Shares of LDK Solar Co. Ltd. (ADR) (NYSE: LDK) tumbled 10.98% by afternoon trade. The heavily indebted Chinese solar company said on Tuesday that fiscal first quarter loss widened. The Company blamed low panel prices for its poor show. Panel prices have fallen sharply due to oversupply in China and slowdown in Europe, where governments have been withdrawing subsidies due to the budget austerity drive. The Company said that net loss stood at $187.1 million or $1.21 per ADS compared to a loss of $185.2 million or $1.46 Per ADS, in the same quarter of last year. Revenue almost halved to $104.3 million.
Continue reading Major Movers on June 11; LDK, LULU, TXN, DMND, DOLE