UPDATE: Here's Tiernan Ray at Barron's Tech Trader Daily:
The stock is trading at $9.20, down $2.55 (21.70%)
There was a reason we phrased the earlier headline the way we did:
Solar inverter company Power-One(PWER_) reported a top-line beat but a bottom-line miss after the market close on Thursday, though a one-time litigation charge loomed large in the printed EPS number. The outlook on 2011 though had shares tanking by almost 20% in after hours trading....
...The more important statement in the Power-One earnings may have been the commentary about the first quarter, though, with "first quarter revenue expected to be impacted by seasonality, heightened by inclement weather in Europe and a reduction in feed-in-tariffs across multiple markets, as well as excess inverter inventory in the channel."
The most concerning line in the commentary was that there was excess inventory in the inverter channel. However, a positive spin on the Power-One earnings is that for the first time, the company provided full year guidance, and the revenue guidance for the full year was in line with the Street consensus....MORE