10:30 ET ******
PRESSTEK INC (PRST) 92 +7 1/2. It's back. Momentum that is. The high-flying shares of this digital imaging and printing plate technology concern have risen 18 1/2 points since Friday's announcement of a 2-for-1 stock split. Although such an announcement is typically considered a bullish action by both tech and momentum investors, it was the company's announcement of a new imaging system for the aluminum beverage can market that has put these shares back into high gear. On Friday Presstek jointly announced with Alcoa Packaging Equipment that the product would be shown in June at the international metal packaging show Cannex, to be held in Singapore. The new system, developed jointly by Presstek and Alcoa Packaging, will use Presstek's PEARL imaging technology and PEARLdry thermal plate materials to create printing plates used on Alcoa's advanced metal decorating equipment. According to the companies, the use of Presstek's proprietary thermal imaging and plate technology allows for the production of halftone images on aluminum beverage cans with no significant increase in production costs per can. It also significantly reduces press make ready times and simplifies the pre-production process. Alcoa Packaging's direct-to-plate system employs a special version of Presstek's PEARLsetter computer-to-plate digital, off-line platemaking product. The new system produces high quality thermal, waterless plates, imaged in register directly from the computer's digital file. Though well off its 52-week low of $39.50 (high $172), this stock had been abandoned for a period as promoter Carlton Lutz told his subscribers to pull out of the stock market, thus, unloading their positions in the Cabot Market Letter "Heritage Stock." and sending it to the $40 level in March. As a result of this latest announcement, expect the roller-coaster ride to start again, which could certainly reignite interest in other benched momentum plays.
The above from briefing.com .
Greg |
