I like your reasoning. It's almost impossible to value this company, and confusing press releases make matters worth. Fortunately my big positions are doing well today, so I used a little "gambling money" to buy a few share today at $2.01.
Maybe USU has one more short squeeze left in it, but $3 would be my (optimistic) target. If I just lose the money I made in my last foray into USU, that would be okay.
House Republicans will try to make Senate Democrats squirm next week by voting again on a laundry list of energy bills that the Senate has not considered.
The energy package, which will come to the floor Thursday, will contain 13 bills aimed at lowering energy prices through avenues such as the approval of the Keystone XL oil pipeline and increases in oil and natural gas drilling.
Another piece of the package includes legislation to speed up natural gas exports.
The objective is to remind voters that Republicans disagree with President Obama's energy policies and want to reverse them.
Several of the bills aim to block the administration's signature climate change rules for new and existing power plants, which the GOP says will eliminate coal jobs across the country.
“We must enact policies that encourage an American energy revolution,” House Majority Leader Kevin McCarthy (R-Calif.) said in a memo to House Republicans earlier this month.
“That is why we will send to the Senate a single, common-sense energy plan comprised of House-passed bills focusing on production, infrastructure, reliability and efficiency,” he wrote.
Still, Senate Democrats aren’t expected to budge, as a majority of them support the president's energy agenda. There are dissenters, however, including a few red-state senators who are locked in tight reelection races.
House Republican won't stop at floor votes in their battle against the administration's climate policies.
On Wednesday, the House Science, Space, and Technology Committee will hold a hearing on Obama's climate plan.
White House science adviser John Holdren will testify, along with the acting administrator of the Environmental Protection Agency's Office of Air and Radiation, Janet McCabe.
Expect Republicans to drill the two administration officials, who are at the forefront of the president's climate push.
From The Turkish weekly:
Iran considers further action in uranium enrichment if the U.S. intensifies new sanctions, says MP
Iranian parliament will present a bill which will pave the way for Iran to enrich uranium by 60 percent if western powers impose new sanctions, according to an Iranian member of parliament.
Member of parliament’s national security committee, Mohammad Hassan Asafari reacted to sanctions imposed by the U.S. government and said, "The new sanctions show an absence of goodwill from the U.S."
Tasnim News Agency quoted Asafari as saying: "Tehran will immediately respond in the event that the negative approach of Washington in nuclear negotiations continues."
The nuclear talks between the world powers -- dubbed the P5+1 [Russia, China, the U.S. U.K., France and Germany] -- and Iran began last November in Geneva.
On Friday, the U.S. slapped sanctions on over 25 corporations and individuals for allegedly aiding Iran's nuclear program and circumventing international measures aimed at curbing it.
The Iranian lawmaker warned his government will immediately develop and accelerate nuclear progress if the U.S. government insists on its "negative approach" towards the talks.
The International Energy Agency has lowered its forecast for global oil demand growth for the third month in a row, calling the recent slowdown in demand "nothing short of remarkable." The IEA now foresees global oil demand growth of 900K bbl/day in 2014, a decrease of 65K bbl/day vs. last month's forecast and down by 300K bbl/day since July. The agency now expects oil demand to rise by 1.2M bbl/day next year, but that's 100K bbl/day less than it forecast last month.
The U.S. and EU are said to be close to imposing the toughest round of energy sanctions yet, which would hit both Russia's energy industry and companies such as Exxon Mobil (NYSE:XOM) that are working with Rosneft (OTC:RNFTF) and other state-controlled companies. The sanctions reportedly would ban U.S. and European companies from working with Russia on future oil exploration in the Russian Arctic, deep seas and shale rock formations.
Japan's nuclear regulator has given its formal safety sign-off for two reactors at a nuclear plant in the south of the country to restart.
The Sendai plant secured preliminary approval for the restart in July and has now completed a public consultation period.
The regulator says the reactors have met new standards introduced after the Fukushima disaster.
These are the first two reactors to secure this permission.
Now the Sendai plant, in southern Kyushu, must obtain restart approval from local authorities, who are reported to back the move.
It must also pass on-site operational inspections, Kyodo news agency said, with a restart unlikely before December.
All Japan's 48 reactors are currently stopped, but PM Shinzo Abe has been pushing for restarts where possible.
The Japanese public turned against nuclear power after the meltdowns at the Fukushima plant in 2011.
Before the incident, which was caused by a massive earthquake and tsunami, nuclear plants supplied about 30% of Japan's power.
But since then the plants have been closed, either for scheduled maintenance or because of safety fears, and have not been restarted.
Japan's last reactor, at Ohi in western Japan, went offline in September 2013.
Japan is currently relying on extra imports of coal and gas to generate power while its nuclear reactors are idle.
USEC Maintains Involvement in Centrifuge Project
By Randy Leonard
The financially troubled company that had been bumped from managing the American Centrifuge Project, USEC Inc., expects to remain involved in the facility until March and possibly into September of 2015.
Oak Ridge National Laboratory in May took over management of the Piketon, Ohio, project to maintain technology that could be used to manufacture weapons material. At the end of last month, Oak Ridge signed USEC as a subcontractor under UT-Battelle for an additional six months to March 31, with an option to extend to Sept. 30, 2015, according to a statement from the company.
The diminished role for the company, which is dealing with bankruptcy, includes continued cascade operations, research and reporting, but does not include construction or engineering.
Ohio Republican Sen. Rob Portman has said that he hopes to procure funding for the project in a continuing resolution when Congress returns from recess.
Other members of Congress have questioned Energy Department transfers of uranium to the company and the value of propping up the project.
As I said on Aug 31, I wouldn't want to be long USU on Sept 5th!
Even now, I'd let the dust settle and do some due diligence before going long or short.
Polar bears became the first species listed under the Endangered Species Act because they could potentially be harmed by GLOBAL WARMING. But some recent studies have found that many polar bear subpopulations have actually flourished in recent years.
“So, the global estimates were… ‘simply a qualified guess given to satisfy public demand’ and according to this statement, were never meant to be considered scientific estimates, despite what they were called, the scientific group that issued them, and how they were used,” Crockford said.
“All this glosses over what I think is a critical point: none of these ‘global population estimates’ (from 2001 onward) came anywhere close to being estimates of the actual world population size of polar bears (regardless of how scientifically inaccurate they might have been) — rather, they were estimates of only the subpopulations that Arctic biologists have tried to count,” she added.
And, of course, adding polar bears to the endangered species list was a wonderful political way to limit oil drilling in Alaska, achieving President Obama's goal of causing energy prices to skyrocket.
Congrats! I stay away from bonds but sometimes dabble in preferred stocks. I bought Ford preferred for $7 a share when they announced they wouldn't declare bankruptcy like GM.
A year or so later the preferred was $54 a share and Ford sent me a deferred dividend check that was more than I had paid for the stock!
Personally, I think $5 is the current equilibrium price, for whatever reason. The problem you should consider is that USU will have a big announcement around Sep 5th which will definitely move the stock price.
USEC Inc. ("USEC" or the "Debtor") filed a voluntary petition for relief (the "Bankruptcy Filing") under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court") case number 14-10475.
USEC Noteholders Voted to Approve Plan of Reorganization
More than 99% of votes cast by USEC convertible noteholders favor the plan
Both holders of preferred equity also voted in favor of the plan
Confirmation hearing scheduled for September 5.
From UK's Mail Online:
The speech by former US Vice-President Al Gore was apocalyptic. ‘The North Polar ice cap is falling off a cliff,’ he said. ‘It could be completely gone in summer in as little as seven years. Seven years from now.’
Those comments came in 2007 as Mr Gore accepted the Nobel Peace Prize for his campaigning on climate change.
But seven years after his warning, The Mail on Sunday can reveal that, far from vanishing, the Arctic ice cap has expanded for the second year in succession – with a surge, depending on how you measure it, of between 43 and 63 per cent since 2012.
The apparent recovery in Arctic ice looks like good news for polar bears.
If there is more ice at the end of the summer, they can hunt seals more easily. Yet even when the ice reached a low point in 2012, there was no scientific evidence that bear numbers were declining, with their estimated total of 20,000 to 25,000 thought to be higher than in the 1970s, when hunting was first banned.
In many Arctic regions, say scientists, they are in robust health and breeding successfully.
Computer model predictions of decline caused by ice melt have also failed to come true. In 2004, researchers claimed Hudson Bay bear numbers would fall from 900 to fewer than 700 by 2011. In fact, they have risen to over 1,000.
Of course, we've all learned it would be moronic to base economic policies on computer models!
Let me clarify that I don't plan on being long the stock on Sept 9th. Too hard to predict how it will react.
Eventually the Titanic had to sink, but while it was going down you could sit on deck and enjoy the nice music.
It wouldn't surprise me if the stock broke through support levels (currently around $5), but it wouldn't surprise me if we got another short squeeze either. Good news can have a disproportianate effect on a stock that has so many shorts betting on it going to zero. I'm tempted to buy some on the next dip just in case we get another squeeze.
Bought last night in AH for $4.70 and immediately placed a GTC limit sell at $5.50.
Checked this morning and it had gotten as high $5.35 but the current bid was $5.10, so I sold.
8% profit after deducting commissions
Now that I'm out again, we can have another short squeeze.
I'm wondering if USEC may be a play on the November elections and a Senate takeover by Republicans.Harry Reid is rabidly anti-nuke and is primarily responsible for the Yucca Mountain defunding that the Supreme Court ruled was unconstitutional. One problem is that some fiscal conservatives are against funding USEC, just as they opposed all the Solyndra-type "green" energy boondoggles. Politics makes strange bedfellows.
Strictly a short-term trade.
Although I would love to see some good news, I just want to take advantage of the volatility.
It spiked tp $5.95 today before pulling back.
Yahoo quoted it at $5.03. By the time I entered my order it had shot up to $5.30
Checking the day's price range, it got as low as $4.87
Crazy price swings!
If my limit buy doesn't execute, I'll try again tomorrow.
From Canada Free Press
Germany will continue to need coal-fired power plants, its energy regulator said, warning that Europe’s biggest economy should not rely solely on renewables or risk increasing exposure to Russian gas as it shuts down nuclear plants. “Those who call for an end of coal power generation don’t have much interest in a reliable energy policy,” Jochen Homann, president of the Federal Network Agency, or BnetzA, told an energy industry conference Wednesday. “We will close further nuclear plants; these capacities need to be replaced,” he said, adding that coal power was vital to achieve this.—Reuters, 27 August 2014
Coal is the fuel of choice in many parts of the world. In 2013, it reached its highest market share of global energy consumption in over 40 years. Even as fears grow that its high carbon emissions make it the biggest cause of climate change, use of coal for power generation and other purposes grew by 3 percent in 2013, faster than any other fossil fuel. Its share of the world energy basket went above 30 percent for the first time since 1970.—Cuckoo Paul, Forbes 11 July 2014
New coal power stations designed to burn Europe’s massive deposits of lignite pose a serious threat to the continent’s decarbonisation efforts, according to figures released on Wednesday. Analysts from Greenpeace’s Energydesk compiled data from the German government that shows burning Europe’s reserves of lignite would wipe out the EU’s entire carbon budget from 2020 until the end of the century. Despite this, lignite-fuelled power stations are still being built, locking in consumption of the fuel for decades. There are 19 such facilities in various stages of approval, planning or construction in Bulgaria, Czech Republic, Greece, Germany, Poland, Romania and Slovenia.—Karl Mathiesen, The Guardian, 27 August 2014
The number of new coal and gas-fired power plants is rapidly growing and very few old ones are being retired.
Good article. It again makes the case that you can not run a technological civilization off of "intermittent" wind and solar power sources, partly because it is impossible to store enough energy to get you through the blackout times.
Japan ran into this problem when it shut down its nukes and tried to substitute "renewables". Not only did energy costs skyrocket, but the country that authored the Kyoto Protocol had to go back to coal and oil to generate electricity.
Sadly, the Obama Administration is now vowing to bypass Congress and unilaterally sign on to a UN Guideline to slash CO2, regardless of the economic chaos that will ensue.
From NY Times:
In preparation for this agreement, to be signed at a United Nations summit meeting in 2015 in Paris, the negotiators are meeting with diplomats from other countries to broker a deal to commit some of the world’s largest economies to enact laws to reduce their carbon pollution. But under the Constitution, a president may enter into a legally binding treaty only if it is approved by a two-thirds majority of the Senate.
To sidestep that requirement, President Obama’s climate negotiators are devising what they call a “politically binding” deal that would “name and shame” countries into cutting their emissions. The deal is likely to face strong objections from Republicans on Capitol Hill and from poor countries around the world, but negotiators say it may be the only realistic path.