NEW YORK - Shares of Tepco electrified 12% higher in early morning trade and continue to remain 4% higher. This is a welcome sign to investors of the company who have seen their shares drop by nearly 80% since the start of the crisis. The stock is currently trading at ¥485, as we approach midday in Tokyo trading. The stock has rallied because an investor has put in a buy order for 2.5% of the company's outstanding stock or 40 million shares. No-one can confirm who placed the order.
The company has been troubled since March 11, when an earthquake and tsunami knocked out the cooling system at the company's Fukushima Power Plant, which has led to half of the 6 reactors at the plant suffering partial meltdowns.
The people of Japan have been wondering what happened to Tepco's President Masataka Shimizu. Tsunehisa Katsumata the Chairman of the company has stepped in as President. The latest update is that Shimizu is in hospital for an illness. The company also said said 4 of the 6 reactors will never operate again.
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