Sep. 16, 2013, 3:26 PM
- China says it will impose a 6.5% tariff on materials from most U.S. polysilicon suppliers (TAN +1.4%; (KWT +1.5%) beginning Friday, but that's far short of threats it could slap anti-dumping duties of as much as 57%.
- The decision follows a U.S. move last year to impose tariffs on Chinese-made solar cells and after China and the EU settled a dispute in July over the alleged dumping of Chinese-made solar panels in Europe.
- High tariffs on solar-grade polysilicon would have risked hurting Chinese solar manufacturers, which depend on imports of raw materials, by raising their costs.
- Three U.S. suppliers are exempt: U.S.-based MEMC Pasadena (SUNE -2.2%) and two U.S. subsidiaries of Norway's Renewable Energy.
- CSUN +1.4%, CSIQ +1.3%, YGE +0.8%, TSL +0.3%, STP -3%, FSLR +1.4%, SPWR +3.4%, JKS -1.6%, JASO -0.2%, SOL +1.2%.
Sep. 13, 2013, 2:50 PM
- Not counting any use of a 4.5M-share overallotment option, the offering is set to yield gross proceeds of $217.5M, and increase SunEdison's (SUNE -1.5%) diluted share count by 13%. (PR)
- Shares are still trading above the offering price, but down 11% from where they traded before the offering was first announced on Tuesday.
Sep. 12, 2013, 8:16 AM
- Solar panel installations in the U.S. jumped 15% to 832 MW during Q2 as booming business for utility-scale systems helped offset weaker demand for residential and commercial projects, according to a report from GTM Research and the Solar Energy Industries Association.
- The utility-scale solar market soared 42% Q/Q, but the report says utilities in California and other key states have slowed their procurement of power from new solar projects.
- The average installed price of solar systems fell to $3.05/watt from $3.36 in Q1 and $3.43 a year ago, but prices vary greatly state to state and project to project.
- ETFs: TAN +6.6% premarket; KWT.
- Related tickers: JASO, FSLR, JKS, TSL, SOL, STP, LDK, SPWR, CSIQ, YGE, CSUN, SCTY, RSOL, SUNE, HSOL.
Sep. 10, 2013, 5:35 PM
Sep. 10, 2013, 4:50 PM
- The offering is accompanied by a 4.5M-share overallotment option. If based on SunEdison's (SUNE) AH trading price, proceeds would amount to $237M-$273M (depending on overallotments). (PR) (S-3)
- SunEdison, which is in the midst of spinning off its chip wafer ops through a $250M IPO, only says it will use the proceeds for "general corporate purposes, which it expects to include funding working capital and growth initiatives."
- The company had over $2.6B in debt on its balance sheet at the end of Q2, offset by only $482M in cash. SunEdison has posted thus losses thus far in 2013, but is expected to turn profitable in Q4.
- Earlier: SunEdison obtains financing for 100MW solar plant
Sep. 10, 2013, 10:24 AM
- SunEdison (SUNE +4.5%) is receiving the funds from a World Bank unit and the U.S. government's development finance arm. They'll be used to create a 100MW plant in Chile's Atacama Desert.. Construction began in August, and is expected to be finished in Q1 2014. (PR)
- The announcement comes a day after SunEdison filed for a $250M IPO for its semiconductor wafer ops.
Sep. 9, 2013, 7:39 AM
- SunEdison (SUNE) has filed to spin off its semiconductor materials unit, SunEdison Semiconductor, via an IPO of up to $250M.
- SunEdison plans to use the money to build solar farms, following peer companies such as SunPower and First Solar, which have made similar moves as panel prices remain weak.
- SunEdison Semiconductor produces wafers used in chips for computers, mobile phones and cars, with its largest customers including Samsung, Taiwan Semiconductor Manufacturing Co. and STMicroelectronics. The unit earned revenue of $239M in Q2, or 60% of SunEdison's total.
- SunEdison Semiconductor intends to trade under the ticker symbol "WFR." (S-1)
Sep. 5, 2013, 1:22 PM
- A day after JPMorgan provided a big lift to Chinese solar stocks, Deutsche is giving a boost to both Chinese and U.S. names.
- Analyst Vishal Shah predicts U.S. solar installation growth will total 6GW-8GW in the 2013-2014 timeframe, and that the market could see "an inflection point" in 2015 ahead of a 2016 tax credit expiration.
- He expects the adoption of new incorporation and leasing structures - a SolarCity (SCTY +4.4%) specialty - to boost growth by lowering financing costs, and views the potential arrival of residential leasing options as another major growth catalyst. In spite of ITC anti-dumping tariffs, Chinese firms are expected to gain share.
- In addition to SolarCity, winners include First Solar (FSLR +4.9%), Canadian Solar (CSIQ +5.1%), Daqo (DQ +11.9%), Suntech (STP +14%), Trina (TSL +4%), Yingli (YGE +5.6%), SunEdison (SUNE +2.4%), and ReneSola (SOL +2.5%). ETFs are also up: TAN +3%. KWT +2.6%.
Aug. 27, 2013, 11:06 AM
- Citing insufficient cash, LDK (LDK -8%) says it will delay a semi-annual debt coupon payment due tomorrow.
- LDK's cash/bank deposit balance fell to $285.4M at the end of Q2 from $342.5M at the end of Q1. Meanwhile, its debt balance was north of $2.65B at the end of Q2.
- Raymond James' Pavel Molchanov: "LDK's balance sheet makes it a 'zombie company.' It only survives due to continued bailouts from local or provincial authorities." The Suntech saga suggests Chinese authorities aren't as quick to embrace solar bailouts as they once were.
- While many Chinese solar names are now reporting fairly healthy gross margins, LDK's remain bleak. Q2 GM was -46.9% vs. -57% in Q1 and -39.1% a year earlier.
- LDK's balance sheet and cash issues are a big reason it has largely missed out on this year's giant solar stock rally. Nonetheless, the company and its peers are heading in the same direction (TAN -4.3%) today. YGE -6.9%. CSIQ -5.8%. SPWR -4.9%. CSUN -4.5%. SCTY -4.3%. TSL -4.2%. SUNE -5.7%. FSLR -3.2%.
- JA Solar (JASO -4.8%) is also among the decliners, even though it has announced a deal to develop 300MW worth of Chinese solar plants.
- LDK's Q2 results: I, II
Aug. 23, 2013, 10:19 AM
- Pandora (P -12.8%) has been downgraded by Raymond James (Neutral) and Stifel (Hold) following its FQ2 beat, mixed guidance, and decision to remove its mobile listening cap.
- VMware (VMW +2.7%) has been upgraded to Buy by Jefferies. The company's annual VMworld conference starts on Sunday.
- CenturyLink (CTL +1.2%) has been upgraded to Neutral by Nomura.
- Renren (RENN +6.8%) has been upgraded to Hold by Jefferies following the sale of its Nuomi group-buying site to Baidu. The firm downgraded Renren only a week ago.
- First Solar (FSLR +1%) and Trina Solar (TSL +2.7%) have been upgraded to Market Perform by Raymond James. RJ downgraded First Solar in April.
- Autodesk (ADSK +12.6%) has been upgraded to Buy by B. Riley. Shares are surging after initially falling in AH trading in response to the light FQ3 guidance accompanying Autodesk's FQ2 beat.
- Jiayuan.com (DATE -3.4%) has been cut to Market Perform by Oppenheimer two day after posting Q2 results.
- SunEdison (SUNE -0.4%) has been upgraded to Buy by Needham a day after announcing plans to spin off its semiconductor wafer ops through an IPO.
Aug. 22, 2013, 12:45 PM| Comment!
Aug. 22, 2013, 9:13 AM
Aug. 22, 2013, 8:48 AM
- SunEdison (SUNE) plans to spin off its semiconductor business in an IPO and use the money to finance its solar operations and repay debt.
- SunEdison will sell a minority stake in the newly formed company, called SunEdison Semiconductor.
- The firm expects to file for the IPO this quarter and carry out the listing in early 2014.
- Shares sky 12.3%. (PR)
Aug. 9, 2013, 9:41 AM
- Cisco (CSCO - unchanged) has been upgraded to Neutral by JPMorgan ahead of its Aug. 14 FQ4 report.
- Baidu (BIDU +2.5%) has been upgraded to Buy by Citi following a 50%+ run-up since early July.
- SunEdison (SUNE -2.4%) has been cut to Hold by Ardour Capital two days after posting a mixed Q2 report.
- Accenture (ACN +0.7%) has been upgraded to Outperform by Baird.
- Orbitz (OWW -0.9%) has been cut to Neutral by Lazard following yesterday's huge post-earnings gains.
- inContact (SAAS -8%) has been cut to Hold by Benchmark following its Q2 revenue miss.
- Take-Two (TTWO +1.3%) has been started at Buy by Benchmark.
- Ixia (XXIA +1.9%) has been started at Buy by Jefferies.
Aug. 7, 2013, 1:11 PM
Aug. 7, 2013, 9:29 AM
- SunEdison (SUNE) -15% premarket after reporting a worse-than-expected Q2 loss.
- The solar tech company formerly known as MEMC Electronic Materials says business conditions in its Q2 remained challenging but is optimistic regarding prospects for growth through the rest of the year.
- Says Q2 results were affected by a slowdown in solar project development spending in 2012, due to the massive drop in panel prices caused by global oversupply and the loss of solar power subsidies in Europe.
- Q2 sales in SUNE's solar energy business fell 72% Y/Y; sales in its semiconductor materials business rose 3%.
- Expects adjusted solar energy system sales of 60-100 MW in Q3 vs 51 MW in Q2.
SUNE vs. ETF Alternatives
SunEdison Inc is adeveloper and seller of photovoltaic energy solutions, an owner and operator of clean power generation assets. The Company is also engaged in the development, manufacture and sale of silicon wafers to the semiconductor industry.
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