Shares of Rentech Inc. rallied for a second-straight day after an analyst upgraded the stock, saying a deal to supply synthetic fuel for airline ground operations at Los Angeles International Airport was the strongest sign yet supporting the company's synfuels strategy.
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The shares gained 20 cents, or 8.3 percent, to $2.60 in morning trading. On Tuesday, the stock soared 86 percent to close at $2.40.
The LAX synfuels deal is expected to begin in late 2012 after Rentech completes a biofuels plant in Rialto, Calif. The company signed a multiyear agreement to supply the airlines with up to 1.5 million gallons per year of renewable synthetic diesel to run ground-service equipment.
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