You can read the original version online:
http://ymlp331.net/zXGdFk ——————————————————————————– June 3, 2012 Week In Review…
Week In Review For May 28 to June 1, 2012 Canadian Companies mentioned include:
* Caza Gold Corp. (TSX-Venture:CZY) * Corex Gold Corp. (TSX-Venture:CGE) * Brazilian Gold Corp. (TSX-Venture:BGC) * Aurcana Corp. (TSX-Venture:AUN) U.S. Companies mentioned include:
* Article Published, May 30, 2012: Junior Trading Below Book Value Reports $8 Million in Net Equity (http://www.allpennystocks.com/aps_us/special_reports/267/Junior-Trading-Below-Book-Value-Reports-$8-Million-in-Net-Equity.htm) (U.S. Company) * Article Published, May 30, 2012: Junior Biotech Files PCT Patent on Bone Tissue Regeneration Technology (http://www.allpennystocks.com/aps_ca/special_reports/272/Junior-Biotech-Files-PCT-Patent-on-Bone-Tissue-Regeneration-Technology.htm) (U.S. Company) * Article Published, June 1, 2012: Verizon Buys Junior Tech Company to Advance M2M Capabilities (http://www.allpennystocks.com/aps_us/special_reports/268/Verizon-Buys-Junior-Tech-Company-to-Advance-M2M-Capabilities.htm) (CDN Company) Video charts for the week:
* May 30th Technical Video Chart For GFMD. The Godfather Media chart is getting some upward pressure off a bottom at $0.0009 and is pushing today through a minor resistance at $0.0014 in early trading. More resistance isn`t on tap until $0.002, which leaves a nice upside for this sub-penny bottom play. view:
( http://www.youtube.com/user/AllPennyStocks#p/a/u/1/zC-RPpgZFsE ).
* May 30th Technical Video Chart For CGE:CA. The Corex Gold Corp chart has formed a classic PPO/ADX pincher and is bouncing smoothly off a bottom at 6 cents. Two green closes have pushed the price per share back to a secondary resistance point at 8 cents with a new support established at 7 cents. view:
( http://www.youtube.com/user/AllPennyStocks#p/a/u/1/TjW9U50PQTk ).
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WEEKLY UPDATE – JUNE STARTS WHERE MAY LEFT OFF, DOW JONES IN NEGATIVE TERRITORY IN 2012 We concluded last week`s commentary with warnings of the plethora of economic data that was coming from the United States. It came and came in poor; rocking the North American markets with a week that saw all the major indices falling, including the U.S. major exchanges diving by about 3 percent. The sliding Dow Jones has lost more than 1,000 points in the last five weeks and now sits nearly a full percent lower than it started 2012 thanks to a more than 300 point fall this past week, aided by a dump of 275 points on Friday as economic data continues to show that growth has slowed to a creepy-crawl. During May, the Dow only managed five green days. June didn`t kick-off much better with the first day seeing all 30 Dow components in the red as well as 95% of the S&P 500 depreciating in value.
American`s took the day off for Memorial Day on Monday and came out with some bullishness on Tuesday after posting gains the week prior for the first time in May. Traders shirked-off a worse than expected consumer confidence report and welcomed optimistic news that China was making plans to expand its value-added-tax overhaul and speed up government-related spending projects. Greece`s bank support fund, the Hellenic Financial Stability Facility (EFSF), on Monday disbursed 18 billion euros to the country`s four biggest banks (National Bank, Alpha, Eurobank and Piraeus Bank) as a part of a long-planned recapitalization effort. The injection of bonds from the EFSF rescue fund will boost the capital base of the leading lenders and once again give them access to European Central Bank funding.
Also from Greece`s shores, early-week surveys showed the New Democracy party came out on top in all six opinion polls published over the weekend. The party backs the tough austerity measures agreed upon with the European Union and the International Monetary Fund that have made it possible for the country to receive international bailouts. The news bodes well for Greece remaining in the euro zone as it comes just a few weeks before Greeks return to the voting booths on June 17th after May election results failed to elect a controlling party. Even though the New Democracy party came in first in the opinion polls, the markets were still unnerved about the unexpectedly high support for political parties that are opposed to the bailout terms and prefer that Greece return to its old currency, the drachma.
The Tuesday exuberance was the extent of rosiness in the States for the week.
The latest round of worries from the euro zone shifted firmly on Spain as anxiety over the country gripped the markets from there forward; dragging on commodities and equities alike and adding strength to the US Dollar while pushing U.S. 10-year bond yields to record lows as investors practiced risk aversion across the board. In addition to the heavy debt burden that Spain is dealing with, reports showed that retail sales plummeted nearly 10 percent in April. In the week prior, Spain`s fourth largest lender, Bankia said that it needed about 19 billion euros in state aid, which ignited concerns about where Spain would come-up with the funds. On Wednesday, it was reported that the European Central Bank said that it had not been consulted on the bailout for Bankia, and that such a recapitalization could not be provided by the Eurosystem. Spain denied the reports as being true.
With the turmoil, yields on 10-year Spanish bonds, a key indicator of market confidence in a country`s ability to pay down its debt, rocketed up near 7 percent. A rate of 7% is considered unsustainable over the long term, raising eyebrows that Spain might soon be pushed to join to the ranks of Greece, Ireland and Portugal and seek an international bailout.
Turning the Spanish debt fodder into raw meat for investors, Egan-Jones Ratings Company slashed Spain`s sovereign credit rating to B from BB-, citing the possibility that the government will likely have to extend more support to its banking sector. The ratings agency also put the probability of a default by Spain within a year at 15%.
Maybe he knows something that no one else does, but Spanish Prime Minister Mariano Rajoy insisted that the country’s banking sector would not need an international rescue.
Fears that financial contagion are spreading from Greece weighed on mining and energy issues as Spain and Italy struggled at bond auctions, driving yields higher and higher. China, the second largest commodity consumer in the world, inspired a small ray of light at the beginning of the week with reports that its top economic planner, the National Development and Reform Commission, approved construction of several new steel plants, leading analysts to believe that the country had begun fresh stimulus measures; giving rise to the resource-heavy Canadian markets. That light was extinguished on reports that its government may not match the stimulus efforts of 2008; calling for much lower spending this time around. Fueling the fire, two manufacturing reports out of China showed that the sector contracted more than expected in May, adding to investors` concerns that the country may be headed for a hard landing.
Elsewhere, reports from the European Commission showed that eurozone economic confidence declined more than expected in May with a fall to 90.6 from a revised 92.9 reading in April. It was the second consecutive monthly decrease and took the gauge to its lowest level since November 2009. Industrial confidence deteriorated to -11.3 in May from -9 in April. Helping to stem losses, a European Commission statement suggested the use of the European Stability Mechanism Fund (the permanent rescue fund) to bail out troubled banks. As a major trade partner with China, the negative data from Europe (and the fact that the euro zone is teetering on a recession) impacts the heavily-watched growth rates for China, which in turn, affects the pricing of many commodities.
Further, unemployment across the 17 countries that use the euro stayed at 11 percent in April, meaning that 17.4 million people out of the active population of 158 million don`t have a job. This is the highest level since the single currency was introduced back in 1999, piling further pressure on the region`s leaders to switch from austerity to focus on stimulating growth.
Canadian Government bond yields fell to record lows with the price of the benchmark 10-year bond climbing C$1.76 cents to C$110.32, driving the yield down 19 basis points on the week to 1.63 percent. Earlier on Friday, the yield touched 1.615%, the lowest since at least 1950.
Thirty-year bond yields fell to 2.197 percent, the lowest since 1991, when Canada first issued the debt.
All overseas concerns aside, data from the States was a driving force with consumer confidence diminishing in May, manufacturing activity slowing, home prices slumping and pending home sales unexpectedly contracting, indicating that the housing market may not be steadying as economists had hoped. On the jobs front, the latest ADP report and initial jobless claims info on Thursday primed the pump for an extremely disappointing unemployment report from May which showed that the unemployment rate in the U.S. rose by a tenth of a percent to 8.2%. Friday`s employment report was widely anticipated because it shed light on how much unseasonably warm weather inflated the winter employment numbers as well as the underlying pace of job growth that politicians had been touting as improving as election time draws closer in America. The news sent the markets spiraling downward and opened up a new can of worms for President Obama.
The pathetic jobs report on Friday did inspire speculation of another round of bond buying, so-called quantitative easing, by the U.S.
Central Bank. The printing of cash devalues the dollar, which gave gold prices their biggest one day spike since August 2011.
The Canadian dollar came out ahead against the USD in thin holiday trading on Monday; boosted by Greek polls showing support for pro-bailout parties after investors had been running in droves to the USD and sent the loonie to a 18-week low against the greenback.
Speculation of growth grinding even slower in the States and the faltering conditions in Europe curbed demand for the loonie throughout the week, sending the Canadian currency lower against the greenback for the fifth straight week amidst its longest losing streak in a year. On the week, the Canadian dollar lost another 0.68% against the USD, meaning that next week will begin with one Canadian dollar buying US$0.964135.
* Gold futures were held in check and straddled the $1,560 per ounce mark with the appreciating USD during the week, but shot moon-bound on Friday with the worse than expected jobs report and increasing unemployment rate in the U.S. Bullion leapt ahead by almost 4 percent in the trading session as investors prospected the possibility of QE3.
The one-day jump of $57.90 per troy ounce was the biggest single-session percentage move since last August and moved the precious yellow metal into the green for the week. On the week, August contracts were the most actively traded; surging ahead by 3.39%, or $53.20 to close the week at $1,622.10 on the Comex division of the New York Mercantile Exchange.
* Silver prices joined the rally of its higher-priced gold cousin with the U.S. failing to create many jobs in May. Prices forged ahead about 2.5 % on the day to put the metal in positive territory for the week. Much like other commodities, silver prices have lately been affected by a higher U.S. dollar and Europe’s faltering economy. On the week, July silver contracts remained the most actively traded; edging ahead by 0.44%, or 12.6 cents, to $28.512 per ounce.
* Copper prices came out of the gate strong to start the week on optimism that China, the largest consumer of the red metal, was going to expand efforts and spur growth in the construction industry.
Prices rose initially on speculation of greater future demand as copper is widely used in residential construction for electrical wiring and plumbing. Mid and late week reports of significant slowdowns in growth from U.S., Europe and China quickly stymied prices and sent copper prices in a nosedive to its lowest levels since the middle of December. Copper is sensitive to shifts in the economic outlook because of its widespread uses across industries. The U.S. is the world`s No. 2 copper consumer behind China. With deflating economic data, copper prices crashed more than 12 percent in May.
July contracts were the most actively traded on New York`s COMEX exchange during the week and finished down by 13.45 cents, or 3.90%, at $3.3135 per pound.
* Oil prices fell into a black hole this past week, falling to their lowest levels in 8 months. Crude prices have now fallen for five straight weeks, its longest string in five and a half years. Brent futures, the benchmark in Europe, dove below their psychologically significant $100 per barrel level; hitting their lowest level in 17 months. Much like copper, bleak U.S. data and disappointing manufacturing numbers from overseas weakened speculation on future demand. On the week, July contracts for West Texas Intermediate crude retreated another $7.63, or 8.40%, to close at $83.23 per barrel.
Equity Market Snapshot:
(All percentages on a weekly basis unless otherwise noted) * Major gold miners rallied for the third straight week with Barrick Gold (ABX, +5.84%), Goldcorp (G, +5.38%), Newmont Mining (NMC, +1.48%), Yamana Gold (YRI, +6.08%), Agnico-Eagle Mines (AEM, +3.02%) and Kinross Gold (K, +4.23%) all posting solid upward moves on the TSX.
* Energy stocks languished with oil prices diving. Suncor Energy (NYSE:SU, -5.33%), Canadian Natural Resources (NYSE:CNQ, -10.83%), Talisman Energy (NYSE:TLM, -1.91%), Imperial Oil (NYSE:IMO, -3.58%) and Cenovus Energy (NYSE:CVE, -5.21%) all shedding points on the week.
* Shares of Chesapeake Energy Corporation (NYSE:CHK, -1.45%) slid after Reuters reported that the company was meeting with many of its major lenders in an effort to raise the $9 to $10 billion needed to close a funding shortfall. BP Amoco PLC (NYSE:BP, -4.17%) said it was considering selling its 50% stake in TNK-BP, a Russian oil joint venture, after it received an unsolicited bid for the holding.
* In other big energy news this past week, Royal Dutch Shell Plc (NYSE:RDS.A, -2.66%) put its Orion steam-driven oil sands project in northeastern Alberta on the block, six years after acquiring it as part of a $2.4 billion acquisition. Analysts believe that Shell could snag as much as $200 million for the project. In other project acquisition news, state-run explorer Oil India is looking at buying stake in ConocoPhillips` (NYSE:COP, -1.77% ) oil sand assets in Canada, as well as the Gabon assets of France`s Maurel et Prom.
* JP Morgan & Chase Co. (NYSE:JPM, -4.69%) unloaded some more corporate bonds to boost its sales to an estimated $25 billion of profitable securities in an effort to prop up earnings after suffering more than $2 billion in trading losses tied to the bank`s now-infamous “London Whale,” compounding the cost of those trades. JPM`s trader Bruno Iksil was labeled the “London Whale” in credit markets because of the size of the trading positions he took. Lynn Turner, a consultant and former chief accountant of the Securities and Exchange Commission pointed out that JPM made two “stupid decisions” in first taking risks that they didn`t even understand which resulted in the massive losses and now following that by selling high-income assets that they will not be able to replace.
* The financial sector maintained its volatile pattern. After gaining a bit of traction the week prior, big banks resumed their losing ways with Goldman Sachs Group (NYSE:GS, -3.74%), Bank of America (NYSE:BAC, -1.69%), Wells Fargo & Co. (NYSE:WFC, -5.34%) and Citigroup (NYSE:C, -4.08%) all carving-off points.
* On the Canadian banking front, the financial sector drew some strength from earnings reports to fare a bit better than U.S. banks this past week. Bank of Montreal (BMO, -0.64%) Royal Bank of Canada (RY, -0.71%) and Toronto-Dominion Bank (TSX:TD, -1.71%) nipped lower while Canadian Imperial Bank of Commerce (TSX:CM, +0.60%), National Bank of Canada (TSX:NA, +0.93%) and The Bank of Nova Scotia (TSX:BNS, +0.88%) edged upward.
* CIBC topped expectations when it reported earning $811 million of net income in the second quarter, up from $767-million in the comparable period last year, which amounted to $1.90 per diluted share of net income, or $2 per share on an adjusted basis. CIBC`s total revenue was just under $3.1 billion. National Bank of Canada shares rose on reports of a $553-million profit in the second quarter, up 69% from the same time last year. The bank also announced it was increasing its quarterly dividend to common shareholders by 5% to 79 cents per share.
* The industrials sector struggled this past week, as Canadian Pacific Railway (TSX:CP, -4.50%) shares dropped amidst deliberation of the federal government introducing a back-to-work legislation to end the strike by 4,800 CP workers. Mediated contract talks between Canada’s second-largest railway and the Teamsters union representing locomotive engineers and conductors collapsed the weekend prior.
Canadian National Railway Co. (TSX:CNR, -0.81%) shares also dipped.
On Monday, the company announced that a three-year contract covering 210 train dispatchers in Canada has been ratified by members of the Teamsters Canada Rail Conference.
* Alcoa (NYSE:AA, -3.82%), Caterpillar (NYSE:CAT, -4.91%) and Chevron (NYSE:CVX, 2.48%) were laggards as investors shunned companies in economically-sensitive industries against the backdrop of weak economic data.
* Patriot Coal Corp. (NYSE:PCX, -0.81%) named a new chief executive, Irl F. Engelhardt, to replace Richard M. Whiting as the company struggles to maintain its financial footing in a challenging market for coal. Shares of Patriot are down more than 70% so far this year.
* Shares of food producer Sara Lee (NYSE:SLE, -3.54%) lost ground after the company said it was performing a 1-for-5 reverse split and spinning off its international coffee and tea business, which will pay a special dividend to existing Sara Lee shareholders.
* After news of impending job cuts the previous week, it was reported on Monday that Chief Legal Officer Karima Bawa at Research In Motion Ltd (TSX:RIM, -5.82%) resigned amidst the reframing of the struggling BlackBerry maker; joining a parade of long-time company executives to depart since Thorsten Heins took over as CEO earlier this year. The latest executive departure follows the resignation of head of global sales, Patrick Spence, the week prior. The one-time tech beast also warned of a first quarter operating loss, while it revealed the hiring of J.P. Morgan Securities LLC and RBC Capital Markets to assist in a review of its business and financial performance, effectively putting itself up for sale.
* Seed and herbicide maker Monsanto (NYSE:MON, +3.55%) raised its full-year earnings guidance to between $3.65 to $3.70 U.S. a share, up from the $2.96 U.S. a share it earned a year ago and above the most bullish forecasts of analysts surveyed by Thomson Reuters.
* Canadian Tire (TSE:CTC.A, +0.27%) said that it plans to open over 100 new Sport Chek and Atmosphere stores within the next five years, and also shut down several under-performing corporate banners, as part of a new aggressive growth strategy for Sport Chek.
* On the social media page, shares of Facebook (NASDAQ:FB, -13.13%) continued their downward plight, hitting a new low since the social media company debuted as a public company less than 3 weeks ago.
Facebook closed the week 27.05% lower than its May 18th IPO price of $38. Online discount services company Groupon (NASDAQ:GRPN, -19.59%) cannot get away from being plagued with questions about its accounting practices since its initial public offering in November. Friday marked the end of the lock-up period for insiders being prohibited from selling shares, with shares diving nearly 9 percent that day on more than double average volume.
* In earnings news, clothing retailer Reitmans Canada Ltd.
(TSX:RET.A, -7.23%) reported that it had a $53,000 loss in its first quarter, as compared with a $624,000 profit a year earlier. The company said that sales dropped by 1% to $217.1 million. Rubbing salt in the wound, investment firm Versant Partners trimmed the price target for Reitmans` stock from $15 to $14.
* In merger news, automotive parts and service chain Pep Boys (NYSE:PBY, -19.06%) saw shares dive after it reported that the sale of the company to private equity firm Gores Group has been called off.
In January, Manny, Moe & Jack had agreed to be taken private for $15 per share, a 24% premium to the January 13th closing price of $10.47.
Shares ended this past week at $8.96 upon the news.
* In more M&A activity, Canada`s largest IT services company, CGI Group (NYSE:GIB, +11.10%), announced plans to more than double the size of its global workforce and total revenue through a friendly, $3.1-billion deal to acquire U.K. firm Logica PLC.
Weekly Indices Results:
The S&P TSX Composite Index fell for the fourth time in five weeks, shedding 215.27 points, or 1.86%, to 11,361.20. The TSX Venture Exchange went back to its losing ways; dropping 17.68 points, or 1.35%, to 1,291.59.
In the States, the Dow Jones Industrial Average plummeted by 336.26 points, or 2.70%, ending the week at 12,454.83. The much-broader S&P 500 followed along; shrinking its total by 39.78 points, or 3.02%, to close at 1,278.04. The tech-rich NASDAQ Composite also had a poor showing; dumping 90.05 points, or 3.17%, to 2,747.48 on the week.
Canadian Economic Data:
* Statistics Canada said the Industrial Product Price Index (IPPI) was unchanged in April as compared to March, after three consecutive advances. Of the major commodity groups, eight were up, nine were down and four were unchanged. The IPPI rose 0.4 percent in April when compared to a year ago. Increases in chemical products (+1.7%) and petroleum and coal products (+0.4%) were offset by a decline in primary metal products (-2.1%).
* Relative to March, the Raw Materials Price Index fell 2.0%, the third straight month of declines, largely because of mineral fuels.
Mineral fuels demurred by 2.8% during the month on falling crude petroleum prices. Prices excluding mineral fuels fell 1.3%, the first decline in four months. Rising costs for oilseeds and grains caused vegetable products prices to climb 1.4% as the cost of oilseeds and grains increased. A drought in South America is limiting production of canola and soybeans; aiding in oilseeds price climbs. Overall, prices for raw materials declined 13.6% on a year-on-year basis, the second consecutive drop.
* In March, average weekly earnings of non-farm payroll employees were $888.34, up 0.8% from the previous month. On a year-over-year basis, earnings rose 2.1%. Non-farm payroll employees worked 32.9 hours per week on average in March, down from 33.0 hours a year earlier, but up from 32.8 hours in February.
* Real gross domestic product (GDP) rose 0.5% in the first quarter, the same pace as in the previous quarter. Business investment contributed the most to first-quarter GDP growth. Final domestic demand grew 0.3%. On a monthly basis, real GDP by industry edged up 0.1% in March. As was the case throughout 2011, business investment continued to fuel growth. Business investment in plant and equipment advanced 1.2%, the ninth consecutive quarterly increase. The first-quarter growth was well below the central bank`s forecast of 2.5%, expanding at an annualized rate of 1.9%.
Next week, economic data will bring updates on Building Permits and the Interest Rate on Tuesday; Ivey PMI on Thursday; and Housing Starts, Trade Balance and Employment Information on Friday, including the latest Unemployment Rate, on Friday.
U.S. Economic Data:
* The Commerce Department reported that Americans mildly increased spending in April, while incomes grew more slowly, indicating that consumption continues to support economic growth. Personal spending rose by 0.3% in April from March, while incomes grew 0.2%. The rates were basically in line with economists` predictions. Revised data showed that in the first quarter consumption increased 2.7%, the best quarterly gain since 2010, although just below the initial 2.9% reading. The report also showed that the pace of savings demurred in April; moving down to 3.4% from a downwardly revised 3.5% in March.
The April pace matches February`s rate, which was the lowest in over four years.
* Pending home sales – a sale in which a contract has been signed, but not yet closed – unexpectedly contracted in April; dropping 5.5 percent to 95.5 after rising 3.8 percent to a downwardly revised 101.1 in March, according to a report by the National Association of Realtors. The drop follows three consecutive monthly gains.
Economists expected pending home sales to modestly rise by 0.5 percent for the month. Year-over-year, the index moved up 14.4 percent as compared to April 2011.
* According to Standard & Poor`s Case-Shiller home-price indexes, U.S. home prices fell in March, ending the first quarter at the lowest levels since the housing crisis began in mid-2006. The index of 10 major metropolitan areas was down 2.8% in March as compared to March 2011 while the 20-city index was down by 2.6%. At the end of March, average home prices were at levels reached in late 2002 for the 20-city index. While the market does show signs of stabilizing, home prices at the end of the first quarter have fallen about 2 percent year-over-year and are still about 35% lower than peaks during the second quarter of 2006.
* Payroll processor ADP released its latest employment report which showed that 133,000 private-sector jobs were added in May, a figure that was light of economists predictions of 150,000. Unseasonably warm winter weather had jobs creation growing at a monthly average of 250,000 from December to February, but the pace has slowed considerably with the time between March and April only showing a monthly average of 134,000.
* First-time filings for jobless benefits unexpectedly rose to 383,000 for the week ended May 26, 2012, up 10,000 from the previous week, and raised concerns about the May jobs report that came out a day later. The 10,000 new claims follows two consecutive weeks of smaller increases.
* The U.S. Bureau of Labor and Statistics said the the country only added 69,000 new jobs in May, representing the fourth straight month of decreasing numbers and the weakest monthly advance in a year.
Economists forecast that employers added 150,000 jobs in May, and that unemployment remained at 8.1%. With that, the U.S. unemployment rate upticked for the first time in 12 months; bumping up to 8.2 percent from 8.1 percent.
* The Commerce Department said that gross domestic product grew at a slower pace in the first quarter than previously thought. Growth in GDP, the nation`s total output of goods and services, was revised to an annualized rate of 1.9% from the 2.2% pace estimated in May. GDP grew at an annual rate of 3 percent in Q4 2011, but smaller expansion in consumer spending and inventory building coupled with less growth related to government spending cuts has analysts predicted a much slower rate in 2012. The Federal Reserve is forecasting 2012 growth to stay in the 2.4% to 2.9% range.
* Keeping the theme of a downbeat economic data week, the Conference Board`s index of Consumer Confidence decreased to 64.9 in May from a revised 68.7 in April, marking four month lows as optimism on jobs faded.
* In a semi-bright spot, even though the figure came up short of analysts` expectations, automakers reported selling 1.33 million new vehicles in May, a 25.7 percent increase over seriously depressed numbers in the year prior period. The stats from May 2011 were also hampered by the aftermath of the tsunami and earthquake that rocked Japan earlier in the year. On the downside, the seasonally adjusted annual sales rate totaled 13.8 million, denoting the first time in 2012 that the annual pace dipped below 14 million.
* The Institute for Supply Management (ISM) said that economic activity in the manufacturing sector continued to grow, but at a snail`s pace since a contraction in July 2009. Their latest index report registered a reading of 53.5 in May, down from 54.8 in April.
Economists were calling for a mark of 53.8. Readings over 50 signal growth in the manufacturing sector. Nonmetallic mineral products, furniture and apparel paced the gainers for the month.
Next week, data in the States will take a slight breather with Factory Orders on Monday; ISM Non-Manufacturing Index on Tuesday; Jobless Claims on Thursday; and International Trade stats on Friday.
Penny Stocks to Watch & Company Spotlight Results:
Among the stocks we watched this week, mineral explorer Corex Gold Corp. (TSX-Venture:CGE) outpaced the exchanges by closing at its weekly high of $0.08 for a gain of $0.01, or 14.29%. The other stock we had on radar, fellow miner Caza Gold Corp. (TSX-Venture:CZY) hit an intraweek high of $0.185 on two occasions before fading back to close the week at $0.16 for a gain of $0.01, or 6.67%.
In the States, biotechnology company Adamis Pharmaceuticals Corp.
(OTCBB:ADMP) was solid, including a run to an intraweek high of $0.709 on Friday before closing the week at $0.70 for a gain of 5.08 cents, or 7.83%. The other U.S. stock on our watchlist, holding company Godfather Media Inc. (Pink Sheets:GFMD) ran more than 50 percent in touching intraweek highs of $0.0022 before falling on Friday to wrap the week at $0.0013 for a loss of $0.0001, or 7.14%.
If you`d invested in all four stocks and held them to the end, you`d have seen an average gain of 5.41%. However, if you`d bought all four at the beginning of the week and sold each at its peak, you`d have realized impressive gains of 25.99%.
Next week, we focus on Brazilian Gold Corp. (TSX-Venture:BGC) and Aurcana Corp. (TSX-Venture:AUN). In the States, look for big things from Royal Standard Minerals Inc. (OTCBB:RYSMF) and Sauer Energy Inc.
Keep your eye`s set on your inbox this week as we are completing our due diligence on a new U.S. corporate spotlight that we will reveal early in the week. This play has been smoking with volume and you won`t want to miss it! ————————- 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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For more information see our disclaimer section, a link of which can be found on our web site. This document contains forward-looking statements, particularly as related to the business plans of the Company, within the meaning of Section 27A of the Securities Act of 1933 and Sections 21E of the Securities Exchange Act of 1934, and are subject to the safe harbor created by these sections. Actual results may differ materially from the Company`s expectations and estimates.
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http://www.nasd.com ( http://www.nasd.com ). Readers can review all public filings by companies at the SEC`s EDGAR page. The NASD has published information on how to invest carefully at its web site.
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