The service industries reported unexpected growth in June sending the growth rate to its fastest pace in 14 months. The service industry, which makes up almost 90 percent of the economy, is helping to stabilize the economy from the fallout in the housing sector.The large caps saw mixed effects from the economic news today providing the S&P and NASDAQ with gains and the Dow Jones retreating. The same effects trickle down to the Microcaps even as we inch closer to the bell companies shares continue to move, reflecting news and press releases posted throughout the day. The following companies closed up strong at the end of the day.
Composite Technology’s Corporation (OTCBB: CPTC) announced today that its subsidiary, DeWind, has received an order from Sia Lenkas Energo, for one 2MW DeWind D8 wind turbine. News from this press release caused the companies stock to move higher by almost 7 cents to $1.49. This is a change of a little more than 5 percent on over 1.5 million in volume.
Samsonite Corp. (OTCBB: SAMC), one of the world’s largest manufacturers and distributors of luggage, saw its stock price jump up after today’s announcement. Shares rose to $1.44, a change of 11 cents or 8 percent, after they announced that private equity firm CVC Capital Partners is going to acquire them. This is an all-cash transaction and is valued at approximately $1.7 billion. CVC will acquire all outstanding common stock of Samsonite at a price of $1.49 per share.
My Vintage Baby (Pink Sheets: MVBY) announced a 20 percent increase in store locations from the previous season. This increase will help generate more revenue for MVBY and has also helped increase their share price following the news. Share prices rose 9 cents today, a gain of 10 percent to close just under a dollar at 98 cents. The company beat expectations laid out by them before 2007 to have 500 store locations by this last quarter by coming in with 533.