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IceWEB Inc. (OTCBB: IWEB), a software services provider, last week announced an agreement with Echoworx, a provider of security solutions for enhancing privacy and trust in digital communications, to deliver subscription based Software as a Service (SaaS) solutions, primarily focused on exposure to threats which may originate from within their trusted internal networks. Such threats include confidential customer data being stolen or transmitted outside of the trusted company network, inappropriate communications, content, or activities being transmitted from, within, or conducted within or from behind the company firewalls, theft or loss of extremely sensitive information such as business plans, proprietary trade secrets, or senior management plans, as well as violations of SEC or other regulatory disclosure or data confidentiality rules. IceWEB's new IceSECURE product suite, available September 30th, will be powered by Echoworx technology and will provide subscription-based security products, allowing clients of any size to easily deploy on-demand solutions to meet requirements that their business may face. IceWEB and Echoworx also announced that the entire Echoworx product offering will be available to Federal Government customers. Shares ended the week at $0.64, down five cents.MICHAEL WACHS
Volume Alert: Shares of Auriga Laboratories, Inc. (OTCBB: ARGA), a specialty pharmaceutical company with products for the treatment of acute respiratory diseases and dermatological conditions, surged 32% last week on three times average volume. The company filed its 10-K for the period ended December 31, 2006 last week. The company is currently transitioning to a December 31 year-end, but sales for the nine months ended December 31, 2006 totaled $3.1 million with gross margins equaling 52.2%. The year to come looks very bright as the company continues to grow its sales force to place its strong product-line. By the end of 2007 Auriga now expects to have a total of 275 commission-based sales representatives to promote its Extendryl, Levall, Zinx and Aquoral product lines, and plans to launch seven newly-branded prescription dermatology products in the coming months. Since major pharmaceutical companies have been reducing their sales force, ARGA is well positioned to attract talented pharmaceutical reps, without having to incur the expense of large salaries. The company expects revenue of $26 million in 2007. The stock soared 52 cents for the week to close at $2.14.CEOCAST MICHAEL WACHS - On the Wires: CytRx Corporation (NASDAQ: CYTR) announced that Shi Chung Ng, Ph.D., the company's Senior Vice President of Research and Development, will present at the Sixth International Workshop on The Molecular Biology of Stress Responses being held at the Chulabhorn Research Institute in Bangkok, Thailand.
CEOCAST - By the same token, the financial sector also had a heavy hand in the action, falling 6.3% for the week following a batch of ugly earnings reports from the likes of Fannie Mae, UBS and Dow component American International Group. Separately, Citigroup announced that it would be pursuing a plan to sell $400 billion in noncore assets over the next two to three years. Dow component Disney for its part demonstrated this week that it still has ample earnings power. The entertainment giant reported a 35% increase in fiscal second quarter earnings per share on growth in each of its business segments. Cisco was the other heavyweight that reported earnings last week. It posted a 12% increase in fiscal third quarter earnings per share and reaffirmed its long-term growth targets. There wasn't a lot of economic data, yet the majority of the data released provided relatively good news. The ISM Services, Q1 Productivity, Initial Claims and Trade Balance reports were all better than expected. Pending home sales for March fell 1.0%, which was in line with estimates, while consumer credit in March expanded to $15.3 billion from $6.5 billion in February.
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