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News Breaks
June 4, 2014
13:29 EDTSPWR, FSLRFirst Solar climbs after tariffs imposed on Chinese competitors
Shares of solar energy company First Solar (FSLR) are rising after the U.S. Department of Commerce announced that it would impose duties of 18.5%-35% on imports of many Chinese solar energy products. A number of research firms wrote that First Solar would benefit from the tariffs. WHAT'S NEW: In a preliminary decision, the Commerce Department imposed duties on many Chinese solar energy imports. Additionally, the department closed a loophole by imposing the tariffs on products whose main parts come from China, but are assembled in other countries. While today's move by the Commerce Department is preliminary and is subject to changes later this year, the U.S. will begin collecting the tariffs before a final decision is made permanent, The New York Times reported. ANALYST REACTION: In a note to investors earlier today, Credit Suisse analyst Patrick Jobin wrote that the tariffs were positive for First Solar. The import duties will make First Solar's panels more cost competitive in the U.S., since its panels will not be subject to the duties, the analyst explained. Another company whose panels are likely to become more competitive in the U.S. as a result of the tariffs is SunPower (SPWR), Jobin believes. Meanwhile, Northland Securities analyst Colin Rusch wrote that First Solar and SunPower would both "clearly" benefit from the ruling. WHAT'S NOTABLE: Also today, an Indian court delayed until July 7 a hearing on First Solar's challenge of New Dehli's preliminary determination that the company had dumped solar panels in the Indian market, according to Bloomberg. PRICE ACTION: In mid-afternoon trading, First Solar rose 5% to $66, while SunPower jumped 8% to $35.
News For FSLR;SPWR From The Last 14 Days
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November 17, 2015
13:29 EDTSPWR, FSLRSunEdison 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 EDTFSLR, SPWRSolar 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 13, 2015
08:20 EDTSPWRSunPower should be bought aggressively at current levels, says Baird
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November 12, 2015
14:48 EDTSPWRSunPower analyst meeting increases optimism, says Raymond James
Raymond James said SunPower's (SPWR) analyst meeting today was upbeat and increased optimism in the story. Analyst Pavel Molchanov,said SunPower has a solid position in the industry, a supported balance sheet from Total, and leverage to residential leasing. Molchanov said SunPower tends to be the bellwether of the group and is not SunEdison (SUNE), which has the most strained balance sheet in the group. The analyst rates SunPower an Outperform with a $32 price target on shares.
10:44 EDTSPWRAxiom says sell SunEdison as investor confidence in management wanes
Research firm Axiom downgraded solar energy company SunEdison (SUNE) to Sell from Neutral in a note to investors today, saying that investors no longer trust the company and that its fundamentals look set to deteriorate further. WHAT'S NEW: Investors no longer believe SunEdison's guidance because a number of the company's previous promises have not materialized, Axiom analyst Gordon Johnson II contended. Specifically, on October 7, SunEdison said it would sell 50 megawatts to 70 megawatts of projects to third parties at gross margins of 18%-19%, but in the third quarter it sold 41 MW of projects to third parties at a gross margin of just 9.6%, according to Johnson. Additionally, SunEdison's yieldco, Terraform Power (TERP), promised that it would provide an estimate of its standalone value but has failed to do so, the analyst stated. Moreover, Terraform Power had said that it had no obligation to invest in SunEdison's existing projects, but it announced that it was investing another $388M in existing projects, the analyst stated. Given SunEdison's $11.7B in debt and its inability to sell projects at a gross margin of 18%-19%, its fundamentals seem poised to worsen, unless it can find cheaper funding sources, predicted Johnson, who set a $2 price target on the stock. WHAT'S NOTABLE: Another major solar energy company, SunPower (SPWR), today provided fiscal 2016 revenue guidance of $3.3B-$3.5B, versus the consensus outlook of $3.03B, in conjunction with its analyst day meeting. A much smaller player in the solar space, Solar3D (SLTD), increased its fiscal year sales guidance, with its CEO pointing to its "success in dominating key solar markets in California and Nevada." PRICE ACTION: In morning trading, SunEdison slipped 1% to $4.86, which is well above its low for the day of $4.06, which is also its 52-week low. Meanwhile, SunPower climbed 3.5% to $26.54 and Solar3D rose nearly 6% to $2.95.
09:21 EDTSPWROn The Fly: Pre-market Movers
UP AFTER EARNINGS: Kohl's (KSS), up 5.4%... NetEase (NTES), up 6.3%... SunPower (SPWR), up 3.4%. ALSO HIGHER: Angie's List (ANGI), up 12.1% after after IAC (IAC) proposes to acquire the company... OHR Pharmaceutical (OHRP), up 7.4% after submitting a Special Protocol Assessment request to the FDA for OHR-102... Galena Biopharma (GALE) up 6.2% after being upgraded to Outperform from Perform at Oppenheimer... MannKind (MNKD), up 5.4% after confirming a planned stock sale. DOWN AFTER EARNINGS: Freshpet (FRPT), down 25%... Advance Auto Parts (AAP), down 11.1%... Viacom (VIAB), down marginally. ALSO LOWER: Derma Sciences (DSCI), down 30.4% after ending its Phase 3 clinical trials with aclerastide, DSC127, for diabetic foot ulcer healing... Sunedison (SUNE), down 11.2% after being downgraded to Sell from Neutral at Axiom.
07:47 EDTSPWRSunPower sees FY16 non-GAAP revenue $3.3B-$3.5B, consensus $3.03B
Sees FY16 gross margin 13%-15%, EBITDA $515M-$565M, CapEx $210M-$240M, gigawatts deployed 1.7 GW-2.0 GW.
07:43 EDTFSLRFirst Solar management to meet with Deutsche Bank
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