cpst
lock up period expires as tons of shares hit the market...
cpst appers to have solid support at 20...
in the northwest, we have a potential energy crisis on hand as water levels are way below normal averages, Gov. Locke has continued to warn users to act consevatively, the Seattle PI's globe is no longer spinning to honor his wishes.
Although we've dumped a ton of snow here in the NW, the damage is done as reciprocal agreement with Ca area will continue to have its effect possibly thru summer...so this issue will remain as a topic of conversation in the parlors and the boob tube...
Capstone shares drop 10 pct as lock-up period ends
NEW YORK, Feb 15 (Reuters) - Shares of microturbine systems maker Capstone Turbine Inc. (NasdaqNM:CPST - news)
dropped more than 10 percent on Thursday following the expiration of a lock-up period for shares owned by early investors in
the company.
Chatsworth, Calif.-based Capstone, whose shareholders include New Zealand oil and gas company FCL Energy (NYSE:FEG - news), saw its shares drop after
analysts said a lock-up of between 55 million 59 million shares expired after the close of trading on Wednesday.
A spokesman for Capstone, which has around 75 million shares outstanding, confirmed that the period had ended but declined to confirm the number of shares
affected.
Most shares sold as a result of the expiration likely belonged to venture capital firms and other pre-initial public offer investors, said Wedbush Morgan Securities
analyst Gary Holdsworth.
FCL Energy, which owns around 7 million Capstone shares and participated in a November Capstone secondary offering, might be one of those companies, he
said.
``This was quite expected by the market,'' Goldman Sachs Vice President Mas Siddiqui said. Investors' current appetite for companies that provide alternative
energy products and services
due to the California energy crisis prevented steeper Capstone losses, he said.
``They think that there are positives from California that are going to offset this,'' Siddiqui said.
No fundamental weakness was evident within the company, Holdsworth said.
Capstone shares closed down $3-1/4 at $28-5/8 on the Nasdaq stock market, in the lower part of the stock's 52-week trading range from $17-3/4 to $98-1/2. |
