Solar Stocks Killed By SunPower (SPWRA, FSLR, CSIQ, STP, LDK)

Posted in General 
November 5th, 2008

SunPower Corporation (NASDAQ: SPWRA) is being hammered hard this morning after teh solar stock lowered its guidance.  The company said that the rise in the US Dollar is hurting earnings.  Outside of currencies, it maintained guidance.

It sees Q4 revenues between $388 and $418 million and net income of at $0.58 to $0.65 on an adjusted basis, while estimates are $418 million in revenues and $0.75 EPS.  That isn’t going to cut it, not for a group of stocks which still has to outperform estimates even after selling off so much.

Shares are down a sharp 22% at $39.19 on 1.5 million shares as of 9;57 AM EST.  Its average daily volume is almost 3 million shares.

First Solar (NASDAQ: FSLR) is down 7.6% at $164.00, Canadian Solar (NASDAQ: CSIQ) is down 10% at $11.16, Suntech Power (NYSE: STP) is down 10% at $18.05, and LDK Solar (NYSE: LDK) is down almost 8% at $21.75.

JON OGG
November 5, 2008

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