Market Overview

Gevo Surges To 5-Month High And Retreats

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Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Gevo, Inc. (NASDAQ: GEVO) shares were trading higher by $0.46 at $5.99 in Friday's session. The issue, which began the week at $2.46, traded as high as $7.24 earlier in today's session. The current high is shy of its November 28 high of $7.56.

What is fueling the rally is the announcement of a strategic alliance with Alaska Airlines. Investors are speculating there may be similar deals in the near future as they are buying shares with reckless abandon.

However, other investors have decided to cash out as the issue has given back over $1.00 of today's gains and is back under $6. On the decline, it found support under Thursday's close ($5.46) reaching $5.21 before rebounding.

Posted-In: Pre-market outlookTechnicals Intraday Update Trading Ideas

 

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