Stock of the Day Update
A few weeks ago, when Energy Conversion Devices (ENER) was first peaking above its 50-day average, I highlighted it as my stock of the day and commented that I was taking a long position in it.
Today, the stock is gapping more than +12% higher on a huge volume spike following yesterday's earnings. The company beat earnings estimates by 12 cents on higher revenues and increasing margins.
Sales of 6.7 MW was strong. There was also an announcement that Samsung said it would use ENER's technology for a flash memory prototype that could be ready by 2008. So there is a lot of positive newsflow there, and the stock is reflecting this today.