PennyTrader.com Presents Today’s Midday Stock Report: SETY, MVIS, AZC
The major averages fell to session lows as traders digested this morning’s wholesale inventories data. The Dow and S&P 500 lead the decline with losses of 0.5% while the Nasdaq sees slight outperformance with a 0.3% decline.
Best Buy (BBY 22.15, -0.50) is down 2.2% after the resignation of Chief Executive Officer Brian Dunn. The company has named Director Mike Mikan interim CEO until a permanent replacement is hired. Shares surged more than 4.0% in initial reaction to Mr. Dunn’s resignation, but have since rolled over as broad-based selling hit stocks following the wholesale inventories number.
SETY - Trade Alert
Up 164.71% in morning trading to $.018 with 1.5M shares traded
Star Entertainment Group, Inc. is an independent investment, management, and holding company focusing on new media and digital content, delivery and monetization of multi-dimensional Online Customer Communities through the integrated use of online; interactive, real-time Internet television broadcasting; Internet radio networks; participatory mobile applications; proprietary search capabilities and intuitive advertising platforms. The Company will operate as a central hub, utilizing our strengths in M&A, capital and resource management and will proactively minimize risk by teaming with experienced technologies operators, leveraging their experience and knowledge. Star Entertainment Group, Inc. (OTC: SETY.PK) today announced the signing of a Letter of Intent to acquire Tranzistor Systems Inc., a company engaged in mobile music entertainment products and services including internet radio, fan applications, and eCommerce products.
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MVIS – News Alert
Up 9.34% in morning trading to $2.81 with 350K shares traded
MicroVision provides the PicoP® display technology platform which enables next-generation display and imaging products for pico projectors, vehicle displays and wearable displays that interface with mobile devices. The company’s projection display engine uses highly efficient laser light sources that create vivid images with high contrast and brightness. MicroVision, Inc. (NASDAQ:MVIS) announced that it has signed definitive agreements with Pioneer Corporation to manufacture, distribute, license and supply MicroVision’s HD PicoP® Gen2 display engine technology using direct green lasers (PicoP Gen2).
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AZC – News Alert
Up 27.63% in morning trading to $2.91 with 450K shares traded
Augusta is a base metals company focused on advancing the Rosemont Copper deposit near Tucson, Arizona. Rosemont hosts a large copper/molybdenum reserve that would account for about 10% of US copper output once in production in 2014. The exceptional experience and strength of Augusta’s management team, combined with the developed infrastructure and robust economics of the Rosemont project, propels Augusta to becoming a solid mid-tier copper producer. Augusta Resource Corporation (TSX: AZC) (NYSE Amex: AZC) announced that the Arizona Department of Environmental Quality (”ADEQ”) has issued the Aquifer Protection Permit (”APP”) for its Rosemont Copper project (”Rosemont”). The APP establishes the operating standards and controls to ensure the protection of ground water and is effective for the life of the mine.
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