HOKU had reached an all-time high last week, but decreasing volume on Thursday and Friday gave some indication that buyers were running out of steam. Hoku hit a high of $14.55, buoyed by pre-market volume of 228,000 shares. However, they trade at $13.87 now, down 18 cents from Friday's close.
The stock could use a breather as the PPS consolidates at these new, lofty levels. Bears and bulls have had it out on this company for many months now. Bears point to the current state of the Co, with scant revenues and no facility constructed as of yet to build out polysilicon for solar energy companies from Germany to China. Bulls, meanwhile, point to the Co's swift decision-making and finesse in handling partnership deals potentially worth $1.2 billion. The polysilicon facility is expected to be completed in Pocatello, Idaho, in the first half of 2009.
The most significant pullback for the stock in the past month has been 18 percent, which barely puts a dent in the overall gain. On June 12, HOKU traded at $4.50. Even with this morning's pullback, HOKU is up 308 percent since the first of two key polysilicon contracts were established.
Hoku's amazing run — the stock was at $2.60 to start the year — isn't necessarily done. Friday's volume was 4.3 million shares, down from Wednesday's 11.6 million. The strength of today's action could bolster the bear sentiment if volume is considerable on a down day. Conversely, a strong surge in volume to the plus side could be the fuel to spur any remaining bulls currently on the sideline.
Elsewhere, Apple shares are zooming upward into new territory again. Despite a flat market — the Nasdaq is down by a fraction of a percentage point — buyers are converging on AAPL now that the iPhone is proving to be a hit and earnings are coming around the corner.
Revenue from iPhone sales won't impact the bottom line for second-quarter earnings, but Apple could announce what the impact of the June 29 release could mean for Q3. Lacking any foreseeable bad news, there appears nothing to keep AAPL shares tied down.
Apple traded to $139.98 in the first 30 minutes of the session. AAPL is currently at $138.52, up 81 cents, on 11.5 million shares traded.
Two more A- stock picks, Baidu and Research in Motion, are also up early in the day. BIDU was up $1.74 to $214.56. RIMM was up $4.57 to $232.09.
Crox, Google and Foster Wheeler were also up moderately. Spartan Motors and Amazon were the only A- stock picks that were down early.
Falling again: Shares of Northwest Biotherapeutics took another hit in the first hour today, dropping 57 cents to $4.35. The stock had rocketed to $7.33 a week ago after announcing that Switzerland had granted the Co approval for limited use of its immunotherapy treatement for brain cancer.
NWBO.OB fell for the next few days, hitting a mid-week low of $4.30, the rallying on low volume to $5.10. The stock is trading at $4.49, nearly double from its pre-announcement price per share.
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