The news came in an 8-K filing with the Securities and Exchange Commission. The funding arrives after an amendment to an agreement with UT-Battelle, operator of Oak Ridge National Laboratory, for more research on American Centrifuge technology. USEC first entered into the fixed price contract for approximately $33.7 million, paid out at $6.7 million per month from May 1 to Sept. 30.
USEC closed up 143.89% to $7.39 on Tuesday, opened at $8.55 on Wednesday and was up 48.58% to $10.98 at 11 a.m. More than 11.3 million shares had changed hands by that point, which dwarfed the average volume of 274,473.
Must Read: Warren Buffett's 25 Favorite Stocks
Separately, TheStreet Ratings team rates USEC INC as a "sell" with a ratings score of E+. TheStreet Ratings Team has this to say about their recommendation:
"We rate USEC INC (USU) a SELL. This is based on the combination of unfavorable investment measures, which should drive this stock to significantly underperform the majority of stocks that we rate. The company's weaknesses can be seen in multiple areas, such as its unimpressive growth in net income, weak operating cash flow and generally disappointing historical performance in the stock itself."
Highlights from the analysis by TheStreet Ratings Team goes as follows: