Coldwater Creek Inc. (CWTR) announced second quarter results this morning and posted a surprising profit on higher revenue. This beat Wall Street’s expectations of the company who thought there would be another loss. Shares soared more than 20% in morning trading.

Coldwater Creek Inc. CEO Dennis Pence commented that the company is making progress with their inventory. This is a important issue for retailers as they deal with frugal shoppers in this economy. Pence also said that the company is encouraged that initiatives it’s been undertaking this year are bringing the business “back a level of predictability.”

Pence mentioned that fall merchandise is strong and the Company expects increased margins in the second half of this year. The inventory will remain conservative and the company will focus on expenses.

Shares of Coldwater Creek rose 80 cents, or 23.9 percent, to $4.15 in morning trading.

Coldwater Creek said its net income was $1.5 million, or 2 cents per share for the three months that ended July 31. This is compared with a loss of $4.9 million, or 4 cents per share, in the year-ago period.

Revenue rose 12.6 percent to $253.5 million from $225.2 million last year.

Revenue in Coldwater’s retail segment, this includes its stores, spas and outlets, was $195.4 million, up 6.5 percent from a year earlier. Phone and Internet sales jumped 39 percent to $58.1 million.

The company opened five new retail stores in the second quarter to finish with 364. It is on track to open 20 new stores this fiscal year.

Coldwater Creek expects in the third quarter to earn between $.01 to $.04 a share and post a low single digit increase in net sales.

Somaxon Pharmaceuticals Inc. (Nasdaq: SOMX) announced today that Procter & Gamble (NYSE: PG) will help get their principal product Silenor off to a quicker start. Silenor has been approved by the United States Food and Drug Administration for the treatment of insomnia characterized by difficulty with sleep maintenance. It is a low-dose oral tablet taken within 30 minutes of bedtime.

An agreement has been made with San Diego based Somaxon where Procter & Gamble sales representatives will work to promote a new treatment for insomnia.  P&G reps will target primary care doctors and physicians who write a high number of prescriptions for insomnia medication according to the co-promotion deal for Silenor. Somaxon reps will focus on specialists who treat insomnia. According to a press release, the two companies orking together will have around 215 sales employees targeting Silenor to 35,000 doctors and 25,000 pharmacies in the U.S.

The agreement did not disclose financial terms, but Somaxon said it will record all sales and pay P&G a combination of royalties and fixed fees. This agreement runs through Dec. 32, 2012 and after that Somaxon will pay P&G a lower royalty. This will be based on sales for one year after the expiration date.

Another part of the agreement is that P&G will have the first chance at negotiating rights to develop and market Silenor as an over-the-counter drug in the United States.

SOMX shares closed at $4.34 today.

Degama Software Solutions, Inc. (OTC: DGMA.PK) a leading edge technology company announced Monday that there is progress in their discussions with a distinguished Software App Marketing and Advertising Company in India which will be named upon final agreement.

The firm will begin selling Degama Software Solutions proprietary licenses to Regional licensees. This is in accordance with verbal agreements over the weekend.

They will begin with Southeast Asia and include an attractive revenue share for Degama.

Degama develops and markets proprietary location based software solutions and applications for consumers and businesses.

Degama Ceo Seijin Ki commented, “We are very happy with the proceedings thus far and feel a mutually beneficial arrangement is imminent.”

The agreement also includes an initiative to secure advertising contracts that range from Local to Global, giving advertisers rich target market opportunities.

This is particularly with the VascoNow(TM) social networking and Smartphone App.

Degama shares closed at $0.013 on Monday on above average volume.

Google (NasdaqGS: GOOG) and Verizon (NYSE: VZ) on Monday introduced a joint proposal for an open Internet standard for how internet service should be regulated.

The proposal says Internet providers should treat all providers of Internet content the same. It would give the Federal Communications Commission authority to regulate broadband Internet providers to ensure consumers have access to all content and applications on the Internet.

Wireline Internet providers like Verizon, AT&T and Comcast would not be allowed to favor content over others or accept payment to boost certain Internet traffic.

If a provider is guilty of violating these laws, the FCC would be allowed to penalize up to 2 million.

Since the wireless market is  more competitive than wireline services, Google and Verizon both agree that the proposal should not apply. All though, The proposal does enforce transparency rules for both wireline and wireless services. It requires both mobile and wired providers to give consumers “clear, understandable information about the services they offer and their capabilities.”

Internet providers disagree and are strongly against Net neutrality, they believe the regulation would raise costs and lessen their ability to spend money to upgrade their networks.

Verizon’s CEO Ivan Seidenberg hinted on Monday that Google and Verizon have been unhappy with the way the FCC’s meetings have gone so far.

Both Google and Verizon were quick to deny as business agreements between the two companies and stated it was only a policy proposal.