July 4 - Asia stocks ended the week on a generally sour note, with investors still spooked by inflation and soaring oil price woes. Japan’s Nikkei fell for a 12th consecutive session, with the index now posting its longest losing streak since 1954. Beer maker Asahi among the big losers in Japan, along with property stocks.
Jul 2 - A steep slide pushed the Dow and Nasdaq to close in bear market territory as a spike in oil to a record near $144 a barrel fueled inflation and economic jitters. The Dow tumbled 166 points to 11,215. The S&P 500 fell 23 points to 1,261. The Nasdaq shed 2.3 percent, or 53 points, to 2,251. Crude oil jumped $2.60 to a record of $143.57 a barrel.
Jul 1 - A surprisingly good report from General Motors helped keep stocks from closing in bear market territory. Oil once again hit a record high, closing just shy of $141 a barrel. A new report showed US factory activity expanded for the first time in five months, but that inflation is still a threat.
HF Capital client Logica Holdings, Inc. (OTCBB: LGHL.OB), a developer of social networking websites using state-of-the-art biometric identity authentication technology, announced that it has completed its acquisition of Dolphin Digital Media, Inc. (Dolphin Digital).
The acquisition paves the way for Logica Holdings, Inc. (Logica) to create and manage social networking websites around Dolphin’s core brands of popular television programs for children, including Nickelodeon’s top-rated series Zoey 101, Ned’s Declassified School Survival Guide, and the mystery movie franchise Roxy Hunter, among many others. Earlier this year, Dolphin Digital became the exclusive ten-year licensee of Dolphin Entertainment’s worldwide digital rights to its current and future properties.
Under the terms of the acquisition, Logica exchanged 24,063,735 shares of Common Stock, equal to 51% of its fully diluted issued and outstanding Common Stock, in exchange for the entire issued share capital of Dolphin Digital. Based on the trailing five-day average closing price of Logica Common Stock prior to the closing, this had an approximate market value of $20.2 million.
‘Our merger with Logica will help us deliver the highest standards of online safety for children and tweens around our properties and eventually other destinations,’ said Bill O’Dowd, President and Chief Executive Officer of Dolphin Digital and Dolphin Entertainment (Dolphin). ‘With Logica’s proprietary state-of-the-art biometric security platform behind our highly popular brand content, we are confident that we can create a safe and desirable online environment for young audiences.’
‘We are excited to be working with Dolphin Digital Media,’ said Pino Baldassarre, Chief Executive Officer of Logica. ‘We are committed to creating a secure and protected online environment for young people where users must be authenticated before entering our websites, enabling our children to experience the Internet in a safe and secure environment.’
Dolphin Entertainment controls the international distribution of its programming, with its roster of highly successful programs available in more than 100 countries and 300 million homes worldwide. ‘Zoey 101,’ in particular, has been a major hit since its premiere on Nickelodeon in January, 2005, having been nominated for an Emmy(TM) Award for Outstanding Children’s Program that same year. ‘Zoey 101′ and other shows produced by Dolphin have achieved several ratings records in the United States and Canada, and have performed exceptionally well overseas. Many of Dolphin’s international broadcast partners have created the most successful online campaigns in their history utilizing Dolphin properties.
At the heart of Logica’s high-tech security platform are the solutions of its technology partners: Novell Corporation, Rackspace, Fujitsu, and 123ID, all integrated through an exclusive worldwide license with Weblock International. Working with its technology partners, Logica is able to offer a proprietary platform of identity management and database solutions.
HF Capital provided buy-side consultancy services for the transaction. Pino Baldassarre said “HF Capital have provided invaluable assisstance over this period culminating in this acquisition which is a huge step up for our company.”
U.S. stocks ended the day mixed, with the Dow finishing the worst June since the Great Depression, with a loss of 10.2 percent for the month.The Dow closed 3 points higher at 11,350.The S&P 500 edged 1 point higher to 1,280.The Nasdaq fell 22 points to 2,292.Crude oil slipped 21 cents to $140 a barrel.
Jun. 27 - Wall Street experienced more pain with the Dow at one point down 20 percent drop from its record peak set in October 2007. Blue chips lost 106 points to 11,346. The S&P 500 lost 4 points to 1,278.
The Nasdaq lost 5 points to 2,315. Crude oil set a new record settlement at $140.21 a barrel.
U.S. investors ran for the exits as record high oil prices, profit warnings, and analyst downgrades added to worries of slower global growth. The Dow tumbled 358 points, a loss of 3 percent, to 11,453. The S&P 500 lost 38 points, or 2.9 percent, to 1,283. The Nasdaq fell 79 points, or 3.3 percent, to 2,321. Crude oil surged to a new intraday high above $140 a barrel, but closed slightly below the new high.
Jun 25 - The Dow and the Nasdaq put an end to three days of losses as comforting words from the Federal Reserve, lower oil prices, and earnings optimism buoyed sentiment. The Dow gained 4 points to 11,811.
The S&P 500 rose 7 points to 1,321. The Nasdaq gained 32 points to 2,401. Crude oil fell $2.45 a barrel to settle at $134.55.
June 24 - UPS slashed its second quarter outlook, fanning economic worries. Consumer confidence dived to a 16-year low. The Dow lost 34 points, closing at 11,807.The S&P 500 shed 3, finishing at 1,314.The Nasdaq lost 17 points, ending at 2,368.Crude oil settled at $137 dollars a barrel.Diane King reports from New York.
June 20. - The banking sector suffered significant damage as fresh worries about the credit climate struck that sector. Merrill Lynch was in the spotlight after rumors it faces more writedowns. By the close the Dow lost 220 points to close at 11,842. The S&P 500 lost 24, closing at 1,317. The Nasdaq lost 55, ending at 2,406. At the NYMEX crude oil settled at 134.70.
