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  • Clean Energy (CLNE) Receives $34 Million DOE Award; Institutions Support Endwave (ENWV) and Medallion (TAXI) 0 comments
    Aug 27, 2009 4:27 PM | about stocks: CLNE, TAXI, ENWV
    Clean Energy Fuels Group (NASDAQ:CLNE) receives $34 million from the Dept. of Energy and institutional trading propels Endwave (NASDAQ:ENWV) and Medallion Financial (NASDAQ:TAXI).

    As profit-takers took control of today's early session, SmallCaps Clean Energy Fuels Group (CLNE), Endwave (ENWV) and Medallion (TAXI) posted big gains. The bears on the street seemed determined to keep the bulls in check by peeling off any over zealous gains. Sellers took gains this morning even though the Gross Domestic Product (NYSE:GDP) shrank only 1% in Q2.

    In a better-than-expected showing and supporting the idea that the recession is over, the Commerce Department's new estimate for the gross domestic product was unchanged from the initial figure it released last month. The 1% drop, while representing a record fourth consecutive decline, was far smaller than the previous two quarters. It also was stronger than the 1.5% decline that private economists expected.

    That news couldn't rally the early markets, but even the determination of the bears couldn't keep Clean Energy Fuels Group (CLNE) http://www.cleanenergyfuels.com/ from gaining 9.72% ($1.06) on the announcement the Company had received a grant from the Department of Energy (DOE). CLNE is currently trading in the $11.26 range with a new market cap of $713 million. CLNE has a 3-Month average daily trading volume of 647,306 shares and it doubled that early in the session topping 1,329,111 shares traded.

    THE DOE gave CLNE $34 million (11% of total funding by the DOE) for customers and government agency partners of CLNE to offset the cost of more than 800 new clean-burning natural gas-powered taxis, shuttle buses, refuse trucks and heavy-duty trucks.

    The DOE awards will also open new markets in several states by helping to defer the cost of building 11 new natural gas fueling stations.

    DOE Secretary Steven Chu said, "Advancing the number of alternative fuel and advanced technology vehicles on the road will increase our energy security, decrease our dependence on oil, and reduce pollution across the country."

    CLNE's in-house Grants Department provided assistance with identifying, applying for and securing this grant funding. The CLNE Grants Department efforts have helped secure more than $149 million in grant funding for CLNE and its customers.

    CLNE is involved with natural gas as an alternative fuel for vehicle fleets in the United States and Canada. It designs, builds, finances, and operates fueling stations and supplies compressed and liquefied natural gas. CLNE serves approximately 320 fleet customers operating 15,000 natural gas vehicles in public transit, refuse hauling, airports, taxis, seaports, and regional trucking markets. CLNE operates 176 natural gas fueling stations in Arizona, California, Colorado, Maryland, Massachusetts, Nevada, New Mexico, New York, Texas, Washington, Georgia, Wyoming; and British Columbia and Ontario, Canada.

    At $11.26, CLNE is below its 52-week high of $19.95 set on 09-08-08 and above its 52-week low of $3.23 set on 11-20-08. At $11.26, CLNE is ahead of both its 50-day and 200-day moving averages. CLNE has trailing twelve month revenues of 59 million and its shares out versus float ratio is near-parity.

    ... it must be the institutions...

    On occasion, companies will soar in share value for no discernable reason. There's no official news from the company, the sector is flat and there are no geo-political events that would cause a big gain. In those instances, I look for previous news that has developed an upward trend or the percentage of a company's shares held by institutions (which can be anything from a bank to a fund to a market maker or brokerage).

    Individuals can play a role as well or 'black box' trades (computerized buy or sell orders) but until the days trading is done, an exact count of who bought and sold what is an assumption. I always go with the institutions because they have a lot of money invested and want to keep a threshold either in a tight grasp or make some progress towards a new one. With that said, two SmallCaps made significant gains today...

    Gaining 11.95% ($0.97) Medallion Financial Corp., (TAXI) http://www.medallionfinancial.com/ is currently trading on the Nasdaq in the $9.08 range with a new market cap of $157 million. TAXI has a 3-Month average daily trading volume of 51,033 shares and it topped $260,389 shares traded early with no official news.

    A TAXI Income Statement was posted on Edgar on the 19th, but it merely condensed the info listed in TAXI's August 10 10Q. TAXI announced that net increase in net assets resulting from operations, was $2,003,000 or $0.11 per diluted common share in Q2 09, down from $4,377,000 or $0.25 per diluted common share in Q2 08.

    TAXI operates as a specialty finance company in the United States. TAXI engages in originating, acquiring, and servicing loans that finance taxicab medallions and various commercial businesses.

    At $9.08, TAXI is below its 52-week high of $10.83 set on 08-27-08 and above its 52-week low of $3.26 set on 03-10-09. At $9.08, TAXI is ahead of both its 50-day and 200-day moving averages. TAXI has trailing twelve month revenues of $46 million and a trailing twelve month diluted EPS of $0.61. Its shares out versus float ratio is near-parity. 67.20% of Taxi shares are held by institutions.

    Gaining 26.29% ($0.66) this morning is Endwave Corp., (ENWV) http://www.endwave.com/ with no official news. ENWV is currently trading in the $3.17 range with a new market cap of $30 million. ENWV has a 3-Month average daily trading volume of 37,524 shares and it topped 1,968,311 shares this morning.

    ENWV had an Income Statement posted on Edgar yesterday. Although the balance sheet posted a clean and easy look at its discontinued operations; that information was in its August 14 filing.

    ENWV designs, manufactures, and markets radio frequency modules that enable the transmission, reception, and processing of high frequency signals in telecommunication networks, defense electronics, homeland security systems, electronic instrumentation, and other applications that require high frequency circuitry and subsystems.

    At $3.17, ENWV is below its 52-week high of $6.15 set on 09-02-09 and above its 52-week low of $1.36 set on 03-11-09. At $3.17, ENWV is ahead of both its 50-day and 200-day moving averages. ENWV has trailing twelve month revenues of $48 million and its shares out versus float ratio is near-parity. Institutions own 52.70% of ENWV shares.

    Sign-up for Free to Receive Future Commentary and Trading Alerts on CLNE, TAXI and ENWV

    Stocks: CLNE, TAXI, ENWV
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