Best Penny Stocks for 2014 No. 1: The worlds leading developer of control network platforms, Echelon Corp. (Nasdaq: ELON) provides interconnectivity between commonly used devices like air conditioners, electricity meters, light switches, thermostats, and valves. Interconnectivity is at the heart of the Internet of Things (IoT) revolution, which is a movement to connect commonly used devices through the Internet. It was behind Google Inc.s (Nasdaq: GOOG) $3.2 billion purchase of Nest Lab Inc., a developer of smart thermostats and smoke detectors. That acquisition and the growth of the Internet of Things movement have big ramifications for ELON stock. Following the Nest purchase in January, Bloomberg wrote that it might jump start a multibillion dollar race to acquire companies that are powering the rise of Web connected devices across homes, cities and workplaces. In early 2014, Echelon debuted the FT 6050 system-on chip (SoC), which is designed to provide cost-effective and reliable wired IP connectivity for various devices. Because its an industry leader, Echelon is positioned perfectly in the IoT market. ELON stock has climbed 25% in 2014, compared to a 1% drop for the Nasdaq. At $2.69 per share, ELON is an affordable stock with room to run.
Posted on: Thu, 25 Sep 2014 07:17:27 +0000
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