CORAL GABLES, FL / ACCESSWIRE / March 29, 2018 / US stock futures pointed higher on Thursday as traders watched the tech sector kick-start a minor recovery from this week's performance.
"The goodwill, the prices, the productivity that technology brings to the marketplace and to other sectors is strong, so I don't think we want to lose that," said Christopher Harvey, head of Equity & Quant Strategy at Wells Fargo Securities.
With this new development, several tech stocks are in focus on Thursday. Both Atlas Cloud Enterprises (OTC PINK: ATLEF) and American Electric Technologies, Inc. (AETI) have seen new developments spark increased trading activity this week.
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Atlas Cloud Enterprises recently announced the closing of the previously disclosed acquisition of MKH Electric City Holdings LLC. According to Atlas, the Grant County Data Centre, utilizing 80% of the current 3.0 MW of dedicated power, can host up to 1,700 Application Specific Integrated Circuit mining servers. A second phase (an additional 2.0 MW) is expected to be completed in 2019, increasing total energy dedicated to digital currency mining to 5.0 MW. Atlas Cloud is fully funded to complete Phase 1 and 2 of the Grant County Data Centre.
The transaction also includes a 6,600-sq. ft. facility, which is in the process of being upgraded to industrial-scale cryptocurrency mining standards. Due to its location, the facility significantly benefits from electrical provisioning at approximately $0.03/kWh, which is one of the least expensive commercial rates in the world. Furthermore, this week the Atlas Cloud market saw some of its most active trading weeks since its public debut.
The bitcoin mining and blockchain technology sector has been gaining more attention from investors this year. Despite the slide in prices for bitcoins in recent weeks, speculation still surrounds the long term potential & opportunity that bitcoin creates through a decentralized system. Atalas Cloud is targeting this space for revenue generation and growth.
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This morning, American Electric Technologies, Inc. announced revenue for the quarter of $12.9 million, up 37% from the $9.4 million reported in the fourth quarter of 2016 and down 3% compared with the third quarter of 2017. American Electric Technologies, Inc. is a leading supplier of power delivery solutions for the global energy industry. "As we continue to execute on our growth strategy, results for both the fourth quarter and the year show we're heading in the right direction," said Charles Dauber, AETI president and chief executive officer. "Although we continue to face challenging conditions in our core markets, I am proud of advances our company and employees accomplished in 2017."
Premarket trading saw shares of the company hitting highs of $1.50
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