This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Luna Innovations: Pump Up the Volume

Stocks in this article: LUNA

ROANOKE, Va. ( TheStreet) -- Luna Innovations (LUNA) shares jumped higher at midday Thursday on a surge in volume after the company received a grant for electrochemical capacitors.

Luna Innovations was lately up 34 cents, or 17.8%, to $2.25 on volume that topped 1.1 million shares. The stock has a three-month average daily volume of 452,000, according to Yahoo! Finance.

The spike in share price and volume came after reports that the Department of Energy listed Luna as receiving a grant for a project that will develop high energy and high power capacitors suitable for use in hybrid electric vehicles.

A telephone call to Karin Clark, director of marketing and communications for Luna Innovations, was not immediately returned.

Luna Innovations has a 7.7 million-share float with about 2,000 shares short as of Sept. 10, according to Yahoo! Finance. More than 44% of the company's shares are held by insiders with another 4.9% owned by institutions.

Luna Innovations shares have seen above-average volume over the last 10 trading sessions, sparked by a report in The Roanoke Times that Luna and Hansen Medical (HNSN) "have developed a framework for settlement" that would reduce a $36.3 million jury verdict against Luna to a more manageable sum, according to a letter written to bankruptcy court Judge William Stone from attorneys on both sides of the case.

In 2006, Luna was set to apply its nanotechnology instruments to assist Hansen in developing catheters used for heart surgery, but the deal fell apart after Hansen accused Luna of sharing trade secrets with another company. A jury eventually ruled against Luna, and the company filed for Chapter 11 bankruptcy protection in July.

Read more about today's high-volume stocks like Euro Tech Holdings in earlier "Pump Up the Volume" posts.

-- Written by Robert Holmes in New York.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,802.81 -7.25 -0.04%
S&P 500 2,066.72 +3.22 0.16%
NASDAQ 4,746.6990 +33.7290 0.72%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs