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Just wanted to clarify when I said Yahoo is going to miss. Yahoo confirmed that revenues would come in between the low end and the middle of their previously issued guidance, so Yahoo doesn't consider it a miss. The street's expectation was between middle and high end of guidance and that's why I said they are going to miss.
Some articles are calling it a miss and some like the one in my previous post are saying they confirmed guidance.
New CEO, Old Yahoo!
By Vishesh Kumar
TheStreet.com Senior Writer
6/18/2007 8:05 PM EDT
Only Yahoo! (YHOO - Cramer's Take - Stockpickr - Rating) would put it this way.
What was the reason for the timing of CEO Terry Semel's resignation from the company's top slot, less than a week after he assured shareholders that he had what it took to heading up the company?
To make sure everything went smoothly with his eventual resignation.
"The truth is that I've long been talking to the board about a smooth succession with senior leadership," Semel said during a Monday conference call.
But Semel's succession is more slapstick than silky smooth. And while newly appointed CEO Jerry Yang is a strong candidate, he's hardly a surefire way to tackle all of Yahoo!'s problems. The company's thinking about its strategy, meanwhile, remains much the same despite the changes.
Yahoo!'s stock rose more than 4% in after-hours trading on the news, but a cynical point of view would hold that the deck chairs have simply been rearranged on the Titantic.
To understand the awkwardness surrounding Semel's succession -- and the uncomfortable situation Yahoo! still faces -- consider the situation of Yahoo!'s senior management. The company announced the abrupt departure of its chief technology officer just two weeks ago. To replace him, Yahoo! assigned co-founder Jerry Yang as interim CTO.
However, Yang will now take the role of CEO, leaving co-founder David Filo to focus more on technology in the interim.
As part of Monday's changes, Sue Decker will now serve as the company's president and will head up the company in a move that was repeatedly described as a "partnership" between herself and Yang.
But Decker was appointed the head of Yahoo!'s Advertiser and Publisher group, a division formed in a high-profile shake-up in December that was supposed to fix the company's problems. Decker's move left the CFO spot open, a position the company has only recently filled.
Decker will continue to handle the Advertiser and Publisher group. But she will also now handle Yahoo!'s Audience group -- another newly formed unit for which Yahoo! has been seeking a chief.
Yang is highly respected within Yahoo! and is known as a technological visionary, but given his top position at the company, it's unclear how the company will get new ideas at the top -- or really do anything differently.
The same goes for Decker, who has been adopting an increasingly public role lately but also will be hard-pressed for new ways to make contributions at the company.
Semel, whom Yang described as a mentor, also will continue as a nonexecutive chairman at Yahoo! rather than making a clean break. That could further limit new ideas at the top of the company.
Yang said his appointment followed an extensive consideration of both internal and external candidates by the company.
The company also took the unusual step of assuring that Semel's resignation was not driven by new financial developments at the company, and backed the financial estimates it has provided for its upcoming second-quarter earnings announcement in July.
Yahoo! also said the progress of its highly anticipated Panama ad-ranking platform was on track, much as it had told investors just last week.
But none of this is new. The more things change at Yahoo!, the more they stay the same.
Cramer just called for YHOO to $33 and sasid it was still a buy after hours. Damn only popped .10 there really must be no one around today.
Short a very small position in YHOO @ $29.15 in addition to the CEO news they announced they were going to miss on revs and that they are seeing a slowdown in display ads.
Think it comes back to $28 but waiting to see if they pop it tomorrow. Any short over $30 is a sure thing IMHO.
Yahoo Replaces CEO Terry Semel With Yang
Monday June 18, 5:08 pm ET
By Michael Liedtke, AP Business Writer
Yahoo Chairman Terry Semel Ends Six-Year Tenure As CEO; Co-Founder Jerry Yang to Take Over
SAN FRANCISCO (AP) -- Yahoo Inc. Chairman Terry Semel ended his six-year tenure as chief executive officer Monday and will hand over the reins to co-founder Jerry Yang in the Internet icon's latest attempt to regain investor confidence.
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Semel, 64, will remain chairman in a non-executive role.
Besides naming Yang as its new CEO, Yahoo appointed Susan Decker as its president. Decker, who had been recently promoted to oversee Yahoo's advertising operations, had widely been seen as Semel's heir apparent.
The Sunnyvale-based company announced the shake-up less than a week after Semel faced off with shareholders disillusioned with Yahoo's lackluster performance during the past 18 months -- a malaise that wasn't reflected in Semel's compensation.
Despite Yahoo's struggles, Semel received a package valued at $71.7 million last year. That was more than any other CEO among 386 publicly held companies covered in an Associated Press analysis of executive compensation using new SEC disclosure rules.
Semel assured shareholders attending Yahoo's annual meeting last week that he had the fortitude to lead a comeback. He has been counting on recent improvements to Yahoo's online advertising system and a series of key partnerships to boost profits after the company suffered an 11 percent drop in its first-quarter earnings.
But in a statement Monday, Semel said he had already told the board that he wanted to step away "sooner rather than later."
"This is the time for new executive leadership, with different skills and strengths, to step in and drive the company to realize its full potential," Semel said. "It is the right thing to do, and the right time is now."
Yahoo shares gained 81 cents finish at $28.12 Monday, then surged $1.11, or nearly 4 percent, in the extended session. The company's stock price has plunged by nearly 30 percent since the end of 2005.
Still like XWG for swing on I-Phone. The I-Phone is looking better than most thought...
Apple says iPhone delivers up to eight hours of talk time (120.50 ) -Update : Co announces that iPhone will deliver significantly longer battery life when it ships on June 29 than was originally estimated when iPhone was unveiled in Jan. iPhone will feature up to 8 hours of talk time, 6 hours of Internet use, 7 hours of video playback, or 24 hours of audio playback. In addition, iPhone will feature up to 250 hours -- more than 10 days -- of standby time. Apple also announced that the entire top surface of iPhone has been upgraded from plastic to optical-quality glass.
Covered CVTX @ $12.04 will be looking to trade again after the open.
I usually give it a couple of minutes to make sure I'm getting it near the top. I use that time to check out the share structure and the market cap. Sometimes I miss a few but I'd rather miss them then short too early; then I cover as it drifts back down once he's done talking.
The volume on this one dried up fast, Friday night in the summer I'm guessing not that many people still around. So I'm hoping people come in Monday morning and see it's up big and start taking profits.
It's very high. I'm going to start a spreadsheet of just Cramer after hour pumps so I can see how much I make off him in a year. I've never broken it out before.
Normally I try to cover the same night so nothing is left to chance. I had an order in for $11.90 but it never came back so I'm holding.
There's about 60 million O/S and according to Yahoo insiders only hold 7%. There's already a high short position which I don't like but the stock is already up over 20% the last 3 days. Besides they're not going to be profitable for years if ever.
I don't usually short his low float picks, sometimes those keep running; or a major company like DE because those don't go up enough on the pump
He gave this one quite a pump so it still might run a little on Monday. He also called it a take out target which is dangerous in this market. On Stop Trading he called CLF a take out target when the thing was around $75 and it never looked back until it was over $90, but that was a steel company with a low P/E. We'll see on Monday.
Short CVTX @ $12.20 in A.H. on Cramer Pump. eom.
Spurs should be given their due
Mark Kriegel
FOXSports.com, Updated 4 hours ago STORY
These San Antonio Spurs will never compete with Bill Russell's Celtics. And perhaps they'll never equal the six championships won by Michael Jordan's Chicago Bulls. As dynasties go, they are better than Shaquille O'Neal's Lakers, who won three in a row, though still less than the Magic Johnson teams, which won five.
It doesn't really matter how bad their opponents look, either, how they can render even the prettiest offenses pretty ugly. It says here that Tim Duncan's San Antonio Spurs — who last night won their fourth championship in nine years — have now posted the third best run in NBA history.
A dynasty is identified by a dominant team's dominant player. This one began in 1999, when Duncan — then a 23-year-old not far removed from his boyhood in St Croix — won his first Finals MVP. A team deserves to be judged in the context of its era. Hence, a comparison between, say, Larry Bird's 1984 Celtics and Duncan's 2007 Spurs makes for little more than a spirited debate at the bar. All that can be proven is this: Bird has three rings, Duncan has four.
There is, however, one aspect that distinguishes the Spurs from all the great teams preceding them. This is the most unloved of dynasties, and outside of south Texas, the least appreciated team in the history of pro basketball.
The other day, in yet another homage to marketing madness, the NBA released its list of Most Popular Jerseys. Kobe Bryant, who has spent his off-season whining, sells the most officially licensed jerseys. As judged by merchandise — a fair enough barometer in this culture — he is the most popular player. Then again, at least Bryant has some rings — three of them. Consider some others on the list, most of whom have never been to the conference finals, much less the championship round: LeBron James, Allen Iverson, Steve Nash, Carmelo Anthony, Stephon Marbury, Dirk Nowitzki, Gilbert Arenas, Vince Carter, Tracy McGrady and Paul Pierce.
Behind them, all the way down at 15th place in the NBA haberdashery standings, is Tim Duncan. It's little wonder why. He suffers from a terrible deficit in charisma. His tattoo is barely visible. Despite the occasional tiff with a referee, he is modest in both speech and body language. Actually, he's downright boring — unless of course, you care about basketball.
Duncan has mastered the power forward position as no one before him. Then again, one might argue that he is too efficient. His game can become monotonous. All he seems to do is win.
Last night's game, concluding a sweep of the Cleveland Cavaliers, was an exception. The franchise player didn't have a very good evening: 15 rebounds and 12 points on 4-15 shooting. Manu Ginobili was the high scorer, and Tony Parker, with the hottest fiancé in the Western hemisphere, earned the MVP award. But the Spurs are still Duncan's team, and as ever, terribly underappreciated.
There is some debate in Los Angeles as to whether the Lakers' run of three consecutive championships is more impressive than the Spurs' four in nine years. It is not. Humility and teamwork are talents, too. And on those counts the Lakers fell short. "I hate to say it," said Derek Fisher, the point guard for those Laker teams, "but they're probably surpassing us. ... They have become the class of the league."
"Money hurt that team," Robert Horry said of the Lakers during Wednesday's interview session. "It came down to this guy wanted this much money, that guy wanted this much money. Those two guys" — he meant Shaquille O'Neal and Kobe Bryant — "wanted to be the top dog and forgot about all the other guys."
Having won rings as a Laker and a Spur (not to mention as a Rocket), Horry knows of what he speaks. The Lakers' talent was exceeded only by their egos. It retarded their reign. The Spurs, by contrast, don't care who's the high scorer or the MVP. They follow Duncan's lead in that they care only about winning.
That attitude has made them more adaptable, a better team through the years. They lost three starters from their first championship team. But they got better. Then they lost their Hall of Fame center. And again, they got better.
Some years back, Tony Parker was upset when the team tried to trade for Jason Kidd. But he didn't mope. He got better. Same for Manu Ginobili, who still prefers starting to coming off the bench. Then there's Bruce Bowen. Once upon a time, he was a scrub, a marginal pro. But he got better, too, making himself into the best perimeter defender in the league.
The lack of enthusiasm for the Spurs among those who claim to be basketball fans is mystifying. No team has exploited the globalization of the game as effectively as the Spurs' front office. They selected Ginobili, of Argentina, with the next-to-last pick in the second round of the 1999 draft and Parker, from France, with the 28th pick two years later. They have become the best and most exciting backcourt tandem in the game. In 2005, the Spurs signed their starting center Fabricio Oberto, another Argentine, as a free agent.
San Antonio's roster does a lot to dispel the notion that foreign players are soft. All the Spurs, wherever they're from, play hard. They play correctly. They play with desire. What's more, the Spurs are the most versatile team in basketball, able to play any way they want. They can win — as last night proved — without their best player having to score. They can beat you down, and they can run you off the court.
"We generally play a faster pace than people realize," coach Gregg Popovich said just before the first game with Cleveland. "...With Manu and Tony we've really made an effort to push the basketball."
Don't believe Popovich? Ask the Phoenix Suns.
The Suns, the runningest team in the West, were run out of the playoffs by San Antonio. Of course, according to NBA sales figures, Phoenix is yet another team that sells more jerseys than the Spurs.
Then again, teams aren't to be judged by the merchandise they sell, but by the rings they wear. After all, as Tim Duncan might tell you, how many Bill Russell jerseys do you see out there?
Mark Kriegel is a national columnist for FOXSports.com. He is the author of Namath: A Biography and Pistol: The Life of Pete Maravich, both New York Times bestsellers. He also was an award-winning sports columnist at the New York Post and the New York Daily News.
When the market does roll over I'm going after RIMM, trading at 35 x 2008 earnings and 27 x 2009. Some valuations are getting a little bit rich.
Right now it's still a freight train and I have no intention of stepping in front of it. Just bounced hard off support on a four day chart.
Anyone else having problems with Ameriturd?
I got my rally and we could very well be making a double top. Not making any predictions now for next week.
Only about 2 weeks to the I-Phone release. Looks like the weak hands are gone. Unless the general market really tanks I think $3.01 was the bottom.
Posted by: BuzzOnDaBeach
In reply to: Painterguy1 who wrote msg# 140767 Date:6/12/2007 11:55:32 PM
Post #of 140996
You think the market is gonna start a rally next week? LOL. We may get a few snap backs like last Friday, but this is down until at least mid July overall. The SPX closed right on its 50 day sma. The market is FINALLY acknowledging risk, and this correction is LONG overdue. Breadth has been HORRIBLE with three very distinct negative divergences on each of the last three new high peaks.
Remember, once you can return a guaranteed 5% or higher from bonds, some money WILL move there, especially if there's more inherent risk in equities. I recently put a chunk of cash into a high yield savings at 5.36%, and some into a state of cal tax free muni at 6.36%. Retirement money, but a decent return over the next few years with a chance for the savings to adjust up.
The market will probably hit new highs, but not until closer to the end of the year, IMO. I would think the Dow will test 13,000 in the next few weeks, and should see 12,600. S and P probably 1420 before all is said and done.
Up about 350 points, I'd say I got my rally
http://www.rallymonkey.com/video/kenindex.swf
Covered ADBE @ $43.16 eom.
XWG - Up .14 on 1400 shares. lol.
USU USEC tgt raised to $29 at FBR (18.87 )
Friedman Billings raises their tgt on USU to $29 from $22 based on an improving risk profile, which lowers the discount rate in their DCF valuation. Firm's view for a lower risk profile is driven by the following: 1) start of construction on the American Centrifuge Plant, 2) hedging USU's production costs for the next five years, and 3) higher contracted electricity volumes to increase Paducah plant output. On the macro front, firm notes uranium prices have more than doubled since last year, which bodes well for long-term enrichment prices and margins on possible re-enrichment of depleted tails.
Short ADBE @ $43.75 they beat by a penny and guided in line. This stock has a rich valuation and I believe many people were looking for them to beat bigger and raise guidance.
Short in A.H.
Just got off the phone with Ameritrade. They still won't allow any trading in the stock. Usually you can buy it through a broker over the phone but they said no. Very strange.
Break the rules and lose more money...
Posted by: Painterguy1
In reply to: Tina Marie who wrote msg# 140851 Date:6/13/2007 5:36:27 PM
Post #of 140923
Thanks! Added a little @ $7.90 got another order sitting lower. I often short stuff in A.H. but I rarely buy. I guess I'm breaking one of my trading rules but this looks very promising. Even if it does come back I can't see it dropping below $7 and it should give some excellent trading opportunities if it does.
Nice flip flop, this is probably helping you...
HOKU HOKU Scientific: While Hoku is clearly making progress in its transition to the solar industry, we still have concerns - TWP (7.02 )
Thomas Weisel notes that HOKU announced entry into a material definitive agreement with STP for the sale and delivery of polysilicon over a 10-year period beginning July 2009. While Hoku is clearly making progress in its transition to the solar industry, the firm still has concerns. Primarily Hoku's ability to raise the $150 mln in debt financing it is seeking for the plant and what the interest rate on that debt may be. In addition, Hoku's polysilicon production is expected to be on line in 1H09, when the firm estimates current shortages of polysilicon will be resolved, which could result in downward pressure on polysilicon prices. While Hoku has predetermined pricing for the portion of its capacity allocated to Sanyo, Suntech and, potentially, Solar Frabrik it has not disclosed that data or expected margins, leaving a key uncertainty in determining an appropriate value for the HOKU shares. Finally, they are concerned with mgmt's lack of experience in the solar industry. If they apply a 20--25x multiple on their 2010 EPS estimate and discount it back two years using a 20% discount rate, they arrive at a fiscal year-end 2008 (March 2008) price target range of $5 to $6. Firm maintains their FY08 ests.
MBA says rate of U.S. loans entering foreclosure process in 1st qtr 0.58%, highest on record - Reuters
HOKU - set a stop loss @ $7.20 gonna let it ride.
I know. I figured if that other contract pushed it up by itself this contract should have some extra umph because now it means they are looking at about $120 million in rev per year from the combined contracts plus the upfront money will help with start up costs.
I'm personally looking for between $9 and $10. Over $10 would be great but I would look on it as a gift.
Also last time they were starting from $3 this time it's going from $4.60
Recent trading range is also much higher. Stock was trading between $6 and $6.50 back in april. When it jumped in January recent highs were only around $4.50 back in September.
I guess we'll find out soon enough.
Najarian on Fast Money picked USU as his trade of the day for tomorrow.
HOKU had big news A.H.'s. One to watch tomorrow.
Means they are less likely to raise interest rates. Market likes it.
HOKU spiked to over $7 on a $370 Mil deal in January...
With the two deals they should be getting revs of $120 Mil year by 2009
Hoku and SANYO Enter Major Polysilicon Supply Contract
Thursday January 18, 5:30 am ET
KAPOLEI, HI--(MARKET WIRE)--Jan 18, 2007 -- Hoku Materials, a division of Hoku Scientific, Inc. (NASDAQ:HOKU - News) established to manufacture polysilicon for the solar market, today announced the signing of a definitive contract with Sanyo Electric Company, Ltd., for the sale and delivery of polysilicon to SANYO over a seven-year period beginning in January 2009. Under the contract, up to approximately $370 million may be payable to Hoku during the seven-year period, subject to the achievement of milestones, the acceptance of product deliveries and other conditions. The contract provides for the delivery of predetermined volumes of polysilicon each year at set prices from January 2009 through December 2015. The contract also provides for an initial direct deposit of $2 million to Hoku upon signing and requires that SANYO place approximately 30% of the total purchase amount in an escrow account with Bank of Hawaii. Under the agreement, the escrowed funds are to be released to Hoku in installments, subject to Hoku's successful achievement of certain polysilicon quality and production volume milestones and other conditions.
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"This is a major step forward in our plan to launch Hoku Materials and execute our polysilicon business strategy," said Dustin Shindo, Chief Executive Officer of Hoku Scientific. "We are pleased to have established this relationship with SANYO, a global leader in the solar cell and module business."
Hoku now plans to build a plant capable of producing 2,000 metric tons of polysilicon per year. Hoku estimates that the establishment of this larger facility may require total construction costs of approximately $260 million. In connection with the financing of this construction, Hoku intends to seek debt capital of approximately $130 million. Under the agreement, Hoku and SANYO each have the right to terminate the agreement if Hoku is unsuccessful in raising the additional capital required to complete the construction of the polysilicon plant within the next six months. If the agreement is terminated early for this reason, if Hoku is ultimately not successful in building the polysilicon plant, or if Hoku does not meet certain quality and productivity milestones or timely deliver minimum quantities of polysilicon, the agreement provides that the initial direct deposit and the funds being held in escrow will be returned to SANYO.
About Hoku Scientific, Inc.
Hoku Scientific (NASDAQ:HOKU - News) is a clean energy technologies company that develops and manufactures fuel cell membranes and membrane electrode assemblies for stationary (including residential and back-up power applications) and automotive proton exchange membrane fuel cells. The Company is currently planning to expand its business to manufacture solar modules and polysilicon for the solar market. For more information visit www.hokuscientific.com.
Forward-Looking Statements
This press release contains forward-looking statements that involve many risks and uncertainties. These statements relate to Hoku Scientific's ability to successfully derive revenues from the sale of polysilicon to Sanyo; its ability to successfully raise sufficient funds to establish polysilicon manufacturing facilities; its ability to engineer and construct a production plant for polysilicon; the Company's relationships with Sanyo and other contracting parties; its ability to manufacture polysilicon; its ability to meet the delivery schedule in its agreement with Sanyo; its ability to license any necessary intellectual property rights to enter the polysilicon business; the quality of polysilicon to be manufactured; Hoku Scientific's costs to manufacture polysilicon, and its ability to offer pricing that is competitive with competing products; Hoku Scientific's future financial performance; Hoku Scientific's business strategy and plans; and objectives of management for future operations. In some cases, you can identify forward-looking statements by terms such as "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" and similar expressions intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause Hoku Scientific's actual results, performance, time frames or achievements to be materially different from any future results, performance, time frames or achievements expressed or implied by the forward-looking statements. Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements. In evaluating these statements, you should specifically consider the risks described in Hoku Scientific's filings with the Securities and Exchange Commission. Except as required by law, Hoku Scientific assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
Hoku, Hoku Materials, Hoku Membrane, Hoku MEA and the Hoku Scientific logo are trademarks of Hoku Scientific, Inc., all rights reserved.
Contact:
CONTACTS For Hoku Scientific:
In Hawaii:
Hoku Scientific
Tel: 808-682-7800
Email Contact
--------------------------------------------------------------------------------
Source: Hoku Scientific, Inc.
http://biz.yahoo.com/iw/070118/0204606.html
Thanks! Added a little @ $7.90 got another order sitting lower. I often short stuff in A.H. but I rarely buy. I guess I'm breaking one of my trading rules but this looks very promising. Even if it does come back I can't see it dropping below $7 and it should give some excellent trading opportunities if it does.
HOKU of the 16 Mil O/S insiders own about 8 Mil and there are 1.2 Mil shares short. Chart wise if it opens above $8 I don't see any resistance until $11.
The contract is over ten years so that's about 60 Mil in Revs per year but at $8 the market cap is only about $128 Million.
I'll probably be buying any pullback after the open.
HOKU Huge News!!!!!!
I took a very small starter @ $8.28 This will be moving around tomorrow...
Only about 16 Mil O/S...
Hoku and Suntech Sign $678 Million Polysilicon Supply Contract
Wednesday June 13, 4:05 pm ET
POCATELLO, ID and WUXI, CHINA--(MARKET WIRE)--Jun 13, 2007 -- Hoku Materials, a wholly-owned subsidiary of Hoku Scientific, Inc. (NasdaqGM:HOKU - News) established to manufacture polysilicon for the solar market, and Suntech Power Holdings Co., Ltd. (NYSE:STP - News), one of the world's leading manufacturers of photovoltaic (PV) cells and modules, today announced the signing of a definitive contract for Hoku's sale and delivery of polysilicon to Suntech over a ten-year period beginning in mid-2009.
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Under the contract, up to approximately $678 million may be payable to Hoku during the ten-year period, subject to the achievement of milestones, the acceptance of product deliveries and other conditions. The contract provides for the delivery of predetermined volumes of polysilicon each year at set prices, using a take-or-pay approach, beginning with the first shipment in 2009 and continuing over a ten-year period from the first shipment. The contract also provides for an initial deposit of $2 million to Hoku upon signing and requires that Suntech make additional prepayments for products in the amount of $45 million. Under the agreement, this prepayment is to be paid to Hoku in installments, subject to Hoku's successful achievement of certain polysilicon quality and production volume milestones and other conditions. The prepayment amount is backed by a letter of credit issued to Hoku by the Bank of Communications. The contract includes a provision that allows for either party to cancel years 8 through 10 of delivery for any reason. Such cancellation notice must be delivered to the other party prior to the end of the fourth year of delivery under the agreement.
"We are pleased to have established this relationship with Suntech, a long term leader in the solar industry," said Dustin Shindo, Chief Executive Officer of Hoku Scientific. "Their rapid growth and dynamic leadership team make them an ideal partner for our company."
"Securing a long-term supply of polysilicon from Hoku will enable us to continue to expand our manufacturing capacity and execute on Suntech's strategic plan," said Dr. Zhengrong Shi, Suntech's Chairman and CEO. "We look forward to a strong and enduring business relationship with Hoku."
Hoku is in the process of building a plant capable of producing 2,000 metric tons of polysilicon per year in Pocatello, Idaho. Hoku announced in January the signing of a seven-year polysilicon supply contract with SANYO Electric Co., Ltd. that would provide for approximately $370 million in payments to Hoku over the term of the agreement. Hoku estimates that the establishment of this plant may require total construction costs of approximately $260 million. In connection with the financing of this construction, Hoku intends to seek debt capital of approximately $150 million. While Hoku believes that it is on track with the establishment of the polysilicon plant, under the agreement announced today, if Hoku is ultimately not successful in building the polysilicon plant, or if Hoku does not meet certain quality and productivity milestones or timely deliver minimum quantities of polysilicon, the agreement provides that the initial direct deposit will be returned to Suntech, and the letter of credit may be cancelled.
About Hoku Scientific, Inc.
Hoku Scientific (NasdaqGM:HOKU - News) is a clean energy technologies company that historically developed and manufactured fuel cell membranes and membrane electrode assemblies for stationary (including residential and back-up power applications) and automotive proton exchange membrane fuel cells. The Company is currently expanding its business to manufacture polysilicon and install solar modules for the solar market. For more information about Hoku, please visit www.hokuscientific.com.
Hoku® and Hoku Scientific® are registered trademarks and Hoku Materials(TM) is a trademark of Hoku Scientific, Inc.
About Suntech Power Holdings Co., Ltd.
Suntech Power Holdings Co., Ltd. is a leading solar energy company in the world as measured by both production output and capacity of solar cells and modules. Suntech provides solar solutions for a green future. Suntech designs, develops, manufactures, and markets a variety of high quality, cost effective and environmentally friendly PV cells and modules for electric power applications in the residential, commercial, industrial, and public utility sectors. Suntech's majority-owned subsidiary, MSK Corporation is one of the top-ranked companies in the building-integrated photovoltaics (BIPV) space. Suntech's customers are located in various markets worldwide, including key markets throughout Europe, North America, Japan and China. For more information, please visit http://www.suntech-power.com.
Forward-Looking Statements
This press release contains forward-looking statements that involve many risks and uncertainties. These statements relate to Hoku Scientific's ability to successfully derive revenues from the sale of polysilicon to Suntech and Sanyo; its ability to successfully raise sufficient funds to establish a polysilicon manufacturing plant; its ability to engineer and construct a production plant for polysilicon; Hoku Scientific's relationships with Suntech and Sanyo and other contracting parties; its ability to manufacture polysilicon; its ability to meet the delivery schedule in its agreement with Suntech; its ability to license any necessary intellectual property rights to enter the polysilicon business; the quality of polysilicon to be manufactured; Hoku Scientific's costs to manufacture polysilicon, and its ability to offer pricing that is competitive with competing products; Hoku Scientific and Suntech's respective future financial performance; Hoku Scientific and Suntech's respective business strategies and plans; and objectives of each company's management for future operations. In some cases, you can identify forward-looking statements by terms such as "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" and similar expressions intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause Hoku Scientific or Suntech's actual results, performance, time frames or achievements to be materially different from any future results, performance, time frames or achievements expressed or implied by the forward-looking statements. Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements. In evaluating these statements, you should specifically consider the risks described in Hoku Scientific and Suntech's filings with the Securities and Exchange Commission, as applicable. Except as required by law, Hoku Scientific and Suntech assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
Contact:
CONTACTS for Hoku Scientific:
In Hawaii:
Hoku Scientific
Tel: 808-682-7800
Email Contact
CONTACTS for Suntech Power Holdings Co., Ltd.:
In the United States:
Sanjay M. Hurry
Vice President
The Piacente Group, Inc.
Tel: +1-212-481-2050
Email: Email Contact
In China:
Rory Macpherson
Ogilvy Public Relations Worldwide
Tel: +86-10-8520-6553
Email: Email Contact
--------------------------------------------------------------------------------
Source: Hoku Scientific, Inc.
http://biz.yahoo.com/iw/070613/0265917.html
I know! lol. I was sitting there thinking "then why don't you just do a 15 minute segment somewhere and give us your best stuff."
Fast Money is so much better than Mad Money I hardly even watch Cramer anymore.
The guys on Fast Money keep each other honest. If one of them tries to only present part of the story on a stock and leave out the negatives the other guys will tear em a new one.
I think that would disturb me more than Brig.
Did you see Cramer's 500th show? He was actually defending himself against Leonard. He said something like, "Sure, if you count ALL my picks I'm not going to do very well; but if you just count the main picks from the beginning of the show I'm right 62% of the time."
I thought that post would be bad enough. eom.
That's kind of my strategy too. I listen to BRIG and short all his picks. Speaking of BRIG, if you're out there could you please start posting again. My family is starting to get hungry.
Maybe Leonard the Wonder Monkey can put in a good word for him. He often beats Jim Cramer...
http://www.cramerwatch.org/
Market likes the Beige Book. I guess that means...
http://www.rallymonkey.com/video/kenindex.swf