Hoku Corporation (HOKU) just popped $0.84 to $3.11 in midday Thursday trading. Strength being attributed to a ChinaPost article that speculates that “China is considering new export quotas on rare earth alloys.”
So far, notes the article, China has issued a single export quota for rare earths — 17 elements critical to manufacturing everything from iPods to low-emission cars, wind turbines and missiles.
Technically speaking, HOKU continues to see a huge volume ; nearly 800,000 shares have already traded hands compared to a daily average of around 126,000.
In the past year, the stock has hit a 52-week low of $2.09 and 52-week high of $3.78.