ALTAIL NANOTECHNOLOGIES – Ships batteries to end warranty concerns
Altair Nanotechnologies Inc. (Nasdaq: ALTI ) shareholders approved of the Company’s July 25, 2008 announcement that the “leading provider of advanced nanomaterials technology for use in energy, life sciences and industrial applications” has signed a new Principles of Agreement Letter with Phoenix Motorcars, Inc by taking the stock up 4.10% in early trading. Under the terms of the agreement, Altair will ship 47 battery packs purchased by Phoenix in 2007 to Phoenix for use exclusively in demonstration vehicles. In addition, Altair entered into a letter of agreement with Phoenix formally terminating the existing supply agreement and mutually releasing each other from any claims under such agreement.
In the first quarter of 2008, Altair offered a warranty replacement of the 47 battery packs to Phoenix because exhaustive computer modeling studies conducted by Altair suggested a remote chance of pack failure under certain conditions based on the configuration of the modules that comprised the packs. “We are pleased to have worked with Phoenix to resolve this concern in a timely and practical manner that allows them to use the original batteries with a simple safety system addition,” commented Altair CEO Terry Copeland, Ph.D. To read the entire story, click here:
HONDA MOTOR CO – Lackluster response to record revenues.
Honda Motor Co., Ltd. (NYSE: HMC) stock was trading off slightly today despite the Company’s release July 25, 2008 of its consolidated financial results for the fiscal first quarter ended June 30, 2008.
First Quarter Results
Honda’s consolidated net income for the fiscal first quarter ended June 30, 2008 totaled JPY 179.6 billion (USD 1,688 million), an increase of 8.1% from the same period in 2007. Net income set a record high for the fiscal first quarter. Basic net income per common share for the quarter amounted to JPY 98.98 (USD 0.93), an increase of JPY 7.6 from JPY 91.38 for the corresponding period last year. One Honda American Depository Share represents one common share.
Consolidated net sales and other operating revenue (herein referred to as “revenue”) for the quarter amounted to JPY 2,867.2 billion (USD 26,943 million), a decrease of 2.2% from the same period in 2007, resulting primarily from currency translation effects. Honda estimates that if calculated at the same exchange rate as the corresponding period in 2007, revenue for the quarter would have increased by approximately 7.1%. To read the entire story, click here:
USEC INC – Submits Application for DOE loan guarantee
USEC Inc. (NYSE: USU ) is trading up 3.52% following the Company’s July 25, 2008 announcement that it has submitted its application for a loan guarantee from the U.S. Department of Energy (DOE) to fund construction of the American Centrifuge Plant in Piketon, Ohio.
DOE invited nuclear energy projects to submit loan guarantee applications on June 30, 2008. The omnibus fiscal year 2008 appropriations act authorized DOE to issue $38.5 billion worth of loan guarantees through the end of fiscal year 2009, with $2 billion for advanced “front-end” nuclear fuel cycle facilities.
USEC believes the American Centrifuge Plant (ACP) fully qualifies under the loan guarantee selection criteria established by DOE. Among other things, the project represents the early commercial use of a new or significantly improved technology, and it significantly reduces emissions of air pollutants and greenhouse gases. To read the entire story, click here:
DOMINION - Will continue to operate Salem Harbor Coal Fired Power Station
Dominion (NYSE: D) is trading flat following an aftermarket announcement July 24, 2008 that the company, one of the nation’s largest energy producers, would continue to operate the Salem Harbor Power Station in compliance with strict environmental regulations. The announcement was made in accordance with an agreement the company has with Massachusetts and other parties to declare its plans for the station by this summer. To read the entire story, click here: