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therealgabewhatley 680 posts  |  Last Activity: Sep 14, 2006 11:32 AM Member since: Jan 18, 2003
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  • therealgabewhatley by therealgabewhatley Sep 14, 2006 11:32 AM Flag

    "TECO Energy also announced today that Pike Letcher Synfuel LLC, an affiliate of TECO Coal, expects to resume full production of synthetic fuel by September 18, 2006, because oil prices have declined to a level below the breakeven point. The current average of the year-to-date actual oil prices and the remaining month oil futures prices for 2006 are approximately $68 per barrel on a NYMEX basis, which would result in a potential phase-out of synthetic fuel benefits of approximately 40%. Any benefits to earnings and cash flow from the production of synthetic fuel in 2006 are incremental to the guidance provided above."

    Hate this new format.

  • therealgabewhatley by therealgabewhatley Apr 13, 2006 5:43 PM Flag

    Cement shortages boosting sales of fly ash additive
    By Brian Johnson, F&C Construction Writer
    March 14, 2006

    Fly ash sales are increasing in the Upper Midwest, according to Minnesota-based Great River Energy, a nonprofit electric cooperative that produces fly ash at its Coal Creek Station near Underwood, N.D.

    In 2005, Coal Creek Station sold a record 417,000 tons of fly ash, up from 90,000 in 1996, Great River Energy said. Two years ago, its sales were �in the 300,000-ton range� and its goal was to market up to 440,000 tons of the fine, lightweight ash.

    Fly ash � a byproduct of coal-burning power plants � is used in concrete production throughout the Upper Midwest. A supplement to Portland cement, it accounts for up to 40 percent of some concrete mixes.

    Shortages of Portland cement in 23 states have increased demand for fly ash, according to Great River. Rising cement prices are also a factor.

    Ken Simonson, chief economist for the Associated General Contractors of America, said cement prices increased 12 percent last year, and he anticipates another steep increase � perhaps 12 to 15 percent � in 2006.

    �Folks are looking for anything they can use to stretch out the supply of cement, or bring down the cost increases,� Simonson said. �Fly ash is an alternative that�s suitable for at least some applications.�

    Great River Energy says concrete produced with fly ash is stronger and more durable than concrete made with cement alone.

    Moreover, the use of fly ash in concrete mixtures is environmentally sound, because it reduces the consumption of cement � a product that requires a lot of energy to produce � and it diverts the coal byproduct from landfills, said Lyndon Anderson, a spokesman for Great River Energy.

    Great River Energy has actively promoted the benefits of fly ash and other coal combustion products since 2003, when it joined an Environmental Protection Agency initiative known as �Coal Combustion Products Partnership.�

    Great River Energy says it has invested $27 million in infrastructure related to fly ash production, including a fly ash �dome� in Underwood. The dome can hold up to 85,000 tons (two months of production) of fly ash from the Coal Creek Station.

    Anderson said Great River Energy also has a �memorandum of understanding� to build a FlexCrete plant in Bismarck, N.D. FlexCrete�s main ingredients are fly ash (70 percent) and cement (28 percent).

    Great River Energy provides wholesale electric energy and related services to 28 distribution cooperatives in Minnesota and Wisconsin.

  • therealgabewhatley by therealgabewhatley Mar 23, 2006 9:59 AM Flag


    WHEELING � West Virginia�s coal reserves could be one of the keys to curing the United States� �addiction� and dependence on foreign oil, President Bush said Wednesday.

    During his address at the Capitol Music Hall, underwritten by the Ogden Newspapers Inc. and other local sponsors and hosted by the Wheeling Area Chamber of Commerce, the president spoke of a brief meeting he had with Gov. Joe Manchin on the way downtown from the Wheeling-Ohio County Airport.

    During that meeting with the president, Manchin discussed coal liquefaction � a chemical process that turns coal into a fuel that can be used in vehicles � as an alternative energy source for the nation.

    �Joe talked to me about how we (could) use the natural resources of the state of West Virginia in such ways to become less dependent on oil,� Bush said.

    ��First thing is, we�ve got a lot of coal, a 250-year supply of coal, which helps us on our electricity. And we�re spending a lot of money on clean coal technology. The whole idea is to use taxpayers� money to develop a technology that will enable us to have zero-emission plants, which will help us achieve an environmental objective, as well as an energy independence objective,� Bush said.

    ��Our natural resources would help make the country more independent� of foreign oil, Manchin said prior to Wednesday�s event. If the state�s coal reserves were liquefied, �we would have more liquid than Saudi Arabia.�

    Bush said with the global demand for oil increasing � which drives up the price at the pump � it is imperative that the country find alternative energy sources. As it stands now, �we get oil from parts of the world that don�t like us ... which creates a national security issue. And, therefore, it is in our economic interest and national interest that we get off of our addiction to oil.�

    One of the alternative energy sources is nuclear power. The president endorsed its use as a �renewable source of energy that has ... zero greenhouse gas effect.�

    The use of batteries to power automobiles � particularly in the big cities, where the average commuter drives less than 40 miles per day � is another possibility in the near future.

    �One of these days, I am told, that if we continue to stay focused in research, we�re going to be able to have a pretty good-sized vehicle, plug it in, and drive 40 miles before you need to use any gasoline in your engine,� Bush said. �That will ... reduce demand for gasoline, which reduces demand for crude oil.

    �They�ve got what they call E85 that�s 85 percent ethanol that�s powering automobiles now. A whole new industry is beginning to grow. And the more we use alternative sources of energy, the less dependent we are on oil.�

    The president also praised Manchin for his forward-thinking on an issue of such national importance. �Joe is always thinking, and he�s a practical fellow, which is sometimes not the case in government. But what he�s saying is, can�t we use our resources here, in a way, Mr. President, that helps you achieve a grand national objective, which is getting off Middle Eastern oil? And the answer is, yes, we can.�

  • Reply to

    Here is why I doubled my position in HW

    by Guarapuava Nov 28, 2005 8:52 PM
    therealgabewhatley therealgabewhatley Nov 28, 2005 9:23 PM Flag

    It is worth noting that Simmons& Company International analyst Pearce Hammond covers Headwaters.

  • therealgabewhatley by therealgabewhatley Nov 17, 2005 1:03 PM Flag

    U.S. Sen. Robert Byrd, D-W.Va., believes West Virginia and the United States in the future "must make a sustained commitment to develop a competitive energy industry here at home."

    The U.S. Senate on Tuesday passed an amendment proposed by Byrd that is intended to spur the development of a national coal-to-liquid fuels production plan. The amendment, included as part of a Department of Defense Authorization Bill, unanimously passed with a 98-0 vote.
    "We know, for a fact, that the United States can expand the use of coal and renewable resources to cut America's ties to foreign oil. West Virginia and other key coal-producing states can help to lead the way," Byrd said in a released statement.

    "This idea has great potential for the future of West Virginia. It means new jobs. It means a new industry. And it means a longer life for West Virginia's coal reserves. Importantly, this idea can also help the United States to break free from its reliance on oil from the Middle East to fuel our transportation needs.

    "In the past, the country has let various obstacles inhibit a commercial coal-to-liquids industry from developing, but we must work to overcome these barriers. We've got to move forward."

    Specifically, the legislation authored by Byrd would bring the National Energy Technology Laboratory - based in Morgantown, W.Va., and Pittsburgh - into the process of advancing a coal-to-liquids initiative.

    Byrd's amendment requires the U.S. Department of Energy - through the National Energy Technology Laboratory - to submit a plan to Congress that addresses issues pertaining to a national energy policy. Among the issues to be considered are technology needs, development barriers, economic and national security benefits and environmental standards, as well as financial incentives, market development needs and the roles of states.

    Amid great concerns about national security and fuel prices, it also directs the U.S. Department of Defense to provide a report to the Congress on the potential use of such alternative fuels within the department. This requirement would be beneficial in the development of a private sector alternative fuels market through fuel purchase agreements, according to Byrd.

    Last month, the science-based online publication Red Nova theorized that West Virginia could "become the next Kuwait" if the state's coal could be turned into gasoline. The prediction was based on estimates that West Virginia has coal reserves equal to 70 billion barrels of oil.

    Later that week, West Virginia Gov. Joe Manchin announced his initiative to bring coal conversion technology to the state. Manchin's plan called for working with the private and public sector toward the construction of a coal conversion plant in West Virginia.

    "There have been a number of groups who are interested in pursuing such efforts within the state," the Byrd news release stated Tuesday.

    "I want to commend Sen. Byrd for his vision and national leadership," Manchin added. "We, as a nation, are at an energy crossroads. West Virginia, with its recently announced Coal Conversion Initiative, is doing what it can at the state level. Sen. Byrd's Coal-to-Liquids Fuels Program will provide much needed insight and ignite public and private sector collaboration, creating reliable, sustainable and cost-effective energy.

    "Coal conversion plants can help America to achieve energy self reliance and will mean new economic development opportunities for West Virginia and its citizens."

  • Reply to

    Food For Thought

    by therealgabewhatley Oct 21, 2005 6:49 PM
    therealgabewhatley therealgabewhatley Oct 23, 2005 6:12 PM Flag

    Dr. Jonathan Lipow is Chief Economist at Forum Consulting and Business Development, which represents Vanguard and Wellington in Israel. He was formerly Vice President of Banc of America Securities responsible for business development in Israel.

    I am not in a position to argue or debate with Dr. Lipow, or you. My knowledge is limited. It was Food For Thought. That's all. Chill out.

  • therealgabewhatley by therealgabewhatley Oct 21, 2005 6:50 PM Flag

    Of course, today�s methods while based on the same scientific principles are far more efficient than those used by the Nazis. Today, CTL (�coal to liquids�) and GTL (�gas to liquids�) plants are operating in the US and South Africa, while new plants are being built in China, Nigeria, and Qatar. Far more are planned.

    So what does this mean for the world economy? As GTL and CTL plants come on line, oil prices will stabilize at lower levels than those we see today. The price of coal and natural gas will rise substantially as these fuels steadily replace oil as the source of transportation fuel. Meanwhile, higher prices for coal and gas will lead to higher electricity prices, and render unconventional methods of generating electric power such as solar, wind, and �inherently safe� nuclear reactors economically viable propositions. And, as a side effect, global CO2 emissions will not rise anywhere near as fast as is currently projected.

    How should investors exploit these trends? One obvious idea is to invest in utilities that rely heavily on nuclear power. Higher electricity prices will fall straight down to their �bottom lines.� Examples would include Germany�s E.ON (NYSE: EON) and Korean Electric Power (NYSE: KEP).

    Another �no brainer� is to invest in railroads. Due to their energy efficiency, railroads will benefit long term from relative oil scarcity. America�s CSX (NYSE: CSX) and Genesee and Wyoming (NYSE: GWR) are my current favorites, while China�s Gunagshin (NYSE: GSH) is a more speculative alternative.

    Firms that produce coal and natural gas will also be big beneficiaries. Amongst coal producers, America�s Peabody (NYSE: BTU) and China�s Yanzhou Mining (NYSE: YZC) are good selections. As for natural gas, no firm is a match for Russia�s Gazprom (OTC: OGZPMY).

    Investors should not shy away from oil firms either. Oil firms� valuations have not risen anywhere near as fast as spot oil prices, reflecting the markets� sober assessment that oil prices are heading back down to more reasonable levels. America�s Chevron (NYSE: CVX) and Spain�s Repsol (NYSE: REP) are good choices. Both firms have large natural gas deposits, and Chevron is heavily involved in commercialization of GTL technology.

    What about firms directly involved in GTL/CTL technology? America�s Headwaters (NYSE: HW) and South Africa�s Sasol (NYSE: SSL) are solid profitable choices. As for the coming boom in nuclear power, America�s Duratek (NNM: DRTK) is a leader in the management of radioactive waste streams, and is superbly positioned to benefit from nuclear power�s renewed popularity.

    Then, of course, there is General Electric (NYSE: GE), a firm involved in wind power, nuclear power, clean coal technology, energy conservation, and a myriad other unrelated activities.

  • therealgabewhatley by therealgabewhatley Oct 21, 2005 6:49 PM Flag

    The oil price rise is generating some absurd analysis, but also interesting opportunities.

    Jonathan Lipow 20 Oct 05

    With oil �stabilizing� in the $60-70 per barrel range, there has been a lot of talk about the impact of high oil prices on global output and inflation. Nearly all of this talk is simply a distraction. What investors have to focus on is the long run implications of higher oil prices, and what this means for portfolio strategy.
    First, let us consider the popular obsession with the �inevitable� oil shock induced recession that the press claims is around the corner. While it is certainly true that a decline in oil production would trigger recession as it has in the past, today�s high oil prices are the result of burgeoning demand rather than supply disruptions. In other words, people concerned with oil induced recessions are effectively saying that rapid economic growth causes recessions. The claim is nonsense.

    The argument that rising oil prices will induce inflation is equally silly. Inflation, or more accurately excessive inflation, is a situation in which rapid growth of the money supply pushes up prices so quickly that it becomes difficult to tell whether a price for a particular good has risen because it is in short supply or just because all prices are rising. It is the resultant confusion that makes inflation so costly to the economy.

    Oil is getting costlier because it is in short supply, not because there is excessive liquidity sloshing about the global economy. Hence the proper functioning of the price system requires that oil prices rise.

    So what do high oil prices mean for investors in the long run? The starting point for any analysis is to understand that while oil prices may soon breach the $100 per barrel mark, in the long run, oil prices must stabilize somewhere around $30 - $45 per barrel.

    How can I say this with confidence? The answer is that various technologies exist that make it possible to profitably convert less convenient and currently far cheaper sources of energy into liquid transportation fuels. These technologies become economically viable when the long-term price of oil exceeds $30 per barrel.

    What technologies are we talking about? Primarily methods of converting coal and natural gas into clean liquid fuels. Such methods are hardly something new. The Nazis exploited this approach extensively during World War II in order to fuel their war machine using coal based fuels.

  • therealgabewhatley by therealgabewhatley Sep 23, 2005 5:40 AM Flag

    Headwaters (HW ) (HW) used to be only an energy play, but lately its construction-materials business has been catching the eye of investors. Zacks Investment Research, for one, tags Headwaters a buy in good part because of the expected leap in demand for construction materials to cope with the havoc wrought by Hurricane Katrina. Mario Ricchio of Zacks sees Headwaters as a "niche producer" of two key materials: fly ash and manufactured stones. The proportion of fly ash as a binding material in concrete has been rising, he notes, because it increases its structural strength. Headwaters' fundamentals are "extremely positive," says Ricchio. He forecasts earnings of $2.23 a share in the year ending Sept. 30 on revenues of $1.05 billion (boosted by acquisitions), rising to $2.67 in fiscal 2006 on revenues of $1.16 billion. That's up from $1.69 in 2004 on $554 million. Another bull on Headwaters is Richard Steinberg, president of Steinberg Global Asset Management, which owns shares. He sees it as a little-known and undervalued play. In addition to building materials, Headwaters is also in the business of converting coal and heavy oil into liquid fuels that are used by power generation plants to comply with environmental standards. The energy business accounts for 35% of total revenues, while construction materials are expected to bring in about 50% this year. Industrial services provide the remainder. Its stock -- after rising sharply from 26 in January to 45 in July -- has eased to 36. But Steinberg sees it regaining its upward momentum soon. His 12-month price target: 48.

  • Reply to

    Oil India

    by therealgabewhatley Aug 30, 2005 8:07 AM
    therealgabewhatley therealgabewhatley Aug 30, 2005 8:11 AM Flag

    Sorry, Here is the complete text.

    Headwaters Incorporated to Conduct Coal-to-Oil Feasibility Study for Oil India Limited

    October 13, 2004 Headwaters Incorporated announced that its Hydrocarbon Technologies Inc. (HTI) subsidiary has been awarded a contract by Oil India Limited, a government of India enterprise, to study the technical and economic feasibility of applying HTI's Direct Coal Liquefaction (DCL) Technology in India. Oil India is a public sector company engaged in petroleum exploration and production in the Assam region of northeastern India, an area rich in natural resources but distant from established oil refining operations. Under a concurrently signed memorandum of understanding, the companies have agreed that pending a positive result from the feasibility study, if Oil India elects to proceed with a commercial-scale DCL project, HTI will provide the technology license under negotiated commercial terms.

  • therealgabewhatley by therealgabewhatley Aug 30, 2005 8:07 AM Flag

    Headwaters Incorporated to Conduct Coal-to-Oil Feasibility Study for Oil India Limited

    October 13, 2004 Headwaters Incorporated announced that its Hydrocarbon Technologies Inc. (HTI) subsidiary has been awarded a contract by Oil India Limited, a government of India enterprise, to study the technical and economic feasibility of applying HTI's Direct Coal Liquefaction (DCL) Technology in India. Oil India is a public sector company engaged in petroleum exploration and production in the Assam region of northeastern India, an area rich in natural resources but distant from established oil refining operations. Under a concurrently signed memorandum of understanding, the companies have agreed that pending a positive result

  • Reply to

    Don't Panic!!

    by tiger3k2000 Aug 17, 2005 10:46 AM
    therealgabewhatley therealgabewhatley Aug 18, 2005 5:56 AM Flag

    NEW YORK, August 18 - Analyst Stephen Sanders of Stephens Inc downgrades Headwaters Inc (HDWR.NAS) from "overweight" to "equal weight." The target price is set to $45.

    In a research note published yesterday, the analyst mentions that the company's share price has appreciated 44% so far this year and is close to the target price. The synfuel business, which contributes a significant portion of Headwaters' earnings, could come under pressure going into next year if the oil prices do not decline from their current levels, the analyst says.

  • Reply to

    Don't Panic!!

    by tiger3k2000 Aug 17, 2005 10:46 AM
    therealgabewhatley therealgabewhatley Aug 18, 2005 5:47 AM Flag

    "Research Brief 8/17/2005 - Lowering to Equal-Weight Pending Additional Visibility on Synfuel in 2006"

    They had just raised their target price at the end of July from 40 to 45. With the run up in oil since then, the remark regarding "Synfuel Visibility" in '06 is what they are hanging their hat on.

  • Reply to

    Morgan Stanley

    by therealgabewhatley Aug 11, 2005 11:25 AM
    therealgabewhatley therealgabewhatley Aug 14, 2005 8:45 AM Flag

    NEW YORK, July 28 - Analysts at Wedbush Morgan reiterate their "buy" rating on Headwaters (HDWR.NAS). The target price has been raised from $42 to $47.

  • therealgabewhatley by therealgabewhatley Aug 11, 2005 11:25 AM Flag

    Reit Equal-Weight HW`s 3Q came in above expectations on modestly stronger revenue in all business segments. Further debt reduction and progress on heavy oil technology are encouraging. We raise our 2005-07E EPS to $2.25, $2.65 and $3. With the oil price testing highs, Section 29 earnings have added risk, but we think this may add value to its heavy oil upgrading and coal liquefaction initiatives.

  • therealgabewhatley by therealgabewhatley Aug 3, 2005 9:11 PM Flag

    NEW YORK, July 28 - Analysts at Wedbush Morgan reiterate their "buy" rating on Headwaters (HDWR.NAS). The target price has been raised from $42 to $47.


    NEW YORK, July 29 - In a research note published yesterday, analysts at Stephens Inc reiterate their "overweight" rating on Headwaters Inc (HDWR.NAS), while raising their estimates for the company. The target price has been raised from $40 to $45.

  • Reply to

    earnings going to

    by VietNamvet5 Jul 22, 2005 2:57 PM
    therealgabewhatley therealgabewhatley Jul 24, 2005 8:09 AM Flag

    From Wedbush Morgan.

    "Reit Buy Q3 Earnings Preview: Expect Upside to Our Estimates. Target $42."

5.80+0.03(+0.52%)May 25 4:00 PMEDT