U.S. stocks rose today on news that President George W. Bush plans on helping curtail mortgage defaults and control losses in credit markets. Federal Reserve Chairman Ben Bernanke made comments that the central bank would do what is necessary to prevent the current credit problems from undoing the current six-year expansion.
In microcap news, several companies were able to finish the week off strong as investor’s reacted positively today before they prepare for the long Labor Day weekend. Leadis Technology Inc. (Nasdaq: LDIS) announced a partnership on RGBW technology for small/medium mobile displays. The company’s share price rose 19 cents, or 6 percent, to $3.29 on volume of 125, 062.
“We are delighted to announce this synergistic partnership with VP Dynamics,” said Paul Novell, Executive Vice President of Sales and Marketing at Leadis Technology, in a statement. “This partnership represents our second major initiative this year, after PowerLite(TM) DBC, in establishing a leadership position in small/medium mobile display technology.”
Credence Systems Corporation (Nasdaq: CMOS) reported favorable results form the third quarter yesterday which helped drive the stock price higher today. The results yielded that net sales were up $2.4 million year over year for the third quarter, and net income was able to make a substantial turnaround by generating positive returns of 9 cents a share.
“We achieved our revenue plan for the quarter and significantly exceeded our gross margin, cost cutting and net profit goals while strengthening our balance sheet,” said Lavi Lev, chief executive officer of Credence, in an earlier report.
Credence finished up 8 percent, or 22 cents, to $2.94 today as the market came to a close. Panacos Pharmaceuticals Inc. (Nasdaq: PANC) is going to present at the 20th Annual Bear Stearns Healthcare Conference. The company’s share price rose 16 cents, or 6 percent, to $2.91 on 217,470 in volume. Panacos is the first in a new class of oral HIV therapeutics under development called maturation inhibitors, which was discovered by its scientists and academic collaborators.