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News Breaks
June 16, 2014
06:49 EDTSUNESunEdison price target raised to $35 from $13 at Deutsche Bank
Deutsche Bank sees significant upside potential in shares of SunEdison despite the year-to-date outperformance due to the company's YieldCo plans. The firm raised its price target for the stock to $35 from $13 and keeps a Buy rating on the name.
News For SUNE From The Last 14 Days
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November 12, 2015
10:44 EDTSUNEAxiom 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.
10:00 EDTSUNEOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: 51job (JOBS) downgraded to Neutral from Buy at Citi... Amdocs (DOX) downgraded to Equal Weight from Overweight at Barclays... Anadarko (APC) downgraded to Accumulate from Buy at Tudor Pickering... Axiom says SunEdison (SUNE) credibility 'impaired,' cuts to Sell... BBVA Banco Frances (BFR) downgraded to Market Perform at Raymond James... Black Diamond Group (BDIMF) downgraded to Outperform from Strong Buy at Raymond James... CACI (CACI) downgraded to Hold from Buy at Noble Financial... Cimarex Energy (XEC) downgraded to Equal Weight from Overweight at Stephens... Crown Holdings (CCK) downgraded to Market Perform from Outperform at Wells Fargo... Energias de Portugal (EDPFY) downgraded to Hold from Buy at HSBC... Enterprise Financial Services (EFSC) downgraded to Neutral from Buy at DA Davidson... Freshpet (FRPT) downgraded to Neutral from Outperform at Credit Suisse... Hanover Insurance (THG) downgraded to Neutral from Overweight at Piper Jaffray... Kayne Anderson (KED) downgraded to Hold from Buy at Stifel... MAM Software (MAMS) downgraded to Neutral from Buy at B. Riley... Man Group (MNGPY) downgraded to Sector Perform from Outperform at RBC Capital... PDC Energy (PDCE) downgraded to Equal Weight from Overweight at Stephens... Parsley Energy (PE) downgraded to Sector Perform from Outperform at Iberia... Quanta Services (PWR) downgraded to Neutral from Outperform at Baird... Santander Brasil (BSBR) downgraded to Underweight from Neutral at JPMorgan... SeaWorld (SEAS) downgraded to Underperform at BofA/Merrill... SunEdison (SUNE) downgraded to Sell from Neutral at Axiom... UniCredit (UNCFF) downgraded to Market Perform from Outperform at Keefe Bruyette... VF Corp. (VFC) downgraded on negative outlook, valuation at Sterne Agee CRT.
09:36 EDTSUNEActive equity options trading on open
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09:21 EDTSUNEOn 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.
08:24 EDTSUNEAxiom says SunEdison credibility 'impaired,' cuts to Sell
As previously reported, Axiom analyst Gordon Johnson II contends that SunEdison (SUNE) shares are not down about 40% in the two sessions following its earnings due to results, but because investors no longer believe management's forward guidance after they have repeatedly failed to execute on promises. The analyst thinks that unless SunEdison can find new cheaper sources of funding and/or sell projects at the high-teens margins it claims, it seems likely that its fundamentals are set to worsen, prompting him to downgrade the stock to Sell from Neutral and set a $2 price target on share. Johnson II acknowledges that SunEdison shares could see material upside if TerraForm Power's (TERP) shares rebound, but he also sees a great deal of risk facing SunEdison and believes a number of funds have yet to exit their positions.
06:12 EDTSUNESunEdison downgraded to Sell from Neutral at Axiom
November 11, 2015
16:00 EDTSUNEOptions Update; November 11, 2015
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13:16 EDTSUNEOptions with increasing put volume
Options with increasing put volume: M NAV GE HZNP ESRX FCX SUNE YHOO
12:56 EDTSUNEOptions with increasing call volume
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12:17 EDTSUNEOn The Fly: Top stock stories at midday
Stocks on Wall Street were slightly higher at midday following a morning of lackluster trading, which may be due to lower volume on account of the observance of Veteran's Day. There were four initial public offerings that priced and each opened above their offering; a better reflection of the syndicate market than several weeks ago when deals could not be completed. ECONOMIC EVENTS: In the U.S., the economic calendar was quiet with no major announcements. U.S. bond markets are closed in observance of Veteran's Day. In China, industrial output rose 5.6% in October, matching March's reading as the weakest since 2008. Retail sales climbed 11% last month, beating expectations. COMPANY NEWS: In another sign of China's transition from a purely industrial economy to one driven more by consumption, Alibaba Group (BABA)reported blockbuster sales for the 11.11 shopping festival, better known as "Singles' Day." By the end of Wednesday in China, gross merchandise volume on Alibaba's platforms hit $14.3B, far exceeding last year's 24-hour total of $9.3B, but shares of the Chinese e-commerce giant trading in New York slid 2%... Shares of Macy's (M) plunged over 13.5% and its peers followed it lower after the department store operator cut its outlook for fiscal year 2015 after reporting third quarter revenue that missed analysts' estimates. Macy's also said it will not be pursuing the formation of a real estate investment trust. Conversely, J.C. Penney (JCP) reported stronger than expected same-store sale growth and previewed that its soon-to-be reported earnings and gross margin performance in the third quarter exceeded its expectations, but the stock was caught in Macy's downdraft, falling about 2.5%... The boards of Anheuser-Busch InBev (BUD) and SABMiller (SBMRY) announced that they have reached agreement on the terms of a combination deal worth $107B. In relation to their deal, Molson Coors (TAP) entered into a definitive agreement to purchase SABMiller's (SBMRY) 58% stake in MillerCoors, the joint venture formed in the United States in 2008, in a transaction valued at $12B. MAJOR MOVERS: Among the notable gainers was Atmel (ATML), which rallied 4% after Dialog Semiconductor (DLGNF) said that it continues to "strongly" support its agreement to acquire Atmel. Also higher was Amazon (AMZN), which gained 2% after an analyst at Morgan Stanley raised his price target on the company's stock to $800 from $750M, citing the growing AWS opportunity. Among the noteworthy losers was Horizon Pharma (HZNP), which fell over 16% after Express Scripts (ESRX) cut ties with specialty pharmacy Linden Care, which is used by Horizon and Insys Therapeutics (INSY), which also dropped 9%. Also lower was SunEdison (SUNE), which lost another 14.5%, adding more losses to yesterday's post-earnings slide after UBS cut its price target on the company's shares to $6 from $9. In addition, Anadarko (APC) and Apache (APA) fell about 3.5% and 6%, respectively, after Anadarko confirmed that it sent a takeover proposal to Apache, which it later withdrew. INDEXES: Near midday, the Dow was up 3.87, or 0.02%, to 17,762.08, the Nasdaq was up 14.42, or 0.28%, to 5,097.66, and the S&P 500 was up 0.78, or 0.04%, to 2,082.50.
11:31 EDTSUNESunEdison 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).
07:56 EDTSUNESunEdison taking correct steps, says RBC Capital
After SunEdison reported higher than expected Q3 shipments but reported lower than expected EPS, RBC Capital thinks the company is embracing the correct strategy by lowering its MW guidance, shifting towards more third party sales and cutting its operating spending. The firm thinks the company is "progressing towards sustainable growth" but expects the stock to continue to be volatile in the near-term. It cut its price target on the name to $20 from $24 but keeps an Outperform rating on the shares.
November 10, 2015
16:00 EDTSUNEOptions Update; November 10, 2015
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15:36 EDTSUNESunEdison sentiment worsening but business moving forward, says Oppenheimer
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14:04 EDTSUNESunEdison weakness a buying opportunity, says Deutsche Bank
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12:55 EDTSUNESunEdison downgraded to Market Perform from Outperform at Avondale
07:09 EDTSUNESunEdison sees FY15 total sales of 2,150 MW to 2,250 MW
Sees FY15 unlevered annualized CAFD for retained MW of $261M-$271M.
07:08 EDTSUNESunEdison sees Q4 Total MW 833 to 933 MW
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07:07 EDTSUNESunEdison delivered 640 MW in Q3, 2.9 GW of projects under construction
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07:06 EDTSUNESunEdison reports Q3 EPS cont ops (92c), consensus (69c)
Reports Q3 revenue $476M, consensus $476M.
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