Trading gets pretty hectic as brokers and market makers scramble to fill their orders so close to “punch-out” time on Monday afternoons, so company press releases with positive news usually help expedite this process. The following companies closed up strong on positive news of some kind:
Superconductor Technologies Inc. (Nasdaq: SCON) shares closed up an amazing 78 percent today at $5.94, gaining $2.61 on volume of more than 12.7 million shares. The company announced it is in negotiation to form a joint venture with Hunchun BaoLi Communication Co. Ltd., which manufactures push-to-talk (PTT) handsets and the associated battery technology for the China market. The proposed joint venture would focus primarily on the manufacturing and marketing of SCON’s SuperLink interference elimination solution for the Chinese market.
Kodiak Energy Inc. (OTCBB: KDKN) shares spiked up over 5 percent, or 15 cents, to close at $2.90 on volume of more than 729,000 shares. The company announced in a press release today that it has received the new engineering report on its Little Chicago project. The abridged report will be announced shortly and posted on the KDKN’s website.
After opening at a strong price of $1.20, shares of Neurologix Inc. (OTCBB: NRGX) settled at $1.50 this afternoon, up 50 cents, or 50 percent, on volume of 1,157,469. Recently the company announced the results from its gene therapy trial for Parkinson’s disease was published in the June 2007 issue of “The Lancelot.” The report detailed the company’s study on direct gene transfer into a patient’s own brain cells for any adult neurodegenerative disease.