Friday's action in MFIC probably influenced by DJNEWS:
02-11-05 1235ET
02/11 13:51 =DJ Nanotech Stocks Up: Media Coverage Stokes Interest
By Michelle Rama
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Nanotechnology-related issues continued to rise Friday after a media report drew attention to the sector and a small nanotechnology company announced success with battery materials.
ThinkEquity Partners analyst Stuart Pulvirent cited an interview aired on CNBC Friday with Sean Murdock, the executive director of the NanoBusiness Alliance.
In the interview, Murdock talked about the organization's trip to Washington last week in an effort to get government leaders on board for funding nanotech research and development. Murdock has said nanotechnology is becoming one of the key drivers of U.S. economic growth.
Nanotechnology refers to any technology that takes advantage of the properties of matter at the nano-scale. A nanometer is a billionth of a meter, or the length of several atoms lined up in a row.
"Media coverage is increasing, and that tends to - in the short term at least - drive all these stocks up," Pulvirent said. Also, he noted, "there was excitement yesterday over Altair," which drove nanotech-related shares higher Thursday, the analyst said. Altair Nanotechnologies Inc. (ALTI) Thursday announced that it has developed a new generation of rechargeable batteries using nanomaterials.
Shares of the more speculative nanotech stocks were rising most Friday, Pulvirent said - as were the stocks of companies whose names imply involvement in nanotechnology which they don't actually have.
Shares of Harris & Harris (TINY), a venture capital firm that invests in nanotech, rose 8% to $13.88 on heavy volume Friday. Shares had surged last week on its mention in a BusinessWeek cover story that talked about nanotech moving to the marketplace from the laboratory.
Shares of Lumera Corp. (LMRA) gained 9% to $5.92, and Arrowhead Research Corp. (ARWR) added 12% to $4.62. Altair's stock, which rose 129% Thursday, was recently giving back some gains, losing 10% to $4.31.
Genomics company Nanogen's (NGEN) shares were rising 6%, "even though they don't do anything in nanotechnology," said Pulvirent, whose firm has had investment-banking ties with Harris & Harris.
-By Michelle Rama; Dow Jones Newswires; 201-938-4046; michelle.rama@ dowjones.com
(END) Dow Jones Newswires
02-11-05 1351ET |
