Power-One (PWER) is reporting decent quarter over quarter growth both on the EPS and revenue side this morning, but the company missed analyst EPS estimates posting .21/share vs the analyst estimate of .22/share.  They did beat on the revenue side posting $260 million vs the expectation for $254 million.  All in all, not a bad quarter and it appears to be enough for traders to do some bargain shopping in shares of PWER this morning.  The CEO made comments on its solar expansion and believes Europe will recover in the 2nd half.

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"Power-One has made significant progress expanding into the fast growing solar markets in the United States, China and India, resulting in important customer wins and increased market share," said Richard Thompson, Chief Executive Officer of Power-One. "Power-One continued to perform well in an uncertain marketplace, highlighting the strength of our products and global business model."

For Q3 the company is reporting guidance that is a bit below analyst expectations.  The company sees $265 – $280 million vs the analyst estimate for $290 million.  For the full year, they are about inline with estimates forecasting revenues between $1.05 – $1.15 billion.

Technically, shares of PWER are still seeking a bottom and it’s a bit too soon to call today’s move the beginning of a new sustained move up.  I’d like to see shares surge above the 50dma around the $8 level and hold there for a couple weeks which would be a stronger signal that a bottom may be in.