Applied Materials (AMAT) announced a profit drop of 47% over the year ago quarter after the bell today, but it was enough to beat analyst expectations of .14/share as the company posted .18/share. Revenue was also weak, dropping 14% from the year ago quarter but it too beat analyst estimates. However, the stock dropped a bit after hours on news that the company is guiding lower for Q1 and sees EPS at flat to .04/share … Read the rest
Category Archives: Solar Energy
MEMC Electronic Materials (WFR) Gets Buy Rating from Collins Stewart
According to StreetInsider.com, Collins Stewart has initiated coverage on MEMC Electronics (WFR) with a BUY rating and price target of $27. The firm believes the departure of CEO Nabeel Gareeb is bullish in that it may open up more long term relationships. They said:
“… the company’s $6.18 in net cash and potential to deliver $2.58 GAAP EPS in FY10 under a stress test forecast should provide support at current levels…CEO Nabeel Gareeb resigned … Read the rest
JA Solar Holdings Co Ltd (JASO) Posts Third Quarter Results
JA Solar Holdings posted mixed results today, sending their share prices down in pre-market trading by 19%, to $2.70 per share. The company reported a net loss of $21.0 million, or 36 cents per ADS, compared to third quarter of 2007, when it earned $24.4 million, or .17 cents per ADS.
However, this loss was primarily related to one-time losses from deals with Lehman Brothers. The company lost $100 million in investments, $7.3 million … Read the rest
Piper Jaffray Lowers Energy Conversion Devices (ENER) Price Target
According to StreetInsider.com, Piper Jaffray has lowered the price target of Energy Conversion Devices (ENER) from $56 to $38 but maintains its neutral rating.
The firm notes that “ENER management guided to flat to slightly down ASPs for FY09 which seems difficult to achieve in our opinion given the dramatic decline in polysilicon module prices. The company maintained revenue guidance for FY09 and tightened solar GM guidance to 34%…We believe that ENER may run … Read the rest
Ascent Solar (ASTI) Signs Cooperation Agreement With Turtle Energy
Ascent Solar Technologies has signed a cooperation agreement with TurtleEnergy, LLC. The two companies will join forces to develop new building integrated photovoltaic roofing products. Under the agreement, Ascent Solar will provide Turtle Energy some of its PV modules, with delivery to TurtleEnergy stepping up after Ascent Solar completes its planned expansion. TurtleEnergy will use the product provided to create certified building integrated photovoltaic roofing products to be distributed in the US. According to TurtleEnergy, … Read the rest
SunPower (SPWRA) In 130MW Deal With Ecoware
SunPower (SPWRA) announced a new 130MW deal today and will supply Ecoware of Italy solar panels under a 4 year contract and begin delivering in the first quarter next year. Financials of the deal have not been disclosed.
The deal was a bright spot in an otherwise tough week for the company which last week cut its outlook and plunged more than 30% on euro weakness then hit was hit again today on a Deutsche … Read the rest
Wedge Partners Says China Solar Companies Slowing Production
According to Barrons, Wedge Partners was out with a research note this morning saying that the China based solar companies are slowing production in anticipation of falling demand and prices.
Some highlights:
– Suntech (STP) is laying off about 10% of its employees, idled half its production lines and shelved plans to expand to 1.2GW by the end of the year
– JA Solar (JASO) is seeing customer orders down drastically and half of its … Read the rest
Energy Conversion Devices (ENER) Announces Supply Deal With Marcegaglia
It’s a busy morning for ENER.. good earnings this morning and a new multi year supply deal with Marcegaglia, a leading Italian steel manufacturing company. Under terms of the agreement, Energy Conversion Devices will supply individual PV cells for used in integrated commercial roofing products that it expects to introduce to the market in 2010.
Mark Morelli, CEO said, “Marcegaglia currently purchases complete solar laminates from USO for incorporation into its existing metal roofing … Read the rest
Energy Conversion Devices (ENER) Beats On Earnings
Energy Conversion Devices (ENER) reported a strong quarter this morning, beating analyst EPS estimates by .03/share on on revenues of 95.8 million, more than double from the year ago quarter. Analyst had expected revenues to be just a touch higher at 95.9 million.
The company sees 2Q revenues of 100 – 108 million, compared to estimates of 103.6 and for fiscal 09 sees revenue of 455 – 485 million compared to analyst estimates of … Read the rest
Deutsche Bank Downgrades Solars: CSIQ, ENER, FSLR & SPWRA
According to StreetInsider.com, Deutsche Bank is downgrading a few solars this morning from BUY to HOLD
– Canadian Solar (CSIQ) cut price target from $36 to $12
– Energy Conversion Devices (ENER) cut price target from $75 to $41
– First Solar (FSLR) cut price target from $200 to $160
– SunPower (SPWRA) cut price target $62 to $45
The first said, “As we assess 2009 we reiterate our view of (1) deteriorating fundamentals … Read the rest