Tag - Optt

Yesterday, after Energy Conversion Devices (Nasdaq:ENER) put in a solid 15% move, I suggested that we put solar stocks on our radar. I should have thrown a wider net, though. There are no solar stocks on the Top Daily Gainers list today. But there were several alternative energy stocks making large moves.

BioFuel Energy (Nasdaq:BIOF) was up 18% and Clean Diesel Technologies (Nasdaq:CDTI) was up 15%. But by far the big winner was Ocean Power Technologies (Nasdaq:OPTT). Ocean Power shares were up as much as 85% after it announced a joint venture with Lockheed Martin (NYSE:LMT) to develop its PowerBuoy for utility-scale power generation.

If you haven't read about this technology, it's pretty neat stuff. The buoys contain hydraulics that are moved by ocean waves to create electricity that's transferred by power cable to shore. The company claims it can build a 10 megawatt power station that would cover 30 acres of ocean and provide power for 4,000 homes. And the company believes they can create a 100 megawatt power station by adding more buoys...

MAP Pharmaceuticals Inc. (Nasdaq:MAPP), Geokinetics Inc. (Nasdaq:GOK) and Duckwall Alco Stores Inc. (Nasdaq:DUCK) are among the biggest percentage gainers in Wednesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: A Power Energy Generation Systems Ltd. (Nasdaq:APWR), Solarfun Power Holdings Co Ltd. (Nasdaq:SOLF), Ocean Power Technologies Inc. (Nasdaq:OPTT), Polypore International Inc. (Nasdaq:PPO), Federal Mogul Corp. (Nasdaq:FDML) and Greene County Bancorp (Nasdaq:GCBC).

Matrix Service Co (Nasdaq:MTRX), Lacrosse Footwear Inc (Nasdaq:BOOT) and Enterprise Bancorp Inc (Nasdaq:EBTC) are among the biggest percentage losers in Tuesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Evercore Partners Inc (Nasdaq:EVR), American River Bankshares (Nasdaq:AMRB), Seanergy Maritime Corp (Nasdaq:SHIP), Ocean Power Technologies Inc (Nasdaq:OPTT), Maxygen Inc (Nasdaq:MAXY) and Pharmaxis Depository Receipt (Nasdaq:PXSL).

Ocean Power Technologies Inc. (Nasdaq:OPTT), Cabela's Inc. (Nasdaq:CAB) and Global Sources Ltd. (Nasdaq:GSOL) are among the biggest percentage losers in Monday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Consolidated Water Co Ltd (Nasdaq:CWCO), Cougar Biotechnology Inc (Nasdaq:CGRB), Methode Electronics Inc (Nasdaq:MEI), Cascade Bancorp (Nasdaq:CACB), ATC Technology Corp (Nasdaq:ATAC) and Agree Realty Corp (Nasdaq:ADC).

Ocean Power Technologies, Inc. (Nasdaq:OPTT) is up in afternoon trading after the renewable energy company said early Monday that its fiscal 2008 revenue rose to $4.8 million, up 92% from $2.5 million a year earlier. The Pennington, N.J.-based firm’s yearly net loss widened to $14.7 million, or $1.44 per share, down from a loss of $9.6 million, or $1.83 per share, during 2007.

Ocean Power’s cost of revenue during 2008 rose doubled to $8 million, from $4 million last year.

The Russell 2000 (NYSE:IWM) is continuing its strides in the green midday after a more favorable-than-anticipated leading indicators report distracted traders from climbing oil prices for most of the session. A slew of news from the tech sector also pushed stocks higher midday.

At 12:39 p.m. ET, the Russell had gained 5.70, or 0.77%, to 746.87, while the Dow leaped 133.61, or 1.03%, to 13120.41.

The Leading Indicators report, which aims to predict turning points in the economy, was up 0.1% for April, slightly better than forecasted, and up from a decline in both March and February.

Investors shrugged off a tapered economic outlook from The National Association of Business Economists, or NABE. The group lowered its forecast for economic growth in 2008 to 1.4% from a previously projected 1.8% in February.  Fifty-six percent now think the economy will slide into a recession this year, but that the recession will be short and shallow.
 
“Expect more of this type of reporting with consumer confidence at extremes and potential for a drop of consumer spending to drag U.S. GDP down,” Andy Busch, global foreign exchange strategist for BMO Capital Markets, said in an email. “It's pretty clear that we've had a wave of optimism stemming from a benign U.S. unemployment number and a slew of hawkish Fed commentary with a small US dollar rally.  It's going to be hard to sustain a longer rally in both equities and the U.S. dollar until we can see monthly U.S. housing inventories reduced and we'll get the best indication this Friday with U.S. existing home sales.” 

Ocean Power Technologies (Australasia) Pty Ltd., a subsidiary of renewable energy company Ocean Power Technologies, Inc. (Nasdaq:OPTT), said early Monday morning that it is teaming up with Griffin Wave Power Ltd, a subsidiary of Griffin Energy Pty Ltd., to develop a wave power station off the coast of Western Australia. The 10 megawatt power station could have the potential capacity of 100 MW, according to Ocean Power.

Shares gained 7%, or $0.71, to $10.65 in pre-market trading. For detailed price information and recent news stories about Ocean Power Technologies, click OPTT.    

PharmaNet Development Group Inc. (Nasdaq:PDGI), Guaranty Financial Group Inc. (NYSE:GFG) and Elizabeth Arden, Inc. (Nasdaq:RDEN) were among the new 52-week lows established during Thursday's trading among companies with market capitalizations or values under $750 million.

LaserCard Corp. (Nasdaq:LCRD), Riverview Bancorp, Inc. (Nasdaq:RVSB) and Ocean Power Technologies, Inc. (Nasdaq:OPTT) were also among the 52-week small-cap lows.

Here are Thursday's 52-week small-cap lows:

The Russell 2000 (NYSE:IWM) futures are higher and the small-cap index will likely open with a rise on news of relief for a mortgage lender.

With little major economic news on today’s calendar, investors are focusing on news before the opening that consumer and small business lender Washington Mutual, Inc. (NYSE:WM) is near a deal to receive a $5 billion boost from a private equity group.

The Russell 2000 was basically unchanged Friday, as the market struggled to decipher the employment report. In the end, the index was up 0.16, or 0.02%, to 713.73, the highest daily close since late February. Look for resistance this morning at 717 and 724, while support comes in at 705, 700 and 694.

Outside of Tuesday’s FOMC minutes, the potential for major market-moving events is at a lull this week, and today’s 3:00 p.m. consumer credit data is unlikely to stir passion among stock market traders. It will be interesting to see if the market can build on last week’s solid performance after months of initial jobs-release rallies have given way quickly to bears.

The Russell 2000 (NYSE:IWM) and the other major U.S. indices opened lower as news of Bear Stearns’ collapse made investors nervous.

At 10:11 p.m. ET, the small-cap index was missing 8.67 points, or 1.31%, to 654.23. The Dow Jones Industrial Average (INDU) had shed 56.91 points, or 0.48%, to 11,894.18.

Troubled investment bank Bear Stearns (NYSE:BSC) has been sold for just $2 per share, according to an announcement on Sunday. A year ago the New York-based company, which had been severely affected by the meltdown in the subprime mortgage sector, was worth over $170 per share.

The buyer is rival JPMorgan Chase & Co. (NYSE:JPM), which received about $30 billion in special financing from the U.S. Federal Reserve to complete the deal. That’s the first time in history that the Fed is giving money for one investment bank to buy another and prevent its bankruptcy.

Fear of widespread financial distress led the U.S. Central Bank to lower its discount rate, the rate at which commercial banks borrow from the Fed, to 3.25% from 3.50%, on Sunday.

Ocean Power Technologies, Inc. (Nasdaq: OPTT) CEO George Taylor said calendar 2008 will be an “exciting” year for the Pennington, N.J.-based company. The firm makes buoys that generate electricity by harnessing the energy of ocean waves. Taylor made the comments during a midday conference call.

“We believe that we are very well positioned to build on the strong foundations that are being established this year and continue to enjoy great success,” Taylor said.

Before the opening, Ocean Power reported second-quarter revenue of $1.7 million, up 204% from $0.6 million a year earlier. CFO Chuck Dunleavy said the increase in revenue was primarily attributable to an increase in ongoing work on a Hawaii project for the U.S. Navy, work on construction of a 1.3-megawatt station off the coast of Spain, work on the design, manufacture and installation of a buoy in Scotland and work on a contract with the U.S. Navy to provide PowerBuoy technology to a program for ocean data gathering.

The firm incurred a quarterly loss of $1.9 million, or $0.18 per share, compared with a loss of $2.3 million, or $0.45 per share, during the same period of 2006. Analysts were expecting a loss of $0.34 per share.

For the three months ended Oct. 31, the company’s cost of revenues grew to $1.9 million, from $1.2 million a year earlier.

“This increase in cost of revenues primarily reflected the higher level of activity on revenue-bearing contracts,” Dunleavy said.

The company’s selling, general and administrative costs increased 133% to $1.4 million, from $0.6 million in the year-ago quarter.

The Russell 2000 (NYSE: IWM) has dipped into negative territory but the Dow Jones Industrial Average (INDU) is up as stocks are trending lower after news of deal-making.

At 10:12 a.m. ET the Russell 2000 had lost 3.18 points, or 0.37%, to 852.59. The Dow Jones Industrial Average was up 22.27 points, or 0.16%, to 13,929.52.

In corporate news, Glendale, Calif.-based pancake restaurant operator IHOP Corp. (NYSE: IHP) will buy casual diner Applebee’s International, Inc. (Nasdaq: APPB) for about $2.1 billion in cash, which includes the assumption of debt. Applebee’s shareholders will get $25.50 a share.

IHOP plans on selling most of Overland Park, Kan.-based Applebee’s 521 company-owned restaurants to franchisees. Applebee’s has more than 1,900 system-wide restaurants, while IHOP has about 1,300. The acquisition is expected to close in the fourth quarter.

The following were the most actively traded companies in Monday’s trading among those with market capitalizations under $500 million: