Battery Stocks Falter Despite Positive Headlines (VLNC, JCI, BYDDF, AONE, XIDE)
On a day of weakness for the broader market and technology stocks, the Energy Storage and Technology Stocks Index isn’t escaping the downdraft with a decline of 1.5%. The Index has jumped 10% in the past three months.
The decline comes despite some positive news from Index constituent Valence Technology (VLNC), which is unchanged after announcing it will supply lithium phosphate batteries for a new electric vehicle designed by Courb. The new C-ZEN vehicle will be introduced at the Geneva Auto Show. Financial terms of the deal weren’t disclosed.
Johnson Controls (JCI) is surging 2% after Wells Fargo called the company’s valuation “attractive” and noted that European auto margins are rising. Wells Fargo reiterated an “outperform” rating on Johnson Controls and said the stock could rise to $50 in the next 12-18 months. The shares currently trade for less than $42.
Investors can track the Energy Storage and Technology Stocks Index for performance trends and a suite of other metrics at tickerspy.com.
More on this topic (What's this?)
Valence Technology (VLNC) Posts Mixed Results, Shares Hold Steady (Green Stocks Central, 2/5/11)
XIDE (Samurai Trader, 2/8/11)
VLNC (Samurai Trader, 12/27/10)
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