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NEW YORK (AP) -- Shares of FuelCell Energy Inc. surged Tuesday after the company reported a narrower fourth-quarter loss and an order for two power plants. FuelCell stock rose $1.66, or 16.3 percent, to $11.86 in midday trading. The company, which makes stationary fuel cells, beat Wall Street expectations by 2 cents, as it narrowed its fiscal fourth-quarter loss to 25 cents per share on increased sales and lower costs. It said Tuesday that South Korea's POSCO Power Corp. ordered two of its energy-efficient power plants. JPMorgan analyst Brannon Cook reiterated an "Overweight" rating on the company's stock, saying he expects its revenues to climb further in 2008. "We believe FuelCell revenues are set to increase 45 percent and 68 percent (in each of) the next two years based on our conservative assumptions," Cook said in a note Tuesday. He expects the Danbury, Conn.-based company to win new business from Connecticut's public utility commission. Cook also expects South Korea's demand for FuelCell products to accelerate over the next two years.
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