After hitting a mid-day high of $14.55 on July 16, HOKU went into a tailspin. Shares have been down in seven of the 10 trading sessions since.
With 3.2 million shares traded, today's action was the biggest volume on an up day since July 13. HOKU reached an intra-day low of $8.30 today before closing at $9.28, up 4.2%. Hoku was in a minority of stocks that were up on another bloody day for the Dow Jones and Nasdaq. With its polysilicon facility still in need of funding, bears are salivating over the prospect of a failure at Hoku headquarters. With $1.2 billion in contracts on the table to global customers, Hoku bulls see a buying opportunity.
Jim Cramer had his take on HOKU during yesterday's "Lightning Round" on Mad Money. Cramer said the stock is a buy at $6 or $7, noting a definite upside there.
With a float of 11 million, this is not a stock for weak stomachs.
Pupule Paul is a bit long HOKU.
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