What’s the Biden Bounce you ask? Biden as in Joe Biden. Yeah, that Biden who they let out of the basement of the White House once in awhile to let us all know he’s still alive and acting as VP. He’s got a big task ahead of him tomorrow. He’ll be speaking at the new UQM Technologies (UQM) manufacturing facility and highlight the positive impact of the American Reinvestment & Recovery Act on small businesses by featuring UQM’s proprietary propulsion systems for electric cars.
CEO William Rankin commented: “We are honored to have Vice President Biden speak at our facility to highlight our company’s accomplishments and leadership role in developing advanced electric propulsion systems. Our partnership with the U.S. Government to accelerate the introduction of components for electric drive vehicles and to establish the manufacturing infrastructure necessary to support the anticipated growth in the numbers of these vehicles on American roads is having a beneficial impact on our company and the creation of jobs in the clean vehicle industry.”
Technically, there is decent support on UQM around the $4 range and a surge above the $5 level would be very bullish. I doubt Biden’s speech tomorrow will have any lasting impact, but this is certainly a stock to watch in the coming months.