Analysts Puzzled by Sharp Drop in Ballard Shares

Firms shows off 1kW residential fuel cell for Japanese market and direct methanol cell, despite unexpected drop in share prices.

Published: 22-Feb-2001

VANCOUVER, British Columbia, Feb 22 (Reuters) - Shares of Ballard Power Systems (BLD.TO);CAN:TOR:;BLD(BLDP.O);USA::;BLDP dropped sharply on Thursday but analysts who follow the fuel cell developer said they were not sure what sparked the selloff.

Ballard showed off two projects on Thursday that it has under development, including a 1-kilowatt cell aimed at the Japanese residential market and a cell that uses methanol directly to produce electricity.

On the Toronto Stock Exchange the shares slumped C$11.36 to close at C$74.68, after touching a new 52-week low of C$73.00 during the session. On Nasdaq, the shares ended down $8-1/16 at $48-1/4 on Thursday having dropped as low as $47-5/16 during the day.

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