MEMC Electronic (WFR) is having a rough morning. The stock is down around 20% and now more than 50% off its Dec 2007 high after reporting disappointing earnings results. The company reported EPS of .92/share which missed estimates of 1.00 and also missed on revenues by reporting 531 million (analysts expected 558). The CEO tried to put a positive spin on it:
“MEMC grew sales by 6% sequentially, expanded gross and operating margins by 150 … Read the rest
According to StreetInsider.com, JANCO has upgraded Sunpower (SPWR) to a Buy this morning from acccumulate with a price target of $110. JANCO analyst Singh said, “As the price of SunPower stock continues to discount the regulatory headwind at the cost of the Company’s excellent operational performance, any resolution of the outstanding regulatory issues will likely result in substantial upside to the stock price. Furthermore, the increased guidance from management reflects the Company’s ability to … Read the rest
Morgan Stanley came out with a note on Friday defending their overweight rating and 12-month price target of $120 for SunPower (SPWR) after the company handedly beat estimates and raised guidance. Morgan Stanley admits there are near-term headwinds that will keep the stock range bound as investors contemplate Cypress Semiconductor’s proposed spin-off, tariff uncertainty in Spain and ITC delays.
The stock saw some buy interest and closed Friday up $1.38 to $76.70 albeit on tepid … Read the rest
Trina Solar (TSL) has priced an offering of $120 million of senior convertible notes due 2013 and up to 4073194 ADS shares and has granted the underwriters of the notes the right to purchase an additional $18 million. Trina Solar intends to use the proceeds for the expansion of manufacturing lines for the production of silicon ingots, wafers, solar cells and solar modules, the purchase of raw materials, research and development and other purposes.
The … Read the rest
Market for solar stocks is fearing likely cuts in subsidies in the hot Spanish market, as well as delays in renewing the U.S. tax credits, has weighed down stocks across the sector. Worries about European subsidies and a disappointing forecast for the current quarter knocked SunPower shares lower.
Chief Executive Officer Tom Werner told a conference call that, if the Spanish government pushes through planned cuts, SunPower’s reach across the utility and residential markets … Read the rest
Evergreen Solar Inc (ESLR.O: Quote, Profile, Research, Stock Buzz) on Thursday reported a wider quarterly loss. It blames that on the cost of opening new production facility. Its forecasting third quarter results will be lower than analysts estimates. Shares are down 9.4 percent. It is also warning that margins will be hot for the rest of the year as it is trying to increase the capacity.
In a statement, Evergreen said … Read the rest
According to Street Insider, Jefferies has initiated Solarfun (SOLF) with a Buy rating and a price target of 18.
An article at Seeking Alpha makes the case for Solarfun being a “solar giant”.… Read the rest
Sunpower (SPWR) reported Q2 EPS of .61, 10 cents better than estimates on revenues of 382.8 which also beat estimates of 343 million. The company also raised its full year 2008 revenue and EPS guidance.
In other news Cypress Semi (CY) announced that its Board has authorized management of proceed with a spin off of Sunpower shares to Cypress’s shareholders held by Cypress. … Read the rest
Southern California Edison selected First Solar (FSLR) to engineer and supply the PV power plant system for a 2 MW project to be installed atop a commercial building. SCE plans to do 250 installations atop commercial buildings over the next 5 years which is the largest rooftop solar program ever proposed by a US utility.
In addition, the California Public Utilities Commission approved the project terms of a 20 year power purchase agreement between FSLR … Read the rest
Trina Solar (TSL) said it expects 2nd quarter revenue at 200 – 205 million while analysts had expected 174 and also said it expects to meet or beet its 2008 revenue target of 770 – 808 million. “We are very pleased with our strong growth in the second quarter,” said Trina Solar Chairman and CEO Jifan Gao said… Read the rest