5.88 -0.04 (-0.68%)
After hours: 7:42PM EDT
Price Crosses Moving Average
|Bid||5.82 x 2200|
|Ask||5.91 x 4000|
|Day's Range||5.60 - 6.03|
|52 Week Range||4.03 - 16.04|
|Beta (5Y Monthly)||2.00|
|PE Ratio (TTM)||39.47|
|Earnings Date||May 06, 2020 - May 10, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||6.97|
SunPower Corp. said late Wednesday it cut costs and implemented a hiring freeze to shore up its balance sheet amid the coronavirus pandemic, adding that it remained on track to split into two separate companies by the end of second quarter. The solar-power company also said it would reduce management salaries and halt merit increases. The actions will result in savings around $50 million in 2020, SunPower said. "The company is also reviewing all discretionary spending as well as other programs to further reduce costs in the near-term and remains comfortable with its liquidity position," it said. Shares of SunPower were 2.4% higher in the extended session after ending the regular trading day down 1.6%.
SunPower Corp. (NASDAQ: SPWR) today announced that it is implementing a number of material initiatives to help the company prudently manage its business during the current industry uncertainty relating to the COVID-19 pandemic. The company believes these actions will position it well for when the solar industry returns to strong growth.
SunPower (SPWR) is going to supply 1,375 home solar solutions to New England homeowners, thereby strengthening its position as one of the leading energy services providers in North America.
The solar energy industry has been growing rapidly even as fossil fuels remain the dominant form of energy. Solar industry companies come from multiple sectors, including utilities, industrial, and energy, and include popular stocks such as First Solar, Inc. (FSLR) and SunPower Corp. (SPWR). While some large utilities and energy companies have solar and renewable energy divisions, they typically are not included in the industry's listings because their primary focus is not solar.
SunPower (NASDAQ:SPWR) recently executed on its plan toward becoming an energy services provider when it was selected to deliver close to 11 megawatts (MW) of direct current (DC) solar power in New England as a result of the region's 14th Forward Capacity Auction (FCA 14). The auction is held annually to ensure that the six states in ISO New England's service territory have enough resources to meet future electricity needs.
During the annual SunPower (NASDAQ:SPWR) Dealer Conference this week, the company recognized seven of its installation dealers for exceptionally designed and deployed solar projects commissioned last year. SunPower's installing dealer base of more than 550 small and medium-sized businesses provide localized sales, installation and support to residential and commercial customers across 49 states.
JinkoSolar's (JKS) total revenues for the fourth quarter are expected in the $1.35-$1.38 billion range, exceeding the previous guidance of $1.17-$1.23 billion.
KB Home, China Petroleum & Chemical, SunPower, Tesco and Mitek Systems highlighted as Zacks Bull and Bear of the Day
As coronavirus cases continue to rise, analysts have lowered their forecast for the Chinese solar market. Nevertheless, all is not lost for solar stocks.
SunPower Corp. (NASDAQ:SPWR), a leading solar technology and energy service provider, today announced that Bob Okunski, vice president, investor relations, will speak at Raymond James' 41st Annual Institutional Investors Conference on March 2, 2020 at 11:35 a.m. Eastern Standard Time. The event is being held at the JW Marriott Grand Lakes Hotel in Orlando, Florida.
Solar solutions and services provider SunPower Corporation (NASDAQ: SPWR ) reported fourth-quarter results last week that include "accounting shenanigans" made to "distort" its business ...
Benzinga Pro's Stocks To Watch For Tuesday Apple (AAPL) - The company warned late Monday amid the coronavirus outbreak. Apple said it will not achieve its sales guidance given for the upcoming March quarter. ...
Benzinga's PreMarket Prep airs every morning from 8-9:00 a.m. EST. During that fast-paced highly informative hour, traders and investors tune in to get the major news of the day, the catalysts behind those moves and the corresponding price action for the upcoming session. Holding an issue into an earnings report can be a dicey proposition.
SunPower Corp. shares declined in the extended session Wednesday after the solar power company's results missed Wall Street expectations following a big run-up in the regular session. SunPower shares fell 6.5% after hours, following a 10.6% surge in the regular session to close at $10.94. The company reported fourth-quarter net income of $5.4 million, or 3 cents a share, compared with a loss of $158.2 million, or $1.12 a share, in the year-ago period. Adjusted earnings were 23 cents a share. Revenue rose to $603.8 million from $456.8 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 24 cents a share on revenue of $627.7 million. SunPower expects revenue of $435 million to $470 million for the first quarter, and $2.1 billion to $2.3 billion for the year. Analysts had forecast on revenue of $457.4 million for the first quarter, and $2.36 billion for the year.
SunPower (SPWR) delivered earnings and revenue surprises of 76.92% and -0.35%, respectively, for the quarter ended December 2019. Do the numbers hold clues to what lies ahead for the stock?