Hutchinson Technology Incorporated (NASDAQ:HTCH)
started the week at top speed. Yesterday, the stock gained over 21% on
its price, while its traded volume exceeded 2 million shares for the day. The phenomenal price jump happened all of a sudden with no news on the company. Though, the investors' interest rose up extremely fast.
Historical data shows that the latest event around HTCH appeared to be the appointment of the new vice president and CFO David Radloff, dated about a week ago. However, except for this announcement, no recent information on the company can be found.
Hutchinson Technology Incorporated is a global technology company engaged in developing solutions to customer problems. The company has started this year with a high-trade, when the price reached over $11.00 per share. Though, after that the stock has started a downtrend. Currently, HTCH still holds the up move, however, it's too soon for a new bullish trend to be registered.
According to its quarterly financial report, revenues and gross profit of the company have decreased, while the net loss got higher. HTCH has registered more assets than liabilities on its balance sheet, however, it has long-term debt to cover, which has increased during the second quarter of this year. Though cash and cash equivalents of HTCH have decreased, the company projects a higher profit by the end of 2010.
Still, as there is no present news on Hutchinson Technology, the investors may be just about to see what's to happen with the stock.