SunEdison Drops After Suspending Preferred Dividend, Downgrades
SunEdison Inc. fell after suspending its preferred dividend in an effort to conserve cash and two analysts reduced their ratings on the world’s largest renewable energy developer.$1.61 down 10.34%.
SunEdison fell 13 percent to $1.55 at 9:30 a.m. in New York. The Maryland Heights, Missouri-based company has slumped 93 percent in the past year as it loaded up on debt in a global acquisition spree.
Analysts at Macquarie Group and Needham & Co. cut their ratings to the equivalent of hold after SunEdison said after the close of trading Wednesday that it had suspended dividends on preferred shares....MORE