Notes on the Historical Stock Pricing of FCEL (Fuel Cell Energy Corporation of Danbury, CT, USA).

[As of 10/12/00, NASD sent us an email confirming their data as to the historical pricing of FCEL.
As of 10/06/00, both Media General Financial Services and CSI sent email acknowledging the bad data and changing it. Neither Smartmoney nor Yahoo seems to yet reflect the changes.]

09/30/00: As of this writing there are three sets of data available on the net relating to the historical stock price information for FCEL. Obviously, two of them are wrong, one of them is right. Nasdaq has not yet contacted us, and the corporation has yet to find the time to address the matter, although they were quite polite to us on the phone. As of this writing, based on conversations with shareholders, and a bit of common sense, we believe the NASDAQ data to be correct, and we have corrected the fuel cell index data to reflect the NASDAQ data, This change downward in the FCEL multiplier has resulted in roughly a 30 point (~7.5%) downward change in the overall value of our index or model fuel cell portfolio, with the effect being most marked in the last few months, as FCEL has done extraordinarily well and is a very significant part of the index value. The problem data coincides with the very inception of the index, and the origination of our first multipliers. Thus, the error was magnified as the index grew and changed and as FCEL's stock took off.

Here is an illustration of the matter:

yahoo (Data provided by CSI) close for Sept. 17, 1999: 2.4444 (Data provided by Media General Financial Services) close for Sept. 17, 1999: 4.89
nasdaq close for Sept. 17, 1999: 7.333

Note that yahoo's close and's close are precisely 1/3 and 2/3 of nasdaq's data, respectively. In other words, the problem appears to relate to the 3:2 stock split of November 17, instituted by FCEL.

Here is the data NASDAQ believes to be correct:

NASDAQ html page.

Here is the NASDAQ 2-year graph:

fcel.gif - 5371 Bytes

Here is the bad yahoo data, with a September 13, 1999 split-adjusted price equal to precisely 1/3 of the NASDAQ price data.

fcel 2 year bad data yahoo.gif - 6706 Bytes

Here is the yahoo raw data: yahoo spreadsheet

Here is the third set of data, with September 13, 1999 split-adjusted price equal to precisely 2/3 of the NASDAQ data. Although we started out using yahoo's data for our other stocks in our origination of this project, it quickly became apparent that there was a problem with yahoo's data for FCEL. I believe (working from memory) that when we found the data, it appeared to be a correction of the matter. Unfortunately, it seems there are not one but two sets of bad data (I had never personally seen even one set before this event), so although we thought that the data was an answer to the matter, it apparently also had a signficiant flaw.

At that time it was somewhat difficult to identify which sites provided accessible historical downloadable data files. Since then, we have identified much better more reliable sites, with a particular emphasis on the NASDAQ site data, wherever possible. We thank the reader for his or her patience.

smart money bad data.gif - 52235 Bytes