Frequency Electronics rises on naval contract to make atomic clock

Frequency Electronics

11/01/2022 16:55

** Shares of electronic products manufacturer  FEIM.O  up
8.72% to $9.85
    ** Co wins a contract from the Office of Naval Research
(ONR) to develop a Mercury Ion atomic clock for application to
various US Naval platforms  urn:newsml:reuters.com:*:nGNX45KQwB
    ** Total contract value is ~$20.2 mln, says FEIM 
    ** The base period of the contract is two years with two
additional options of two years and one year respectively
    ** About 17,059 shares of the Uniondale, New York-based
company have traded so far today, ~218% of their 30-DMA volume
    ** Stock eyes best day since late Sept 2021, but is down
9.2% for the year

 (Reporting by Devik Jain in Bengaluru)
 ((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780;
outside U.S. +91 80 6182 2062; ;))