March 19, 2010 (FinancialWire) — China Tel Group, Inc. (OTCBB: CHT), a firm that provides high speed wireless broadband, telecommunications infrastructure, engineering and construction services, said that it will expand and accelerate deployment of wireless broadband networks in 12 cities across China and eight cities in Peru.
ChinaTel CEO George Alvarez said that funding his firm has received to date has allowed to move forward with the initial phase of a plan to deploy a state-of-the-art broadband network in 12 of China's largest cities and Peru's 8 largest cities.
The 12 cities in China cover approximately 250 million people in areas that represent around 50 percent of the PRC's overall gross domestic product, according to China Tel. The eight cities in Peru cover around 17 million people in areas representing around 58 percent of Peru's total population.
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March 19, 2010 (FinancialWire) — Puda Coal, Inc. (AMEX: PUDA) said it plans to acquire and consolidate four coal mines located in Huozhou County, central Shanxi Province, in China.
The company said that, under a government policy allowing mergers and consolidations of coal mining companies in Shanxi Province, larger coal production enterprises are given the opportunity to acquire, consolidate and restructure smaller coal mines through mergers, acquisitions and asset or share transfers.
On September 30, 2009, Shanxi Puda Coal Group, a 90% subsidiary of Puda Coal, was appointed by the Shanxi provincial government as a consolidator of eight thermal coal mines located Pinglu County in southern Shanxi Province.
Shanxi Coal said it recently received a new approval by the Shanxi provincial government to consolidate four additional coking coal mines into one coal mine.
[...continued]
March 19, 2010 (FinancialWire) — China Fundamental acquisition Corp., which is in the process of changing its name to Wowjoint Holdings Ltd. (OTCBB: CFQCF) said it has named Anthony Hung as chief financial officer of the company.
Prior to joining Wowjoint, Hung was a member of the investment banking team at Deutsche Bank AG Hong Kong for four years, where he managed transactions and client coverage in the infrastructure, real estate, technology and consumer sectors.
Previously Hung was a private equity associate with Bastion Capital in Los Angeles, where he analyzed and helped manage existing and potential portfolio investments, including Spanish media company Telemundo.
[...continued]
March 19, 2010 (FinancialWire) — Bookseller Barnes & Noble, Inc. (NYSE: BKS) has named William Lynch as its chief executive officer. Lynch succeeds Steve Riggio, who the company said will remain vice chairman and be actively involved in the company.
The company also promoted chief operating officer Mitchell Klipper to CEO of the company’s retail group, which encompasses the Barnes & Noble retail business and the Barnes & Noble College Booksellers business.
[...continued]
March 19, 2010 (FinancialWire) — Intevac, Inc., (NASDAQ: IVAC) said that its Intevac Photonics subsidiary has received a $3.5 million subcontract award from the U.S. Army for the development and evaluation of a two mega-pixel, digital night vision camera to be integrated onto the Apache helicopter.
According to Intevac, the camera will incorporate the company’s extreme low-light level detection sensor.
[...continued]
March 19, 2010 (FinancialWire) — Imation Corp. (NYSE: IMN) said that Frank Russomanno, the company’s vice chairman and chief executive officer, will retire immediately following the company’s annual meeting on May 5.
Mark Lucas, president and chief operating officer, was named by the board to succeed Russomanno as president and chief executive officer, effective immediately following the meeting
[...continued]
March 19, 2010 (FinancialWire) — Somaxon Pharmaceuticals, Inc. (NASDAQ: SOMX) said that the U.S. Food and Drug Administration has approved the new drug application for its Silenor for the treatment of insomnia.
The company said that Silenor is approved for the treatment of both transient and chronic insomnia characterized by difficulty with sleep maintenance in both adults and elderly patients.
[...continued]
March 19, 2010 (FinancialWire) — Delta Petroleum Corp. (NASDAQ: DPTR) said it has entered into a non-binding letter of intent with Opon International LLC to sell a 37.5% non-operated working interest in the company's Vega Area assets located in the Piceance Basin for total consideration of $400 million.
The company said it plans to use the $225 million of the total consideration for the development of the Vega Area over the next three years.
[...continued]
March 19, 2010 (FinancialWire) — Noble Roman's, Inc. (OTCBB: NROM) has increased the size of its board of directors from three to five members. To fill the vacancies created by this action, the board appointed Jeffrey R. Gaither and James F. Basili.
[...continued]
March 19, 2010 (FinancialWire) — Copano Energy, L.L.C. (NASDAQ: CPNO) has closed the sale of 971,250 additional common units due to the exercise of an over-allotment option granted to the underwriters of Copano's recent public offering of 6.475 million common units, which closed on March 8.
[...continued]
March 19, 2010 (FinancialWire) — The board of directors of Air Products (NYSE: APD) have increased the quarterly dividend on the company's common stock to 49 cents per share from 45 cents.
[...continued]
March 19, 2010 (FinancialWire) — China Tel Group, Inc. (OTCBB: CHT), a firm that provides high speed wireless broadband, telecommunications infrastructure, engineering and construction services, said that it will expand and accelerate deployment of wireless broadband networks in 12 cities across China and eight cities in Peru.
FirstAlert(tm) Daily 3/19: Higher Highs Ahead For S&P 500 SPDRs
- Market Commentary -
Financial markets are becoming overbought as buyers refuse to allow even a single down day, but though there must be short-term profit-taking soon, we expect the stock market to rally to at least the next resistance levels.
For the SPX, the next resistance level is the 61.8% retracement for the entire bear market decline at SPX 1226. That is 5.2% above Thursday’s close at 1165.83.
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