February 5, 2010 (FinancialWire) — YTB International, Inc. (OTCBB: YTBLA) said that John D. Clagg has resigned as the firm’s chief financial officer, effective February 2.
Robert M. Van Patten, YTB’s chief executive officer, will serve as Interim chief financial officer in addition to his role as chief executive officer until such time that a permanent chief financial officer is found.
Illinois-based YTB International provides E-commerce business solutions for individual consumers and home-based independent representatives in the United States, Puerto Rico, the Bahamas, Canada, Bermuda, and the U.S. Virgin Islands. The company operates through three subsidiaries: ZamZuu, Inc., YTB Travel Network, Inc., and YTB Franchise Services, Inc.
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February 5, 2010 (FinancialWire) — AirTest Technologies (TSX Venture: AAT) said that it has received a $748,000 blanket order to be fulfilled over the next 16 months for carbon dioxide sensors and controls for a manufacturer of greenhouse related controls and supplies.
In greenhouses the CO(2) level is controlled to optimize certain cycles of growth for a variety of crops.
The purchase order involves two products. The first product is a CO(2) module that will be integrated into an existing control already manufactured and sold by the company. According to AirTest, the first monthly shipment of this module has just occurred and will be ongoing over the next year.
For the second product, Airtest engineers designed a two-component controller that includes a wall mount sensor and a separate plug in controller that can activate a CO(2) generator in the greenhouse when required.
[...continued]
February 5, 2010 (FinancialWire) — China Energy Recovery, Inc. (OTCBB: CGYV) said it has entered into a series of agreements to secure $5 million in new debt financing, which will be applied to the continued development and construction of the company’s new production facility in Shanghai.
According to China Energy Recovery, investors provided an aggregate of $4 million under separate loans of $2 million, each of which matures in January 2013 and bears interest at an annual rate of 15.1%.
An additional $1 million was provided through Haide Engineering Ltd., a company that CER's chairman and CEO, Qinghuan Wu controls. This is an unsecured, interest-only loan bearing an annual interest rate of 9.5% and matures in January 2012, according to the company.
[...continued]
February 5, 2010 (FinancialWire) — Business software maker SuccessFactors, Inc. (NASDAQ: SFSF) has entered into a definitive agreement to acquire Inform Business Impact, an Australia-based maker of analytics and workforce planning software.
Under the terms of the acquisition agreement, SuccessFactors will pay $25.5 million in cash and approximately $15 million in SuccessFactors common stock for Inform, with additional contingent consideration payable based on the fulfillment of continuing employment and the achievement of specified growth targets.
[...continued]
February 5, 2010 (FinancialWire) — BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) said it has entered into a stock purchase agreement to acquire LEAD Therapeutics, Inc., a small, privately-held drug discovery and early stage development company.
Under the terms of the stock purchase agreement, BioMarin will pay to the stockholders of LEAD $18 million upfront and will pay an additional $11 million upon acceptance of the IND filing for LEAD’s LT-673 compound, and up to $68 million for development and launch milestones for LT-673.
[...continued]
February 5, 2010 (FinancialWire) — The DTE Energy (NYSE: DTE) board of directors has declared a $0.53 per share dividend on its common stock payable April 15, 2010, to shareholders of record at the close of business March 22, 2010.
Michigan-based DTE Energy is involved in the development and management of energy-related businesses and services nationwide.
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February 5, 2010 (FinancialWire) — ComScore, Inc. (NASDAQ: SCOR) has hired Chris Nicotra as its chief technology officer. Nicotra joins comScore from AOL, where he served as SVP of AOL Advertising Technology and CTO/CIO for its Advertising.com unit.
[...continued]
February 5, 2010 (FinancialWire) — Lockheed Martin (NYSE: LMT) has received a U.S. Air Force contract valued at $243.5 million for an eighth production lot of the JASSM cruise missile. The company said the award brings the total contracted quantities of the cruise missile to over 1,200.
[...continued]
February 5, 2010 (FinancialWire) — Nova Measuring Instruments Ltd. (NASDAQ: NVMI), a provider of metrology solutions to the semiconductor process control market, said that it has priced a follow-on public offering of 3.85 million ordinary shares at a price of $4.15 per ordinary share for gross proceeds of around $16.0 million.
[...continued]
February 5, 2010 (FinancialWire) — Adventrx Pharmaceuticals, Inc. (AMEX: ANX) has named Brian M. Culley, previously the company's Chief Business officer and a senior vice president, to serve as its chief executive officer.
[...continued]
February 5, 2010 (FinancialWire) — YTB International, Inc. (OTCBB: YTBLA) said that John D. Clagg has resigned as the firm’s chief financial officer, effective February 2.
FirstAlert(tm) Daily 2/5: Huge Declines Signal Lower Lows Ahead
- Analytical Commentary -
Only a week ago we wrote; “several support levels have been broken including the 50-day moving average; the 50% retracement support for the October-January rally at SPX 1774 fell on Thursday. The December lows at SPX 1088 and SPY 108.8 were also broken on Thursday. This is increasingly looking like a market headed for dramatically lower lows.”
Several financial newsletters have forecasted a catastrophic decline ahead based on Elliott Wave patterns, with the current selling possibly the beginning of the decline.
We do not know if such forecasts are about to be fulfilled, but we are bearish for the short term on the stock markets in the U.S. as well as global markets.
If this turns into a typical correction, and not a catastrophic decline, there will likely be three waves in an ABC decline before a bottom is reached. We are only in the declining Wave A now. There is probably a rally Wave B ahead and then a third Wave C down. How far down, and how many bearish patterns remain ahead, cannot yet be forecasted.
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