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News Breaks
June 17, 2014
11:32 EDTSCTY, SUNEStocks with call strike movement; SUNE SCTY
SunEdison (SUNE) October 25 call option implied volatility increased 3% to 59, SolarCity (SCTY) October 72.5 call option implied volatility increased 6% to 61 according to IVolatility.
News For SUNE;SCTY From The Last 14 Days
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November 18, 2014
12:08 EDTSUNEOn The Fly: Midday Wrap
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11:16 EDTSUNESunEdison surges after acquiring wind energy company
Shares of SunEdison (SUNE) are jumping after the company announced that it had acquired First Wind, which develops products used to generate energy from wind. A number of analysts were enthusiastic about the acquisition by SunEdison, which develops silicon wafers for solar energy as well as semiconductor components. WHAT'S NEW: SunEdison announced last night that it, along with its subsidiary TerraForm Power (TERP), had bought First Wind for up to $2.4B, consisting of $1.9B upfront and $510M in incentives. Of the total $2.4B, SunEdison will pay $1.5B and TerraForm will pay $862M. TerraForm will acquire First Wind's operating portfolio. As a result of the deal, TeraPower's cash available for distribution will increase by $72.5M in 2015, and the subsidiary increased its 2015 dividend guidance to $1.30 per share. SunEdison increased its 2015 project installation guidance to 2.1 GW-2.3GW from 1.6-1.8 GW. SunEdison added that the deal, expected to close next quarter, will enable it to receive incentive distribution rights from TerraForm Power sooner. ANALYST REACTION: In a note to investors today, Brean Capital analyst Michael Gaugler wrote that the acquisition is "transformative" for SunEdison. The deal will improve SunEdison's risk profile compared with its solar energy peers by increasing the geographic diversity of TerraForm's holdings, Gaugler believes. As a result, TerraForm's shares should rise, the analyst forecast. Gaugler added that he was unsure about whether the deal will prove to be a positive turning point for SunEdison;s stock, although he thinks that the transaction will convince investors of the company's ability to create value. He kept a $23 price target and Buy rating on the shares. UBS analyst Stephen Chin wrote that the deal is a "potential game changer" for SunEdison, as enables the company to diversify its products by entering the wind energy space. Chin kept a $30 price target and Buy rating on the shares. PRICE ACTION: In late morning trading, SunEdison surged 25% to $20.75 and TerraForm jumped 28% to $33.
09:20 EDTSUNEOn The Fly: Pre-market Movers
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08:34 EDTSUNESunEdison acquisition supports robust growth outlook, says Morgan Stanley
Morgan Stanley said SunEdison's acquisition of First Wind provides increased confidence into a robust growth outlook and could mark the first in a series of future M&A transactions. Shares are Overweight rated.
07:28 EDTSUNESunEdison, TerraForm Power acquisition a potential game-changer, says UBS
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06:54 EDTSUNESunEdison & TerraForm Power to host Investor meeting
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November 17, 2014
18:32 EDTSUNEOn The Fly: After Hours Movers
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17:39 EDTSUNESunEdison, TerraForm Power acquisition of First Wind to close in 1Q15
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17:34 EDTSUNESunEdison, TerraForm Power to acquire First Wind for $2.4B
SunEdison (SUNE) and TerraForm Power (TERP) announced that they have signed a definitive agreement to acquire First Wind, one of the leading developers, owners and operators of wind projects in the U.S. With the purchase, SunEdison acquires the leading independent wind development and asset management company and becomes the leading global renewable energy development company. As a result, SunEdison raises its 2015 project installation guidance from 1.6-1.8 GW to 2.1-2.3 GW. SunEdison shareholders are expected to benefit from increased project development cash flow, asset management revenues, and dividend payments from TerraForm Power. The transaction also will accelerate the timing and enhance the visibility of SunEdison's receipt of incentive distribution rights from TerraForm Power, and increase the value of SunEdison's yieldco platform. The transaction is immediately accretive to TerraForm Power and is expected to deliver $72.5M in unlevered cash available for distribution in 2015. Pro forma for the transaction, TerraForm Power raises its 2015 CAFD guidance to $214M and 2015 dividend guidance to $1.30 per share, a 44% increase over its current $0.90 dividend rate. SunEdison will purchase over 1.6 GW of pipeline and backlog projects, which have been added to TerraForm Power's call right project list and are expected to be operational in 2016-2017. Included in the transaction is an additional 6.4 GW of project development opportunities. SunEdison expects to accelerate the rate of project development and realize significant synergies and growth opportunities by integrating First Wind's wind platform into its own global project development and finance platform. TerraForm Power acquires 521 MW of contracted wind generation assets from First Wind and adds 1.6 GW to its list of call right projects scheduled for drop down in 2016-2017. The acquisition increases the generation capacity of TerraForm Power's operating portfolio by more than 50% and provides further geographic diversity in Maine, New York, Hawaii, Vermont and Massachusetts. In addition, subsequent to the acquisition, TerraForm Power's call right project list with SunEdison will double to 3.2 GW of solar and wind projects.
15:21 EDTSCTYSunPower turns negative following SolarCity segment on FBN
Shares of SunPower (SPWR) briefly spiked in afternoon trading after Liz Claman of Fox Business News stated earlier on her Twitter feed: "The sun attracts billionaires! @SunPower has @WarrenBuffett investing, @solarcity has @elonmusk in." Claman appeared to have been referring to Buffett's prior investment in SunPower's 579-megawatt Solar Star development, not a new investment in its stock. The anchor spoke with SolarCity (SCTY) CEO Lyndon Rive on the network and none of the discussion focused on new events regarding Buffett or SunPower, which is now down 1% in afternoon trading near $27.24.
15:03 EDTSCTYWarren Buffett investing in SunPower, FBN's Claman reports
Fox Business News' Liz Claman stated earlier on her Twitter feed: "The sun attracts billionaires! @SunPower has @WarrenBuffett investing, @solarcity has @elonmusk in." Reference Link
November 14, 2014
16:52 EDTSUNEGreenlight Capital gives quarterly update on stakes
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09:38 EDTSUNEJANA Partners gives quarterly update on stakes
NEW STAKES: AMD (AMD), AECOM Technology (ACM), Alibaba (BABA), McDonald's (MCD), Amgen (AMGN), Gaming and Leisure Properties (GLPI), Iron Mountain (IRM), iRobot (IRBT), Seadrill Partners (SDLP), Valeant (VRX). INCREASED STAKES: eBay (EBAY), Charter (CHTR), Groupon (GRPN), HD Supply (HDS), Hertz (HTZ). DECREASED STAKES: Apache (APA). LIQUIDATED STAKES: CBS (CBS), Endo (ENDP), FMC Corporation (FMC), SeaWorld (SEAS), SunEdison (SUNE).
November 13, 2014
14:50 EDTSUNELonestar Capital to shut down by mid-2015, WSJ reports
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14:45 EDTSUNELonestar capital to shut down, DJ reports
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09:40 EDTSCTYActive equity options trading
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08:10 EDTSCTYSolarCity to install 20 MW on San Diego military housing
Secretary of the Navy Ray Mabus announced today that Navy and Marine Corps housing units in the San Diego area will receive rooftop solar photovoltaic, or PV, systems through a purchase power agreement between Lincoln Military Housing and SolarCity. The deal, one of SolarCity's largest residential undertakings under its SolarStrong Initiative, will provide solar power to nearly 6,000 homes across 27 privatized neighborhoods, with pending design and interconnection approvals could generate 20 MW or more of solar energy.
07:38 EDTSCTYBloomberg Link to hold a conference
The Year Ahead: 2015 is being held in Washington, D.C. with a pre-conference dinner on November 13 followed by company presentations on November 14,
November 12, 2014
07:37 EDTSUNESunEdison announces joint framework agreement with Aboitiz Renewables
SunEdison announced that it entered into a joint framework agreement with Aboitiz Renewables, a wholly-owned subsidiary of Aboitiz Power. The agreement formalizes their intention to jointly explore, develop, construct and operate up to 300 megawatts of utility-scale solar photovoltaic power generation projects in the Philippines over the next three years. The partnership with Aboitiz Renewables aims to develop the first in a series of utility-scale solar power projects in the Philippines starting in 2015. This follows similar arrangements by SunEdison in India and China through continued leverage of its ability to deploy cost effective solar energy solutions to meet the growing power needs of developing and emerging power markets.
November 11, 2014
12:19 EDTSCTYVivint Solar plunges after reporting larger than expected loss
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