Ionatron at Warp 9

For a company that specializes in focused beams of light, a certain murkiness engulfs Ionatron(IOTN Quote).

The tiny, money-losing company is trying to build laser-powered weapons reminiscent of "Star Trek," but won't say much about its contract with the Pentagon. Meanwhile, a controversial chairman who was twice sanctioned by securities regulators is at the helm.

Not that it matters to investors, who sense lightning in a bottle with the three-year-old company's "laser-induced plasma channel weapons" that can "disable people or vehicles." Shares of the Tucson, Ariz.-based company are up 1,100%, to $10.60, since completing a so-called reverse merger in April with lawn-care company U.S. Home and Gardens. ...