Posted at 1:35 p.m., Friday, August 25, 2006
Business briefs: Hoku shares soar 36% on upgrade
Advertiser Staff
Shares of Kapolei-based Hoku Scientific Inc. continued their week-long rally today, closing at the highest level since late May after a major brokerage firm raised its rating on the stock.The stock gained 36 percent, or $1.24 a share, to close at $4.68 on the Nasdaq National Market, its best finish since May 30 when the stock closed at $5.20 a share. More than 5.31 million shares changed hands, compared with an average trading volume of about 256,000 shares.
Brokerage firm Piper Jaffray raised its rating to "outperform" from "market perform" and raised its price target to $5 from $3.50. The upgrade followed Hoku's award yesterday of a contract to CH2M HILL Lockwood Green to provide engineering and other services for Hoku's planned polysilicon production plant.
Hoku makes of fuel cell membranes and other "clean" technology products.
Cyanotech receives delisting notice from Nasdaq
Kona-based Cyanotech Corp. today said it received notice that its stock will be delisted from the Nasdaq Stock Market on Sept. 1 because of a failure to file a quarterly financial report.
Shares in the maker of nutritional supplements already were slated for delisting on Nov. 26 for failure to meet a minimum bid price of $1. Should shares be dropped from the Nasdaq Small Cap market Cyanotech stock likely would trade on the OTC Bulletin Board.
Cyanotech shares closed at .489 cents a share today.
