Hoku Scientific is up 10% on the news that they were able to amend 2 Polysilicon Contracts in an effort to keep customers while securing financing for a planned polysilicon plant.
Sanyo Electric Co. amended their polysilicon supply agreement to provide Hoku with six additional weeks to secure financing for its plant. The initial deadline was Dec. 31, but is now Feb. 15.
France is undergoing some significant economic changes which have sparked riots recently. Typically, stock markets will rise when an economy undertakes positive changes and prices in the benefits. However, there is a fear of inflation sweeping across Europe and the ECB is not looking at the world through the same glasses as London and New York financial professionals.
Not everyone in the financial sector has been taking a beating. This morning, Goldman Sachs easily beat Wall Streets expectations of a profit of $6.87 per share on revenue of $10.16 billion when they announced that profits after paying preferred dividends rose to $3.17 billion, or $7.01 per share and revenue of $10.74 billion.
There is another casualty today in the U.S. mortgage meltdown. UBS is recording its first operating loss in more than 9 years. They have decided to write off a further $10 billion on losses in the U.S. subprime lending market and will raise capital by selling substantial stakes to Singapore and an unnamed investor in the Middle East.