FUELS  (CONT)

Quantum has no debt and $68 million in cash, and should break even by March 2005, he said. (Quealy's firm, Adam Harkness, has a more than a 1 percent stake in Quantum and advises the company).

David Schoenwald, portfolio manager of the $49 million New Alternatives Fund, has most of his alternative energy dollars invested in overseas firms, but among American names, he likes Fuelcell Energy. Schoenwald, who owns 150,000 FuelCell shares worth about $2 million, says the company is the furthest along in commercially developing fuel cells among its peers.

Quealy, who also likes Fuelcell, says the stock should trade in the midteens as long as oil prices stay high. U.S. light crude for December contract was trading at $49.05 a barrel Friday on the New York Mercantile Exchange.
But investors should be attuned to the volatility of these stocks, Quealy warned. While there is great reward for the risk, "these are development, speculative companies," he said.

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