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January 29th, 2004
Nanogen Shares Whipsawed by Good, Bad News
With nanotechnology the buzzword on Wall Street these days, investors sent Nanogen Inc.'s stock on a roller coaster ride today, pushing it up to its highest value in more than three years, then down, then back up again.
A combination of positive company news and negative market news caused the stock to be whipsawed, as the stock shot up to a 52-week high of $14.95 a share mid-morning. But after the Federal Reserve said an interest rate hike may be just over the horizon, stocks plummeted across the board. Nanogen was no exception, plunging to $12.02 near the end of regular trading.
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