Goldman Sachs analyst Michael Molnar has had a change of heart on his rosy outlook for both Sunpower (SPWR) and First Solar (FSLR), slapping both with Sell ratings this morning, down from previous Buy ratings due to oversupply issues and a lack of European subsidies.
“The risk of oversupply in the solar market will soon become a reality as considerably less generous demand subsidies take hold just as a wave of supply and tight … Read the rest
The ticker symbol for Sunpower’s Class A shares will change from SPWR to SPWRA today. Class B shares of the stock will trade as SPWRB with the changes coming as a result of the recent spinoff from Cypress Semiconductor (CY), which was a majority shareholder of Class B common stock.… Read the rest
With the bill to extend investment tax credits for renewable energy (finally!) past the Senate, Shares of several stocks that had taken a beating began to rise again. For example, shares of Energy Conversion Devices (ENER), which had taken a nosedive of 18.5% on Tuesday, were back up by 13 percent, to $63.79. Solar Integrated Technologies, one of Energy Conversion Devices major clients, lowered its guidance for the second half of 2008 based in part … Read the rest
SunPower announced today that the price of its A common stock has been greater than or equal to S70.94 for 20 out of the past 30 days. $70.94/share is 125% of the conversion price for one series of SunPower’s senior convertible debentures. The series in question is a $200 million aggregate principal amount of 1.25% senior convertible debentures due 2027. Holders of this series of debentures may convert them if they wish, starting in the … Read the rest
Toyota Motor (TM) and Sunpower (SPWR) have announced the completion of the largest single room solar power installation (2.3MW) in North America at Toyota’s North America Parts Center in Ontario, California.
The installation is expected to provide 60% of the total electricity needs for the 760K sq foot building and includes 10417 T10 Solar Roof Tiles, the most efficient in the industry. The company expects to avoid 6.4 million pounds of carbon dioxide emissions every … Read the rest
Applied Materials announced on Friday that it has completed a 2.1 MW solar power installation over its corporate headquarters, the largest corporate solar power installation in the country. To create the installation, Applied Materials used technology from SunPower- a 950-kilowatt SunPower PowerGuard installation and a 1.2-megawatt SunPower Tracker setup, which are manufactured using technology from Applied Materials. These solar panels form canopy over the Applied Materials parking lot, generating power and shading employees cars. Parking … Read the rest
According to StreetInsider.com, Piper Jaffray analyst Jesse Pichel has commented on the solar stocks that are related to the Lehman bankruptcy, saying that Sunpower (SPWR), JA Solar (JASO) and Evergreen Solar (ESLR) are negatively affected with respect to prior convertible bond transactions and stock lending agreements. The firm said it would be prudent to assume the worst.
On JASO: “We estimate JASO would realize ~4% dilution on stock and incur a non-cash write off … Read the rest
Askstockguru.com notes that Sunpower Corporation is in a "bullish" phase right now. The site recommends waiting until the price drops back down to 90.05/share if you are aggressive, and 78.6/share if you are conservative. The article also advises potential investors to:
… Read the restRisk Management: Consider risking somewhere between 7.6785(7.95%) and 12.7975(13.25%) points on your position. Risk management is an important part of trading. Our risk management strategy is based on the average daily range of the
A few upgrades of green energy stocks this morning:
* A-Power Energy (APWR) Started at a Strong Buy by Raymond James
* Sunpower (SPWR) upgraded from Neutral to Buy on valuation and the PG&E deal by Merril Lynch
* Stanford Group initiates coverage on EMCORE (EMKR) with a Buy rating… 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