Monday, February 9, 2009

Solar: Energy Conversion Devices Outlook Misses; Stock Falls (ENER)

ENER has turned around since Tech Trader Daily put up that headline:
26.46 +0.71 (2.76%) Feb 9 10:39am ET
Open: 24.68
High: 26.50
Low: 23.82
Volume: 1,799,614
Avg Vol: 1,999,000
Mkt Cap: 1.21B

From TTD:

Energy Conversion Devices (ENER) shares are heading lower this morning after the thin-film solar products company provided a disappointing outlook for the March quarter and for its June 2009 fiscal year.

For its fiscal second quarter ended December, results were a bit better than expectations. Revenues were $103.1 million, producing profits of 33 cents a share; the Street had expected $101.8 million and 31 cents. The company had projected revenue of $100 million to $108 million.

But the company’s new guidance is weighing on the shares. For FY Q3 ending in March, the company sees revenue of $95 million to $110 million, well below the Street at $120.2 million....MORE