SunEdison, Inc.OTCPK - Limited
Vivint Solar Earnings Raises Concerns For Several Industry Players
EnerTuition • 49 Comments
EnerTuition • 49 Comments
SunEdison Devco Breakeven Quarter?
Husker Investing • 28 Comments
Husker Investing • 28 Comments
Mon, Feb. 29, 9:17 AM
Fri, Feb. 26, 12:45 PM
Fri, Feb. 26, 9:17 AM
- Gainers: RRM +49%. SUNE +31%. AMTG +31%. SGMS +27%. STMP +26%. GOL +19%. SPLK +17%. JCP +16%. HLF +13%. BIDU +11%. SYN +10%. GLBL +8%. WLL +9%. FCX +7%. CHK +7%. PANW +8%. NRF +6%. TCK +6%. MRO +6%. KHC +6%. GRPN 5%. HLT 5%.
- Losers: RJET -83%. PPHM -60%. CARA -36%. WTW -28%. SWN -14%. GG -11%. FOLD -9%. RBS -8%. MNKD -6%. ARI -5%.
Thu, Feb. 25, 5:45 PM
Thu, Feb. 25, 5:42 PM
- Dow Jones reports SunEdison (NYSE:SUNE) has defeated an attempt by David Tepper's Appaloosa Management to place an injunction on TerraForm Power's (NASDAQ:TERP) planned purchase of (SunEdison acquisition target) Vivint Solar's (NYSE:VSLR) rooftop solar installation portfolio.
- SUNE +20.9% after hours to $2.08. Shares rose 36.1% in regular trading.
- TERP -7.8% after hours to $7.85. VSLR +23.9% to $7.30.
- Earlier: SunEdison surges following Chinese partnership news
- Update (8:01PM ET): SunEdison has confirmed the report in a brief PR. "We are gratified that the court denied the injunction and now we look ahead to continuing to navigate current market conditions." Shares have closed after hours trading up 31.4%.
Thu, Feb. 25, 12:48 PM
Thu, Feb. 25, 11:21 AM
- Chinese solar manufacturer Jinneng says it has broken ground on a 2GW cell/module plant it's building with SunEdison's (SUNE +32.1%) help. Jinneng is said to be contributing R&D and manufacturing capabilities, and SunEdison solar project development expertise.
- The companies are reportedly targeting annual revenue of RMB12B ($1.84B). Jinneng's plant aims to produce N-type monocrystalline HIT solar cells, which have higher conversion rates (and production costs) than conventional silicon cells.
- SunEdison, which closed yesterday at just $1.26, has shot higher following the news. Short-covering is likely helping: 93.6M shares (41% of the float) were shorted as of Jan. 29.
- Separately, Vivint Solar (VSLR +7.6%) shareholders approved SunEdison's planned acquisition of the company yesterday. David Tepper's Appaloosa Management is still suing over TerraForm Power's planned purchase of Vivint's rooftop solar portfolio.
Fri, Feb. 19, 2:40 PM
- Janney and Credit Suisse have joined the ranks of firms downgrading SunEdison (SUNE -5.6%), with each cutting shares to Neutral. The battered solar/wind project developer is $0.06 above a low of $1.37.
- Credit Suisse cites an "uncertain near-term liquidity profile." However, the firm doesn't think SunEdison needs to restructure its debt or faces near-term insolvency. "Put simply, SunEdison has tried to run too quickly - seeking hyper growth at the same time capital markets are more challenged - constraining their balance sheet,"
- Janney's Michael Gaugler cites Hawaiian Electric's recent decision to cancel contracts to buy 148MW of power from three utility-scale SunEdison plants. He thinks the "lack of project execution could be indicative of more serious cash flow concerns than we previously anticipated, and that the likelihood of SunEdison achieving the aggregate cash walk outlined in its 1/7/16 business update has diminished."
- Gaugler is also worried "other counterparties may become hesitant to engage in contractual commitments with SUNE, given 1) the failed Latin America Power (LAP) transaction, 2) length of time to close the Vivint Solar Inc
acquisition," and 3) cancellation of the Hawaiian Electric agreement."
- In a regulatory filing disclosing the contract cancellations, Hawaiian alleges SunEdison has been in default and has "not cured important missed milestones." The utility also claims it "made many accommodations" to get SunEdison's solar projects finished.
- SunEdison says it "emphatically disagree(s) with the analysis presented in HECO's filings, as well as HECO's conclusion that it has a right to terminate the PPAs." The company also notes it planned to transfer the projects to creditor D.E. Shaw once they were finished, something it thinks would eliminate financial risks.
- Yesterday: SunEdison fails to get lift from materials restructuring; SEMI soars on buyout hopes
Thu, Feb. 18, 5:53 PM
- Beaten-down SunEdison (NYSE:SUNE) fell another 9.6% today to $1.51. Shares touched their 52-week low of $1.37 (hit on Friday and Tuesday) before bouncing a little.
- The decline followed news SunEdison is restructuring its solar materials ops to focus on "asset-light proprietary silicon production technologies via partnerships and joint ventures." The efforts include shuttering a Pasadena, TX polysilicon plant, selling a Kuching, Malaysia solar plant to China's LONGi Silicon Materials, and turning a Portland, OR facility into "a cost-effective R&D and technology demonstration center." $266M in non-cash impairment charges and $171M in other restructuring charges are expected.
- Meanwhile, former chip wafer unit SunEdison Semiconductor (NASDAQ:SEMI) finished up 51.4% after announcing it will explore strategic alternatives "following receipt of unsolicited preliminary indications of interest in the company." Barclays has been hired to assist with the effort, which comes with SEMI trading at a fraction of its 52-week high of $27.93.
Thu, Feb. 18, 9:22 AM
Tue, Feb. 16, 2:36 PM
- Solar stocks are among the standouts (TAN +6.4%) as the Nasdaq rises 2.1% and the S&P 1.6%. The gains come after Canadian Solar (up 16.6%) hiked its Q4 sales, module shipment, and gross margin guidance.
- SunEdison (SUNE +20.6%), clobbered last week amid a temporary asset sale restraining order that further stoked bankruptcy fears, is rebounding. The gains come in spite of a downgrade to Neutral from BofA/Merrill's Krish Sankar, who's worried about a mixture of financing, legal, and execution issues.
- Yingli (YGE +15.9%), another company that has seen its share of solvency fears, is also up strongly. Other big gainers include SunPower (SPWR +11.2%), SolarCity (SCTY +6.2%), JinkoSolar (JKS +11.6%), Trina (TSL +7.5%), 8point3 Energy (CAFD +8.4%), Enphase (ENPH +7.7%), Daqo (DQ +7.2%), JA Solar (JASO +6.9%), Sky Solar (SKYS +7.5%), and SunEdison acquisition target Vivint Solar (VSLR +9.5%).
- Five days ago: Solar stocks hammered again; SunEdison tumbles after lawsuit
Tue, Feb. 16, 9:13 AM| Tue, Feb. 16, 9:13 AM | 1 Comment
Fri, Feb. 12, 12:48 PM
Fri, Feb. 12, 10:35 AM
- SunEdison (SUNE -21.8%) is now down 32% over the last two days amid news a New York judge has granted a request by Latin American Power investors for a restraining order blocking SunEdison asset transfers pending a Feb. 25 hearing regarding whether the hold should remain in place as the investors pursue a $150M arbitration claim.
- An exception exists for asset transfers of fair value and in the ordinary course of business. The investors have argued an asset transfer hold is necessary because SunEdison could be insolvent by the time their case ends.
- SunEdison's market cap is down to $506M. The company hasn't yet announced a Q4 earnings date.
- Yesterday: Solar stocks hammered again; SunEdison tumbles after lawsuit
Thu, Feb. 11, 2:12 PM
- The Nasdaq is down 1%, the S&P is down 1.7%, and energy stocks are under pressure as WTI crude falls below $27/barrel. All of that has spelled more pain for solar stocks - the Guggenheim Solar ETF (TAN -5.6%) is at levels last seen in 2013.
- The selloff comes a day after SolarCity plummeted in response to a Q4 installation miss and soft Q1 guidance - SolarCity (down 14.4%) is adding to its losses today following a Barclays downgrade, as is rival Sunrun (down 15.2%).
- Meanwhile, hard-luck SunEdison (SUNE -13.8%) is off sharply today following news shareholders of hydro/wind power developer Latin American Power have sued the company, stating they need a court order to protect SunEdison's assets while they pursue a $150M arbitration claim. SunEdison struck a deal to buy Latin American Power in May, but the agreement was later terminated.
- SunEdison acquisition target Vivint Solar (VSLR -12.1%) and SunEdison yieldco TerraForm Power (TERP -6.4%) are also among today's casualties, Other major solar decliners: SunPower (SPWR -6.2%), Canadian Solar (CSIQ -7.6%), Enphase (ENPH -6.1%), and Solar3D (SLTD -5.7%).
Thu, Feb. 11, 9:13 AM
- Gainers: DDD +15%. AG +14%. FSM +13%. TRIP +12%. MUX +11%. AUY +11%. SBGL +11%. GFI +10%. AGI +10%. LC +10%. GG +10%. CDE +9%. EGO +9%. KGC +9%. HMY +9%. IAG +9%. EXPE +8%. ABX +8%. NEM +8%. SLW +8%. SSRI 8%. AU 7%. AEM 7%. HL 7%. NG 7%. CSCO 6%. SKX 5%.
- Losers: FLO -18%. INCY -15%. SFL -13%. MYL -13%. BTU -13%. ZNGA -13%. SNOW -11%. IFF -10%. ELMD -9%. AVP -8%. CS -7%. BCS -7%. SUNE -6%. CIG -5%. TWTR -6%.