Cowen’s Stone Comments on SunPower (Nasdaq:SPWRA) Investigation – Maintains OUTPERFORM
Source: http://feedproxy.google.com/~r/smallcappulse/feed/~3/IUHvLc4hi2w/Posted on Tuesday, November 17th, 2009 | In Investing Lessons, Small & Micro Cap
November 17, 2009 ndash; Analyst Comments ndash; Cowenrsquo;snbsp; Rob Stone commented this morning on SunPowerrsquo;s (Nasdaq:SPWRA) announcement that it is investigating accounting entries at its Philippine manufacturing operations which could havenbsp; understated COGs for the first nine months of 2009 by about $15 million.
Key Takeaways
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; There can be no assurance that broader issues do not exist, and an updatenbsp; is expected within 30 days. In the meantime, the sharesnbsp; are likely to trade near the low end of the recent range
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; The misstatements on COGs could equate to an adjustment of about 7-17% relative to YTD non-GAAP operating income of $90.5M, and the impact on EPS equates to 6-16c (5-13%) vs. 2009E cash EPS of $1.21 and 11c (5%) vs. 2008 cash EPS of $2.28
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Maintains OUTPERFORM rating
Last 5 posts by Small Cap Pulse
- Rodman amp; Renshaw Lowers Price Target on Ascent Solar - Maintains Outperform Rating - March 18th, 2010
- STR Holdings (Nasdaq:STRI) Reports - Stock Moving Higher, Cowen’s Stone Reiterates Outperform - March 18th, 2010
- American Superconductor (Nasdaq:AMSC) - Not As Problematic as Citron Would Like You to Think - March 18th, 2010
- Stone Reiterates OUTPEFORM Rating on SunPower - Cites Clarity on Earnings and Accounting - March 17th, 2010
- Stone Reiterates STR Holdings (Nasdaq:STRI) at OUTPERFORM - Sees Upside to Stock Vs. Market - March 16th, 2010
 About Small Cap Pulse (http://www.smallcappulse.com/index.php/blog/detail/)
Our focus at Small Cap Pulse is to provide our readers with timely and insightful stock ideas and market information, commentary about the economy and political conditions influencing it. We don't believe that stocks trade in a vacuum, so we believe that it is important to consider macroeconomics, the political climate, seculrar and industry trends that are relevant and necessary to consider when contemplating taking a long or short position, regardless of whether it is a long-term minded investment or a day-trade. So we will spend time discussing general conditions that we believe will influence the performance of companies that we report on in the Small Cap Pulse. We hope that you find our site informative and useful. |
No recommendations, either expressed or implied, are being made to buy, sell, hold or short any of the mentioned stocks. No legal, tax or accounting advice is expressed or implied. Always contact your attorney, CPA, or tax advisor before acting on any legal or tax issues. StraightStocks.com is not responsible for the content, products, or services of any of the advertisers on this site. StraightStocks.com receives compensation from advertisers on this blog. Services and products referred to herein are trademarks, registered trademarks, servicemarks, and/or registered servicemarks of their respective trademark or servicemark owners.