More "potential" market manipulation:
Emcore Up 11% After Winning $4.6M Solar Cell Receiver OrderLast update: 4/2/2008 12:49:50 PM
By Brett Philbin
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Shares of Emcore Corp. (EMKR) rose as much as 14% Wednesday after the company said it received a $4.6 million follow-on order for solar cell receiver assemblies from Concentration Solar la Mancha, a unit of Spanish renewable energy company Renovalia Energy. Emcore, an Albuquerque, N.M., provider of semiconductor-based components for fiber-optic, satellite, and terrestrial solar markets, said the receivers will be incorporated into CS la Mancha's concentrator photovoltaic system and will be deployed throughout Spain and other locations. Emcore said shipments will begin in September and will be completed in early 2009. "This order affirms Emcore's position as the supplier of choice for high-performance CPV components that enable our customers' systems to generate renewable energy at the lowest cost per kilowatt hour," said David Danzilio, general manager of Emcore's photovoltaics division, in a press release. "This order diversifies our customer base, a trend we expect will continue, as they transition their CPV systems from development to full-scale production," he added. Shares of Emcore recently traded up 59 cents, or 10%, to $6.50 on volume of 3.5 million shares, compared with average daily volume of 2.6 million. Emcore's stock had declined more than 61% in the past two months. In mid-March, an article posted on Internet Website CitronResearch cast doubt on Emcore's terrestrial solar customers. Emcore responded by saying the article was "materially inaccurate and seriously misleading," and that the company was "well-positioned" in core markets for revenue growth. The company also said it has asked government securities regulators to investigate whether "improper" relationships exist between the Web blog that posted the article and recent short selling of the company's stock. Needham & Co. analyst John Harmon said that the order with Concentration Solar is "a sign of validation for the company." |
