Does Ultralife Really Have Juice?

A little company in the upstate New York town of Newark, Ultralife Batteries (ULBI), has carved out for itself an impressive niche in a prosaic business. Ultralife makes 9-volt lithium batteries, and its roster of clients is as notable as its recent share-price performance is not. Ultralife's stock has tumbled 49% so far this year--which means either that Ultralife is in trouble or that Wall Street is dead wrong. One veteran value-hunter, Morton Cohen of Cleveland's Clarion Capital, thinks Ultralife is on its way out of the doldrums.

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