The stock is down 5.7% at $7.24.
It's good to be king. From Barron's Tech Trader Daily:
Energy Conversion Devices (ENER) shares are taking it on the chin this morning following a bearish follow-up column item on the company over the weekend by my colleague Bill Alpert....In "Energy Conversion, First Solar; GT Solar; Fuel Systems, SunPower, Origin Agritech Lead NASDAQ Short Interest (ENER; FSLR; FSYS; SEED; SOLR; SPWRA)" I said:
...Here’s Bill’s conclusion:
Energy Conversion can continue its zombie-like operations for a while. It is burning about $30 million of cash a quarter, and as of Dec. 31 had more than $200 million in cash and investments. But nearly all the company’s stated book value is represented by property, plant and equipment. And what is the value of a factory that makes an uncompetitive technology? It is hard to find even salvage value in the stock....MORE
...ENER could go broke, FSLR has the largest (percentage) short interest of any S&P 500 component, SEED popped from $5 to $14 Nov '09-Jan '10, SPWRA had the accounting scam and AMSC is just a good old fashioned high flyer that drives the value crowd nuts.....