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SunPower (SPWRA) Lowers Profit Guidance Due to Rising Dollar, Off 20%
Sunpower (SPWRA) is off about 20% this morning after reducing its 4Q and 2009 earnings forecast due to currency fluctuations. The company indicated that due to changes in its global tax planning it has greater exposure to the euro which has been hit hard over the last couple months and will hit the company with a $17 million revenue loss in 4Q
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