USEC Up 50% 1 Day After 'Going Concern' Warning

USEC Inc.

shares gained as much as 50 percent Thursday a day after the nuclear fuel processor warned that it's uncertain whether it can remain in business. More than 7 million shares changed hands, compared with average daily volume of 2.9 million. Contacted by the New York Stock exchange Thursday, USEC said its policy is not to comment on unusual market activity. USEC said Wednesday that a confirmation hearing is slated Sept. 5 regarding its Chapter 11 plan filed in March. Voting by creditors is complete, the company said. But in its accompanying 10Q filing, the company noted "substantial doubt" about its ability to continue as a going concern because of the bankruptcy as well as mounting losses, a shareholders' deficit and difficult business conditions. On Wednesday, the company posted a net loss of $5.71 a share, compared with a year-earlier net loss of $8.35 a share. Revenue fell 57 percent to $121.2 million, from $284.8 million.