Taylor Devices Jumps Again
Shares in Taylor Devices (TAYD) Wednesday surged for a third day as investors anticipated increased demand for the company's earthquake protection technology in the wake of the deadly tidal waves that swamped Southeast Asia on Sunday.
Shares rose another 83 cents, or 13.2%, to $7.10 in heavy volume for the issue. Three million shares had already changed hands, about 15 times the average daily volume.
The stock gained 172% on Monday and surged again Tuesday before closing lower on profit-taking. Some 28 million shares traded Tuesday.
The North Towanda, N.Y.-based company makes viscous dampers that protect bridges, buildings and towers by absorbing shockwaves from an earthquake, as well as tension control and energy storage equipment.The a 49-year-old company swung to a profit in its first quarter ended Aug. 31, posting net income of almost $74,000 on revenue of about 2.5 million. In August, the stock was hitting 52-week lows at around $2 a share.
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