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Alternative Fuel Stocks Jump After President Endorses New Energy Sources As Gas Prices Soar

http://biz.yahoo.com/ap/060424/alternative_fuels_mover.html?.v=1

Alternative Fuel Stocks Soar on Bush Push
Monday April 24, 3:47 pm ET
Alternative Fuel Stocks Jump After President Endorses New Energy Sources As Gas Prices Soar

NEW YORK (AP) -- Take some soaring prices at the gas pump, combine them with a presidential endorsement for new sources of fuel and you have rally for alternative fuel stocks.
The weekend saw a bevy of reports that the average price for a gallon of gas in the U.S. is fast approaching $3, and prices for crude oil remained over $74 per barrel on the New York Mercantile Exchange Monday.

That news combined with Saturday's events marking Earth Day, during which President Bush promoted hydrogen fuel technology, including a visit to the California Fuel Cell Partnership, a West Sacramento-based collaborative of auto companies, fuel cell technology companies and others, aimed at promoting fuel cell vehicle commercialization.

Ballard Power Systems Inc., a Canadian fuel cell developer that is a member of the partnership, was among the biggest beneficiaries of the combined events in trading Monday. Shares shot up $2.39, or 23.3 percent, to $12.65 in afternoon trading on the Nasdaq, after earlier hitting a new 52-week high of $13.14. Trading was more than 10 times the normal daily average of 802,000 shares.

Shares of Hydrogenics Corp., another Canadian fuel cell maker that is part of the California effort, added 16 cents, or 4.4 percent, to $3.80 on the Nasdaq, after earlier trading as high as $3.94. Volume was double average daily trading.

The good will toward alternative energy spilled over to competitors, as well. Shares of FuelCell Energy Inc. of Danbury, Conn., which makes fuel cells used for electric power generation, ran up 76 cents, or 5.9 percent, to $13.66 in afternoon trading on the Nasdaq, on heavier than normal trading. Plug Power Inc., which makes a variety of power generating systems, saw shares rise 25 cents, or 4.1 percent, to $6.42 on the Nasdaq.

Hawaii-based Hoku Scientific Inc., which makes fuel cell components, gained 96 cents, or 15 percent, to $7.29 on the Nasdaq, with trading reaching about four times average daily volume.

Alternative Energy Board: http://www.investorshub.com/boards/board.asp?board_id=4442