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Wall Street's rally is going back on hold as General Motors took another step toward bankruptcy court.
Stocks mostly slipped Wednesday after a big advance Tuesday. General Motors Corp. said not enough bondholders agreed to swap their debt for company stock.
That means the automaker is almost definitely headed for bankruptcy protection. GM has until Monday to finish restructuring or file for Chapter 11. The announcement dampened the mood of investors who had grown more optimistic about the economy after Tuesday's positive reading on consumer confidence.
Investors didn't find relief in a bigger-than-expected increase in home sales because a rise in inventories fanned worries that homes languishing on the market would continue to crimp the economy by hurting consumers and banks that hold mortgages.
The National Association of Realtors said sales of previously occupied homes rose from March to April as buyers hunted for bargains. Sales rose 2.9 percent to an annual rate of 4.68 million last month. But the trade group also said the number of unsold homes on the market at the end of April rose almost 9 percent to nearly 4 million. That's a 10-month supply at the current sales pace.
In midmorning trading, the Dow Jones industrial average fell 19.43, or 0.2 percent, to 8,454.06. The broader Standard & Poor's 500 index slipped 0.88, or 0.1 percent, to 909.45, and the Nasdaq composite index rose 7.77, or 0.4 percent, to 1,758.20.
Yesterday's Top Performing Small Cap stock:
U.S. Geothermal Inc. (AMEX: HTM | Quote | Chart | News | PowerRating) was a SmallCapVoice.com top performer moving up over 29% on trading volume of 1,834,531 shares.
SmallCapVoice.com, Inc. announced that a new audio interview featuring, U.S. Geothermal, a renewable energy company focused on the production and sale of electricity from geothermal energy is now available. The interview can be heard here at http://smallcapvoice.com/blog/5-26-09-audio-interview-with-us-geothermal -inc-nyse-amex-htm/.
U.S. Geothermal is a renewable energy development company that is operating geothermal power plants at Raft River, Idaho and at the San Emidio Desert in Nevada. The Neal Hot Springs project in eastern Oregon is being developed and is expected to be operational in 2011. The San Emidio project is currently under development to replace the existing old power plant with a new efficient plant. U.S. Geothermal holds, through ownership or lease, geothermal rights of lands that comprise the Raft River project in Idaho, San Emidio, Granite Ranch, and Gerlach in Nevada, and the Neal Hot Springs project in Oregon.
Today's SmallCapVoice.com Hot Stock to Watch:
Defense Solutions Holding, Inc. (OTC BB: DFSH)
Defense Solutions Holding, Inc. / DFSH Adds Eye Safety Systems Products to Its Offerings in Iraq
Defense Solutions, Inc., an international project management and executive consulting firm, a wholly owned subsidiary of Defense Solutions Holdings, Inc., announced that the Company is an authorized distributor of Eye Safety Systems' ("ESSTM") advanced eye protection systems to the military and law enforcement markets in Iraq.
Headquartered in Sun Valley, Idaho and a wholly-owned subsidiary of Oakley, Inc., Eye Safety Systems, Inc. ("ESSTM") creates advanced eye protection systems for military, law enforcement, and fire/rescue professionals. Designed for the planet's most hostile and unforgiving environments, ESSTM products feature cutting-edge technologies and patented innovations to ensure peak performance and uncompromised eye safety. Sold in over 90 countries, ESSTM has revolutionized the way military personnel view eye protection eyewear; featuring high-impact polycarbonate lenses, that can stop a shotgun blast from 35 feet.
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About SmallCapVoice.com
SmallCapVoice.com is a recognized corporate investor relations firm, with clients nationwide. Known for its ability to help emerging growth companies build a following among retail and institutional investors, SmallCapVoice.com utilizes its stock newsletter to feature its daily stock picks, audio interviews, as well as its client's financial news releases. SmallCapVoice.com also offers individual investors with all the tools they need to make informed decisions about the stocks they are interested in. Tools like our stock charts, stock alerts, and our investor fact sheets can assist with investing in stocks that are traded on the OTC BB and Pink Sheets.
Small Cap Voice SCV is an electronic publication, and is for informational purposes only. The stocks profiled by SCV are only company profiles and are not intended to be and should not be accepted by you as recommendations to buy or sell in these securities. These profiles are compiled from publicly available sources. Our sources include, but are not limited to, online research, company profiles, member suggestions, magazines, newspapers, analyst suggestions, broker recommendations, contact with the company, company rumors, press releases and other similar information sources. All profiles are based on information that is accessible by the public. Investing in stocks involves risk. SCV is not and does not hold itself out to be a registered broker or dealer or other licensed securities professional. You should consult a qualified, licensed financial advisor or stock broker before making any decisions to invest in the securities of any company that is described in these profiles. For compensation and complete disclaimer click here.
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