Amid talk of a possible bailout in Greece the Nasdaq is trying to rally this morning posting gains of 14.78 points heading into the midday trading hours. This news is along with a few standout stocks is helping the Nasdaq stay in the green this morning.
Yongye International, Inc. (Nasdaq:YONG) shares are up over 42% this morning at $5.34 per share. YONG is up on heavy volume this morning after the company annouced a $50 million investment from the Asian Private Equity division of Morgan Stanley. This move by Morgan Stanley has shocked some investors as there have been many recent problems with small cap Chinese Stocks and the Security And Exchange Commission (SEC) has this sector under investigation for fraud. Yongye International has also been helped by the Chairman and CEO’s plan to purchase up to $3 million of the company’s own common stock.The plan will be disclosed publicly and will follow all appropriate legal guidelines set forth by the SEC.
Eltek Ltd. (Nasdaq:ELTK) shares are on the rise this morning with an over 38% gain at $1.62. Nearly 1.2 million shares have been traded this morning, a drastic increase from the average daily traded volume of 8 thousand shares. Eltek, a leading manufacturer of flex-rigid circuitry, announced both fourth and first quarter results for 2010 and 2011 respectively. While 4Q results showed a net loss of $655,000, 1Q results proved to be much better posting a net profit of $788,000 or $.12 per diluted share. Both quarters compared well to those of the previous year.
FuelCell Energy, Inc (Nasdaq:FCEL) shares have shown some sharp movement this morning and is currently trading at $1.87 this morning, an increase of $0.42. FCEL has traded over 3 times its daily average volume after the company announced they won a $129 million bid to supply fuel-cell power plants for a 70 Megawatt order from Korean based POSCO Power. Fuel-Cell Energy said it will be paid roughly 40% of the value of the contract in October.