SARASOTA, Fla., Sept. 16, 2004 (PRIMEZONE) -- The following is an investment opinion issued by eLocity Inc.:
Gluv Corp. (Pink Sheets:GLVP), Cyberonics Inc. (Nasdaq:CYBX), Oracle (Nasdaq:ORCL) and Federal-Mogul Corp. (OTCBB:FDMLQ).
Investors may want to swing over and check out Gluv Corp. ("Gluv") (Pink Sheets:GLVP). Gluv, a developer, marketer and distributor of sports related apparel items announced on Wednesday after the closing bell a "comprehensive corporate repositioning strategy" focusing toward security related products and services through its recent acquisition of SDS Productions, LLC. According to James L. Shepherd, Chief Operating Officer, "SDS Productions will complement this new strategy through the development and production of security training CD's and online secured Internet testing systems. In the near term, the Company will also be seeking to acquire controlling equity interest in a South Florida based security guard company." Gluv has been offering its patented, premium products throughout North America and Western Europe since 1998. These products include leather jackets, leather bags and patented gloves for golf, baseball, softball, football, driving, aviation and mechanics. Gluv anticipates broadening their leather product line to complement the needs of the more than one million U.S. and state registered private security personnel. GLVP is currently trading between .04 -- .06 a share.
On the Nasdaq;
Cyberonics Inc. (Nasdaq:CYBX)
Medical devices company Cyberonics Inc. announced Wednesday that its Board of Directors has rejected Advanced Neuromodulation Systems Inc.'s (Nasdaq:ANSI) invitation to discuss a business combination. The company added that it took the decision after consulting with its financial advisor, Merrill Lynch & Co. The Houston, Texas-based company said that it reconfirmed its previously stated position in its press release on August 20, 2004, that it is not interested in any combination or merger. Cyberonics said that it remained focused on strengthening its epilepsy business and gaining clarity and certainty in a revised depression regulatory plan and timeline. CYBX closed Wednesday's regular trading up 4.32 at $23.23 on strong volume of 12,109,970 shares. ANSI closed Wednesday at $33.11, up 0.91 on 1,453,473 shares.
Oracle (Nasdaq:ORCL)
Database software company Oracle climbed 78 cents, or 7.4 percent, to close at $11.33, bucking a declining trend among technology shares overall after it posted first-quarter earnings that were better than expected and said it was "comfortable" with second-quarter earnings expectations. Oracle forecast second-quarter sales of $2.58 billion to $2.66 billion. The database software company posted a profit of 10 cents a share on sales of $2.215 billion. Analysts were expecting earnings of 9 cents a share on sales of $2.23 billion. For the period to Aug. 31, the company posted earnings of $509 million, or 10 cents per share, on revenue of $2.2 billion, compared with earnings of $440 million or 8 cents a share, on revenue of $2 billion for the same period last year.
Shares of ORCL closed Wednesday's regular trading up 0.78 at $11.33.
On The OTCBB;
Federal-Mogul Corp. (OTCBB:FDMLQ)
Shares of Federal-Mogul Corp. and other companies facing asbestos claims rose on Wednesday after a breakthrough was reported on the size of an asbestos victims' fund. U.S. Senate Democratic leader Tom Daschle agreed to a $140 billion amount for an asbestos victims' compensation fund, matching a proposal by Republican Leader Bill Frist, a Daschle aide said on Wednesday. Frist and Daschle are working on the outlines of a fund that would take asbestos claims out of the courts and could be written into legislation this year.
FDMLQ gained 18.42% percent to close at 0.225 cents on above average volume of 531,816 shares.
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