You can read the original version online:
http://ymlp257.net/z9xbk0 ——————————————————————————– June 17, 2012 Week In Review…
Week In Review For June 11 to June 15, 2012 Canadian Companies mentioned include:
* Sona Resources Corp. (TSX-Venture:SYS) * Southern Arc Minerals Inc. (TSX-Venture:SA) * HRT Participacoes em Petroleo S.A. (TSX-Venture:HRP) * Natcore Technology Inc. (TSX-Venture:NXT) * Western Pacific Resources Corp. (TSX-Venture:WRP) U.S. Companies mentioned include:
* Article Published, June 13, 2012: Why Nevada and Idaho Miners Take Center Stage for Growth Potential (http://www.allpennystocks.com/aps_ca/special-reports/275/why-nevada-and-idaho-miners-take-center-stage-for-growth-potential.htm) (CDN / U.S. Company) * Article Published, June 13, 2012: Medical Tech Company Holds Patented Technology That May Soon Be Everywhere (http://www.allpennystocks.com/aps_us/special-reports/272/medical-tech-company-holds-patented-technology-that-may-soon-be-everywhere.htm) (U.S. Company) * Article Published, June 15, 2012: New Award for Webtech Wireless Shows Much More Than Value to One Client (http://www.allpennystocks.com/aps_ca/special-reports/276/new-award-for-webtech-wireless-shows-much-more-than-value-to-one-client.htm) (CDN Company) Video charts for the week:
* June 12th Technical Video Chart For CGLO. A low-volume play, the China Global Media chart has proven to make some big moves in a matter of a few days. A bullish harami reversal pattern has been confirmed with support at 11 cents as the chart has now closed green on three consecutive days and is pressing on resistance at 15 cents. Click here to view:
( http://www.youtube.com/user/AllPennyStocks#p/a/u/1/0oirsgLWEkc ).
* June 13th Technical Video Chart For SA:CA. The Southern Arc Minerals chart is channeling between support at resistance at 30 and 33 cents in classic bottom play fashion. The indicators are aligning with a strong positive divergence which has the chart on watch for a break of 33 cents. view:
( http://www.youtube.com/user/AllPennyStocks#p/a/u/1/NJljRgr5HwA ).
Follow AllPennyStocks.com on Twitter: Click here: ( http://www.allpennystocks.com/aps_common/twitter.asp ) to join AllPennyStocks.com on Twitter. Find out about the penny stocks to watch before anyone else, only on Twitter. Following AllPennyStocks.com is free, get all the details here: ( http://www.allpennystocks.com/aps_common/twitter.asp ).
WEEKLY UPDATE – BULLS STAY IN TOWN ON STIMULUS HOPES American stocks were dominated by speculation and hope for a new stimulus package to come to fruition as economic data was plentiful and downbeat this past week (see economic data section below), yet equities managed to push higher on the strength of triple digit gains for the Dow Jones Industrial Average on Thursday and Friday. The Canadian markets were mixed with the larger TSX closing ahead by nearly 60 points on Friday to edge ahead for the week while the smaller Venture exchange continues to prove that investors are avoiding riskier plays; closing lower than it opened every day this past week. The Venture is nearly 40 percent lower than where it was on June 1, 2011. Overseas, central bankers kept nervous investors calm by reporting that they are standing ready to soothe the financial markets if weekend elections in Greece uncork deeper turmoil and credit freezes. U.S. stocks forged higher three out of five trading days amid growing speculation that the Federal Reserve, who has said on many occasions that they are prepared to take action when required, may soon pull the trigger on another round of bond buying – called “quantitative easing” – to stimulate the stagnant U.S. economy and frail job market.
Monday was a wild day as stocks slid with the Dow Jones snapping its five-session win streak with Greek elections coming firmly into focus.
Early in the day, the Dow had been ahead by nearly 100 points before skidding about 250 points from highs before the closing bell rang.
The markets in Canada did not fare much differently. The early morning exuberance was a carry-through from the week before on weekend news of euro zone finance ministers agreeing to lend Spain up to 100 billion euros (US$125 billion) to shore up its teetering banks, but moods soured as the upcoming elections in Greece had investors fretting over the possibility of Greece leaving the euro and questioning the effect of Spain`s bailout on the U.S. On a side note, investors will be looking for the official amount of the Spanish funds needed, which will be determined after the results of an independent audit of the Spanish banks is known June 21st.
The cash infusion in Spain is not a fix for the debt-laden economy, but greatly reduces the threat of financial contagion spreading in the euro zone for the moment, which shifted focus back to the Greeks.
Investors began pondering the odds of financial stability based on the weekend elections which will pit parties against each other with stark differences in views about the country sticking to strict austerity measures and remaining using the euro or abandoning the currency and returning to the country`s old currency, the drachma.
Spain, along with Italy, eked back into investors minds with swelling yields throughout the week, including Spanish 10-year yields exceeding 7%, a rate that is widely considered unsustainable and lending credence to the concept that 100 billion euros will not be enough to help Spain and that they`ll need more bailout funds. Italy`s 10-year yields also rose above the benchmark 6% level, a sign that the country could be heading for requiring a bailout of their own. Ratings agencies Fitch, Egan-Jones and Moody`s have now all downgraded Spain and warned that the country`s debt load, feeble economic prospects and limited access to credit in private markets leave it at risk of further downgrades to junk bond status. During the week, Fitch downgraded 20 Spanish banks.
With the Greek elections near, leaders of the central banks from major world economies released statements heading into the weekend showing their support to keep the markets stable. European Central Bank President Mario Draghi said the bank would “continue to supply liquidity to solvent banks where needed.” Bank of England Governor Mervyn King said the central bank and the Chancellor of the Exchequer are working on new policies to provide funding to banks for “several years” at rates below current market rates. Common consensus is that the British plan more monetary stimulus to flood their economy with cash.
Stateside, the Fed will be conducting a two-day monetary policy meeting this week, with chairman Ben Bernanke scheduled to hold a news conference at the conclusion of the meeting Wednesday afternoon.
Investors will once again have their ears firmly perked to see if Big Ben is going to answer the calls to begin QE3 as there has been a growing chorus of voices for the central bank to start some more bond buying. At the bare minimum, investors will be listening for an extension of Operation Twist, a bond-buying policy that shifts medium-term debt to long-term, which is set to expire at the end of June.
The conjecture about QE3 and the support of finance ministers to aid ailing banks overseas and stem any potential fallout should anti-austerity leaders in Greece take control was enough to keep the mood of traders eerily optimistic this past week. Also on the financial meeting front, leaders from the Group of 20 will be meeting in Mexico on Monday and Tuesday to discuss global recovery, the outcome of Greece`s elections and more. So, what this next week brings is difficult to speculate because there can be so many market moving announcements. For starters, what happens in Greece on Sunday will certainly set the tone. The Federal Open Markets Committee and what Bernanke has to say can certainly sway the markets mid-week. A number of updates will come from the States on the housing market, but judging by the way that investors almost cheered the poor data this week because it might result in some more money printing from the Fed, just how that information will be received is a bit of a coin toss.
Safe to say that, much like this past week, markets will probably remain at the whim of Europe and the Fed with volatility quite possibly remaining the norm.
The U.S. dollar held firm in early week trading against world counterparts and Treasury yields fell, with the benchmark 10-year dropping to 1.589%. As the week progressed, however, the ongoing talk of stimulus from the U.S. Federal Reserve weakened the USD, giving rise to the Canadian dollar before traders squared positions heading into the Greek vote and upcoming commentary from the U.S. Fed Chairman. On the week, the Canadian dollar picked-up another 0.37% against the USD, meaning that next week will begin with one Canadian dollar buying US$0.97809.
* Gold futures reversed course after a brutal few days to wrap the week prior with the markets tumbling on Monday as investors left riskier plays and moved back into gold and safer assets. As the week progressed, gold stayed strong, carving away all the losses from the previous week. Gold has been acting a bit peculiar in recent months, often times trading in tandem with the USD or being sold-off by investors to cover losses in equities. It faces an important week with the Greek elections and mounting speculation that QE3 will happen, which should devalue the dollar and drive gold prices higher.
On the week, August contracts were the most actively traded; appreciating 2.31%, or $36.70 per ounce to close the week at $1,628.10 on the Comex division of the New York Mercantile Exchange.
* Silver prices did not track gold this past week with the poor economic data resulting in a cautious temperament amongst metal traders. Due to its high use in many industries such as electronics and solar energy, the slowdown of economies in manufacturing makes silver mildly more susceptible to fluctuations than its higher-priced cousin. The commentary from world banks on monetary stimulus acts as a buffer, however, which kept prices stable for silver. On the week, July silver contracts remained the most actively traded; nudging ahead by 0.94%, or 26.9 cents, to $28.74 per ounce.
* Copper prices finally found some strength to post gains for the first time in seven weeks on the back of a strong move on Monday. The rise could be a technical correction as copper has fallen about 15 percent since the beginning of April as demand from China, the largest consumer of copper, remains low. As MSN Money quoted a Shanghai-based physical trader, “There`s nothing much happening lately. No one really wants to buy, and no one really wants to sell. We are twiddling thumbs here.” In a week with notably low volumes, July contracts were the most actively traded on New York`s COMEX exchange during the week and finished up by 9.85 cents, or 3.00%, at $3.3835 per pound.
* Oil prices were jittery early in the week ahead of Greek elections and an Organization of Petroleum Exporting Countries (OPEC) summit in Vienna on Thursday, but continued to strengthen throughout the week after the meeting left their collective production ceiling unchanged.
Prices for WTI crude remained stable after making-up the Monday loss to finish basically flat leading into the weekend with another meeting scheduled in Moscow this week to continue talks of Iran`s nuclear program. On the week, July contracts for West Texas Intermediate crude dropped 7 cents, or 0.08%, to close at $84.03 per barrel.
Equity Market Snapshot:
(All percentages on a weekly basis unless otherwise noted) * Major gold miners were lifted by rising bullion prices. Barrick Gold (ABX, +0.37%), Yamana Gold (YRI, +0.31%), Agnico-Eagle Mines (AEM, +3.90%) and Kinross Gold (K, +6.35%) all posted gains while Newmont Mining (NMC, -1.55%) and Goldcorp (G, -0.25%) nipped lower on the TSX.
* Energy stocks primarily advanced with oil holding a base this past week. Suncor Energy (NYSE:SU, +0.39%), Talisman Energy (NYSE:TLM, +8.63%), Imperial Oil (NYSE:IMO, +2.87%) and Cenovus Energy (NYSE:CVE, +0.54%) all moved forward. Canadian Natural Resources (NYSE:CNQ, -0.74%) remained a laggard, doffing-off points for the third straight week.
* Also in the energy field, Enerplus Corp. (TSX:ERF, -5.11%) slashed its dividend in half to a monthly payment to shareholders of nine cents per share from 18 cents amid weaker oil and natural gas prices.
* The financial sector in the States rode the wave of optimism.
* JPMorgan (NYSE:JPM, +4.01%) CEO Jamie Dimon told lawmakers at Capitol Hill that he could not defend the trades that led to the bank`s more than $2 billion dollar trading loss, citing insufficient risk controls and a failure by traders to understand the bets they were placing.
* On the Canadian banking front, the financial sector helped the TSX climb. Bank of Montreal (BMO, +2.22%), Toronto-Dominion Bank (TSX:TD, +1.36%), Canadian Imperial Bank of Commerce (TSX:CM, +1.80%), Royal Bank of Canada (RY, +1.85%) and The Bank of Nova Scotia (TSX:BNS, +0.25%) added points. National Bank of Canada (TSX:NA, -0.72%) was a rare loser of the big banks.
* Research in Motion (TSX:RIM, +0.09%) announced the nomination of TPG Capital L.P. senior partner (and former partner at Goldman Sachs Group) Timothy Dattels to its board; replacing former Telefonica SA executive Antonio Viana-Baptista. Shares have rebounded mildly after closing below $10 per share in the opening days of June for the first time in nearly a decade. Shares have still lost about 70 percent of their value in the last year.
* In more things tech, Apple Inc. (NASDAQ:AAPL, -1.07%) shares turned lower after the technology maker unveiled its latest computers and software tools at its developer conference in San Francisco.
Apple also unveiled its new mapping app which appeared to spook Google’s (NASDAQ:GOOG, -2.75%) investors that the new app may pose some level of threat to the Web search giant’s own mapping business.
Bloomberg reported Apple would share in ad revenue with Chinese company Baidu. The company`s search engine was added as part of a software upgrade for iPhones.
* Facebook (NASDAQ:FB, +10.75%) was the topic of a Wall Street Journal report that said results from a comScore survey showed slowing user growth in the U.S. Zynga Inc. (NASDAQ:ZNGA, -8.10%), which relies on Facebook for the majority of its revenue, was stuck by the report and touched all-time lows of $4.78 in its brief trading history. The two companies were also part of an SEC statement that was released this past week related to an investigation before the Facebook IPO in which the agency noted “disproportionate trends in average revenue per user that could be material to investors,” according to an April 10 letter sent to CFO David Ebersman. The SEC also had asked Facebook to disclose more details regarding its revenue stream from Zynga.
* Enterprise social software company Yammer is reportedly being bought by Microsoft (NASDAQ:MSFT, +1.25%) in a deal valued at $1.2 billion. The news rippled through other network solution stocks with Broadvision (NASDAQ: BVSN, +15.18%), Support.com, Inc. (NASDAQ:SPRT, +7.17%), SolarWinds (NYSE:SWI, +1.42%) and Web.com (NASDAQ:WWWW, +2.66%) all rising.
* Shares of Ampio Pharmaceuticals Inc. (NASDAQ:AMPE, +18.44%) rose as the biotech reported positive results from a clinical trial for Optina, a new diabetes-related drug.
* EnergySolutions (NYSE:ES, -52.92%) saw its shares tank with breakneck speed as it juggled management, lowered its outlook for its adjusted EBITDA 2012 earnings and got a two notch corporate credit ratings haircut by S&P from “B” to “BB-“.
* Shares of Bombardier Inc. (TSX:BBD/B, +5.23%) cruised higher when the manufacturer of planes and trains reported an order by NetJets of up to 275 Bombardier Challenger business jets. The order was the company`s largest business-aircraft sale in Bombardier history; valued at approximately $7.3 billion.
* Shares of Finnish cellphone maker Nokia (NYSE:NOK, -17.88%) dropped to their lowest level in more than 15 years after the company announced it was cutting 10,000 jobs worldwide and warned that competition in the smart phone business would hurt results somewhat more than expected in the second quarter.
* Johnson & Johnson (NYSE:JNJ, +4.81%) reported that it completed its purchase of Swiss medical device maker Synthes this past week, well ahead of schedule and that the deal would actually add a nickel per share to its earnings for the year rather than cause a loss of 22 cents per share as the company originally forecast.
* Bauer Performance Sports Ltd. (TSX:BAU, -0.74%) said that it is buying privately-held Cascade Helmets Holdings Inc. for $64 million U.S. in order to expand its lacrosse business and acquire the company`s patented helmet technology.
* Discount retailer Dollarama (TSX:DOL, +9.84%) beat estimates by 6 cents when it reported its first-quarter profit rose 40% to $42.6 million or 56 cents a share, which beat estimates by six cents.
Revenue for the quarter was nearly $398 million, up 15% from the comparable period last year. Shares of Dollarama have been on a steady upward path, appreciating by nearly 100% in the last 52 weeks.
* Juniper Networks (NYSE:JNPR, -2.72%) announced a $1-billion U.S.
share repurchase plan.
* Paper maker Domtar Corp. (NYSE:UFS, -2.57%) said that it is selling its hydroelectric assets in the Ottawa and Gatineau, Quebec-area for $45 million to Energy Ottawa Inc., the renewable energy subsidiary of Hydro Ottawa Holding Inc.
* Shares of Dyax Corp. (NASDAQ:DYAX, -5.31%%) slid some after the drug maker said its discontinuing a Phase 2 clinical trial for ecallantide for a type of angioedema.
* IntegraMed America Inc. (NASDAQ:INMD, +20.63%) shares soared as the healthcare management company agreed to go private in a cash deal valued at $169.5 million. Terms of the agreement with Sagard Capital Partners LP call for shareholders to receive $14.05 a share, a premium of roughly 24% over IntegraMed’s previous Friday closing price.
* In other acquisition news, Micronetics Inc. (NASDAQ:NOIZ, +94.93%), a maker of radio and microwave frequency subsystems and components, agreed to be bought by Mercury Computer Systems Inc. (NASDAQ:MRCY, +8.90%) in a cash deal valued at roughly $67.7 million.
* MicroVision Inc. (NASDAQ:MVIS, -21.45%) watched its shares tumble when it said that it would make a secondary public offering of common shares and warrants to purchase common stock.
* David Raisbeck, a Board of Directors member at Canadian Pacific Railway`s (TSX:CP, -0.22%), said that he`s stepping-down. Raisbeck`s move comes just weeks after New York-based Pershing Square Capital Management, CP`s biggest shareholder, succeeded in its months-long battle to oust Fred Green as CEO.
* Shares of First Solar (NASDAQ:FSLR, +8.98%) have been on a steep slide for more than a year, but managed to close green for the second week straight after news reports that it would not close a German plant until the end of the year because of an unexpected increase in demand in Europe.
Weekly Indices Results:
The S&P TSX Composite Index added to its total again, moving ahead 24.27 points, or 0.21%, to 11,524.90. The TSX Venture Exchange was the laggard of the major indices; dropping 41.91 points, or 3.24%, to 1,251.02.
In the States, the Dow Jones Industrial Average rose for the second straight week; climbing 212.97 points, or 1.70%, ending the week at 12,767.17. The much-broader S&P 500 followed along; expanding its total by 17.18 points, or 1.30%, to close at 1,342.84. The tech-rich NASDAQ Composite also advanced; tacking-on 14.38 points, or 0.50%, to 2,872.80 on the week.
Canadian Economic Data:
* Existing home sales dropped 3.1% in May from their April levels, according to the Canadian Real Estate Association. The seasonally-adjusted 3.1% drop was the first monthly decline since January. CREA said that activity ran only slightly above the five- and 10-year averages for May. The national average home price edged down 0.3% on a year-over-year basis during the month.
* Statistics Canada reported that the new housing price index kept its momentum going, climbing 0.2% in April, following a 0.3% hike in March. Analysts were calling for a 0.3% climb. As compared to 2011, prices advanced 2.5% after a 2.6% increase was registered in March.
The nation`s number-crunchers said that price increases in the Toronto and Oshawa region and in Edmonton explained most of the monthly rise with Toronto-Oshawa prices climbing 0.3 percent for a 5.9 percent annual jump.
* Statistics Canada also said this past week that manufacturing sales fell 0.8% in April to $49.1 billion, the third decline in four months.
The aerospace product and parts industry and the petroleum and coal product industry posted the largest decreases.
Next week, economic data will step it up with updates on Canada`s International Transactions in Securities on Monday; Wholesale Trade on Tuesday; Leading Indicators, Retail Trade and Employment Insurance on Thursday; and May`s Consumer Price Index on Friday.
U.S. Economic Data:
* The Labor Department reported filings for initial unemployment benefits which unexpectedly rose to 386,000 during the week ending June 9, up from the revised 380,000 the previous week. Economists were calling for a drop in claims to 375,000 for the closely-watched snapshot of the still struggling jobs market.
* The Commerce Department reported that retail sales fell for the second straight month in May; matching April`s 0.2% drop and inspiring economists to cut expectations for economic growth. Small wage gains and high unemployment are keeping consumer spending low which accounts for nearly 70 percent of the economy. Eight of 13 major retail categories showed sales declines in May, led by building materials merchants, service stations and general merchandise stores.
* The Labor Department said that the Producer Price Index, which measures changes in wholesale prices, dropped 1% in May, representing the second straight month of decline and the largest one-month drop since July 2009. Analysts were expecting a fall of around 0.8%. Core producer prices, which strip out volatile food and energy prices, rose 0.2%, led by a hike in drug prices.
* The Labor Department also told us that the Consumer Price Index, the broadest of the three monthly price measures from the Labor Department because it includes goods and services, declined 0.3% in May, more than the 0.2% slide forecast and the biggest drop since December 2008, after a flat month of April. The so-called core measure increased 0.2 percent for a third month. On a yearly basis, consumer prices increased 1.7 percent in the 12 months ended in May, the smallest 12-month gain since January 2011.
* The Empire State Manufacturing Index, a survey of manufacturing plants in the state regarded as one of the earliest monthly guideposts to U.S. factory conditions, plummeted to 2.3 in June, according to the Federal Reserve Bank of New York, down from 17.1 in May and far below economists` predictions of a 13.5 reading. The new orders and shipment indices decreased in addition to two readings on employment fading and the prices paid index retreating. A reading of expected conditions in six-months fell for the fifth straight month as it jumped backwards to 23.1 in June from 29.3 in May.
* The Thomson Reuters/University of Michigan Consumer Sentiment Index for June kept the economic beat with a drop to 74.1 from 79.3 in May, which was the highest level since October 2007. Economists were calling for a drop to 77.5. Europe`s debt problems and slowing job growth is keeping American`s feeling less wealthy despite cheaper prices at the gas station.
Next week, data in the States will include the Housing Market Index on Monday; Housing Starts on Tuesday; Jobless Claims, Existing Home Sales and the Philadelphia Fed Survey on Thursday.
Penny Stocks to Watch & Company Spotlight Results:
Among the stocks we watched this week, gold producer Sona Resources Corp. (TSX-Venture:SYS) fought resistance at its intraweek high of 82 cents, hitting it on four occasions, and closed on Friday ahead by 2 cents, or 2.67%, at 77 cents. The other Canadian stock on our radar, mineral explorer Southern Arc Minerals Inc. (TSX-Venture:SA) also found a tough resistance point at its intraweek high of 33 cents, but stayed strong to close right at that level for a gain of 1 cent, or 3.13%, for the week.
In the States, real estate private equity firm Evoq Properties Inc.
(Pink Sheets:EVOQ) rose to hit an intraweek high of $3.07 on Wednesday before giving back a bit of the gains to close the week ahead by 8 cents, or 2.79%, at $2.95. The other U.S. stock on our watchlist, advertiser and brand developer China Global Media Inc. (OTCBB:CGLO) skipped ahead to hit an intraweek high of 18 cents on three different days before wrapping the week with a down-tick right before Friday`s closing bell to finish lower by 3.5 cents, or 24.14%, at 11 cents.
If you`d invested in all four stocks and held them to the end, you`d have seen an average loss of 3.89%. However, if you`d bought all four at the beginning of the week and sold each at its peak, you`d have realized gains of 10.89%.
Next week, we focus on HRT Participacoes em Petroleo S.A.
On the Corporate Spotlight Front…
Western Pacific Resources Corp. (TSX-Venture:WRP) reported that the Idaho Forest Service has granted the Plan of Operation permit (drilling permit) for its 100%-controlled Mineral Gulch project. The expanded drill permit is valid for a 5-year span and now allows Western Pacific Resources to drill in areas that they were unable to drill in last year`s program. The company is reviewing data to select high priority targets and will release drill plans shortly. The project encompasses the historic Black Pine Property, which has produced over 500,000 ounces of gold at an average head grade of 1.5 grams from several small open pits.
A special report on WRP was also prepared on AllPennyStocks.com this week, investors can give it a read by clicking here: (http://www.allpennystocks.com/aps_ca/special-reports/275/why-nevada-and-idaho-miners-take-center-stage-for-growth-potential.htm). WRP has been one of those rare gems in the market as it has bucked the trend of most of the other junior mining Companies and continues to hold strong gains from six weeks ago when AllPennyStocks.com spotlighted it initially. The profile for Western Pacific Resources Corp. was released to AllPennyStocks.com members on May 1st at$0.23 and on Friday the Company closed at $0.315 for a solid 37% gain since that time. Congratulations to all investors who made a decision on WRP, it has paid off handsomely.
AllPennyStocks.com is on the lookout for new investing ideas, and we hope to be releasing this ideas to our members shortly.
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