Real Nanotech Index Keeps Flying

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The Edwards Real Nanotech Index (ERNI) kept up its winning ways--up over 10% in the week ended May 5th (I almost hate to mention it, for fear of jinxing ERNI’s performance. Standouts were: Nucryst Pharmaceuticals, which announced first quarter revenues of $6.3 million, up about 50% from the year earlier period; FEI Co., which reported a 12% increase in sales in the 1st quarter to $114 million, along with record bookings; as well as Arrowhead Research, Veeco, and Raymor Industries, all of which advanced on nothing more substantial than high spirits. On the other hand, NVE Corp., which recorded a 76% increase in actual product sales for the fourth quarter, as well as 13 cents per share in after tax income, was only up marginally on the week, and generally has not shared in the enthusiasm for nanotech shares. Similarly, the share price of Harris & Harris has been dead in the water, though it is arguably the quality pick of any of ERNI’s components. Ours is not to reason why, I guess, just to be happy with what the market gives us.