Wall Street drawn to magnetic technology firm in El Segundo.The stock of El Segundo-based Aura Systems, a self-proclaimed leader in magnetic suspension technology, is being magically levitated on Wall Street, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the Jan. 27 edition of the weekly Market Trim Tabs Trim tabs are small surfaces connected to the trailing edge of a larger control surface on a boat or aircraft. The angle of the tab relative to the larger surface can be adjusted to null out hydro- or aero-dynamic forces and stabilise the boat or aircraft in a particular desired short-seller newsletter. Short sellers are market watchers who borrow and sell stocks, hoping to buy the shares back later at a lower price, before returning them to the original owners. Aura is a high-flyer with its 26.4 million shares trading at $10 a share, up from less than $2 a share in 1991. Counting in certain options, that gives it a market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. (shares times price) of more than $300 million, according to Charles Biderman, the newsletter's editor. But the company reported rather meager mea·ger also mea·gre adj. 1. Deficient in quantity, fullness, or extent; scanty. 2. Deficient in richness, fertility, or vigor; feeble: the meager soil of an eroded plain. 3. net income of $498,032 on revenues of $4.2 million in its latest reported quarter -- and that net income included a one-time gain of $780,330. Among other products, Aura designs and produces magnets and magnetic systems that levitate lev·i·tate intr. & tr.v. lev·i·tat·ed, lev·i·tat·ing, lev·i·tates To rise or cause to rise into the air and float in apparent defiance of gravity. , or suspend mid-air, other mechanical components. It has had a variety of contracts with the federal government and military contractors. According to company literature, "Aura's magnetics technology eliminates mechanical linkages in a variety of machinery and support equipment as a result of its ability to suspend objects in mid-air by the use of electromagnetic forces electromagnetic force One of the four known basic forces in the universe. Electromagnetism is responsible for interactions between charged particles that occur because of their charge, and for the emission and absorption of photons (electromagnetic radiation). . By eliminating mechanical linkages and supports, friction wear and transmission of vibration in the crucial elements of these systems are minimized or virtually eliminated." (If one tries to press the "south" pole of a magnet against another "south" pole, the repelling force felt is the electromagnetic force that Aura Systems says it is using.) Questioning Aura's "handling of the financial community," Biderman notes one booster is New York-based First Hanover Securities brokerage house, whose chairman, Peter Jaquith, also is an Aura board member. Jaquith has sold 500,000 shares of Aura in the last 18 months, said Biderman. According to Biderman, an analyst for First Hanover admitted initiating coverage of Aura at Jaquith's behest be·hest n. 1. An authoritative command. 2. An urgent request: I called the office at the behest of my assistant. to a reporter from the Bloomberg Business News, a New York-based electronic news service. |
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