Westport Innovations Loses Early Gains, Down 1% after Acquisitions
Westport Innovations Inc. (WPT.TO), a global leader in alternative fuel, low-emissions transportation technologies, has lost its early gains and is now down 1% after announcing that it has acquired 100% of the outstanding shares of OMVL SpA and OMVL's 51% share of Juniper Engines Inc. for a combined consideration of 19 mln euros (approximately US$23.4 million).
The stock rose to 17.15 inside the first 50 minutes of trading but was then pushed down to a day low of 16.44. The stock has in the last few minutes broken back above resistance at 16.50 but moves above that levels may be limited as the stock is being bid at 16.53.
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