NEW YORK (TheStreet) -- Intermolecular (IMI) plummeted to a one-year low of $2.79 on Friday after the company, which works in research and development for semiconductor and clean energy industries, announced that its development activity on the Collaborative Development Program agreement with SanDisk (SNDK) and Toshiba had come to an end.
"The objective of the CDP was to prepare certain memory technology for future production, and we are proud to have worked with SanDisk and Toshiba over the last four years to achieve the goal of our collaboration," said Intermolecular President and CEO Dave Lazovsky in a company statement. "We believe that we have helped them develop such memory technology with the potential to be the industry leader in non-volatile memory capability."
More than 5 million shares traded hands on Friday morning; the stock's daily average is 172,951.
TheStreet Ratings team rates INTERMOLECULAR INC as a "sell" with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate INTERMOLECULAR INC (IMI) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."