PennyTrader.com Presents Today’s Midday Stock Report: ONTC, VIRC, SUTR
The major averages have slipped off their respective session highs but the S&P 500 remains up 0.6%.
Financial stocks are continuing to rally after yesterday’s announcement of additional easing by the Federal Reserve. The SPDR Financial Select Sector ETF (XLF 16.30, +0.15) is higher by 0.9% as most major names are on the move. Bank of America (BAC 9.55, +0.15) and Morgan Stanley (MS 18.29, +0.39) are both up near 2.0%, while Wells Fargo (WFC 36.11, +0.56) is firmer by 1.6%.
ONTC – Trade Alert
Up 108.33% in morning trading to $.0025 with 35M shares traded
Onteco Corporation is focused on the investment in, and the development of, proprietary technologies that target alternative energy marketplaces domestically and globally. Its current investment focus is within the Energy Saving Lighting Industry. As a result it acquired NexPhase Lighting, Inc., in February 2011. Onteco Corporation (OTC.QB: “ONTC”) announced today that it intends to spin-off its wholly-owned subsidiary, NexPhase Lighting, Inc., (”NexPhase”), by means of a distribution of shares of common stock of NexPhase to the Company’s shareholders of record as of October 14, 2012 (the “Spin Off”). The number of NexPhase shares to be issued to the Company shareholders on a pro-rata basis in accordance with their record holdings will be determined.
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VIRC – News Alert
Up 107.74% in morning trading to $3.22 with 200K shares traded
Virco is committed to providing the best selection of Equipment for Educators™. As America’s leading manufacturer and supplier of furniture and equipment for K-12 schools, Virco employs approximately 830 people nationwide. Their 560,000 square-foot Torrance, California headquarters features a state-of-the-art manufacturing facility, as does their Conway, Arkansas location, which has approximately 1,750,000 square feet of operational space. Large distribution centers in Torrance and Conway facilitate the quick, efficient shipment of Virco products. irco Mfg. Corporation (VIRC) today announced second quarter results. VIRC’s second quarter revenues continue to reflect an uneven recovery in state and municipal funding for public schools, last year’s restructuring led to significantly improved financial results for the second quarter and first half of fiscal 2012 compared to the same periods in fiscal 2011.
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SUTR – News Alert
Up 12.95% in morning trading to $.90 with 100K shares traded
Sutor is one of the leading China-based manufacturers and distributors of high-end fine finished steel products and welded steel pipes used by a variety of downstream applications. The Company utilizes a variety of in-house developed processes and technologies to convert steel manufactured by third parties into fine finished steel products, including hot-dip galvanized steel, pre-painted galvanized steel, acid-pickled steel, cold-rolled steel and welded steel pipe products. Sutor Technology Group Limited (SUTR) today announced its financial results for the fiscal year ended June 30, 2012. For the fiscal 2012 fourth quarter, Sutor generated revenue of approximately $183.6 million, net income of $3.3 million and EPS of $0.08. Sutor’s fiscal 2012 fourth quarter results significantly improved over its fiscal 2012 third quarter results where it generated revenue, net income and EPS of $109.9 million, $1.2 million and $0.03, respectively.
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