Nexxus (NEXS) Slumping Midday Following Surge Late Last Week
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Nexxus Lighting, Inc. (Nasdaq: NEXS) shares are tumbling midday Wednesday, continuing the retracement that began late last week following news that its LED bulbs would be carried at Lowe's (NYSE: LOW). Shares are down 15.2%.
Nexxus shares surged as much as much as 68 percent last week following an announcement that their Array brand of LED bulbs would be available on Lowe's corporate website, as well as 1,100 locations throughout the U.S. The stock closed 53 percent better that day. But shares have been on a downward slope since, off about 20 percent since last Friday.
Sales of the bulbs are expected to begin in June 2011.
At $3.26 per share, Nexxus is still above the $2.59 per share price before the run-up started.
Nexxus shares surged as much as much as 68 percent last week following an announcement that their Array brand of LED bulbs would be available on Lowe's corporate website, as well as 1,100 locations throughout the U.S. The stock closed 53 percent better that day. But shares have been on a downward slope since, off about 20 percent since last Friday.
Sales of the bulbs are expected to begin in June 2011.
At $3.26 per share, Nexxus is still above the $2.59 per share price before the run-up started.
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