Market Mover Alert on SunPower Corporation – Nasdaq ticker: SPWR
SunPower Corporation, majority owned by French energy giant Total SA, is up over 15% in heavy trading today. Investors seem to be positively responding to today’s news that Sunpower Corporation will be laying off 2,500 workers and closing a plant located in the Philippines as part of a company-wide restructuring effort. The company expects the move to move it into positive cashflow for 2017.
SunPower considers itself at the forefront of solar power innovation. The company operates in the residential, governmental, and utility sectors. Its headquarters are in San Jose, California and has offices in North America, Europe, Asia, and Africa.
The industry has been experiencing pricing pressures but the company expects some relief in the latter half of 2017. SunPower Corporation said that the average price for its products had decreased 25%. This is what most analysts believe will contribute to the company’s losses this quarter – its sixth quarterly loss in a row. SunPower said it expects to incur restructuring and other charges totaling about $200 million in the current quarter and restructuring charges of $225-$275 million through the end of 2017.
Shares of SPWR reacted positively to the news and had the effect of raising the share prices of other firms in the solar energy sector. SPWR has been a component stock of the Photovoltaik Global 30 Index since 2009
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|Last Price a/o 2:45 EST||$ 8.06|
|Average Volume||3 million|
|Market Cap||$950 million|
|Shares Outstanding||135.9 million|
|Share Float||58.6 million|
|Short Interest Ratio||6.7|