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Stock Market & Financial Investment News

News Breaks
March 3, 2014
08:20 EDTSCTYSolarCity finds error in expenses, says adjustments don't impact key metrics
SolarCity announced that there will be a reallocation of overhead expenses from leased systems to system sales, which will affect the 2013 and 2012 GAAP financial statements. SolarCity said, "During an internal review of fourth quarter financial statements, we discovered an error in the formula for allocating overhead expenses between Operating Lease assets and the cost of Solar Energy System Sales originating in Q1 2012. We reported this to our auditors, who agreed with our assessment that a correction needed to be made. It is important to note that overhead expenses in total will not be amended and that these changes do not affect the net cash flows or any forward financial guidance of the company." The GAAP impact is expected to be a downward adjustment on the balance sheet primarily in Solar Energy Systems, Leased and to Be Leased of approximately 2.5%-3.0% as of September 30, 2013. The company also expects an increase in the cost of Solar Energy Systems Sales of approximately $16M-$20M on the statement of operations for the nine month period ended September 30, 2013 and an increase of approximately $20M-$23M to the same line item for the full-year 2012, while the company is currently evaluating the materiality of the impact on 2011. There is no change to net cash flows. SolarCity said its cash balance was $577.1M as of December 31, 2013. The company said these adjustments have no impact on the key operating metrics already reported, including estimated nominal contracted payments remaining as of the end of 2013 was $1.99B, retained value forecast as of the end of 2013 was $1.05B, and full-year guidance MW deployed of 475 MW-525 MW and positive net cash flow in 2014 is reiterated. Final, audited statements will be filed on or before Tuesday, March 18, the company said.
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February 19, 2015
09:32 EDTSCTYSolarCity shares may be range-bound after Q4 miss, says Roth Capital
Roth Capital believes SolarCity shares may be range-bound following the company's "modest" miss in Q4. Roth continues to view SolarCity as the best-in-class player and recommends accumulating the stock opportunistically. It reiterates a Buy rating on the name with a $98 price target.
09:12 EDTSCTYOn The Fly: Pre-market Movers
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07:39 EDTSCTYSolarCity price target raised to $67 from $64 at Canaccord
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06:37 EDTSCTYSolarCity Q4 results show 'robust' demand environment, says Deutsche Bank
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February 18, 2015
18:55 EDTSCTYOn The Fly: After Hours Movers
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18:22 EDTSCTYSolar stocks struggle in extended session after SolarCity results
Solar stocks are trading down in the extended session after SolarCity (SCTY) reported a larger fourth quarter loss than expected and guided to a first quarter loss well below consensus estimates. WHAT'S NEW: Solar city said adjusted non-GAAP earnings per share for Q4 was a loss of ($1.33) against estimates of a loss of ($1.27). Revenue for the quarter was in-line at $71.8M. The company also guided for a loss of ($1.75)-($1.65) per share in the current quarter which is below analysts' average estimates for a loss of ($1.25) per share. However, the company did note, " With end-market demand healthy and growing, our installation capacity steadily ramping and a majority of our financing needs secured for the year, we remain confident in achieving our guidance to deploy 920-1000MW in 2015." PRICE ACTION: Shares of SolarCity are down over 5% to $54.01 in the after-hours session. OTHERS TO WATCH: Other stocks in the solar space trading lower in the extended session include SunPower (SPWR), SunEdison (SUNE), Vivint Solar (VSLR), and First Solar (FSLR).
18:11 EDTSCTYSolarCity reports Q4 adjusted non-GAAP EPS ($1.33), consensus ($1.27)
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16:32 EDTSCTYSolarCity drops 5% to $54.31 following Q4 results
16:31 EDTSCTYSolarCity says majority of financing secured for 2015 needs
SolarCity said, "Following strong growth in 2014, we entered 2015 with high visibility into our full year guidance for 920 - 1,000 MW Deployed. After booking almost 300 MW more than we deployed in 2014, we began the year with a backlog big enough to cover much of our expected first half installations. Ending the year with residential deployments at an annualized run rate of ~600 MW, we have significantly ramped up our installation capacity and plan to scale this beyond 1 GW by year-end even before considering commercial. Lastly, we have secured a majority of the financing commitments required to fund all of our 2015 needs."
16:17 EDTSCTYSolarCity sees Q1 EPS ($1.75)-($1.65), consensus ($1.25)
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16:00 EDTSCTYOptions Update; February 18, 2015
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15:35 EDTSCTYNotable companies reporting after market close
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14:54 EDTSCTYSolarCity technical notes before earnings news
Shares have been trading in a range bound largely by $47 at the low and $59 at the high for the last several months. A break of either end of this range following results will resolve the range either bearishly or bullishly. If the news is bullish and there is a breakout above $59, next resistance is at $63.30 and then at $65.60. If the news disappoints, first major support below would be at the 50-day moving average at $52.53. It would take exceptionally bearish news to push the shares to the range low. The low of the range was also previously support in the early part of last year. The 52-week low is at $45.79.
11:14 EDTSCTYSolarCity volatility increases into Q4 and outlook
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February 17, 2015
18:17 EDTSCTYJANA Partners gives quarterly update on stakes
NEW STAKES: NCR (NCR), Liberty Ventures (LVNTA), Solarcity (SCTY), Computer Sciences Corp (CSC), Salix (SLXP), and Applied Materials (AMAT). INCREASED STAKES: Hertz (HTZ), Valeant (VRX), Walgreens Boots Alliance (WBA), Rackspace (RAX), and HD Supply (HDS). DECREASED STAKES: AIG (AIG), Actavis (ACT), Charter (CHTR), AerCap (AER), and Energy Transfer Equity (ETE). LIQUIDATED STAKES: Equinix (EQIX), Cameron International (CAM), Dollar General (DG), QEP Resources (QEP), and Amgen (AMGN).
14:08 EDTSCTYSolarCity volatility elevated into Q4 and outlook
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10:30 EDTSCTYSolarCity spikes higher, levels to watch
The stock spiked to session highs after being in decline from the open. At last price of $58.68, resistance is at the session spike high of $59.10 and then at $59.69. Support is at $58.38, the opening price of the day.
10:28 EDTSCTYJANA Partners reports 5.4% passive stake in SolarCity
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10:18 EDTSCTYSolarCity management to meet with Roth Capital
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08:10 EDTSCTYTop U.S. solar ideas into Q4 at Goldman
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