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Hoku Scientific, Inc. (NASDAQ: HOKU) has just announced that its Hoku Materials subsidiary and Tianwei New Energy (Chengdu) Wafer Co., Ltd. have signed a definitive contract for Hoku’s sale and delivery of polysilicon to Tianwei over a ten-year period beginning in early 2010. The company said that $284 million may be payable to Hoku during the ten-year period of this contract, subject to product deliveries and other conditions.
Daily Archives: August 5, 2008
Hoku Scores Another Substantial Supply Pact (HOKU)
Whole Foods (WFMI) Earnings: Pigs To The Slaughter
Monstrously eccentric CEO and health fanatic John Mackey has finally taken Whole Foods (WFMI) down to a level from which it is unlikely to recover. Shares are off 12% after hours to $20 against a 52-week high $$53.65
Earnings for the last quarter dropped to $33.9 million from $49.1 million in the same period a year ago. WFMI will scramble to keep itself together.
Priceline Finally Showing Cracks? (PCLN)
Priceline.com Inc. (NASDAQ: PCLN) has just reported earnings. The online travel bidding service posted $1.55 non-GAAP EPS on $514 million in revenues. First Call had estimates of $1.41 EPS on $495.7 million in revenues. Unfortunately, the earnings today are not the only issue traders are focusing on.
General Motors (GM) Backs Wagoner On His Way Out
General Motors Co.’s (GM) board of directors gave a vote of confidence to embattled Chief Executive Rick Wagoner after the automaker surprised Wall Street by announcing a $15.5 billion loss.
This praise reminds me of the pat on the back President Bush gave to the Director of FEMA Michael Brown after Hurricane Katrina. "Brownie" did not last long in his job afterwards even though Bush said he did a "heck of a good job" — an opinion shared by few other people. Wagoner is in a similar situation.
Cisco Earnings Only Part of the Tale (CSCO)
We just got earnings out of Cisco Systems Inc. (NASDAQ: CSCO). Despite the fact that the company beat its estimates, keep in mind that this is an incomplete report until John Chambers makes his comments in the company conference call regarding his outlook and regarding enterprise spending.
The 52-Week Low Club 5/8/2008 (GLBL)(HIMX)(RRI)(ADM)
Global Industries (GLBL) Bad second quarter. Falls to $7.81 from $28.
Himax Technologies (HIMX) Still dropping a day after rough results. Down to $2.79 from 52-week high of$6.29.
Reliant Energy (RRI) Q2 results hurt by weather. Seels down to $14.32. from $28.77.
Archer Daniels Midland (ADM) Number are bad, pressure from high commodities prices.Sells off to $25.40 from 52-week high of $48.95.
Douglas A. McIntyre
FOMC Comments Likely Put Rate Hikes Beyond Election
The Federal Open Market Committee decided today to keep its target for the federal funds rate at 2%. What is more important than the decision is that this puts the chances of a rate hike in October into a late 2008 or even early 2009 time frame before rates rise.
BUCA Selling to Planet Hollywood (BUCA)
So much for thinking the consolidation in small restaurant chains is over, albeit this is a tiny deal. BUCA, Inc. (NASDAQ: BUCA), the owner and operator of Buca di Beppo, has announced that it has signed a definitive agreement with Planet Hollywood International where a subsidiary will seek to acquire all of the shares of BUCA, Inc. at a price of $0.45 per share of common stock.
Cisco Earnings On Deck, To Trump FOMC Impact (CSCO)
We may have an FOMC decision on interest rates due at 2:15 PM EST today, but technology stock traders may actually care more about what John Chambers of Cisco Systems Inc. (NASDAQ: CSCO) has to say about the technology spending environment and enterprise trends into the rest of 2008 over what Ben Bernanke says.
IPO Filing Withdrawal: Convio, Inc.
There was an IPO filing almost a year ago for Convio Inc. which would have traded under the ticker "CNVO" on NASDAQ. While the company has made several amended filings, the company has just decided to formally withdraw its application to come public. Would you dare to take a guess the reason cited? Yep, you guessed it, unfavorable market conditions.
Archer Daniels Midland Heads For Fresh Lows (ADM, VLO, TSO)
Today’s earnings report from Archer Daniels Midland (NYSE:ADM) not only missed analyst’s targets, but may have missed the broad side of the barn.
Analyst expected EPS of $0.67, and got EPS of $0.58. Revenues jumped substantially to $21.78 billion for the quarter, way above estimates of $16.03 billion. But the earnings may just be the start of the problems.
The Dolans & The Cablevision Pie Cutter (CVC)
Today feels like another episode of deja-vu in failed mergers, although perhaps this is just a similar situation rather than a total repeat. Cablevision Systems Corp. (NYSE: CVC) has announced that its board of directors has authorized the management to explore several strategies to enhance shareholder value. The company will also hire investment banking firms to explore such a strategy.
3COM Pulls A Rabbit From Its Hat (COMS)
This morning we are seeing some news out of 3Com Corporation (Nasdaq: COMS) which many may have guessed wouldn’t be possible. The networking company raised guidance previously provided for the quarter-end of August 29, 2008. The company now sees $335 to $340 million in revenues, above previous guidance of $325 to $330 million and above First Call estimates of $327.7 million. The new non-GAAP guidance is $28 to $32 Million and $0.06 to $0.08 EPS, above prior targets of $0.03 to $0.05 EPS and above First Call estimates of $0.04 EPS.
Gabelli Enters SPAC IPO Game (GBL, VZ)
Last night there was a filing from Gabelli Entertainment & Telecommunications Acquisition Corp. to come public via an initial public offering for a special purpose acquisition company (SPAC) or a blank-check company. This is for a sale of $200 million in units with each unit consisting of 1 share of common stock and one warrant with a $7.50 strike price. This has ties to GAMCO Investors Inc. (NYSE: GBL) and even to Verizon Communications (NYSE: VZ) via an ex-CFO.
P&G Earnings Half Empty & Half Full (PG)
Procter & Gamble (NYSE: PG) posted a 33% earnings gain to $0.92 net EPS, but before a tax gain it showed $0.80 EPS. Estimates from First Call were $0.78 EPS. For its next quarter the company is also forecasting $0.98 to $1.00 EPS, while analysts were looking for $1.00 flat; and for its fiscal year ahead it sees earnings of $3.80 to $3.87 EPS versus expectations of $3.85 EPS.
Top Pre-Market Analyst Upgrades (AIG, AU, AAPL, BLKB, CREE, GENZ, HGG, LL, RDS.A, WBD)
These are some of the top analyst upgrades and positive calls we are seeing this Tuesday morning:
- American International Group (AIG) Raised to Buy at UBS.
- Anglogold (AU) Raised to Outperform at Credit Suisse.
- Apple (AAPL) Started as Buy at UBS.
- Blackbaud (BLKB) Raised to Buy at Jefferies.
- Cree (CREE) Raised to Outperform at Morgan Keegan.
- Genzyme (GENZ) Started as Buy at Banc of America.
Top Pre-Market Analyst Downgrades (BBY, BBBY, CC, DELL, HPQ, JNS, LIZ, LSI, PIR, RACK, RSH, SFD)
These are some of the top Downgrades or negative calls we are seeing early this Tuesday morning. Neutral and Hold ratings are not technically negative, but they aren’t ringing endorsements either.
- Best Buy (BBY) Started as Hold at KeyBanc.
- Bed Bath & Beyond (BBBY) Started as Hold at KeyBanc.
Otter Tail Loses Its Tail (OTTR)
Otter Tail Corp. (NASDAQ: OTTR) may have been caught with its tail between its legs. The small diversified mini-conglomerate has warned that its earnings were going to fall short of expectations. For those new to Otter Tail, this is one which Jim Cramer featured for its wind power operations. Based on its very diversified operations and its small size, we’ve dubbed this on "General Eclectic" to describe the manner of the conglomerate’s operations. We have also noticed how Bill Gates was an owner of this one.
Oil Price Slide Likely To Stop At $120
Economists are giddy over the prospects of $100 crude. Predictions of oil dropping to that level are almost as prevalent as were forecasts of $200 just three months ago.
The swings in the forecasts show just how little experts know about where prices are going.There are too many factors pressuring speculation, supply, and demand to guess at where oil will be at the end of this month, let alone the end of the year.
Several forces will likely conspire to keep prices where they are now or even raise them.
A Fed Rate Increase In The Making
Ninety-nine out of one hundred economists say that the Fed will not raise rates this time around. The agency will express its concern about inflation and leave it there. The agnosticism about about the roles of inflation and recession serve the economy poorly. By not playing favorites, the Fed pushes out the day when it cannot do anything because events have moved well ahead of it.
Bernanke and his fellows can look at recent employment figures and increasing prices and hope that one or the other will begin to dissolve back in the direction of what is normal.
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Today’s top tickerspy Indexes Home Furnishing R... +14.1% Ethanol and Biofu... +5.1% Electronics Retai... +2.1% Diabetes Stocks +2.0% Memory Chip Stock... +2.0% 
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