USEC Doubles as Traders Say Uranium Stock Rally Spurs Squeeze
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USEC Inc., a uranium supplier whose shares are five times more volatile than the Russell 2000 Index, doubled today amid speculation gains in nuclear stocks were prompting bearish traders to cover positions.
USEC jumped 98 percent to $11.98 at 4 p.m. in New York, earlier soaring as much as 161 percent. The increase was helped by a short squeeze and a victory by Prime Minister Shinzo Abe’s Liberal Democratic Party in Japan, according to Ian Winer, director of equity trading at Wedbush Securities Inc.