Bush plan puts energy tech in Wall Street's sights
NEW YORK, May 17 (Reuters) - Energy technology companies' shares soared Thursday when President Bush's energy proposals turned out to be more favorable than expected, FAC/Equities analyst Sanjay Shrestha said.
The "plan is pretty favorable" for such technologies as fuel cells and microturbines and "we are going into summer" where reliability needs met by flywheels will be evident, he explained.
In addition, "many people were expecting something really bad" for energy technology.
Since the Bush "plan was not as bad as expected" by many, short covering was triggered by the initial advance that came after parts of the plan were leaked over night, Shrestha explained.
With the Nasdaq Index up a maximum 2.3 percent, to the highest levels in two weeks Thursday, the energy technology group was led by Plug Power's (NASDAQ:PLUG), which was up $5.25, or 21.4 percent, jump to a high of $24.53 in afternoon trading. Other fuel cell developers were close behind, including Canada's Ballard Power (T.TSE:BLD), which was up 20.7 percent in Nasdaq trading, adding $10.19 to reach $59.42; H Power (NASDAQ:HPOW) which had a 19.2 percent, or $2.04 gain to $12.69; Millennium Cell, which added $1.61, or 15.2 percent, to reach $12.20; Energy (NASDAQ:FCEL), which traded at the best price since last October, when it reached a record $108.75. Thursday the Connecticut-based fuel cell designer was up $5.50 to high of $85.80.
SatCon Technology (NASDAQ:SATC), designer of a fuel processor used by fuel cell makers, rose $1.66 to $12.63.
Mechanical Technology (NASDAQ:MKTY), which has interests in SatCon and Plug Power, climbed $1.25, or 16.2 percent, to $8.95.
Miniturbine maker Capstone Turbine (NASDAQ:CPST) climbed as much as 14.6 percent, adding $5.11 to reach $35.08.
Fly wheel maker Active Power (NASDAQ:ACPW) was up 10.2 percent, or $2.78, to $29.90, but Beacon Power added only 39 cents, reaching a high of $4.29.
Evergreen Solar (NASDAQ:ESLR), rose 81 cents to $11.95, but another solar panel baker, AstroPower Inc. (NASDAQ:APWR), climbed $4.90 to $56.55.
Disappointing to Shrestha was the $2.53 advance to $28.04 posted by IMPCO Technologies (NASDAQ:IMCO).
American Superconductor (NASDAQ:AMSC) climbed $3.05, or 16.1 percent, to $22, but another maker of technology to deliver more power in the same space occupied by today's high voltage transmission systems, Intermagnetics General (AMEX:IMG), slipped $1.87 to $26.90. |
