Broadwind Energy Rallies on Wind Towers Deal

Broadwind Energy Inc. (BWEN) rallied 14 percent to $1.95, the most intraday since Oct. 6, during Tuesday morning’s market session. The U.S. wind turbine maker announced that its Tower Tech Systems subsidiary was selected as the supplier of wind towers for the Glacier Hills Wind Park project in Wisconsin.

“‘In this challenging economy, we are pleased to have added a number of jobs at our Manitowoc, Wisconsin wind tower plant”, said in a statement Jess Collins, executive VP and COO at Broadwind. “With this order plus other business booked during November, Broadwind has increased its backlog to approximately $245 million, which is approximately 17% above the September 30, 2010 backlog.”

The 90-turbine project is expected to generate more than 400 million emission-free kilowatt hours annually–enough to power 45,000 homes.

Technically speaking, the shares of BWEN have underperformed the broader S&P 500 Index (SPX) by 76.08% during the past 52 weeks. However, since bouncing off from $1.50 zone in late September, the stock has re-entered a somewhat familiar territory. More specifically, the security is now attempting to plow its way through the $1.80-$2.00 neighborhood, which has capped BWEN’s resistance-breaking attempts since early November.

Currently, BWEN’s volume of 930K shares is well above the daily average volume of 921,000 shares.

At last check [11:39 a.m. EST], shares of the Naperville, Ill.-based co. were up $0.16 to $1.87 in trading on the Nasdaq.

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About Ron Haruni 1071 Articles
Ron Haruni is the Co-Founder & Editor in Chief of Wall Street Pit.

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