing operations, or $.25 per share, on net sales of $243 million. The year-over-year reduction in net income from continuing operations is due to increased litigation expense, lower sales of mobile lightbars and sirens and a higher effective tax rate. Jim Goodwin, interim president and chief executive officer, stated, "Our second quarter order intake was encouraging, with new business exceeding shipments in all three segments. Despite the publicized pressures on US municipal spending, we saw a 6% increase in municipal orders due to strong demand for outdoor warning sirens, a recovery in street sweeper orders and the addition of the PIPS products. Our international business remains robust, particularly outside of Europe. Our pipeline of new business for our Public Safety and Security division is growing as planned; our investment in additional sales resources should bear fruit in the back half of the year. We remain concerned about escalating materials costs. While our purchase contracts protected us during most of the second quarter, we are beginning to see cost increases flow through. We have raised our selling prices on most of our products, which should cover the cost impact later this year.
Wall Street ended a volatile week with a moderate gain Friday after better-than-expected economic data placated a market pummeled a day earlier by concerns about housing and the financial sector. Financials fell on continued worries about souring loans, while a surge in profits at Juniper Networks Inc. lifted technology stocks. The Commerce Department's report on June home sales helped investors shake off some early uncertainty. The government said sales of new single-family homes fell by 0.6 percent to a seasonally adjusted annual rate of 530,000 units; the market expected sales to total 505,000. That report helped offset concerns raised by a weak reading on existing home sales on Thursday. And there was good news about consumers, whose shyness about spending has troubled Wall Street. The Reuters/University of Michigan index of consumer sentiment for the first part of July came in at 61.2, while economists forecast a reading of 56.4, which was the level hit in June -- a 28-year-low. The Commerce Department also said orders for durable goods rose 0.8 percent last month, far better than the 0.4 percent decline economists expected. It was the best showing since a 1.1 percent rise in February and reflected strength in demand for heavy machinery, primary metals such as steel and even a slight rebound in the beleaguered auto industry. Linda Duessel, equity market strategist at Federated Investors, said economic figures such as the durable goods numbers are important because they reveal continued demand from abroad, which could help U.S. companies continue to rake in profits even if the U.S. economy isn't running at full steam. "That's good news for market participants as we try to find a footing in the market because we really don't want to see our weakness leak outside the U.S.," she said. According to preliminary calculations, the Dow Jones industrial average rose 21.41, or 0.19 percent, to 11,370.69. The Dow, which fluctuated at times Friday, fell more than 280 points Thursday. Broader stock indicators also rose. The Standard & Poor's 500 index advanced 5.22, or 0.42 percent, to 1,257.76, and the technology-heavy Nasdaq composite index jumped 30.42, or 1.33 percent, to 2,310.53. Bond prices moved lower as investors shifted back into stocks. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 4.09 percent from 4.00 percent from late Thursday. The dollar was mixed against other major currencies, while gold prices rose. A barrel of light sweet crude fell $2.23 to settle at $123.26 on the New York Mercantile Exchange. Oil prices have fallen more than $20 in recent weeks, alleviating some of Wall Street's concerns about the impact of inflation consumers' ability to spend.
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