Sunpower (SPWRA) Reports Mixed Results

Sunpower (SPWRA) reported mixed results after the bell today, beating on the EPS side, but missing revenue forecasts.  The company reported an EPS of .15/share, 5 cents ahead of expectations on revenues of $384 million which as a bit below expectations of $401 million.  All in all, a strong quarter for Sunpower (SPWRA) though and the stock has been so crushed so bad that traders are likely looking for an excuse to buy in. 

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CEO Tom Werner commented on the quarter: “Our growing pipeline of 2011 Utility and Power Plants (UPP) business bookings, as well as the continued momentum in our Residential and Commercial (R&C) business, adds to our confidence and visibility for 2011. Additionally, we are pleased with the significant progress we’re making on our cost reduction roadmap and expect that our joint venture with AU Optronics (AUO) to accelerate this process.”

Shares of SPWRA are trading up about 3% in after hours trading and hanging in around support of the 50 day moving average.  A healthy surge above this support line would provide an excellent entry point.

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