Exide Technologies (NASDAQ: XIDE) is trading at $5.22 up $.95 or 22% on a volume of 4.6 million after beating expected Q4 earnings and a resignation. The battery manufacturer reported a net income of $40.4 million or $.53 cents per share (consensus was $.04 cents a share) compared to a loss of $64.4 million or $.85 cents per share in the same period 2009. The company still reported a net loss of $11.8 million for fiscal 2010, but has drastically cut its deficit. XIDE has not been doing very well in the past year, falling from $8.72 in January to its current position, but the company appears to have rounded the corner. On top of these results, COO and President Edward Leary resigned effective June 16th.
Fuel Cell Energy Inc. (NASDAQ: FCEL) is trading at $2.62 up $.49 or 23% after entering into a $12.6 million contract with Pacific Gas and Electric Company for two 1.4 megawatt fuel cell power plants. The stock exploded right at the market open as investors ran to the guaranteed revenue.
ZymoGenetics, Inc. (NASDAQ:ZGEN) is trading at $4.85 up $.64 or 15% on a volume of 700k after initiating Phase 2b clinical trials in collaboration with Bristol-Myers Squibb. The company’s product IL-29 treats patients with chronic hepatitis C virus infection. Of course, with the Bio Tech companies, phase data, investment and buy outs make or break the business model. With many investors unsure of where the U.S. market is headed, many will flock to Bio Tech in an effort to reclaim lost profits.
Disclosure: no position