Tag: SPWR

Major Movers on May 15; DE, GOOG, CSC, SPWR

Shares of Deere & Company (NYSE: DE) plunged about 4.50% by afternoon trade on Wednesday after the farms equipment manufacturer provided downbeat outlook for the second half of the current year.The Company now expects full-year sales to grow by 5% down from earlier guidance of 6%. The Company however handed better-than-expected adjusted earnings and revenue for the fiscal second quarter. For the fiscal second quarter ended April 30, Deere & Company posted net income of $1.08 billion or $2.76 a share compared to a profit of $1.06 billion or $2.61 a share, in the year-earlier quarter. Revenue rose 9% to $10.91 billion. Analysts’ consensus estimate was for earnings of $2.72 a share on revenue of $9.85 billion.

Continue reading Major Movers on May 15; DE, GOOG, CSC, SPWR

Major Movers on February 19; ODP, OMX, SPLS, HUM, SPWR, GIS

Shares of office supplies companies Office Depot Inc. (NYSE: ODP), OfficeMax Incorporated (NYSE: OMX) and Staples Inc. (NASDAQ: SPLS) are seeing a huge rally in trading today after the Wall Street Journal reported that OMX and ODP are close to merging.

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Buffett’s MidAmerican Energy Buys Two Solar Projects from SunPower (SPWR, BRK.A)

SunPower Corp. (NASDAQ: SPWR) announced on Wednesday that it has sold two solar projects running in California to a firm controlled by Warren Buffet’s Berkshire Hathaway Inc. (NYSE: BRK.A). In lieu, SunPower would receive about $2.5 billion along with related contracts.

Shares of SunPower climbed more than 30% in early trading on Thursday. On Wednesday, the stock gained 9% to $6.13, its highest level since last eight months.

In its regulatory filing, SunPower said Berkshire utility MidAmerican Energy Holdings Co. will pay SunPower between $2.0 billion and $2.5 billion for the 579-megawatt (MW) Antelope Valley solar projects which include the fees for designing, installing and constructing solar energy sites.

SunPower boasts these projects as world’s largest photovoltaic power development project and construction on this venture is expected to be completed by the end of 2015.

While speaking to Reuters, SunPower’s Chief Executive Tom Werner said investments from Buffet owned utility firm indicate endorsement of these projects,. He added that anticipated cash flows from these projects will only make SunPower more creditworthy and bankable.

“If you are a bank you are looking at us a lot differently today than you did last week,” said the CEO while speaking to Reuters.

However, analysts at Raymond James remained skeptical on the Company, citing that projects are too costly in the backdrop of falling margins and lack of demand for solar energy.

“( A deal with Buffest owned utility) does not alter the fact that SunPower retains a markedly high-cost structure and razor-thin margins in the context of a massively oversupplied market,” said Marshall Adkins, an analyst at Raymond James.

For MidAmerican Energy Holdings Co, addition of these two new projects will further increase firm’s growing footprint in clean energy business.

Earlier in 2011, MidAmerican acquired 49 percent stake in a 290 MW solar power plant in Arizona from NRG Energy Inc. (NYSE: NRG) and purchased First Solar Inc.’s (NASDAQ: FSLR) 550 MW Topaz Solar Farm power plant in California.