Stock Market & Financial Investment News

News Breaks October 16, 2012 05:42 EDT SPWR SunPower to streamline manufacturing ops, lower costs and improve efficiency SunPower announced a reorganization plan to restructure its Philippines manufacturing operations and reduce its workforce. The company will temporarily idle six of the 12 lines in its Fab 2 cell manufacturing plant and 20% of panel manufacturing in the Philippines to significantly reduce inventory, lower operational costs and improve efficiency. As a result, the overall blended utilization for Q4 will be approximately 60%. Additionally, the company will reduce its workforce by approximately 900 employees with the reductions occurring primarily in the Philippines. The company continues to make strong progress on its cost reduction roadmap and remains committed to reaching its cost per watt goal of less than $0.75 per watt on an efficiency adjusted basis for SunPower's lowest cost solar panels by the end of 2012. The company's previously disclosed FY12 earnings guidance remains unchanged. SunPower will provide additional details on its strategic initiatives during Q3 earnings call on Nov. 1. SunPower expects to record restructuring charges totaling $10M-$17M, composed of severance benefits, lease and related termination costs and other associated costs, the majority of which will likely be in Q4 of 2012. The company expects that greater than 90% of these charges will be cash. News For SPWR From The Last 14 Days Check below for free stories on SPWR the last two weeks. Sign up for a free trial to see the rest of the stories you've been missing. May 16, 2013 10:03 EDT SPWR On The Fly: Analyst Upgrade Summary Subscribe for More Information 09:25 EDT SPWR SunPower price target raised to $33 from $17 at Northland Securities Subscribe for More Information 09:19 EDT SPWR On The Fly: Pre-market Movers Subscribe for More Information 07:48 EDT SPWR SunPower price target raised to $26 from $20 at Lazard Capital Lazard Capital raised its price target for SunPower following the company's analyst day and keeps a Buy rating on the stock. 07:32 EDT SPWR SunPower upgraded at Cowen Subscribe for More Information 07:26 EDT SPWR SunPower upgraded to Outperform from Neutral at Cowen Subscribe for More Information May 15, 2013 16:24 EDT SPWR On The Fly: Closing Wrap Subscribe for More Information 10:06 EDT SPWR SunPower to host analyst meeting Analyst meeting to be heldi n New York on May 15 at 10 am. Webcast Link 09:53 EDT SPWR SunPower spikes higher after guidance update, levels to watch Subscribe for More Information 08:25 EDT SPWR SunPower volatility elevated into better than expected guidance Subscribe for More Information 08:22 EDT SPWR SunPower up 7% to $20.40 after guidance tops expectations Subscribe for More Information 08:16 EDT SPWR SunPower sees FY13 EPS 60c-80c, consensus 64c Subscribe for More Information 08:14 EDT SPWR SunPower sees Q2 net income 5c-15c, consensus (2c) Subscribe for More Information May 13, 2013 09:30 EDT SPWR SunPower gaps up in pre-market trading, levels to watch Subscribe for More Information May 10, 2013 05:57 EDT SPWR Stocks with implied volatility movement; BKS SPWR Subscribe for More Information May 7, 2013 10:28 EDT SPWR Solar companies drop after First Solar report, outlook Solar stocks are retreating after a leading company in the sector, First Solar (FSLR), reported lower than expected first quarter earnings per share and said that it would generate more earnings in the second half of 2013 than in the first half of the year. WHAT'S NEW: First Solar reported lower than expected EPS and said it expected its earnings to be higher in the second half of the year than in the first half due to the timing of revenue recognition from a number of projects. Previously the company had expected to generate higher earnings in the first half of the year. However, First Solar reaffirmed its previous fiscal 2013 EPS guidance range of $4.00-$4.50 and disclosed that it was working on "sizable" opportunities in Africa, ANALYST REACTION: In a note to investors this morning, Deutsche Bank analyst Vishal Shah wrote that First Solar's results and guidance were weak. Shah is concerned about First Solar's reliance on a strong second half performance to meet its 2013 guidance and he maintained a Hold rating on the stock. TODAY'S PRICE ACTION: In early trading, SunPower (SPWR) fell 5.7% to $15, Trina Solar (TSL) dropped 3.8% to $4.80, Canadian Solar (CSIQ) slumped 4.2% to $5.55 and First Solar tumbled 10% to $42.90. 07:24 EDT SPWR EU to tax imported solar panel equipment form China, WSJ reports The EU is set to place import duties on solar panel equipment made in China, with a trade battle expected to follow, reports the Wall Street Journal. Reference Link Sign up for a free trial to see the rest of the stories you've been missing.