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News Breaks
February 4, 2014
11:56 EDTFSLR, IRMStocks with call strike movement; FSLR IRM
First Solar (FSLR) March 55 call option implied volatility decreased 3% to 65, Iron Mountain (IRM) April 30 call option implied volatility decreased 2% to 60 according to IVolatility.
News For FSLR;IRM From The Last 14 Days
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November 24, 2015
19:27 EDTIRMIron Mountain announces deferral of Recall Scheme Meeting to approve acquisition
Iron Mountain announced that Recall Holdings has received approval from the Federal Court of Australia to defer the date of its Scheme Meeting related to Iron Mountain's acquisition of Recall from the previously scheduled date of December 3, 2015 to March 17, 2016. The special shareholder meeting to approve the acquisition is referred to as the Scheme Meeting in Australia, and will be held once certain conditions to closing of the transaction, including regulatory clearance, are satisfied. As previously disclosed, the transaction is being reviewed by regulatory authorities in Australia, the United States, the United Kingdom and Canada. The regulatory review is progressing; however, we do not expect to obtain all regulatory approvals prior to the originally scheduled Scheme Meeting date of December 3. Acquisitions in Australia require Federal Court approval to proceed. Before the Federal Court can issue its approval, all regulatory clearances must have been received to enable Recall shareholders to vote on the Scheme with a clear understanding of the agreements expected with the various regulatory authorities. Additionally, as provided in the Scheme Implementation Deed, Iron Mountain and Recall had agreed that in order to facilitate REIT compliance measures, the closing date should occur in the first 30 days of a calendar quarter, and that it might be necessary to adjust the Court hearing date to achieve that objective. As a result of these factors, the earliest Recall can hold its Scheme Meeting and schedule subsequent Australian Federal Court approval dates is March, with implementation expected on April 1, 2016. Regulatory review and approval is a normal part of the acquisition process, and as previously disclosed, Iron Mountain has agreed to make certain divestments, if required to address competition issues including divestments of certain assets, among other possible remedies. Iron Mountain expects all required regulatory approvals will be determined by the new Scheme Meeting date and the transaction would close early in Q2 of 2016. Iron Mountain stockholders overwhelmingly approved the issuance of shares for the acquisition of Recall on November 19, and the Recall board continues to unanimously recommend that its shareholders vote in favor of the transaction.
November 19, 2015
09:58 EDTIRMIron Mountain stockholders approve issuance of shares for Recall acquisition
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November 17, 2015
13:29 EDTFSLRSunEdison selloff continues, shares down 23%
Shares of SunEdison (SUNE) continue to be weak and are down 23% to $3.49 in afternoon trading. Dan Loeb's Third Point last night disclosed it no longer owns the stock while David Einhorn's Greenlight Capital disclosed a reduced stake. Deutsche Bank analyst Vishal Shah lowered his price target for SunEdison this morning to $16 saying language in Vivint Solar's (VSLR) quarterly filing around SunEdison debt financing could concern some investors. SunEdison's solar peers are also weak, with SunPower (SPWR), First Solar (FSLR) and SolarCity (SCTY) all in the red.
08:03 EDTFSLRSolar module makers outlook positive, says Bernstein
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November 16, 2015
11:30 EDTFSLRLoeb exits SunEdison while Deutsche says liquidity worries overdone
Deutsche Bank said that investors' fears that SunEdison (SUNE) will run out of liquidity are unfounded, as the solar energy company is not poised to suffer any liquidity events. Meanwhile, quarterly filings are showing that several prominent hedge funds have exited or trimmed their stakes in SunEdison and another firm downgraded the shares of a SunEdison subsidiary. LIQUIDITY WORRIES OVERDONE: Investors are worried about SunEdison's liquidity, but these fears are overdone, wrote Deutsche Bank analyst Vishai Shah. Only about $3B of the company's total $12B debt consists of recourse loans, the analyst stated. Additionally, in the near-term, investors are primarily worried about a $510M payment that SunEdison has to make in connection with its acquisition of the company Wind Energy, according to the analyst. Although SunEdison will not be able to sell its wind projects to TerraForm (TERP) due to the "disarray" of alternative energy financing markets, SunEdison will instead drop the projects into one of its warehouses, enabling it to recognize cash margins for the projects, the analyst explained. Additionally, the interest owed by SunEdison's project development company will only amount to about $150M, versus the $210M per quarter shown on its income statement, Shah stated. The discrepancy is due to the consolidation of its subsidiaries and the non-recourse debt it holds, he explained. Shah kept a $28 price target and Buy rating on SunEdison shares. HEDGE FUND UPDATES: Leon Cooperman's Omega Advisors lowered its stake in SunEdison last quarter, while Dan Loeb's Third Point sold its entire stake in the solar energy company last quarter, their quarterly filings disclosing their positions as of September 30 revealed. TERRAFORM DOWNGRADE: There is "substantial doubt" about TeraForm's ability to profitably buy assets from SunEdison or third parties, according to UBS analyst Julien Dumoulin-Smith. The analyst said he reached this conclusion because of TeraForm's 10%+ dividend yield and deteriorating balance sheet. Given the yieldco's recently revealed need to invest significantly more capital in projects than expected, its balance sheet will be more stressed than he had predicted, the analyst explained. Dumoulin-Smith lowered his price target on TerraForm to $14 from $30 and downgraded the stock to Neutral from Buy. ANOTHER TO WATCH: After meeting with First Solar's (FSLR) management last week, Shah wrote today that he was more confident about the company's upcoming products and earnings. Although investors are concerned about the company's 2017 earnings outlook, its 2017 earnings should grow to over $4 per share that year, he believes. Among the factors that will increase First Solar's profits are cost reductions, capacity expansion, and strong backlog growth, he believes. Shah kept a Buy rating on the shares. PRICE ACTION: In late morning trading, SunEdison fell 8% to $4.53, TerraForm sank 9% to $12.56 after earlier reaching a 52-week low of $12.51 earlier in the session and First Solar was fractionally higher at $52.90.
November 12, 2015
07:43 EDTFSLRFirst Solar management to meet with Deutsche Bank
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November 11, 2015
11:31 EDTFSLRSunEdison sinks after UBS cuts price target to $6
Shares of SunEdison (SUNE) are selling off for a second straight day after UBS cut its price target on the stock to $6. The seller of photovoltaic energy solutions declined yesterday after reporting a larger than expected quarterly loss. UBS analyst Julien Dumoulin-Smith attributed the post-earnings share selloff to "five key factors," including lower than expected margins on retained projects, management's confidence on the pending Vivint Solar (VSLR) acquisition while a renegotiation of the deal would be perceived positively, and LAP Holdings seeking no less than $150M in damages after SunEdison cancelled its acquisition of the Latin America hydropower and wind development maintenance company. Dumoulin-Smith cut his price target for SunEdison this morning to $6 from $9 and kept a Neutral rating on the name. SunEdison is down 15%, or 88c, to $4.89 in late morning trading. Following the stock lower are peers SolarCity (SCTY), SunPower (SPWR) and First Solar (FSLR).

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