The 10-year Treasury note rose again today, up to 5.14 percent after 4 consecutive days of retreat, which helped aide the slide in most stocks today. This gives investors another feeling of concern that the borrowing cost among firms will increase.The Dow Jones and S&P 500 fell today 1.07 percent and 1.36 percent respectively. These losses lead to a trickle effect from the bigger markets into the OTCBB and Pink Sheets, which caused a majority of the equities to decline in the micro-cap market.
Amongst the concern surrounding the bond market, the price of oil dropped today from a nine-month high after a report showed that the stockpile of oil and gas in the United States increased, this drop caused all energy producers in the S&P 500 price to decline.
Adding more depressing news to an already bleak day, the U.S. housing market is headed for trouble. The current 30-year mortgage rate is at 6.74 percent. Confidence among U.S. homebuilders fell in June to its lowest level since February 1991, and homebuilding stocks are down an astonishing 20 percent already this year.
The national median home price is poised for its first annual decline since the Great Depression, and the supply of unsold homes is at a record 4.2 million, according to the National Association of Realtors. This news could possibly lead to an even bigger housing recession that could infiltrate other sectors and industries leading to even more declines across the board.
Not all stocks tend to follow the trends that are laid out by the bigger markets. Amongst all the trends, retreat’s, and decreases in stock prices, some companies take on the challenge of adversity and find a way to make positive gains in the market.
Neoprobe Corp. (OTCBB: NEOP) finished the day with gains of 5.9 cents, or 29 percent, to $0.26 on volume of 120,000. Earlier this morning, the company released positive preliminary news from a multicenter Phase 2 clinical study of its lead clinical candidate Lymphoseek. It proved that the test results for Lymphoseek was able to surpass its goals of 90 percent localization to 94 percent in patients with either breast cancer or melanoma.
This morning Global Aircraft Solutions (OTCBB: GACF) announced the sale of two 737 – 200 aircrafts to Azteca Airlines. Both of these aircrafts were owned by Global Aircraft and will be delivered to Azteca with fresh paint, a fresh “C” check, and any integration maintenance required by Azteca’s regulatory agencies. Following this news, Global Aircraft’s stock price rose 13 percent up to $0.80 from 71 cents on volume of 1.05 million.
ERF Wireless Inc. (OTCBB: ERFW) has secured a $10 million funding commitment from Dutchess Private Equity Fund Ltd. The agreement states that ERF has the rights to require Dutchess to purchase up to $10 million of the company’s common stock at a 7 percent discount over the next 36 months after a registration statement has been declared effective by the U.S. Securities and Exchange Commission (SEC). Following the previous two days of gains, ERF’s stock price rose 4 cents to $0.21, or 24 percent on volume of 136,000.
