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Wednesday, Sep 18
Benzinga: Nissan and LG supplier rumors take Polypore down
- Polypore (PPO -4.5%) shares fell sharply after rumors surfaced that the company may have lost the battery component contract for the Nissan Leaf to Japan's Asahi Kasei, Benzinga reports.
- Benzinga's coverage is based a source from Axiom Capital, which claims the Japanese competitor may have undercut Polypore's price for Li-Ion separator material (up from $1.60 to $2.60 per square meter after 2 layers of ceramic coating were added due to heat problems).
- A second rumor said LG had qualified a Chinese supplier for its Li-Ion separator business. Axiom, which has a Sell rating on PPO, points out that the last time Polypore lost LG business, the stock tanked over 20% in a day.