Energy stocks are higher.
In company news, Ocean Power Technologies Inc. (
) shares climbed to their best levels since October 2011 after
Lockheed Martin Corp (
) announced the latest development in the companies' partnership to
generate electricity off the Australian coast using the motion of
The wave energy generation project will be built off the coast
of Victoria, Australia, using OPTT's PowerBuoy wave-energy
converters. The project is slated to have three phases, with the
first stage producing around 2.5 megawatts of peak power. Once
completed, the project is expected to produce 62.5 megawatts of
peak power - or enough energy to power around 10,000 homes.
LMT will provide project management as well as assisting OPTT
with design and manufacturing the power converters. The companies
previously have worked on several smaller projects through the U.S.
Department of Energy since 2004.
The Victoria project will be funded in part with a $65.3 million
grant to OPTT from Australia's Department of Resources, Energy and
Tourism, according to information previously reported on the LMT
OPTT shares were up about 47% at $3.38 each in recent trade,
earlier climbing to an intra-day high of $4.09 a share, pushing to
its best level since October 2011. Volume also is extremely heavy,
with more than 13.8 million shares already changing hands today -
or more than 32 times its average daily volume over the past three
LMT was up about 2.4% at $157.65 a share in recent trade, just 3
cents off its best level for the session.
In other sector news,
(+) SPN, (+3.9%) Bullish sentiment indicated by recent options
buys, with more than 2,000 June 20 calls purchased - most priced
for $4.80 to $4.90 - according to optionMONSTER. Calls overall
outnumber puts by a ratio of 24-to-1.
(-) WPX, (-10.0%) Said its Q4 and FY13 results will include a
$1.5 bln impairment charge due to an 18% decline in forward market
natural gas prices during 2013. About $1.1 bln of the charges are
linked to its Appalachian properties; the rest to its Powder River
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