Dow Jones Newswires -- March 12, 1998
Lightbridge Up 9%; 2 Cos. Recently Added To Customer List
By Charlene Oldham
NEW YORK (Dow Jones)--Shares of Lightbridge Inc. (LTBG) were
trading higher Thursday after the company signed two new customers and drew positive comments from an analyst earlier in the week.
After closing 5.9% higher Wednesday, the stock was recently trading at 15 7/8, up 1 1/4, or 8.5%, on volume of 188,700 compared with average daily volume of 158,100.
William Brown, Lightbridge chief financial officer, said the activity could possibly stem from the announcements and research note. The company isn't planning any new announcements that would explain the stock's climb, he added.
The gains came after Lightbridge, which provides software and services to wireless telecommunications concerns, said Monday that Eatel of Gonzales, La., and Prime Matrix Wireless Communications of Calabasas, Calif., will use products from its Telesto line of software.
The news prompted a research note Wednesday from Cowen & Co.
analyst Susan Passoni, who reiterated her buy rating on the stock.
"We see these new contracts as affirmation to LTBG's product('s) broad appeal to the fast-growing small- and medium-size telecom companies as well as large carriers," the note stated.
Lightbridge also provides products to AT&T Corp's (T) Wireless Services unit and to Omnipoint Corp. (OMPT).
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