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	<title>Stock Market News &#38; Stocks to Watch from StraightStocks &#187; small cap pulse</title>
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		<title>LDK Solar (NYSE:LDK) Beats Street &#8211; Back in Black</title>
		<link>http://www.straightstocks.com/investing-lessons/ldk-solar-nyseldk-beats-street-back-in-black/</link>
		<comments>http://www.straightstocks.com/investing-lessons/ldk-solar-nyseldk-beats-street-back-in-black/#comments</comments>
		<pubDate>Mon, 23 Nov 2009 23:47:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

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		<description><![CDATA[November 23, 2009 ndash; LDK Solar (NYSE:LDK) the its first net income this morning since Q308, surprising the Street, while guiding higher for Q4 ndash; an indication that the company is getting back on track. The stock is trading 10% higher this morning on volume. 


Financial Results 


The company reported Q3 sales of $281.8 million (shipping 320.5MW of wafers), up from $228.2 million in Q2, but down from $541.8 million for the same period last year. Gross margin for Q09 was 20.1%, up from negative 90% gross margins in the prior quarter, and compared with 22.7% gross margins for Q308. LDK reported net income of $29.3 million, or $0.27 per diluted ADS, compared with a loss of $216 million in Q209 and net income of $88.4 million, or $0.77 per diluted ADS in Q308. It ended the third quarter with $67.8 million in cash, with $72.7 million in short-term pledged bank deposits. Keep in mind that it sold a 15% ownership stake in its 15,000MT plant for about $219 million, which will substantially strengthen its balance sheet. 


Management said wafer demand is strengthening, while it is making progress in its ramping its polysilicon operations. Its 1,000MT poly plant is in full scale production and has initiated production ramp-up of operations for the first 5,000MT train of its 15,000MT plant. It has increased wafer capacity to 1.7GW. 


Note ndash; the companyrsquo;s current market cap is $1 billion. It sold a 15% stake in its poly plant for $219 million, which would put a value on that asset at more than $1.4 billion. 


The company said in its release this morning that it has initial contracts to develop PV power projects, plants and integration systems totaling up to 2GW in various provinces in China alone. In terms of guidance, LDK expects revenue to be in a range of $280 to $310 million, with wafer shipments between 320MW to 340MW and module shipments to be between 20MW and 30MW. 


It is also worth noting that LDK didnrsquo;t mention anything about the status, or implications of its legal quarrel with Q-Cells, which has terminated its supply agreement with LDK on the grounds that LDK hadnrsquo;t fulfilled contractual obligations under a 10-year agreements for the supply of about 6GW of wafers. The Q-Cells contract represents about 50% of LDKrsquo;s total backlog. 


At $8.80, the stock is trading about 0.9x CYE sales (we expect $1.08 billion) and about 1.7x book ndash; roughly at the median for midstream solar firms. 


In terms of our expectations for the stock, this morningrsquo;s announced results, in addition to the additional balance sheet strength from the sale of interest in its poly facility should provide support for the stock at current levels, but wonrsquo;t yet see a catalyst for the stock to move much higher from here. 


Importantly, the financial results did much to inject some confidence into LDKrsquo;s business and execution, which has been under pressure for the past several quarters, but the Q-Cells issue remains a serious question mark for expectations. Important to our outlook for LDK, and any other companies at this point, is our view that the general markets are tremendously overbought ndash; with the Samp;P 500 trading at the highest valuation since 2002. Our opinion is that at some point in the near term, there will be a broader scale pullback in the markets which will make for more compelling entrance points on firms like LDK. 


Important Disclosure: This information is intended to assist investors.nbsp; The information does not constitute investment advice or an offer to invest or to provide management services and is subject to correction, completion and amendment without notice.nbsp; Any such offer, if made, will only be made by means of a confidential prospectus or offering memorandum or management agreement.nbsp; It is not our intention tonbsp;state, indicate or imply in any manner that current or past results are indicative of future results or expectations.nbsp; As with all investments, there are associated risks and you could lose money investing.nbsp; Prior to making any investment, a prospective investor should consult with its own investment, accounting, legal and tax advisers to evaluate independently the risks, consequences and suitability of that investment.]]></description>
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		<item>
		<title>Cowen’s Stone Maintains Suntech (NYSE:STP) at NEUTRAL on Q3 Earnings Report</title>
		<link>http://www.straightstocks.com/investing-lessons/cowen%e2%80%99s-stone-maintains-suntech-nysestp-at-neutral-on-q3-earnings-report/</link>
		<comments>http://www.straightstocks.com/investing-lessons/cowen%e2%80%99s-stone-maintains-suntech-nysestp-at-neutral-on-q3-earnings-report/#comments</comments>
		<pubDate>Fri, 20 Nov 2009 21:06:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[Analyst]]></category>
		<category><![CDATA[Australia]]></category>
		<category><![CDATA[China]]></category>
		<category><![CDATA[Cowen’s Stone Maintains Suntech]]></category>
		<category><![CDATA[Czech Republic]]></category>
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		<category><![CDATA[Japan]]></category>
		<category><![CDATA[Korea]]></category>
		<category><![CDATA[R]]></category>
		<category><![CDATA[Results Suntech]]></category>
		<category><![CDATA[Rob Stone]]></category>
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		<category><![CDATA[United States]]></category>
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		<description><![CDATA[November 20, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Rob Stone weighed in on Suntechrsquo;s (NYSE:STP) Q3 financial results this morning noting that given the delayed ramp of Pluto and thin-film production, and outstanding GSF A/R exposure, he thinks shares are fairly valued. He maintains a NEUTRAL rating on the stock. 


Q3 Results


Suntech (NYSE:STP) reported Q3 revenues of $473.1 million, compared with revenues of $594.4 million for the same period last year, and $320.9 million in Q209. Gross margins in Q3 were 17.7%, down from 18.5% in Q2, and 21.5% in Q308. Net income was $30,1, or $0.16 per diluted ADS, compared with $42.5 million for the same period last year and $9.6 million in Q208. Highlights for the quarter included hitting 16.53% conversion efficiency. Management increased its FY09 shipment target from 600MW to a range of 640MW to 660MW, and an increase in total cell and module production capacity to 1.4GW by mid-2010, of which 450MW will be Pluto-enabled. 


Stonersquo;s Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Shipments to Germany should continue to grow, but account for a smaller percentage, with stronger growth in the rest of Europe (Italy, France, Czech Republic) 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; U.S. distribution and utility scale projects, China and other Asian markets (Australia, Korea and Japan) should also drive growth


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Raising 2009-12E shipments to 640MW, 1.1GW, 1.6GW and 2.2GW including system integration of 37MW, 100MW, 160MW and 230MW


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Mix of systems reduces GM by about 60 basis points in 2009, 80-100 basis points in 2011/12 but GM in 2010 reflect better H1 module ASPs


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Raised EPS to $0.35, $0.65, $0.99 and $1.35 on revenue of $1.6B, $2.1B, $2.7B and $3.5B]]></description>
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		<slash:comments>0</slash:comments>
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		<title>Cowen’s Stone Comments on Trina Solar (NYSE:TSL) Q3 Earnings &#8211; Maintains OUTPERFORM</title>
		<link>http://www.straightstocks.com/investing-lessons/cowen%e2%80%99s-stone-comments-on-trina-solar-nysetsl-q3-earnings-maintains-outperform/</link>
		<comments>http://www.straightstocks.com/investing-lessons/cowen%e2%80%99s-stone-comments-on-trina-solar-nysetsl-q3-earnings-maintains-outperform/#comments</comments>
		<pubDate>Fri, 20 Nov 2009 21:04:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[Analyst]]></category>
		<category><![CDATA[Germany]]></category>
		<category><![CDATA[Italy]]></category>
		<category><![CDATA[Rob Stone]]></category>
		<category><![CDATA[Samsung SyncMaster 730MW (Silver) 17 in. HDTV-Ready LCD TV]]></category>
		<category><![CDATA[small cap pulse]]></category>
		<category><![CDATA[Spain]]></category>
		<category><![CDATA[Trina Solar]]></category>
		<category><![CDATA[USD]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/cowens_stone_comments_on_trina_solar_nysetsl_q3_earnings_maintains_outperfo/#When:13:04:00Z</guid>
		<description><![CDATA[November 20, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Rob Stone weighed in on Trina Solarrsquo;s (NYSE:TSL) Q3 financial results, noting that he sees 80%+ upside in the stock relative to the market in 12 months, reiterating an OUTPERFORM rating. 


Q3 Results 


Trina Solar reported a 14.1 Y/Y decline in Q3 revenues to $249.7 million, up 66.5% over Q2, on shipments of 122.6MW, compared with 66.4MW in Q308 and 63.8MW in Q209. Gross margin was 28.5% in Q3, compared with 22.4% in Q308 and 27.4% in Q209. Net income in Q3 was $40.1 million, or $1.29 per diluted ADS compared with $32.1 million for the same period last year, and $18.9 million in Q209. Net margin was 16.1% in Q309. Manufacturing costs for module production declined to about $0.82/watt. The companyrsquo;s cash and equivalent position as of September 30, 2009 was $384.9 million. In terms of guidance, management expects to ship between 145MW to 165MW of PV modules with gross margins of 25% and 27%. For the full year, it expects total PV module shipments to be between 380MW and 400MW compared to previous guidance of 350MW to 400MW. For the FY, it expects to reduce manufacturing costs by 15% to 20%. 


Stonersquo;s Key Takeaways 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Gross margins rose 110 basis points while silicon costs ($0.62 vs. $0.84) fell faster than ASP. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Raised 2009 12E shipments to 390MW, 730MW, 960MW and 1.27GW (vs. 338MW, 510MW, 700MW and 960MW) noting that TSL should gain significant market share in 2009/10. Sees stable GM at about 26% on continued cost reduction. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Raised 2009-12E E/ADS to $3.04, $4.50, $5.50 and $6.90 on revenue of $827M, $1.28B, $1.56B and $1.92B. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Good visibility for the first half of2010, with large orders from Italy and Spain, and ongoing demand in Germany. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Maintains OUTPERFORM rating]]></description>
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		<slash:comments>0</slash:comments>
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		<title>Cowen’s Stone Raises Estimates on China Sunergy (Nasdaq:CSUN) &#8211; Maintains NEUTRAL</title>
		<link>http://www.straightstocks.com/investing-lessons/cowen%e2%80%99s-stone-raises-estimates-on-china-sunergy-nasdaqcsun-maintains-neutral/</link>
		<comments>http://www.straightstocks.com/investing-lessons/cowen%e2%80%99s-stone-raises-estimates-on-china-sunergy-nasdaqcsun-maintains-neutral/#comments</comments>
		<pubDate>Thu, 19 Nov 2009 20:49:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

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		<description><![CDATA[November 19, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Rob Stone weighed in on China Sunergyrsquo;s (Nasdaq:CSUN) Q3 results this morning, raising estimates on strong Q4:09 shipments and market share gains. He noted, however, that since plans for downstream integration into module manufacturing are not yet clear, risk/reward is balanced at the current share price. He rates the stock at NEUTRAL. 


Q3 Results 


China Sunergy reported Q3 revenues of $80 million in Q3, down from $102 million for the same period last year, but up from $57.8 million in Q2. Gross margin was 10.2%, up slightly over 9.7% GMs in Q2. Net income was $7.8 million, or $0.19 per diluted share, compared with net income of $211 thousand in Q308, and net income of $1.7 million over the previous quarter. Shipments amounted to approximately 54.4 MW, representing 59.5% and 31.1% increase compared with the third quarter of 2008 and the second quarter of 2009, respectively. In terms of guidance, management expects shipments in Q4 to range between 70MW and 80MW, and for the year, between 190MW and 200MW. 


Stonersquo;s Key Takeaways 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Both N-type and P-type cells achieved third party test results above 19% conversion efficiency. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Raising Q4:09E shipments to 76MW (vs. prior 41MW), increasing revenue to $97.6 million (vs. $51.5 million) and earnings per ADS to $0.07 (vs. $0.08 loss). Raised 2010-12E revenue to $366 million, $458 million and $554 million and E/ADS to $0.30, $0.63 and $0.67, respectively.]]></description>
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		<title>Bachman Says First Solar (Nasdaq:FSLR) Defects Reported in PHOTON Not an Issue</title>
		<link>http://www.straightstocks.com/investing-lessons/bachman-says-first-solar-nasdaqfslr-defects-reported-in-photon-not-an-issue/</link>
		<comments>http://www.straightstocks.com/investing-lessons/bachman-says-first-solar-nasdaqfslr-defects-reported-in-photon-not-an-issue/#comments</comments>
		<pubDate>Wed, 18 Nov 2009 21:32:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[Analyst]]></category>
		<category><![CDATA[Bachman Says First Solar]]></category>
		<category><![CDATA[Mark Bachman;]]></category>
		<category><![CDATA[small cap pulse]]></category>
		<category><![CDATA[United States]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/bachman_says_first_solar_nasdaqfslr_defects_reported_in_photon_not_an_issue/#When:13:32:00Z</guid>
		<description><![CDATA[November 18, 2009 ndash; Analyst Comments- Pacificnbsp; Crestrsquo;s Mark Bachman commented today on an article in the October 2009 issue of PHOTON Magazine which reports on manufacturing flaws in First Solar modules. Bachman stated that ldquo;We raise the issue now because the article was printed in the German version of the magazine last month, and we believe that most U.S. investors are not yet aware of it; we suspect the article will soon appear in the English version of PHOTON International. We are looking to be more constructive on the stock and want to clear potential negative data ahead of First Solarrsquo;s Dec. 16 analyst meeting.rdquo;


Key Takeaways 


	Bachman said module performance is unaffected by the defects, having checked with several First Solar customers 
	Doesnrsquo;t think that First Solarrsquo;s brand has been damaged, as no negative criticism was noted from checks with installers in the U.S.]]></description>
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		<title>Cowen’s Stone Comments on SunPower (Nasdaq:SPWRA) Investigation &#8211; Maintains  OUTPERFORM</title>
		<link>http://www.straightstocks.com/investing-lessons/cowen%e2%80%99s-stone-comments-on-sunpower-nasdaqspwra-investigation-maintains-outperform/</link>
		<comments>http://www.straightstocks.com/investing-lessons/cowen%e2%80%99s-stone-comments-on-sunpower-nasdaqspwra-investigation-maintains-outperform/#comments</comments>
		<pubDate>Tue, 17 Nov 2009 21:20:01 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/cowens_stone_comments_on_sunpower_nasdaqspwra_investigation_maintains_outpe/#When:13:20:01Z</guid>
		<description><![CDATA[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]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Bachman Recommends to Steer Clear of SunPower (Nasdaq:SPWRA)  &#8211; Accounting Issues</title>
		<link>http://www.straightstocks.com/investing-lessons/bachman-recommends-to-steer-clear-of-sunpower-nasdaqspwra-accounting-issues/</link>
		<comments>http://www.straightstocks.com/investing-lessons/bachman-recommends-to-steer-clear-of-sunpower-nasdaqspwra-accounting-issues/#comments</comments>
		<pubDate>Tue, 17 Nov 2009 21:02:01 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/bachman_recommends_to_steer_clear_of_sunpower_nasdaqspwra_accounting_issues/#When:13:02:01Z</guid>
		<description><![CDATA[November 17, 2009 ndash; Analyst Comments ndash; Pacific Crestrsquo;s Mark Bachman weighed in on SunPowerrsquo;s (Nasdaq:SPRWA) announcement yesterday that it is investigating potential accounting issues, suggesting to investors to ldquo;steer clearrdquo;.nbsp;nbsp;


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Internal review reveals $15 million in understated COGS in 2009, and adding $15 million in expenses to Bachmanrsquo;s model lowers EPS estimate by $0.12 to $1.03 from $1.15. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; This isnrsquo;t the first time SunPower has reported accounting issues. Back in November 2008 it had to lower EPS guidance by $0.50 due to issues related to tax planning and foreign currency hedging. This should raise investor concerns. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Maintains UNDERPERFORM rating, waiting until results of the internal investigation to be communicated before re-evaluating rating. Sees downside to $20, 15x 2010 EPS of $1.31.]]></description>
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		<slash:comments>0</slash:comments>
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		<title>Rob Stone Comments on Implications of Yingli  (NYSE:YGE) Reports for Broader Solar Industry</title>
		<link>http://www.straightstocks.com/investing-lessons/rob-stone-comments-on-implications-of-yingli-nyseyge-reports-for-broader-solar-industry/</link>
		<comments>http://www.straightstocks.com/investing-lessons/rob-stone-comments-on-implications-of-yingli-nyseyge-reports-for-broader-solar-industry/#comments</comments>
		<pubDate>Fri, 13 Nov 2009 22:40:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/rob_stone_comments_on_implications_of_yingli_nyseyge_reports_for_broader_so/#When:14:40:00Z</guid>
		<description><![CDATA[November 13, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Rob Stone commented on Yingli Green Energyrsquo;s (NYSE:YGE) Q3 report and the overall conditions in the solar industry this morning. 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Believes potential subsidy changes in Germany and Italy will drive strong demand in the first half of 2010


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Yinglirsquo;s comments that it is essentially sold out on existing capacity and expects to ship some product in Decembernbsp;nbsp; for Q1 delivery support view thatnbsp; conditions are improving


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Yingli doesnrsquo;t appear to be leading prices lower in Q1 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; SunPower (Nasdaq:SPWRA) and Trina Solar (NYSE:TSL) should be well positioned nbsp;with relatively stronger exposure in Southern Europe.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Think Equity’s Woodburn Comments on Westport Innovations (Nasdaq:WPRT) Q2 Results</title>
		<link>http://www.straightstocks.com/investing-lessons/think-equity%e2%80%99s-woodburn-comments-on-westport-innovations-nasdaqwprt-q2-results/</link>
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		<pubDate>Fri, 13 Nov 2009 20:57:01 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

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		<description><![CDATA[November 13, 2009 ndash; Analyst Comments ndash; Think Equityrsquo;s David Woodburn weighed in on Westport Innovationsrsquo; (Nasdaq:WPRT) nbsp;Q2 results this morning, noting that the results ldquo;werenrsquo;t quite as lackluster as we expectedrdquo; due to the companyrsquo;s better than expected CWI medium-duty engine volumes. Woodburn maintains a BUY rating on the stock. 


Q2 Results 


Westport reported a 19% Y/Y decline in Q3 revenues to $31.7 million, with CWI revenue down $3.2 million to $30.1 million for the period on 1,039 units shipped. Net loss was $9 million, or $0.28 per share, compared with net income of $0.7 million ($0.02 per share) for the three months ended last year. 


Woodburnrsquo;s Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Expectations for heavy-duty this quarter were ldquo;misguidedrdquo;, with near-term economic pressure weighing on fleet purchases. Still thinks outlook for this business is promising. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Prospects for further Federal incentives is improving 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Said that funding from the SCAQMD/Ports should drive orders in current quarter and DOE Clean Cities grants will likely drive 1,000+ truck orders over 2010 and 2011


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; EPS estimates in F10-F11 are unchanged, with higher unit volumes being essentially offset by lower prices and lower gross margin


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ldquo;Buy rating on WPRT shares is based upon the benefits of using natural gas as a transportation fuel for medium- and heavy-duty vehicles. Natural gas is a lower cost fuel than diesel, has cleaner emissions, and government incentives (both existing and new potential) should continue to drive adoption. While near-term economic pressures on fleet purchases are putting a damper on heavy-duty engine adoption, we continue to think that fleets that are intent on managing their fuel costs will increasingly adopt natural gas as their vehicle buying schedules recover.rdquo;


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Valuation ndash; Assigning multiple of 1.3x F12 ldquo;ownedrdquo; revenue estimate of C$236 million, resulting in fair value of $12 per share.]]></description>
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		<title>Bachman Comments on India’s Solar Plans &#8211; First Solar, Amorphous Silicon Could Be Winners</title>
		<link>http://www.straightstocks.com/investing-lessons/bachman-comments-on-india%e2%80%99s-solar-plans-first-solar-amorphous-silicon-could-be-winners/</link>
		<comments>http://www.straightstocks.com/investing-lessons/bachman-comments-on-india%e2%80%99s-solar-plans-first-solar-amorphous-silicon-could-be-winners/#comments</comments>
		<pubDate>Thu, 12 Nov 2009 21:25:01 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
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		<description><![CDATA[November 12, 2009 ndash; Analyst Comments ndash; Pacific Crestrsquo;s Mark Bachman commented this morningrsquo;s on Indiarsquo;s plans to detail its National Solar Mission this week. In addition to its goal of achieving 20GW of solar power generation by 2020 (1GW of installs between 2012 and 2013), the government is expected to discuss certain guidelines. 


Bachmanrsquo;s Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Thinks the government will disclose subsidies and a generous Feed-in-Tariff (FIT)nbsp;


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; The government is targeting domestic solar manufacturing capacity of between 4GW and 5GW by 2017

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; At Solarcon India earlier this week, government officials discussed the formation of SolarCity, a 10,000 acre parcel of barren land will be used in the development of the first 2GW of solar ndash; with the initial allotment of land to Sunborne, Inc., Lanco Solar, Titan Energy and AES Solar. 

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; The news should benefit First Solar (Nasdaq:FSLR), noting AES Solarrsquo;s current installs in Europe using First Solar modules. Thinks First Solar could supply 30MW of modules into market in 2010 and up to 200MW by 2013

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Increased spending is also a positive for Applied Materials, which has two turnkey SunFab customers in India ndash; Moser Baer and KSK Surya Photovoltaic Venture

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Believes India will be an ideal region for amorphous silicon (a-Si) panels due and to a less extent for tandem junction silicon panels (both produced in SunFabs) due to better performance in high temperature regions competed to conventional silicon panels.]]></description>
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		<title>Pacific Crest’s Bachman Comments on A123 (Nasdaq:AONE) Q3 Results &#8211; Rates SECTOR PERFORM</title>
		<link>http://www.straightstocks.com/investing-lessons/pacific-crest%e2%80%99s-bachman-comments-on-a123-nasdaqaone-q3-results-rates-sector-perform/</link>
		<comments>http://www.straightstocks.com/investing-lessons/pacific-crest%e2%80%99s-bachman-comments-on-a123-nasdaqaone-q3-results-rates-sector-perform/#comments</comments>
		<pubDate>Wed, 11 Nov 2009 21:18:01 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[A123]]></category>
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		<category><![CDATA[Chrysler]]></category>
		<category><![CDATA[Mark Bachman;]]></category>
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		<description><![CDATA[November 11, 2009 ndash; Analyst Comments -nbsp; Pacific Crestrsquo;s Mark Bachman commented on A123 Systemsrsquo; Q3 financial results this morning, noting that the results were ldquo;solidrdquo; and there is no change to his long-term thesis. He rates the stock at SECTOR PERFORM. 


Financial Resultsnbsp;nbsp;


Q3 revenue of $23.6 million, up from $22.9 million for the same period last year. Product revenue increased 42% on Y/Y basis, while Ramp;D revenue increased 59% Y/Y. The company reported anbsp; net loss of $22.8 million, or $1.78 per share, compared with a net loss of $1 million for the same period last year. It had $494 million of cash on hand at September 30, 2009. 


Bachmanrsquo;s Key Takeaways 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ldquo;The loss of ($1.78) per share looks much worse than our estimate of ($0.20), but all but $0.03 of the miss was driven by a share-count discrepancy.nbsp;


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; A123 is confident about Chrysler, but the implications are not clear yet. Bachman thinks timing and volume of battery shipments to Chrysler are uncertain and present significant risk to A123.

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; A123 continues to build a solid pipeline of transportation customers, which could lead to volume orders and share catalystsnbsp;


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; nbsp;Risk/reward ratio remains balanced and continues to value shares of AONE at $19 based on our base-case DCF model. Believes traction in automotive and grid markets could justify upside to current levels, but that potential upside is offset by risk to A123rsquo;s customer ramp plans, especially at Chrysler.]]></description>
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		<title>Cowen’s Seth Comments on Ener1 (Nasdaq:HEV) Q3 Results &#8211; Rates NEUTRAL</title>
		<link>http://www.straightstocks.com/investing-lessons/cowen%e2%80%99s-seth-comments-on-ener1-nasdaqhev-q3-results-rates-neutral/</link>
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		<pubDate>Wed, 11 Nov 2009 21:08:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[Analyst]]></category>
		<category><![CDATA[Ener1;]]></category>
		<category><![CDATA[Fisker]]></category>
		<category><![CDATA[Japan Post]]></category>
		<category><![CDATA[Raj Seth]]></category>
		<category><![CDATA[Seth Comments]]></category>
		<category><![CDATA[small cap pulse]]></category>
		<category><![CDATA[USD]]></category>
		<category><![CDATA[Volvo]]></category>

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		<description><![CDATA[November 11 ndash; Analyst Comments ndash; Cowenrsquo;s Raj Seth commentednbsp; this week on Ener1rsquo;s (Nasdaq:HEV) Q3 conference call, noting that he is encouraged by the companyrsquo;s strong pipeline, but ST is recommending to remain on the sidelines. He rates the stock at NEUTRAL. 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Management expects to announce a supply agreement with Fisker by year end. At about $12,000 per pack, this would represent about $85 million in potential revenues for 2010. Also expects some revenues from Think in Q4. Japan Post and Volvo have also placed orders for testing. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; HEV expects about $400 million in funding from government programs. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ST Ener1 financials are hardnbsp; to predict ndash; estimates earnings power of about $0.70 in 2012 based on $700 million in revenues and EBITDA margins of about 15%.]]></description>
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		<title>Cowen’s Stone Comments On Energy Conversion Devices (Nasdaq:ENER) &#8211; Rates NEUTRAL</title>
		<link>http://www.straightstocks.com/investing-lessons/cowen%e2%80%99s-stone-comments-on-energy-conversion-devices-nasdaqener-rates-neutral/</link>
		<comments>http://www.straightstocks.com/investing-lessons/cowen%e2%80%99s-stone-comments-on-energy-conversion-devices-nasdaqener-rates-neutral/#comments</comments>
		<pubDate>Wed, 11 Nov 2009 21:07:01 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[Analyst]]></category>
		<category><![CDATA[ASPs]]></category>
		<category><![CDATA[Energy Conversion Devices]]></category>
		<category><![CDATA[F10;]]></category>
		<category><![CDATA[Robert Stone]]></category>
		<category><![CDATA[small cap pulse]]></category>
		<category><![CDATA[solar product;]]></category>
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		<description><![CDATA[November 11 nbsp;ndash; Analyst Comments ndash; Cowenrsquo;s Robert Stone commented this week on Energy Conversion Devicersquo;s Q1 2010 financial results, noting that given many quarters of projected losses, he expects the stock to trade well below book value. He rates the stock at NEUTRAL. 


Financial Results 


Energy Conversion Devices (Nasdaq:ENER) reported nbsp;Q1 2010 revenues of $42.9 million, compared with $95.8 million for the same period last year and $51.4 million for Q4 09. Solar product and projectnbsp; sales were $36.1, $89.5 and $46 million, respectively. It reported a net loss of $11.8 million, or $0.28 per diluted shares in Q1/10, compared with a net loss of $17.6 million in Q4 and net income of $11.8 million for the same period last year. 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Q1 revenue came in below the Street, cost/watt decined by about 6% sequentially to $1.76, with GM at $24.5%, but ASPs fell 13%. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Expects Q2 to be burdened by underutilization


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Until it gains scale, the project segment is likely to be lumpy and low-margin. Estimates restructuring charges of $7.5 million to integrate SIT and cut overhead


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ldquo;Sharply cutting estimates on lower volume.rdquo; Q2 shipments are expected to be flat, cutting F10-11E shipments by 46% and 25%, and F12-13 by 8% and 5%. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Visibility on BIPV shipments looks low until construction recovers


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Cut F10-13E revenue to $216M, $395M, $585M and $750M, respectively, and per share results to ($1.51), ($0.34), $0.17 and $0.53.]]></description>
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		<title>Global Hunter’s Justin Cable Maintains Neutral on Ormat (NYSE:ORA) &#8211; $45 Price Target</title>
		<link>http://www.straightstocks.com/investing-lessons/global-hunter%e2%80%99s-justin-cable-maintains-neutral-on-ormat-nyseora-45-price-target/</link>
		<comments>http://www.straightstocks.com/investing-lessons/global-hunter%e2%80%99s-justin-cable-maintains-neutral-on-ormat-nyseora-45-price-target/#comments</comments>
		<pubDate>Fri, 06 Nov 2009 22:31:01 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
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		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/global_hunters_justin_cable_maintains_neutral_on_ormat_nyseora_45_price_tar/#When:14:31:01Z</guid>
		<description><![CDATA[November 6, 2009 ndash; Analyst Comments - Global Hunterrsquo;s Justin Cable weighed in this morning on Ormatrsquo;s (NYSE:ORA) Q3 results, which came in above expectations. Cable maintains a NEUTRAL rating citing sharp pullback in products due to soft bookings. Q3 Results Ormat reported a 20% Y/Y increase in Q3 revenues to $119.8 million and net income of $23.4 million, or $0.52 per share, compared with $15.8 million for the same period last year. Management said it expects the electricity segment revenues for 2009 to be between $254 and $258 million, with an additional $9 million of revenue from its share of electricity revenue generated by a subsidiary, which is accounted for under the equity method. For its Product Segment results it increased its guidance to approximately $150 million.Cablersquo;s Key Takeaways middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Believes geothermal outlook remains long-term positive, and Ormat best positioned to benefit middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Remains cautious about tight credit markets and future government awards which could stall projects in the near-term middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Product backlog decreased 40.2% sequentially and 57.6% Y/Y; guidance implied 34% in Products revenue in Q4 and outlook is that 2010 Product revenues may not achieve 2009 levelsmiddot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Maintains NEUTRAL rating and $45 price target]]></description>
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		</item>
		<item>
		<title>Global Hunter’s Justin Cable Maintains Neutral on Ormat (NYSE:ORA) &#8211; $45 Price Target</title>
		<link>http://www.straightstocks.com/investing-lessons/global-hunter%e2%80%99s-justin-cable-maintains-neutral-on-ormat-nyseora-45-price-target-2/</link>
		<comments>http://www.straightstocks.com/investing-lessons/global-hunter%e2%80%99s-justin-cable-maintains-neutral-on-ormat-nyseora-45-price-target-2/#comments</comments>
		<pubDate>Fri, 06 Nov 2009 22:31:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/global_hunters_justin_cable_maintains_neutral_on_ormat_nyseora_45_price_tar/#When:14:31:00Z</guid>
		<description><![CDATA[November 6, 2009 ndash; Analyst Comments - Global Hunterrsquo;s Justin Cable weighed in this morning on Ormatrsquo;s (NYSE:ORA) Q3 results, which came in above expectations. Cable maintains a NEUTRAL rating citing sharp pullback in products due to soft bookings. 


Q3 Results Ormat reported a 20% Y/Y increase in Q3 revenues to $119.8 million and net income of $23.4 million, or $0.52 per share, compared with $15.8 million for the same period last year. Management said it expects the electricity segment revenues for 2009 to be between $254 and $258 million, with an additional $9 million of revenue from its share of electricity revenue generated by a subsidiary, which is accounted for under the equity method. For its Product Segment results it increased its guidance to approximately $150 million.


Cablersquo;s Key Takeaways 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Believes geothermal outlook remains long-term positive, and Ormat best positioned to benefit 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Remains cautious about tight credit markets and future government awards which could stall projects in the near-term 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Product backlog decreased 40.2% sequentially and 57.6% Y/Y; guidance implied 34% in Products revenue in Q4 and outlook is that 2010 Product revenues may not achieve 2009 levels


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Maintains NEUTRAL rating and $45 price target]]></description>
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		</item>
		<item>
		<title>Pacific Crest’s Bachman Downgrades Evergreen Solar (Nasdaq:ESLR) to SECTOR PERFORM</title>
		<link>http://www.straightstocks.com/investing-lessons/pacific-crest%e2%80%99s-bachman-downgrades-evergreen-solar-nasdaqeslr-to-sector-perform/</link>
		<comments>http://www.straightstocks.com/investing-lessons/pacific-crest%e2%80%99s-bachman-downgrades-evergreen-solar-nasdaqeslr-to-sector-perform/#comments</comments>
		<pubDate>Fri, 06 Nov 2009 21:58:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[Analyst]]></category>
		<category><![CDATA[China]]></category>
		<category><![CDATA[Crest’s Bachman Downgrades Evergreen Solar]]></category>
		<category><![CDATA[Evergreen Solarrsquo]]></category>
		<category><![CDATA[Mark Bachman;]]></category>
		<category><![CDATA[small cap pulse]]></category>
		<category><![CDATA[USD]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/pacific_crests_bachman_downgrades_evergreen_solar_nasdaqeslr_to_sector_perf/#When:13:58:00Z</guid>
		<description><![CDATA[November 6, 2009 ndash; Analyst Comments ndash; Pacific Crestrsquo;s Mark Bachman weighed in on Evergreen Solarrsquo;s (Nasdaq:ESLR) Q3 results, stating that ldquo;given the near-term challenges ahead, we no longer have the conviction to recommend putting new money into the stock.rdquo; Bachman downgraded to SECTOR PERFORM. 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Modeled declines in ASPs (22% in 2010), underutilization at Devens, ramp expenses from China and continued losses from Sovello


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Downside risk is probably minimal at 0.5x price-to-book


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Evergreen may need to return to the capital markets late next year to increase debt or add further dilution


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Lowering 2010 revenue and EPS estimates to $355.3 million and ($0.03) from $466 and $0.29, respectively and removing price target]]></description>
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		</item>
		<item>
		<title>Bachman Comments on Implications of First Solar (Nasdaq:FSLR) Land Purchase From Ausra</title>
		<link>http://www.straightstocks.com/investing-lessons/bachman-comments-on-implications-of-first-solar-nasdaqfslr-land-purchase-from-ausra/</link>
		<comments>http://www.straightstocks.com/investing-lessons/bachman-comments-on-implications-of-first-solar-nasdaqfslr-land-purchase-from-ausra/#comments</comments>
		<pubDate>Fri, 06 Nov 2009 21:51:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[Analyst]]></category>
		<category><![CDATA[First Solar]]></category>
		<category><![CDATA[Mark Bachman;]]></category>
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		<description><![CDATA[November 6, 2009 ndash; Analyst Comments ndash; Pacific Crestrsquo;s Mark Bachman commented this morning on First Solarrsquo;s (Nasdaq:FSLR) land purchase from Ausra which he says mitigates risk for its 550MWac Topaz Project. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Environmentalists continue to battle with large project developers, and the Ausra parcel will give First Solar more flexibility in placement of solar arrays from land covered by the Land Conservation Act of1965 to createnbsp; additional wildlife corridors to appease the environmentalists


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; The purchase will also enable faster permitting


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Profitability impact to the Topaz project should be nominal ndash; even at $4,000/acre, at $3.50/Wdc the project is worth almost $2.4 billion. A $3 million impact on the cost of the additional land would impact gross margin by less than 0.2%.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Cowen’s Stone Weighs in on Evergreen Solar (Nasdaq:ESLR) Q3 Results</title>
		<link>http://www.straightstocks.com/investing-lessons/cowen%e2%80%99s-stone-weighs-in-on-evergreen-solar-nasdaqeslr-q3-results/</link>
		<comments>http://www.straightstocks.com/investing-lessons/cowen%e2%80%99s-stone-weighs-in-on-evergreen-solar-nasdaqeslr-q3-results/#comments</comments>
		<pubDate>Thu, 05 Nov 2009 22:27:01 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/cowens_stone_weighs_in_on_evergreen_solar_nasdaqeslr_q3_results/#When:14:27:01Z</guid>
		<description><![CDATA[November 5, 2009 ndash; Analyst Comments -nbsp; Cowenrsquo;s Robert Stone commented this morning on Evergreen Solarrsquo;s (Nasdaq:ESLR) Q3 results, noting that while the operating loss was smaller than expected, a wider loss at Sovello indicates that nbsp;it is in trouble. Stone maintains a NEUTRAL rating on the stock. 


Financial Results


Evergreen Solar reported Q3 revenue of $77.7 million, compared with $63.8 million in Q2 and $22.1 million for the same period last year. Gross margins were 9.7%, 1.9% and 5.7%, respectively. Net loss for Q3 was $82.4 million, compared with $20.3 million in Q2 and $24.6 million last year. In terms of key highlights, Evergreen shipped 31.1MW from Devens in Q3, up from 23.2MW in Q2. It said it reduced its manufacturing cost to $2.24 per watt, down 17% from $2.70/watt in Q2. Wafer manufacturing costs were about $0.75/watt, down from $0.85/watt in Q2. 


Stonersquo;s Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; The J.V.rsquo;s bank waiver expires at the end of November, and is at risk of further write-off. Evergreen is carrying Sovello at $50MM. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; While cost/watt improved 17% sequentially to $2.40 and product GM rose to 7.1, it is above the ASP Stone estimates for Chinese competitors ndash; cost/watt still not competitive


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Maintains NEUTRAL rating on the stock]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Bachman Sees Chrysler Announcement as a Potential Positive for A123 (Nasdaq:AONE)</title>
		<link>http://www.straightstocks.com/investing-lessons/bachman-sees-chrysler-announcement-as-a-potential-positive-for-a123-nasdaqaone/</link>
		<comments>http://www.straightstocks.com/investing-lessons/bachman-sees-chrysler-announcement-as-a-potential-positive-for-a123-nasdaqaone/#comments</comments>
		<pubDate>Thu, 05 Nov 2009 21:43:01 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

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		<description><![CDATA[November 5, 2009 ndash; Analyst Comments ndash; Pacific Crestrsquo;s Mark Bachman commented on Chryslerrsquo;s PHEV business this morning and the implications for A123 (Nasdaq:AONE). He maintains A123 at OUTPERFORM. nbsp;


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Chryslerrsquo;s announcement that it is including a PHEV Ram pickup in its 2011 ENVI fleet could be a positive for A123, though no units or suppliers were noted. Chrysler would now have five models with PHEV platforms. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Believes A123rsquo;s shares are fairly valued at $19, but incrementally more positive on Chryslerrsquo;s ENVI roadmap]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Pacific Crest’s Bachman Maintains SolarWorld at OUTPERFORM After Pre-Announcement</title>
		<link>http://www.straightstocks.com/investing-lessons/pacific-crest%e2%80%99s-bachman-maintains-solarworld-at-outperform-after-pre-announcement/</link>
		<comments>http://www.straightstocks.com/investing-lessons/pacific-crest%e2%80%99s-bachman-maintains-solarworld-at-outperform-after-pre-announcement/#comments</comments>
		<pubDate>Thu, 05 Nov 2009 21:35:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
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		<description><![CDATA[November 5, 2009 ndash; Mark Bachman weighed in on SolarWorldrsquo;s (SWV.DE) pre-reported Q3 financial results, noting that both revenue and EBIT came in below expectations with revenue of euro;232.5 million, EBIT of euro;34.7 million and net income at euro;16 million. ASPs declined by about 12% in Q3, volumes increased by 15%and sales were up 3%. 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; SolarWorldrsquo;s stated revenue target of euro;1 billion for FY09 will require Q4 sequential growth to approach 60%, and channel checks into Germany suggest that may be difficult to achieve. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Modeling 2009 in line with managementrsquo;s target, but reduced gross and EBIT margin expectations given ASP concerns. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; New price target is euro;18, which is 15x 2010 EPS estimate


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Rates stock at OUTPERFORM]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Cowen’s Rob Stone Maintains NEUTRAL on Evergreen Solar (Nasdaq:ESLR) Ahead of Report</title>
		<link>http://www.straightstocks.com/investing-lessons/cowen%e2%80%99s-rob-stone-maintains-neutral-on-evergreen-solar-nasdaqeslr-ahead-of-report/</link>
		<comments>http://www.straightstocks.com/investing-lessons/cowen%e2%80%99s-rob-stone-maintains-neutral-on-evergreen-solar-nasdaqeslr-ahead-of-report/#comments</comments>
		<pubDate>Wed, 04 Nov 2009 22:09:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[Analyst]]></category>
		<category><![CDATA[China]]></category>
		<category><![CDATA[Evergreen Solar]]></category>
		<category><![CDATA[Rob Stone Maintains]]></category>
		<category><![CDATA[Robert Stone]]></category>
		<category><![CDATA[small cap pulse]]></category>
		<category><![CDATA[USD]]></category>
		<category><![CDATA[Wuhan]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/cowens_rob_stone_maintains_neutral_on_evergreen_solar_nasdaqeslr_ahead_of_r/#When:14:09:00Z</guid>
		<description><![CDATA[November 4, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Robert Stone weighed in this morning on Evergreen Solar (Nasdaq:ESLR) noting that the company may report a narrower loss than he had modeled, citing strong demand in Europenbsp; and possible upside to shipments. He maintains a NEUTRAL rating on the stock. 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Still sees pressure on ASPs in 2010 which may make conversion costs uncompetitive ($1.65 at Devens and $1.17 at Wuhan while vertically integrated competitors in China are close to $0.80)


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Targeting cost/watt of $2 in Devens (Q4:09 if fully ramped) and $1.50 in Wuhan (by year-end 2010); long-term cost/watt target of $1 in 2012


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Sees potential upside to model of $.10 loss on $73.8M in revenue due to better results at Sovello


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Believes risk/reward remains unfavorable and maintains a NEUTRAL rating on the stock]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Think Equity’s Woodburn Maintains Westport (Nasdaq:WPRT) at BUY &#8211; Loweres Revenue Forecast</title>
		<link>http://www.straightstocks.com/investing-lessons/think-equity%e2%80%99s-woodburn-maintains-westport-nasdaqwprt-at-buy-loweres-revenue-forecast/</link>
		<comments>http://www.straightstocks.com/investing-lessons/think-equity%e2%80%99s-woodburn-maintains-westport-nasdaqwprt-at-buy-loweres-revenue-forecast/#comments</comments>
		<pubDate>Wed, 04 Nov 2009 21:28:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[Analyst]]></category>
		<category><![CDATA[CAD]]></category>
		<category><![CDATA[Cummins]]></category>
		<category><![CDATA[David Woodburn;]]></category>
		<category><![CDATA[energy]]></category>
		<category><![CDATA[energy technology]]></category>
		<category><![CDATA[small cap pulse]]></category>
		<category><![CDATA[Think Equity’s Woodburn Maintains Westport]]></category>
		<category><![CDATA[USD]]></category>
		<category><![CDATA[Westport Innovations;]]></category>

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		<description><![CDATA[November 4, 2009 -nbsp; Analyst Comments -nbsp; Think Equityrsquo;s David Woodburn weighed in on Westport Innovations (Nasdaq:WPRT) this morning stating that he is lowering his revenue forecast based on a reduction of estimates for heavy-duty engine volume based on near-term economic pressures on fleet purchases. He continues to rate the stock at a BUY 


Key Takeaways 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Decreasing overall engine forecasts for F2010 and F2011; shifting some volume from higher-profit heavy-duty line to Cummins-Westport medium-duty line 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; FQ2 should be a non-event ndash; expects revenue and EPS of C$27.7 million and (C$0.30) 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ldquo;Skepticalrdquo; on odds of incentive-heavy NAT GAS legislation being passed (as written) by itself, though the odds have increased lately 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Federal incentives to look for which could drive uptake of CNG and LNG vehicles include the DOE/Clean Cities alt fuel grants, and the NATGAS bill. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Nov. 6 could bring the approval of SCAQMD/CARB/Port Funding 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Valuation - ldquo;From a comparable company perspective, we track Westport's valuation relative to similar clean energy growth companies. As many of these companies have yet to turn profitable (like Westport), we find the most-useful basis of comparison to be an Economic Value to Revenue (EV/Revenue) ratio. To be fair, with Westport, we use what we call "owned revenue," or Westport's share of revenue net of its joint venture with Cummins. We assign a multiple of 1.3x to our F2012 "owned" revenue estimate of C$266 million, with the result being a fair value of US$12/share. The 1.3x multiple matches the 1.3x average of a group of alternative energy technology companies, with the range being 0.8x to 3.5x, and is the same as the 1.2x average of engine/truck manufacturers.rdquo;]]></description>
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		<item>
		<title>LDK (NYSE:LDK) and Q-Cells (QCE.DE) Terminated Supply Agreement &#8211; Our Take</title>
		<link>http://www.straightstocks.com/investing-lessons/ldk-nyseldk-and-q-cells-qce-de-terminated-supply-agreement-our-take/</link>
		<comments>http://www.straightstocks.com/investing-lessons/ldk-nyseldk-and-q-cells-qce-de-terminated-supply-agreement-our-take/#comments</comments>
		<pubDate>Tue, 03 Nov 2009 20:02:01 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
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		<description><![CDATA[November 3, 2009 ndash; Yesterdayrsquo;s announcement from Q-Cells (QCE.DE) and LDK Solar (NYSE:LDK) that Q-Cells trying to terminate a 10-year supply deal highlights a serious problem for the solar sector which it continues to work through. Back in 2007 and early 2008 these long-term supply deals were so attractive, providing long-term visibility and massive backlogs to solar firms. They drove the markets and it sounded great to be able to announce multi-hundred million dollar deals. 


The problem is that the economics shifted (oversupply, tight credit markets) and the terms became totally unattractive (prices today are so much cheaper than the long-term price schedules for the supply agreements) so companies are trying to back out. This is not a surprise to anyone and most of the competent analysts were focused on this risk back in mid-2008, which is a key reason why solar companies pulled back to 1x book valuations. But the news still stings, and when firms pull out of these agreements it is seen almost as an indictment on the supplier for not being able to renegotiate terms. We have seen similar issues with Hoku, JA Solar, REC etc. 


The problem in this case with LDK is that it compounds the uncertainty that has been building since the company announced its VP of Manufacturing resigned ndash; who was charged with leading the build-out of the poly facility. nbsp;It isnrsquo;t a surprising move for Q-Cells given that the company has been absolutely cash-challenged and hasnrsquo;t been showing any signs of resilience lately. There have been expectations that the company is going to need to do something strategic, and it looks like they have played their first cards. 

I am inclined to sell some puts on LDK into further weakness ndash; and will keep you posted. 


Here is the news: 


Q-CELLS TO RECLAIM USD 244.5M FROM LDK SOLAR AS 10-YEAR SUPPLY DEAL GOES SOURnbsp;
02 Nov 2009 / Solar / TOP STORIES / GermanyGerman PV cell maker Q-Cells says it is terminating a 10-year supply contract with Chinese wafer maker LDK Solar and is aiming to reclaim USD 244.5m of payments.The two companies signed a supply contract in 2007 by which LDK Solar (NYSE: LDK)nbsp;would deliver more than 6GW of solar wafers to Q-Cells over a 10-year period starting in 2009. The deal was based on 43,000 tonnes of silicon from 2009 through to 2018 and for 1,000 tonnes of silicon this year.nbsp;

Q-Cells (Deutsche Bourse: QCE) says the two companies agreed that the price would be set based on the cost of silicon plus a processing fee but that to be able to specify the price LDK would have to have either a separate facility or a separate line dedicated to the production for Q-Cells. However, LDK failed to separate the production and Q-Cells rejected the price quoted by LDK. LDK was not immediately available for comment.

The two companies disagree on the termination of the contract and neither direct discussions nor a parallel arbitration at the International Chamber of Commerce in Paris have resulted in a settlement.nbsp;

Q-Cells made an advance payment of USD 244.5m back in early 2008 when there was a shortage of polysilicon in order tonbsp;secure the deliveries. The payment was secured by a bank guarantee at a German bank and now that the deal has gone sour, Q-Cells wants to reclaim the money. The German manufacturer saysnbsp;that an application by LDK Solar for a temporary injunction against a drawing down of the bank guarantee was refused by the District Court in Berlin and that Q-Cells would make use of the possibility to draw down the bank guarantee linked to the payment.

LDK Solar shares traded down 13.4% on the news and Q-Cells shares dropped 3.3%.


Important Disclosure: This information is intended to assist investors.nbsp; The information does not constitute investment advice or an offer to invest or to provide management services and is subject to correction, completion and amendment without notice.nbsp; Any such offer, if made, will only be made by means of a confidential prospectus or offering memorandum or management agreement.nbsp; It is not our intention tonbsp;state, indicate or imply in any manner that current or past results are indicative of future results or expectations.nbsp; As with all investments, there are associated risks and you could lose money investing.nbsp; Prior to making any investment, a prospective investor should consult with its own investment, accounting, legal and tax advisers to evaluate independently the risks, consequences and suitability of that investment.]]></description>
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		<title>First Solar (Nasdaq:FSLR) Selling Off On Q3 Results &#8211;  Bachman and Stone Weigh In</title>
		<link>http://www.straightstocks.com/investing-lessons/first-solar-nasdaqfslr-selling-off-on-q3-results-bachman-and-stone-weigh-in/</link>
		<comments>http://www.straightstocks.com/investing-lessons/first-solar-nasdaqfslr-selling-off-on-q3-results-bachman-and-stone-weigh-in/#comments</comments>
		<pubDate>Thu, 29 Oct 2009 22:56:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[First Solar]]></category>
		<category><![CDATA[Mark Bachman;]]></category>
		<category><![CDATA[Robert Stone]]></category>
		<category><![CDATA[small cap pulse]]></category>
		<category><![CDATA[USD]]></category>

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		<description><![CDATA[October 29, 2009 ndash; First Solar (Nasdaq:FSLR) is getting hammered this morning after reporting Q3 results yesterday after the close. The company reported revenues of $480.9 million, compared with $525.9 million in Q2 and $348.7 million for the same period last year. Net income was $153.3 million, or $1.79 per share,nbsp; compared with $180.6 million in Q2 and $99.3 million for the same period last year. Management said it expects full year fiscal 2009 revenue at the updated guidance range of $1.975 to $2.025 billion, which is at the high end of the previously provided guidance range.


Amongst analysts weighing in on First Solarrsquo;s report, are Pacific Crestrsquo;s Mark Bachman and Cowenrsquo;s Robert Stone. 


Bachmanrsquo;s Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Revenue miss was due to lack of module sales ldquo;despite management giving away more than $60 million in price concessions in Q3.rdquo; Bachman estimates only 272MW of modules were counted as revenue in Q3 vs. modeled estimate of 330MW. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Costs were higher than estimated, at $0.85/watt, resulting in lower revenue/watt at $1.74 ASP. The lone bright spot was net income margin of 31.9%. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ldquo;On top of the reasons stated in our October 12 downgrade, we can now pile on a meaningful miss in Q3, weak guidance for Q4, and another EPS estimate cut to both 2009 and 2010. At our new 2010 EPS estimate, the shares are fully valued.rdquo; 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Rates the stock at SECTOR PERFORM 


Stonersquo;s Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Sharesnbsp; are likely to be depressed near-term (below $130) but nbsp;believes FSLR remains attractive, with 40%+ upside potential relative to the market in 12-months. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Module margins should be relatively stable


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Raised 2010E shipments about 5% based on higher line throughput but believes FSLR needs more capacity 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Rates the stock at OUTPERFORM]]></description>
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		</item>
		<item>
		<title>Stone Maintains OUTPERFORM Rating on First Solar (Nasdaq:FSLR) Ahead of Report</title>
		<link>http://www.straightstocks.com/investing-lessons/stone-maintains-outperform-rating-on-first-solar-nasdaqfslr-ahead-of-report/</link>
		<comments>http://www.straightstocks.com/investing-lessons/stone-maintains-outperform-rating-on-first-solar-nasdaqfslr-ahead-of-report/#comments</comments>
		<pubDate>Wed, 28 Oct 2009 20:28:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/stone_maintains_outperform_rating_on_first_solar_nasdaqfslr_ahead_of_report/#When:12:28:00Z</guid>
		<description><![CDATA[October 28, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Rob Stone reiterated his OUTPERFORM rating on First Solar (Nasdaq:FSLR) this morning, noting that he expects Q3 results above the Street. He sees 30%+ upside in FSLR relative to the market in 12 months, but sees more chance than not of a post quarter pullback. 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Q3 should beat ndash; expects results to be aided by slower ASP erosion and not much impact of rebates


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Doesnrsquo;t see much room to raise expectations in H2


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Sees continued growth in Germany, despite near-term uncertain relating to FIT reductions]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Pacific Crest’s Bachman Reiterates SECTOR PERFORM On REC After Earnings Report</title>
		<link>http://www.straightstocks.com/investing-lessons/pacific-crest%e2%80%99s-bachman-reiterates-sector-perform-on-rec-after-earnings-report/</link>
		<comments>http://www.straightstocks.com/investing-lessons/pacific-crest%e2%80%99s-bachman-reiterates-sector-perform-on-rec-after-earnings-report/#comments</comments>
		<pubDate>Wed, 28 Oct 2009 20:27:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

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		<description><![CDATA[October 28, 2009 ndash; Analyst Comments ndash; Pacific Crestrsquo;s Mark Bachman weighed in on RECrsquo;s (REC.OL) Q3 results, noting that they were worse than expected and reiterated his rating on the stock of SECTOR PERFORM. 


Q3 Results


nbsp;REC reported Q3 revenue of NOK 2,160 million in Q3, up 13% Y/Y, with EBITDA of NOK 429 million (down 40% Y/Y). Management said the significant decline in EBITDA mainly relates to; (i) weaker market demand and reduced capacity utilization in REC Solar and REC Wafer, (ii) expansion cost and negative contribution from the ramp-up of new plants of NOK ~168 million, (iii) loss on sales and write-down of cell and module inventories of NOK ~100 million, and (iv) a further increase of the provision in REC Solar of approximately NOK 21 million for repairs of malfunctioning junction boxes. Earnings per share for the quarter was negative NOK 1.52, compared to positive NOK 2.20 in the third quarter 2008 and negative NOK 1.20 in the second quarter 2009. 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Q3 results were below Pacific Crest and consensus estimates. The companyrsquo;s citing of weak demand was surprising given many of its competitors have noted recent strength ndash; especially in Germany. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Headwinds to Q3 performance included reduced capacity utilization, ramp-up costs, cell inventory write-downs, junction box issues and lower ASPs. Bachman thinks many of these problems will persist into Q4 and that the worst is not over for REC


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; REC removed targeted poly production output guidance of 9,000MT after producing only 1,616MT in Q3


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Bachmanrsquo;s F2009 estimate is for 7,400MW, down from 9,000MT


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Management expects Y/Y module ASP declines of 35%


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Bachman lowered Q4 wafer ASP estimate to reflect near-term price breaks REC will offer customers


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Remains ldquo;cautiousrdquo; on shares of REC. Believes in long-term market position following eventual full ramp of Moses Lake poly facility but ldquo;there remain too many moving parts for us to recommend sharesrdquo; at current levels. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; At 12x new FY10 EPS estimate of NOK 2.96, believes shares are fairly valued at current levels.]]></description>
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		<slash:comments>0</slash:comments>
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		<item>
		<title>Cowen’s Stone Comments on Solar Sector Underperformance</title>
		<link>http://www.straightstocks.com/investing-lessons/cowen%e2%80%99s-stone-comments-on-solar-sector-underperformance/</link>
		<comments>http://www.straightstocks.com/investing-lessons/cowen%e2%80%99s-stone-comments-on-solar-sector-underperformance/#comments</comments>
		<pubDate>Wed, 28 Oct 2009 20:25:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/cowens_stone_comments_on_solar_sector_underperformance/#When:12:25:00Z</guid>
		<description><![CDATA[October 28, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Rob Stone commented on the solar sector this morning noting that ldquo;We are puzzled by recent stock action in the solar group.rdquo; He said ldquo;H2 demand should support much better momentum and less seasonality entering 2010 than seen in H1:09, and upcoming German and Italian policy changes appear unlikely to be disruptive.rdquo; nbsp;He reiterated his OUTPERFORM rating on First Solar (Nasdaq:FSLR), SunPower (Nasdaq:SPWRA) and Trina Solar (NYSE:TSL). 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Demand from southern Europe appears strong


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Meeting with TSL suggested Q4:09 and Q1:10 could exceed expectations 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; JA Solar (Nasdaq:JASO) also indicated Q3 sequential growth above +60% guidance 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; New products are focused on reducing balance of systems costs ndash; STP Reliathon system for utility scale; SPWRArsquo;s T5 integrated module and mounting system; Energy Conversion Devicesrsquo;s tilted rack are a few examples.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>LDK Solar (NYSE:LDK) Raises Q3 Guidance</title>
		<link>http://www.straightstocks.com/investing-lessons/ldk-solar-nyseldk-raises-q3-guidance/</link>
		<comments>http://www.straightstocks.com/investing-lessons/ldk-solar-nyseldk-raises-q3-guidance/#comments</comments>
		<pubDate>Tue, 27 Oct 2009 20:37:01 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

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		<description><![CDATA[October 27, 2009 ndash; LDK Solar (NYSE:LDK) raised guidance for the Q3, expecting revenues in a range of $270 to $290 million, on wafer shipments between 310MW to 330MW and module shipments between 5MW and 10MW. Prior guidance was for revenue between $240 and $270 million, wafer shipments between 260MW and 300MW and module shipments of 10MW to 20MW. The update is being received positively this morning and the stock is trading up. Cowenrsquo;s Raj Seth, who rates the stock at NEUTRAL, said ldquo;we are encouraged by these announcements, but remain cautious on the stock given uncertainty about internal poly production and LDKrsquo;s weak balance sheet.rdquo;]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>LDK Solar (NYSE:LDK) Raises Q3 Guidance</title>
		<link>http://www.straightstocks.com/investing-lessons/ldk-solar-nyseldk-raises-q3-guidance-2/</link>
		<comments>http://www.straightstocks.com/investing-lessons/ldk-solar-nyseldk-raises-q3-guidance-2/#comments</comments>
		<pubDate>Tue, 27 Oct 2009 20:37:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

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		<description><![CDATA[October 27, 2009 ndash; LDK Solar (NYSE:LDK) raised guidance for the Q3, expecting revenues in a range of $270 to $290 million, on wafer shipments between 310MW to 330MW and module shipments between 5MW and 10MW. Prior guidance was for revenue between $240 and $270 million, wafer shipments between 260MW and 300MW and module shipments of 10MW to 20MW. 


The update is being received positively this morning and the stock is trading up. Cowenrsquo;s Raj Seth, who rates the stock at NEUTRAL, said ldquo;we are encouraged by these announcements, but remain cautious on the stock given uncertainty about internal poly production and LDKrsquo;s weak balance sheet.rdquo;]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Cowen’s Stone Maintains OUTPERFORM Rating on SunPower &#8211; “Company Well Positioned”</title>
		<link>http://www.straightstocks.com/investing-lessons/cowen%e2%80%99s-stone-maintains-outperform-rating-on-sunpower-%e2%80%9ccompany-well-positioned%e2%80%9d/</link>
		<comments>http://www.straightstocks.com/investing-lessons/cowen%e2%80%99s-stone-maintains-outperform-rating-on-sunpower-%e2%80%9ccompany-well-positioned%e2%80%9d/#comments</comments>
		<pubDate>Fri, 23 Oct 2009 20:43:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

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		<description><![CDATA[October 23, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Stone reiterated his OUTPERFORM rating on SunPower (Nasdaq:SPWRA) stating that the company is ldquo;globally well positioned from the residential to utility scale segments.rdquo; Stone sees 30%+ upside vs. the market in 12 months for the stock. 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; The dealer channel drove 11% of Q3 revenue upside, but systems project financing and a liquidation of third party modules weighed on FY guidance


nbsp;middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Believes SPWRA can continue to scale the dealer channel ndash; should enjoy a premium ASP while building the brand 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Some projects slipping into 2010


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Large deals are getting done (24MW in Italy, 14MW in France and multiple utility projects in the U.S)


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; 60MW+ under construction and 2GW pipeline of bids submitted in Q3]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Cowen’s Stone Maintains NEUTRAL Rating on Hoku (Nasdaq:HOKU)</title>
		<link>http://www.straightstocks.com/investing-lessons/cowen%e2%80%99s-stone-maintains-neutral-rating-on-hoku-nasdaqhoku/</link>
		<comments>http://www.straightstocks.com/investing-lessons/cowen%e2%80%99s-stone-maintains-neutral-rating-on-hoku-nasdaqhoku/#comments</comments>
		<pubDate>Fri, 23 Oct 2009 20:32:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

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		<description><![CDATA[October 23, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Rob Stone reiterated his NEUTRAL rating on Hoku Scientific (Nasdaq:HOKU) this morning stating that he expects the stock to trade up (1.5-1.8x post Tianwei-deal book value of about $1.84). 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Believes Hoku should be able to start up poly production by CQ1:10. Company expects to be fully ramped to 4,000MT by C4:10, but Stone is modeling a more conservative ramp to full capacity by mid-2011. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Adjusted F10 estimates to loss of $0.33 on revenue of $7.7 million


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; About $71 million is needed to finish the poly plant (assuming current customers make all their prepayments). Looking for subsequent financing to come from other debt sources, prepayments from new customers and potentially U.S. investment taxnbsp; credits or Federal loan guarantees.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Bachman: “We Remain Adamant Sellers of SunPower”</title>
		<link>http://www.straightstocks.com/investing-lessons/bachman-%e2%80%9cwe-remain-adamant-sellers-of-sunpower%e2%80%9d/</link>
		<comments>http://www.straightstocks.com/investing-lessons/bachman-%e2%80%9cwe-remain-adamant-sellers-of-sunpower%e2%80%9d/#comments</comments>
		<pubDate>Fri, 23 Oct 2009 20:30:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

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		<description><![CDATA[October 23, 2009 ndash; Analyst Comments ndash; Pacific Crestrsquo;s Mark Bachman reiterated his UNDERPERFORM rating on SunPower (Nasdaq:SPWRA) and sees downside for the stock to $20, on the heels of the companyrsquo;s earnings report this week. He states ldquo;we remain adamant sellers of SPWRA.rdquo; 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; On the surface, Q3 looks impressive, but the quality of the earnings is not (gross margins down 31% Y/Y). Gross margins continue to decline amidst more uncertainty about declining module prices. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Keeping 2010 revenue targets unchanged at $1.65 billion (FY09E is $1.45 billion), lowering components business margin assumption and lowering 2010 EPS estimate to $1.31 per share (from $1.35), while his FY09 EPS estimate is $1.15. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ldquo;We believe the stock is worth $20, which is 15x our 2010 EPS estimate of $1.31.rdquo;]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Pacific Crest’s Bachman Says SunPower (Nasdaq:SPWRA) Valuation Appears To Have Peaked</title>
		<link>http://www.straightstocks.com/investing-lessons/pacific-crest%e2%80%99s-bachman-says-sunpower-nasdaqspwra-valuation-appears-to-have-peaked/</link>
		<comments>http://www.straightstocks.com/investing-lessons/pacific-crest%e2%80%99s-bachman-says-sunpower-nasdaqspwra-valuation-appears-to-have-peaked/#comments</comments>
		<pubDate>Wed, 21 Oct 2009 01:54:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[Analyst]]></category>
		<category><![CDATA[Germany]]></category>
		<category><![CDATA[Mark Bachman;]]></category>
		<category><![CDATA[Pacific Crest’s Bachman Says SunPower]]></category>
		<category><![CDATA[small cap pulse]]></category>
		<category><![CDATA[United States]]></category>
		<category><![CDATA[USD]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/pacific_crests_bachman_says_sunpower_nasdaqspwra_valuation_appears_to_have_/#When:17:54:00Z</guid>
		<description><![CDATA[October 20, 2009 ndash; Analyst Comments ndash; Pacific Crestrsquo;s Mark Bachman said SunPowerrsquo;s (Nasdaq:SPWRA) Q3 will likely be strong, but lsquo;its valuation appears to have peaked.rsquo; 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Q3 consensus revenue and EPS estimates are $420 million and $0.39, respectively, and lsquo;even with a Q3 beat, and a reiteration of 2009 guidance, valuation has likely already peaked at 25x when using 2010 EPS of $1.35rsquo;middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Suggesting taking a short position into the call ndash; expects short-term investors to take profits following the Q3 print


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Germany is likely to offset weakness in the U.S. ldquo;Have highlighted weak commercial installs, declining U.S. market share, delayed systems revenue and lower ASPshellip;all of which confirm long-term bearish thesis on the stock.rdquo; 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ldquo;SunPower is not the best of breed and does not deserve a premium multiplehellip;the stock currently trades at 25x our 2010 pro forma EPS estimate of $1.35; we believe 15x is a more appropriate multiple.. and therefore see downside risk to $20.rdquo; 


* Rates the stock at UNDERPERFORM]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Research Capital’s Gowing Initiates Magma Energy (MXY.TO) at BUY</title>
		<link>http://www.straightstocks.com/investing-lessons/research-capital%e2%80%99s-gowing-initiates-magma-energy-mxy-to-at-buy/</link>
		<comments>http://www.straightstocks.com/investing-lessons/research-capital%e2%80%99s-gowing-initiates-magma-energy-mxy-to-at-buy/#comments</comments>
		<pubDate>Wed, 21 Oct 2009 01:45:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[Analyst]]></category>
		<category><![CDATA[Matt Gowing;]]></category>
		<category><![CDATA[small cap pulse]]></category>
		<category><![CDATA[USD]]></category>

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		<description><![CDATA[October 20, 2009 ndash; Analyst Comments ndash; Matt Gowing of Research Capital initiated coverage on Magma Energy (MXY.TO) today with a BUY rating and a $2.75 price target. 


Key Takeaways: 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Magma has collected a total land portfolio which exceeds 330,000 acres and offers 800 MW of "potential" expansion. It has a target to achieve greater than 400 MW of production which should drive close to $200 million in annual EBITDA by F2015


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Gowing said that ldquo;The capital intensive nature of geothermalnbsp;project development creates significant barriers to entry. We believe that Magma has the balance sheet and the management team to succeed.rdquo;


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Target price is based on the average of our NAV calculation and our EV/EBITDA derived target. To arrive at our $3/sh NAV, Gowing said he is not including the value of "early stage projects" which he calculates are worth close to $5 per share.]]></description>
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		</item>
		<item>
		<title>Pacific Crest’s Bachman Cites Conviction to Bullish Q3 Call on First Solar (Nasdaq:FSLR)</title>
		<link>http://www.straightstocks.com/investing-lessons/pacific-crest%e2%80%99s-bachman-cites-conviction-to-bullish-q3-call-on-first-solar-nasdaqfslr/</link>
		<comments>http://www.straightstocks.com/investing-lessons/pacific-crest%e2%80%99s-bachman-cites-conviction-to-bullish-q3-call-on-first-solar-nasdaqfslr/#comments</comments>
		<pubDate>Tue, 20 Oct 2009 21:51:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/pacific_crests_bachman_cites_conviction_to_bullish_q3_call_on_first_solar_n/#When:13:51:00Z</guid>
		<description><![CDATA[October 20, 2009 ndash; Analyst Comments ndash; Pacific Crestrsquo;s Mark Bachman reiterated his SECTOR PERFORM rating on First Solar this morning, citing the installation of the 23.4MWdc Arnprior Solar Project by EDF EN Canada and enXco, as lsquo;adding convictionrsquo; to his bullish Q3 call. 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; For Q3, forecasting $551.1 million and $2.13 compared with consensus estimates of $526 million and $1.70. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Estimates production of 302MW in Q3 with shipments of 330MW based on improved demand in the second half of 2009


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; The Arnprior project, which is not part of the OptiSolar pipeline, should be fully operational in December 2009, and expects First Solar to recognize most of the revenue in Q3


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Believes the Sarnia project was installed at $3.89/watt]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Cowen’s Stone Comments on Speculation About Cuts in German FIT and Caps on Installations</title>
		<link>http://www.straightstocks.com/investing-lessons/cowen%e2%80%99s-stone-comments-on-speculation-about-cuts-in-german-fit-and-caps-on-installations/</link>
		<comments>http://www.straightstocks.com/investing-lessons/cowen%e2%80%99s-stone-comments-on-speculation-about-cuts-in-german-fit-and-caps-on-installations/#comments</comments>
		<pubDate>Fri, 16 Oct 2009 20:38:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

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		<description><![CDATA[October 16, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Rob Stone commented on reports that Germany will be slashing its Feed in Tariff and capping installations. He said he doesnrsquo;t expect implementation any sooner than mid-2010 and already falling prices should allow the industry to adapt. 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Solar firms Stone is covering with the least amount of exposure to Germany are SunPower (Nasdaq:SPWRA) and Trina Solar (NYSE:TSL)


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Thinks German FDP spokeswoman statements about an lsquo;enormousrsquo; cut in FIT is premature and posturing. Any cut would still have to go through legislation in both houses of the German parliament and will result in a lower compromise. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Big cuts in German and a cap would risk repeating the Spanish solar market collapse and lsquo;drastic job lossesrsquo;]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Bachman Comments on PGE Announced 290MW Solar PPA</title>
		<link>http://www.straightstocks.com/investing-lessons/bachman-comments-on-pge-announced-290mw-solar-ppa/</link>
		<comments>http://www.straightstocks.com/investing-lessons/bachman-comments-on-pge-announced-290mw-solar-ppa/#comments</comments>
		<pubDate>Fri, 16 Oct 2009 20:29:01 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
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		<description><![CDATA[October 16, 2009 ndash; Analyst Comments ndash; Pacific Crestrsquo;s Mark Bachman weighed in on PGamp;Ersquo;s execution of a 290MW solar power purchase agreement. This is the first, of what he expects to be 830MW worth of solar projects from PGamp;E in the next few weeks. 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; The 290MW, 25-year PPA with Agua Caliente Solar LLC (subsidiary of NextLight Renewable Power) calls for PV modules and is expected to commence in 2010, and to be completed by 2014. The contract calls for a 27% capacity factor and will exceed the market price referent of $132.90/MWh. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Believes First Solar (Nasdaq:FSLR), SunPower (Nasdaq:SPWRA), Suntech (NYSE:STP) or Sharp (7503.T) are best positioned to win the business.]]></description>
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		<slash:comments>0</slash:comments>
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		<title>Lazard’s Shrestha Maintains BUY Rating on Energy Conversion Devices (Nasdaq:ENER)</title>
		<link>http://www.straightstocks.com/investing-lessons/lazard%e2%80%99s-shrestha-maintains-buy-rating-on-energy-conversion-devices-nasdaqener/</link>
		<comments>http://www.straightstocks.com/investing-lessons/lazard%e2%80%99s-shrestha-maintains-buy-rating-on-energy-conversion-devices-nasdaqener/#comments</comments>
		<pubDate>Tue, 13 Oct 2009 22:24:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
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		<description><![CDATA[October 13, 2009 ndash; Analyst Comments ndash; After noting that he hosted a conference call with the management team yesterday, Lazardrsquo;s Sanjay Shrestha weighed in on Energy Conversion Devices (Nasdaq:ENER) this morning, maintaining his BUY recommendation and posting a $20 price target. 


Key Takeaways 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Believes the companyrsquo;s value proposition remains attractive in its target markets 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Management reiterated weak credit market, challenges with PPA structure and growing shift to roof rent transactions have led to slowdown in companyrsquo;s overall business 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ENER expects to reduce production cost/watt to $1.50 by CY09, and total installed cost to about $3.50/watt by the end of CY210 with longer term targets of $2.50/watt. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Adjusting estimates to reflect near-term sluggish market outlook 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Maintaining BUY rating and pricenbsp; target of $20]]></description>
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		<slash:comments>0</slash:comments>
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		<title>Bachman Cuts First Solar (Nasdaq:FSLR) to NEUTRAL &#8211; But “Would Own Shares Into Print”</title>
		<link>http://www.straightstocks.com/investing-lessons/bachman-cuts-first-solar-nasdaqfslr-to-neutral-but-%e2%80%9cwould-own-shares-into-print%e2%80%9d/</link>
		<comments>http://www.straightstocks.com/investing-lessons/bachman-cuts-first-solar-nasdaqfslr-to-neutral-but-%e2%80%9cwould-own-shares-into-print%e2%80%9d/#comments</comments>
		<pubDate>Mon, 12 Oct 2009 20:22:01 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

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		<description><![CDATA[October 12, 2009 ndash; Mark Bachman of Pacific Crest weighed in with relatively surprising comments this morning about First Solar (Nasdaq:FSLR), downgrading the stock to a NEUTRAL rating, stating that ldquo;potential for upside has fadedrdquo;. This is surprising because Bachman has been one of the strongest, and most eloquent advocates of FSLR on the Street, so we would recommend taking Bachmanrsquo;s note seriously. 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Finds no more upside potential to 2010 estimates ndash; said that while additional project announcements and capacity additions will be forthcoming, likely to be catalysts for 2011 and not 2010


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Near-term, believes FSLR will post better-than-expected results for Q3 and so ldquo;would own shares into the printrdquo; ndash; ldquo;Our checks suggest that Q3 shipments were strong and that results should meaningfully beat the consensus estimates. We believe that our sell-side competitors are unduly bearish with concerns that ASPs will erode, and we are positioned more than $0.40 higher with our EPS estimates. The EUR/USD exchange rate has also been favorable again in Q3, averaging 1.385 versus our modeled input of 1.20. We are looking for shipments of 330 MW versus capacity of 300 MW.rdquo;


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Could likely lose market share in 2010


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; 2010 EPS should be down Y/Y based on new estimates ndash; forecasting $7.83 per share (original forecast of $9.09)


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Industry is heading fornbsp; slow season


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Valuation not compelling without upside potential in 2010 - Our previous price target used a 25x multiple on our 2010 estimates. Assuming investors are willing to pay a significant premium for the name, a 25x multiple yields a possible target of $196. More conservative investors may use a 20x multiple; this would yield a $157 target price. At the 20x multiple, the stock is fully valued at current levels, while a 25X multiple suggests about 20% upside. With the new rating, we are removing our price target, but we clearly believe there is still upside, and especially so around the Q3 earnings report.


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ldquo;We have lost our conviction to put new money to work in the name atnbsp; currentnbsp; pricesrdquo; but ldquo;We could become bullish on First Solar again if it can either make capacity announcements or project announcements that will have a material impact on 2011 revenues and earnings.rdquo;]]></description>
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		<slash:comments>0</slash:comments>
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		<item>
		<title>Cowen’s Stone Weighs in on Ascent (Nasdaq:ASTI) &#8211; Maintains Neutral Rating</title>
		<link>http://www.straightstocks.com/investing-lessons/cowen%e2%80%99s-stone-weighs-in-on-ascent-nasdaqasti-maintains-neutral-rating/</link>
		<comments>http://www.straightstocks.com/investing-lessons/cowen%e2%80%99s-stone-weighs-in-on-ascent-nasdaqasti-maintains-neutral-rating/#comments</comments>
		<pubDate>Mon, 12 Oct 2009 20:21:01 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
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		<description><![CDATA[October 12, 2009 ndash; Cowenrsquo;s Rob Stone commented on Ascent Solar (Nasdaq:ASTI) this morning, stating that the recent supply shipments ldquo;are encouragingrdquo; and he expects more announcements, but remains NEUTRAL on the stock given execution risk and the need to raise more capital for expansion. 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Recent financing shouldnbsp; net about $32.8 million, and narrowrsquo;s 2009/10E loss/share expectations by a penny to ($0.93), ($0.86) vs. prior ($0.94), ($0.87), respectively. Modeling about $80 million in debt funding for further capacity expansion


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; BIPV business is developing 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Military and EIVP applications should drive higher ASPS ($10+/watt and $5-10/watt, respectively)


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Maintaining NEUTRAL rating on the stock (which is trading at about 1.1x book value)]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Pacific Crest’s Bachman Sees Stabilization in the Solar Markets and Impact of U.S. Tariff</title>
		<link>http://www.straightstocks.com/investing-lessons/pacific-crest%e2%80%99s-bachman-sees-stabilization-in-the-solar-markets-and-impact-of-u-s-tariff/</link>
		<comments>http://www.straightstocks.com/investing-lessons/pacific-crest%e2%80%99s-bachman-sees-stabilization-in-the-solar-markets-and-impact-of-u-s-tariff/#comments</comments>
		<pubDate>Fri, 09 Oct 2009 20:29:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
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		<description><![CDATA[October 9, 2009 ndash; Pacific Crestrsquo;s Mark Bachman said this morning that solar prices are stabilizing. He said prices from Chinese vendors for cSi-based modules are between $2.20/watt and $2.50/watt while most U.S. and European firms are between $2.40 and $2.75. 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Doesnrsquo;t think SunPower (Nasdaq:SPWRA) will be able to maintain market share


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Continues to see Suntech (NYSE:STP) and Sharp (7053.T) has leaders in the U.S. residential and government sectors


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Sees First Solar (Nasdaq:FSLR), SunPower and Suntech as leaders in utility-scale projects 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Also encourage d by recent checks at Evergreen Solar (Nasdaq:ESLR)


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; The U.S. tariff on imported solar panels will have long-term implications and a potential effect on prices going forward. As the U.S. market expands, the tariff will become increasingly significant (a 2GW market would generate a duty of about $75 million) and companies subject to the tax will have to either raise prices by 2.5% or take a hit to gross margin]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Cowen’s Stone Forecasts Return to Growth for Global PV Market in 2010</title>
		<link>http://www.straightstocks.com/investing-lessons/cowen%e2%80%99s-stone-forecasts-return-to-growth-for-global-pv-market-in-2010/</link>
		<comments>http://www.straightstocks.com/investing-lessons/cowen%e2%80%99s-stone-forecasts-return-to-growth-for-global-pv-market-in-2010/#comments</comments>
		<pubDate>Thu, 08 Oct 2009 20:26:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
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		<description><![CDATA[October 8, 2009 ndash; Cowenrsquo;s Rob Stone weighed in this morning on the global PV market, forecasting a return to growth in 2010. He thinks global PV installations should reach 6GW in 2009 and 9GW+ in 2010. He acknowledges that ASPs could remain tenuous but lower costs should offset. 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; The 6GW for 2009 may appear unimpressive, ldquo;it masks the 60%+ growth overall in markets excluding a collapsing Spain and flattish U.S.rdquo; 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Germany could install 2.2GW in H209 (vs. 500MW in H109)


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; In 2010, expects U.S. to more than double, Japan to surge, Spain to rebound and China to become material


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; For 2009, projecting a 49% CAGR to 29.5GW in 2013


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; German and Italian policy changes will likely drive demand in 2010


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Best names in coverage universe are First Solar (Nasdaq:FSLR), SunPower (Nasdaq:SPRWA) and Trina Solar (NYSE:TSL)]]></description>
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		<slash:comments>0</slash:comments>
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		<item>
		<title>Expectations Being Lowered For Copenhagen</title>
		<link>http://www.straightstocks.com/investing-lessons/expectations-being-lowered-for-copenhagen/</link>
		<comments>http://www.straightstocks.com/investing-lessons/expectations-being-lowered-for-copenhagen/#comments</comments>
		<pubDate>Wed, 07 Oct 2009 20:01:01 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
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		<description><![CDATA[October 7, 2009 - As Copenhagen nears, we are getting no closer to any consensus amongst developed and developing nations about how to arrive at an acceptable global framework to address climate change. The divisions cut across geographic, economic and political lines.nbsp;nbsp;


In the EU, where a proposal is in the works to for its members to commit $22 billion annually, Poland is pushing back, saying that as a poor country, it should not be subject to the same payments as, say, Germany. But then, Poland is one of the dirtiest countries in the EU, relying almost exclusively on coal to produce its power. It could get worse for Poland, if the EU determines that the payments should be weighted against the carbon contribution of each member state. 


To be sure, there are so many groups weighing in on the global framework, including the G7, the G20 and the G77. So what does the G77 think? Lumumba Di-Aping, the Sudanese chair of the largest intergovernmental organization of developing states (representing 130 countries) said ldquo;It is clear now that the rich countries want a deal outside the Kyoto agreement. It would be based on a total rejection of their historical responsibilities. This is an alarming development. The intention of developed countries is clearly to kill the protocol."nbsp;nbsp;


Here in the U.S. the Obama administration has admitted it doesnrsquo;t expect any legislation coming out of Congress ahead of the Copenhagen meetings, and we doubt that any serious legislation will come out after either. There is just too much political heat on the issue and the Democrats clearly donrsquo;t have the political will to deal pushing legislation which has been effectively branded as more spending and taxes to the American consumer, ahead of the next election cycle.nbsp;nbsp;


The GOP is leveraging the international debate between developing and developed nations to build opposition here in the U.S. to legislation in Congress that would, as it contends, unfairly tax and handicap American businesses in the international markets.nbsp;nbsp;


Well, Obama will do what he can in this environment to show the rest of the world that the U.S. is taking some steps, however feckless those steps may appear to be in the broader debate. Obama signed an executive order this week which requires federal agencies to set targets for reducing greenhouse gases. The agencies will have 90 days to provide plans for measuring and reducing GHGs from buildings and vehicles by 2020. The order also addresses petroleum use, water conservation and waste reduction.]]></description>
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		</item>
		<item>
		<title>Cowen’s Rob Stone Says Germany Could Install 3GW in 2009, and Spanish Markets Rebounding</title>
		<link>http://www.straightstocks.com/investing-lessons/cowen%e2%80%99s-rob-stone-says-germany-could-install-3gw-in-2009-and-spanish-markets-rebounding/</link>
		<comments>http://www.straightstocks.com/investing-lessons/cowen%e2%80%99s-rob-stone-says-germany-could-install-3gw-in-2009-and-spanish-markets-rebounding/#comments</comments>
		<pubDate>Tue, 06 Oct 2009 21:25:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
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		<description><![CDATA[October 6, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Rob Stone commented on both the German and Spanish solar markets this morning, noting that Germany could install nearly 3GW in 2009 and that the Spanish markets are rebounding. 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; German markets could install as much as 3GW in 2009 (Street expectations are for 2GW). Based on PHOTON International data, YTD installations through July are about 826MW, with 308MW installed in July. Stone said even if remaining five months are flat with July, the implication is 2.365GW for 2009. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Spain ldquo;might be reflecting the benefit of price elasticity with rooftop applications maxing out the quarterly quota for the first time in Q4


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; PV market is on pace to resume strong growth in 2010, likely growing to 9GW]]></description>
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		<slash:comments>0</slash:comments>
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		<item>
		<title>Bachman Comments on California Solar Initiative &#8211; Sees Continued Application Growth</title>
		<link>http://www.straightstocks.com/investing-lessons/bachman-comments-on-california-solar-initiative-sees-continued-application-growth/</link>
		<comments>http://www.straightstocks.com/investing-lessons/bachman-comments-on-california-solar-initiative-sees-continued-application-growth/#comments</comments>
		<pubDate>Mon, 05 Oct 2009 20:04:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[Analyst]]></category>
		<category><![CDATA[California]]></category>
		<category><![CDATA[CDI]]></category>
		<category><![CDATA[First Solar]]></category>
		<category><![CDATA[Mark Bachman;]]></category>
		<category><![CDATA[small cap pulse]]></category>
		<category><![CDATA[Sunpower]]></category>
		<category><![CDATA[Suntech]]></category>
		<category><![CDATA[Yingli;]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/bachman_comments_on_california_solar_initiative_sees_continued_application_/#When:12:04:00Z</guid>
		<description><![CDATA[October 5, 2009 ndash; Analyst Comments ndash; Pacific Crestrsquo;s Mark Bachman commented this morning on the California Solar Initiative, noting that analysis of the CDI Program Data through 3Q2009 indicates continued application growth in California. 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; In C2009, as of September 30, the CSI has submitted 169MW worth of applications (compared with 185.6MW for all of C2008)


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; YTD, the overall market has grown 23% Y/Y


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Residential sector has already reached 103% of its 2008 total 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Government sector has reached 139% of its 2008 total 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Commercial sector is down 25% 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; 42% of Q3nbsp; applications came from SunPower (Nasdaq:SWPRA), Suntech (NYSE:STP) or Sharp (7503.T)


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Believes Suntech and Sharp offer the best solutions, while SunPowerrsquo;s market share has flattened to the mid-teens


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; New entrants in the market include First Solar (Nasdaq:FSLR), Yingli (NYSE:YGE) and BP Solar]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Cowen’s Stone Comments on HOKU (Nasdaq:HOKU) &#8211; Maintains Neutral Rating</title>
		<link>http://www.straightstocks.com/investing-lessons/cowen%e2%80%99s-stone-comments-on-hoku-nasdaqhoku-maintains-neutral-rating/</link>
		<comments>http://www.straightstocks.com/investing-lessons/cowen%e2%80%99s-stone-comments-on-hoku-nasdaqhoku-maintains-neutral-rating/#comments</comments>
		<pubDate>Wed, 30 Sep 2009 20:34:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/cowens_stone_comments_on_hoku_nasdaqhoku_maintains_neutral_rating/#When:12:34:00Z</guid>
		<description><![CDATA[September 30, 2009 ndash; Cowenrsquo;s Rob Stone weighed in on HOKU Scientific (Nasdaq:HOKU) this morning, noting that its deal with Tianwei should clear the way for it to start its poly plant by Q1, 2010, but is maintaining a NEUTRAL ratingnbsp; on the stock ldquo;given dilution, remaining funding and execution risks.rdquo; 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Tianwei is converting about $50M in prepayments received by HOKU into equity and will provide $50M in debt (2 yrs at 5.94%) in exchange for 33.4millionshares, warrants fornbsp; 10M shares at $2.52 and an 11% reduction in the poly purchase price under two existing supply agreements


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Cutting estimates to reflect lower ASP and new shares ndash; projecting F10 revenue of $7.3M, $120M, $225M and $227M, reducing STP by $15Mnbsp; and projecting F10-13 EPS of ($0.31), ($0.27), $0.27 and $0.22. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Expects stock to gap up to about 1.5-1.8x post-deal book value of around $1.84]]></description>
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		<title>The Realities of California’s Water Debate &#8211;  Note to Hannity:nbsp; The Pumps Are On</title>
		<link>http://www.straightstocks.com/investing-lessons/the-realities-of-california%e2%80%99s-water-debate-note-to-hannitynbsp-the-pumps-are-on/</link>
		<comments>http://www.straightstocks.com/investing-lessons/the-realities-of-california%e2%80%99s-water-debate-note-to-hannitynbsp-the-pumps-are-on/#comments</comments>
		<pubDate>Mon, 28 Sep 2009 19:55:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
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		<category><![CDATA[Bay Delta]]></category>
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		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/the_realities_of_californias_water_debate_note_to_hannity_the_pumps_are_on/#When:11:55:00Z</guid>
		<description><![CDATA[September 28, 2009 - So much disinformation gets pushed on talk radio, and I get the fact that agendas are being served, but what aggravates me isnbsp; how much of that ballyhoo is just bought into asnbsp; fact without the facts actually getting checked. So, just the facts: 


Re: California Water and the lsquo;pumps being turned offrsquo;:


Kennbsp;Salazar of the Department of the Interior said: 


"They are asking the federal government to turn on water pumps that deliver water through the Bay Delta to Central Valley users, but the pumps are on," according to a Interior fact sheet updated on September 17. "The temporary pumping restrictions that were required under the Endangered Species Act ended on June 30th. They accounted for approximately one-quarter of 2009 water delivery shortages to farms and water users; the other three-quarters of this yearrsquo;s delivery shortage were the result of a lack of run-off."


The folks are complaining about 330,000 acre-feet of water (5% to 7% of the total amount being exported from the California Delta Pumps) as a measure to protect California and Oregonrsquo;s fishing industriesnbsp; (fear not ndash; there are legitimate ways to recoup this water, and about 17x more (read the Pac Institute report below). Regarding the statement on the California water issues from the DOI:

* Check: http://www.doi.gov/documents/California_Reality_Check.pdf


In terms of what is being done, at a Federal level, about the California water shortage:


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; http://www.doi.gov/news/09_News_Releases/041509.html


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; http://www.usda.gov/wps/portal/!ut/p/_s.7_0_A/7_0_1RD?printable=trueamp;contentidonly=trueamp;contentid=2009/07/0351.xml


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; http://www.doi.gov/news/09_News_Releases/082009b.htmlnbsp;


If you are so inclined, read the Pacific Institutersquo;s report which shows how the state of California could fundamentally address its water shortage issues: 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; http://www.pacinst.org/reports/california_agriculture/final.pdfnbsp;


More misinformation clarified by Peter Gleick of the Pacific Institute: 


Myth 1: Farmers on the west side of the San Joaquin Valley are receiving "just 10 percent of their allocation this year." nbsp;(Note from SCPEditor: Publications as large as Newsweek propagate the myth). 


Myth 2: Water shortages are causing massive new farm unemployment.


Myth 3: Farmers are bearing disproportional impacts of water shortfalls because of court rulings in favor of fish.All three of these statements are false, and they've been shown to be false so many times that continuing to repeat them verges on intentional deception on the part of those who repeat them to gullible politicians or lazy reporters.


1. Farmers in the Central Valley get water from many places, and when one source dries up, another temporarily takes its place. In a remarkable letter sent by DWR Director Lester Snow to Senator Dianne Feinstein on May 15th, official data show that the major Central Valley districts will use at least 75% of their average water use by mixing sources, using stored groundwater, participating in water transfers, and so on. Not 10%. And the biggest moaner is the Westlands Water District. Yet Snow points out that they will apply at least 86% of their normal water. On the other hand, the San Joaquin Valley wildlife refuges will get 75% of its promised water, less than many of the agricultural districts. Some farmers get less than others in dry years because of their junior water rights -- and they always have. Are they arguing to revamp the water rights system? That would be a worthy discussion to have.


2. The overall job problem is not a water problem -- it is a result of a global and national economic crisis. Increases in unemployment are worse, by far, in non-farm industries. In Fresno County, unemployment today is substantially lower than it was just five and ten years ago and farm employment grew; non-farm employment shrunk. Indeed, the only sector showing increases in employment in May 2009 (see http://www.calmis.ca.gov/file/lfmonth/frsn.pdf ) was the farm sector. In some of the hardest hit areas, unemployment is much higher -- but it is always much higher. Unemployment rates in Mendota are above 30% now. But you know what? Nine years ago, unemployment in Mendota was 30%. Six years ago, it was 36%. The problem in Mendota isn't just the current drought. The Central Valley of California has been plagued by poverty and lack of access to reliable jobs and basic services, like clean drinking water, for decades. Turning the pumps back on will do little, if anything, to address the systemic injustice that farm worker communities endure in both wet years and dry.


3. It's not the fish. Two months ago, DWR director Lester Snow testified before Congress that if there had been no court order to protect fish, CVP deliveries to the San Joaquin Valley would only be 5% higher. The problems farmers are facing aren't due to the tiny portions of water offered up for ecosystems; they are due to a drought and a dysfunctional water management system that has been slowly collapsing for decades. 


I sat through the Hannity hack-job interview with Zeke Grader (http://www.youtube.com/watch?v=1IOf-11wmlY) and this kind of reporting is just shameful. Regardless of what side you take on the issue, there has gotnbsp; to be room for respectful discourse and debate, and god-willing, a mutual interest in discussing the facts as well as coming to a resolution that is the greater interest of the greatest good. The issue is clearly a serious one, and important to farmers and fishermen alike, as well as to the rest of us. 


nbsp;]]></description>
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		<title>Note to Murkowski on H.R. 2454 &#8211; “You Lie”</title>
		<link>http://www.straightstocks.com/investing-lessons/note-to-murkowski-on-h-r-2454-%e2%80%9cyou-lie%e2%80%9d/</link>
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		<pubDate>Fri, 25 Sep 2009 22:31:01 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/note_to_murkowski_on_hr_2454_you_lie/#When:14:31:01Z</guid>
		<description><![CDATA[We have been reporting on moves in the Senate to delay and/or block EPA emissions rules, most recently with Senator Murkowski (R-AL) (ranking member of the Senatenbsp; Energy and Resources Committee) introducing an amendment which would result in pushing back EPA rules dealing with CO2 and other emission by a year. In a rare, but welcome bipartisan move, Democratic and Republican leaders agreed not to allow a vote by the full Senate on Murkowskirsquo;s amendment. 


Murkowski hasnrsquo;t given up and will look for other bills to try to float her amendment. Murkowski said this week on the foor of the Senate that EPA regulation of CO2 emissions from stationary sources like factories, oil refineries and coal plants would be potentially devastating to our economy. 


EPA administrator Lisa Jackson said the Murkowski amendment would shut down all regulation of CO2 emissions, including tougher auto and light truck standards. 


Murkowski is one of the most outspoken opponents to climate change legislation, hiding behind a banner of lsquo;fiscal conservatism and concernrsquo; as her whip against proponents. She says it would cost U.S. taxpayers up to $200 billion annually, or as much as $1,761 per household and that ldquo;ldquo;We shouldnrsquo;t pass legislation that makes it harder for Americans to get back on their feet.rdquo;


Where is Joe Wilson when you need him? 


The Congressional Budget Office estimates that in an H.R. 2454 World, 


ldquo;The loss in purchasing power would rise over time as the cap became more stringent and larger amounts of resources were dedicated to cutting emissionsmdash;for example, by generating electricity from natural gas rather than coal or by improving energy efficiency. As a share of GDP, the aggregate loss of purchasing power would be 0.1 percent in 2012 and 0.8 percent in 2050, CBO estimates, and would average 0.4 percent over the entire 2012ndash;2050 period. Measured at the projected 2010 level of income, the average per-household loss in purchasing power would be $90 in 2012 and $925 in 2050 and would average about $455 per U.S. household per year over the 2012ndash; 2050 period.rdquo;


The CBO also notes that under H.R. 2454 everything is not equal, and average gains and losses in household purchasing power are weighted based on the following categories of income: lowest, second, middle, fourth, highest and unallocated. Predictably, though perhaps not intuitively for Murkowski et. al., the bill is structured to place the lowest burden on the lowest quintile of households in the U.S. economy. 


For example, the 2020 policy measured at 2010 levels of income would actually result in a net gain in purchasing power for the lowest quintile of $125 and the 2050 policy measured at 2010 levels of income would actually result in a net gain in purchasing power of the lowest quintile of $355. 


Conversely, the highest quintilersquo;s loss in purchasing power would be $165 and $1,360, respectively. Hardly the burden on the U.S. household Murkowski touts.]]></description>
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		<title>Cantor Fitzgerald Rates DayStar (Nasdaq:DSTI) at BUY on EPOD Solar Announcement</title>
		<link>http://www.straightstocks.com/investing-lessons/cantor-fitzgerald-rates-daystar-nasdaqdsti-at-buy-on-epod-solar-announcement/</link>
		<comments>http://www.straightstocks.com/investing-lessons/cantor-fitzgerald-rates-daystar-nasdaqdsti-at-buy-on-epod-solar-announcement/#comments</comments>
		<pubDate>Wed, 23 Sep 2009 00:27:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
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		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/cantor_fitzgerald_rates_daystar_nasdaqdsti_at_buy_on_epod_solar_announcemen/#When:16:27:00Z</guid>
		<description><![CDATA[September 22, 2009 ndash; Cantor Fitzgerald weighed in this morning on the EPOD Solar/DayStar Technologies announced transaction, rating DayStar at a BUY: 


Key Takeaways:


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; On September 21, 2009, DayStar announced a long-awaited transaction that, if consummated, we believe insures the survival of the company, leads to commercialization of its CIGS process technology, and preserves upside for current investors.


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; The company signed a letter of intent with EPOD Solar, a private Canadian company, which will result in a combination of the companies. DayStar will be the surviving entity, the CEO of EPOD will become the CEO of DayStar, and current investors in DayStar will own approximately 16.5 % of the resulting entity. The company also signed a separate agreement that provides bridge financing. We believe it will take from 8 to 12 weeks for the transaction to close.


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; The transaction will result in the issuance of approximately 166 million shares of DayStar common stock to EPOD shareholders. Combined with the existing outstanding shares of DayStar of approximately 33 million shares will result in 200 million shares outstanding. The implied valuation of the combined company is $360 million.


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; We are maintaining our estimates and target price at this time, and we believe that the shares will move upward toward the implied transaction value of $1.80 per share during the next several weeks. We maintain our BUY rating.]]></description>
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		</item>
		<item>
		<title>Cowen’s Seth Maintains Neutral on Applied Materials (Nasdaq:AMAT) &#8211; Discusses Solar Business</title>
		<link>http://www.straightstocks.com/investing-lessons/cowen%e2%80%99s-seth-maintains-neutral-on-applied-materials-nasdaqamat-discusses-solar-business/</link>
		<comments>http://www.straightstocks.com/investing-lessons/cowen%e2%80%99s-seth-maintains-neutral-on-applied-materials-nasdaqamat-discusses-solar-business/#comments</comments>
		<pubDate>Tue, 22 Sep 2009 21:06:01 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
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		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/cowens_seth_maintains_neutral_on_applied_materials_nasdaqamat_discusses_sol/#When:13:06:01Z</guid>
		<description><![CDATA[September 22, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Raj Seth reiterated his NEUTRAL rating on Applied Materials this morning, commenting on recent restricting of its solar operations and its commitment/opportunity in the solar space. 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; AMAT said its FY10 revenue target is about $1B, targeting $0.70/watt (today $1/20) in thin film by 2012; and sees 30% C-Si module cost reduction through thinner wafers, better throughput, etc. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; AMAT expects the PV end market to grow to 29GW by 2013E translating into a $6.5B TAM for its c-Si and thin-film equipment business.


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; AMAT expects China to comprise 12% of global panel demand by 2012E versus ~1% today,


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; In recent call, AMAT management dismissed recent talk of solar Mamp;A


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Noted that AMAT has underperformed given concern about the solar strategy middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Reiterated NEUTRAL rating]]></description>
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		<title>EPOD Solar Canada Executes LOI with DayStar Technologies (Nasdaq:DSTI) &#8211; Stock up 34%</title>
		<link>http://www.straightstocks.com/investing-lessons/epod-solar-canada-executes-loi-with-daystar-technologies-nasdaqdsti-stock-up-34/</link>
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		<pubDate>Tue, 22 Sep 2009 06:58:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[+1-760-798-4938]]></category>
		<category><![CDATA[Allora Minerals]]></category>
		<category><![CDATA[amorphous silicon technology]]></category>
		<category><![CDATA[California]]></category>
		<category><![CDATA[Canada]]></category>
		<category><![CDATA[ceo]]></category>
		<category><![CDATA[CEO and director]]></category>
		<category><![CDATA[CIGS]]></category>
		<category><![CDATA[CIGS technology]]></category>
		<category><![CDATA[DayStar Technologies Inc.]]></category>
		<category><![CDATA[DayStarrsquo;s CIGS]]></category>
		<category><![CDATA[DayStarrsquo;s CIGS technology]]></category>
		<category><![CDATA[double and triple junction]]></category>
		<category><![CDATA[double and triple junction technology]]></category>
		<category><![CDATA[double and triple junction thin-film technologies]]></category>
		<category><![CDATA[EPOD Solar Canada]]></category>
		<category><![CDATA[EPOD Solar Inc.]]></category>
		<category><![CDATA[Europe]]></category>
		<category><![CDATA[Germany]]></category>
		<category><![CDATA[Hayward;]]></category>
		<category><![CDATA[high-potential thin-film technology]]></category>
		<category><![CDATA[integrated manufacturer]]></category>
		<category><![CDATA[KELOWNA]]></category>
		<category><![CDATA[long-term technology road map]]></category>
		<category><![CDATA[Michael Matvieshen]]></category>
		<category><![CDATA[mid-to-longer term technology]]></category>
		<category><![CDATA[nbsp;Web]]></category>
		<category><![CDATA[newark]]></category>
		<category><![CDATA[North America]]></category>
		<category><![CDATA[Opti Solar Tech]]></category>
		<category><![CDATA[Peter Lacey]]></category>
		<category><![CDATA[Private]]></category>
		<category><![CDATA[Securities And Exchange Commission]]></category>
		<category><![CDATA[small cap pulse]]></category>
		<category><![CDATA[solar photovoltaic products;]]></category>
		<category><![CDATA[solar thin-film technologies]]></category>
		<category><![CDATA[thin-film deposition technology]]></category>
		<category><![CDATA[Todd M. Pitcher Aspire Clean]]></category>
		<category><![CDATA[United States]]></category>
		<category><![CDATA[USD]]></category>
		<category><![CDATA[Wales]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/epod_solar_canada_executes_loi_with_daystar_technologies_nasdaqdsti_stock_u/#When:22:58:00Z</guid>
		<description><![CDATA[EPOD Solar Canada Executes Letter of Intent with DayStar Technologies 
nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; 
- EPOD Solar, Inc. U.S. (EPDS.OB) Transfers Rights to Purchase EPOD Solar Canada Assets and Stock to DayStar Technologies


September 21, 2009 - KELOWNA, BC ndash; (MARKETWIRE) ndash; EPOD Solar Canada, a vertically integrated manufacturer of thin-film solar modules that develops, owns and operates solar parks throughout Europe and North America (ldquo;EPOD Solarrdquo;), announced today that it has executed a letter of intent (ldquo;Letter of Intentrdquo;) with DayStar Technologies, Inc.,, a developer of solar photovoltaic products based on CIGS thin-film deposition technology (ldquo;DayStarrdquo;), regarding a proposed transaction or series of transactions (collectively, the ldquo;Transactionrdquo;) intended to result in the combination of the businesses of EPOD and DayStar. 


Upon successful completion of negotiations and due diligence, the parties intend to sign definitive agreements and complete the Transaction as soon as practicable. The consummation of the Transaction will be subject to making or obtaining all necessary third-party filings and approvals (including any required approval by the holders of DayStarrsquo;s common stock), and satisfactory due diligence reviews. 


The Transaction is premised on the mutual understanding of EPOD Solar and DayStar that their businesses are complimentary. EPOD has 35 MW of manufacturing capacity for its amorphous silicon technology, and its research and development arm is poised to deploy double and triple junction technology PV module manufacturing. Amorphous silicon PV modules are best suited for large utility-scale ground mount projects at competitive costs. DayStarrsquo;s CIGS technology represents a high-potential thin-film technology. 


The combined company will utilize its collective financial and research and development resources to bring the CIGS technology to commercial production. This approach will allow a parallel tracks to benefit from both technologies for the future growth of the combined business model. 


Key Benefits of the Transaction


Key benefits of the Transaction include: 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Immediate availability of EPOD Solarrsquo;s low cost a-Si modules combined with the expansion of the technology portfolio to include DayStarrsquo;s CIGS will result in long-term certainty for lower system installed costs to drive higher IRR for company-owned solar parks; 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Opportunity for facility consolidation and to leverage DayStarrsquo;s new manufacturing facility in Newark, CA, which is proximate to EPODrsquo;s Ramp;D and production facility in Hayward, CA; and 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Establishes a long-term technology road map to higher module efficiency and lower cost-per-watt with technology-compatible Ramp;D and production facilities. 


Michael Matvieshen, CEO of EPOD Solar, said that ldquo;We are pleased to announce the DayStar transaction and believe that it will produce significant advantages for our mid-to-longer term technology and growth strategy. Our amorphous silicon technology is currently amongst the lowest cost on a per watt basis in the world to install. We anticipate that as we roll out our double and triple junction thin-film technologies we will continue to drive efficiencies higher, while driving system installed costs well below $2 per watt. We will develop DayStarrsquo;s CIGS technology leveraging our world-class research and development facilities recently purchased from OptiSolar to commercialize solar thin-film technologies, which offer even higher efficiencies and extend our objective of driving cost per watt to even lower levels.rdquo; 


The Transaction 


The Letter of Intent anticipates that, as part of the Transaction, DayStar will purchase substantially all of the assets of EPOD Solar for $300 million in DayStar preferred stock.nbsp;nbsp; Each preferred share will be convertible into one share of DayStar common stock at a conversion price of $1.80 per share.nbsp; In addition to receiving such preferred shares, such holder will also be entitled to receive a warrant to purchase 50% of the total number of shares of DayStar common stock issued upon such conversion, at an exercise price of $1.80 per share. 


DayStar has agreed to pay a break-up fee to EPOD Solar of $5 million payable under the transaction agreement upon certain termination events. No break-up fee will be payable in the event that EPOD either breaches any of its binding obligations under this Letter of Intent or fails to consummate the Transaction for any reason other than as provided in this Letter of Intent or as a result of the breach or default of DayStar.


Simultaneously with the execution of the Letter of Intent, and in connection with the Transaction, DayStar also entered into a Purchase Agreement with Peter Lacey (ldquo;Laceyrdquo;), an EPOD Solar shareholder, pursuant to which Mr. nbsp;Lacey has purchased from DayStar, for purposes of funding DayStarrsquo;s ongoing related business operations, (a) a Secured Convertible Promissory Note in the aggregate principal amount of $2,000,000, (b) a warrant to purchase 1,500,000 shares of DayStar common stock (subject to adjustment for certain dilutive transactions) and (c) upon the satisfaction of certain conditions, a warrant to purchase 1,666,667 shares of DayStar common stock (subject to adjustment for certain dilutive transactions). The Note will be convertible into shares of DayStar common stock based on a $0.60 conversion price and the Warrant will have an exercise price of $0.50 per share. The closing of the Purchase Agreement is anticipated to occur on or around September 21, 2009. It is contemplated that upon closing Michael Matvieshen will be appointed as CEO and director of DayStar.nbsp;nbsp;


Transfer of Right to Purchase EPOD Solar Assets 


EPOD Solar had previously announced that it is in the process of a stock and asset acquisition with the company formerly known as Allora Minerals (EPDS.OB) (the ldquo;Allora Transactionrdquo;). On August 12, 2009, Allora Minerals announced that, in anticipation of the closing of the Allora Transaction, it had changed its name to EPOD Solar, Inc (ldquo;EPDSrdquo;). and its ticker symbol. Today EPDS announced that it has transferred its rights to purchase the stock and assets of EPOD Solar and Opti Solar Tech to DayStar. For additional information refer to the EPDS Form 8-K that will be filed with the Securities and Exchange Commission. 


Forward-Looking Statements


This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this release regarding EPOD Solarrsquo;s business that are not historical facts may be considered ldquo;forward-looking statements,rdquo; including statements regarding the companyrsquo;s efforts to expand production, further develop its double and triple junction thin-film technologies and operate solar parks.nbsp; Forward-looking statements are based on managementrsquo;s current preliminary expectations and are subject to risks and uncertainties, which may cause EPOD Solarrsquo;s results to differ materially and adversely from the statements contained herein. Some important risks specific to the Transaction include the satisfaction of closing conditions and the possibility that the transaction may not be completed, and potential difficulties associated with integrating the combined businesses. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. EPOD Solar undertakes no obligation to update any forward-looking statements to reflect new information, events or circumstances after the date they are made, or to reflect the occurrence of unanticipated events.


About Epod Solar Canada 


EPOD Solar, Canada is a manufacturer of proprietary amorphous silicon thin-film solar panels for construction of solar parks that it designs, develops and operates throughout North America and Europe. The companyrsquo;s current operations comprise 35MW production capacity, with plans to expand to 90MW by the second half of 2010, and its pipeline for solar parks exceeds 130MW. EPOD Solar owns manufacturing facilities in Wales and California and has plans to expand production in Germany. For more information go to http://www.epodsolar.com. nbsp;For more information, please contact:nbsp;Investor Relations:
nbsp;


Todd M. Pitcher
Aspire Clean Tech Communications
nbsp;Tel: +1-760-798-4938 (U.S.)
nbsp;Email: tpitcher@san.rr.com 
nbsp;Web: http://www.aspirecleantech.com]]></description>
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		<title>Research Capital’s Gowing Bullish on Tonbridge Power Corp. (TSX.V.TBZ)</title>
		<link>http://www.straightstocks.com/investing-lessons/research-capital%e2%80%99s-gowing-bullish-on-tonbridge-power-corp-tsx-v-tbz/</link>
		<comments>http://www.straightstocks.com/investing-lessons/research-capital%e2%80%99s-gowing-bullish-on-tonbridge-power-corp-tsx-v-tbz/#comments</comments>
		<pubDate>Thu, 17 Sep 2009 21:22:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[Alberta]]></category>
		<category><![CDATA[Alberta Falls]]></category>
		<category><![CDATA[Analyst]]></category>
		<category><![CDATA[British Columbia]]></category>
		<category><![CDATA[Electricity Market]]></category>
		<category><![CDATA[electricity producers;]]></category>
		<category><![CDATA[Great Falls]]></category>
		<category><![CDATA[Great waterfall]]></category>
		<category><![CDATA[Lethbridge]]></category>
		<category><![CDATA[Lethbridge waterfall]]></category>
		<category><![CDATA[MATL]]></category>
		<category><![CDATA[Matt Gowing;]]></category>
		<category><![CDATA[Montana]]></category>
		<category><![CDATA[Montana Alberta Tie Ltd.]]></category>
		<category><![CDATA[North America]]></category>
		<category><![CDATA[principal business opportunity]]></category>
		<category><![CDATA[Saskatchewan]]></category>
		<category><![CDATA[small cap pulse]]></category>
		<category><![CDATA[Tonbridge Power Corp.]]></category>
		<category><![CDATA[U.S. Department of Energy]]></category>
		<category><![CDATA[United States]]></category>
		<category><![CDATA[USD]]></category>
		<category><![CDATA[Western Area Power Administration;]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/research_capitals_gowing_bullish_on_tonbridge_power_corp_tsxvtbz/#When:13:22:00Z</guid>
		<description><![CDATA[September 17, 2009 ndash; Analyst Comments ndash; Research Capitalrsquo;s Matt Gowing weighed in on Tonbridge Power Corporation (TSX.V:TBZ) this morning stating that he thinks the stock should see near-term strength. Yesterday, Tonbridge announced that the Western Area Power Administration (Western), under the U.S. Department of Energy ("DOE"), will fund up to $161 million of the estimated $215 million Montana Alberta Tie Ltd. (MATL) transmission line project. The project will use borrowing authority provided under the American Recovery and Reinvestment Act, ("ARRA"). Tonbridge is the 100% controlling shareholder of MATL. 


Gowingrsquo;s Key Takeaways: 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; MATL's line will span approximately 345 km between Lethbridge, Alberta and Great Falls, Montana. It will initially provide bi-directional power transfer up to 300 MWs.


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; The principal business opportunity identified by Tonbridge arises because Albertarsquo;s electricity market has previously connected only to British Columbia to the west and to Saskatchewan to the east, and not directly to the U.S. markets to the south. To date Alberta electricity producers have not had direct access to purchasers in the United States.


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; MATL's line crosses some of the best wind regime areas in North America, enhancing its attractiveness as a wind-power collection system, and it also ends in a region of the US that requires more power, and may pay higher rates than which power is sold in Alberta.


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; We understand this project should generate approximately $30 million of annual revenue, and the company has guided to the transmission line being put into service by the end of 2010.


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; A "back of the envelope" DCF calculation suggests that this 300 MW phase 1 of the MATL is worth approximately $0.70/sh to TBZ, once the project is completely de-risked by the end of 2010. Additionally, MATL is planning a phase 2 incremental expansion of 700 MW, and a phase 3 expansion of another 1,100 MW+.


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; In light of the recent positive financing news, we believe there is a high likelihood of TBZ's stock price appreciating in the near-term.]]></description>
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		<title>California Makes Positive Step Forward in Energy Bill But Controversy Stirs Over Implementation</title>
		<link>http://www.straightstocks.com/small-cap-and-micro-cap-stocks/california-makes-positive-step-forward-in-energy-bill-but-controversy-stirs-over-implementation/</link>
		<comments>http://www.straightstocks.com/small-cap-and-micro-cap-stocks/california-makes-positive-step-forward-in-energy-bill-but-controversy-stirs-over-implementation/#comments</comments>
		<pubDate>Wed, 16 Sep 2009 22:36:01 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/california_makes_positive_step_forward_in_energy_bill_but_controversy_stirs/#When:14:36:01Z</guid>
		<description><![CDATA[September 16, 2009 ndash; In California this week, Governor Schwarzenegger signed an executive order requiring the state to get 33% of its electricity from renewable sources by 2020, while promising to veto two previously passed bills on September 11 calling for the same standard, explaining the previous bills were ldquo;poorly draftedrdquo; and ldquo;overly complex.rdquo; 


One of the key areas of distinction between the governor and the state legislators plans lies in the issue of restricting the purchase nbsp;of energy credits from outside the state. The legislature wants to limit this to no more than a third of RE credits purchased outside the state, with the goal of incenting more direct investment into the state. The governor doesnrsquo;t want the restrictions, stating that they are protectionist and would drive prices higher. 


Jan Smutny-Jones, executive director of Independent Energy Producers told reporters this week that the legislatures bill has language that changed siting requirements in a way that would require additional permits, which would threaten projects that were dependent on the stimulus package. 


The California Energy Commission (CEC) currently sites all concentrating solar power (CSP) plants over 50 MW and serves as the single agency enforcing all regulations related to these plants. S.B.14 would require any applicant for a new CSP plant to secure a permit from the state's Department of Fish and Game, in addition to procuring a CEC license.


Cowenrsquo;s Rob Stone said he sees both the proposals as ldquo;medium-term positive for the U.S. PV marketrdquo; noting that the market impact of the program is about 18-24 months out. He also said that California canrsquo;t achieve a 33% renewable mix without new transmission, both intra and innerstate, and this will add complexity to the process.]]></description>
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		<slash:comments>0</slash:comments>
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		<title>Cowen’s Stone Doesn’t Think Tariffs on Tires will Bleed into PV</title>
		<link>http://www.straightstocks.com/small-cap-and-micro-cap-stocks/cowen%e2%80%99s-stone-doesn%e2%80%99t-think-tariffs-on-tires-will-bleed-into-pv/</link>
		<comments>http://www.straightstocks.com/small-cap-and-micro-cap-stocks/cowen%e2%80%99s-stone-doesn%e2%80%99t-think-tariffs-on-tires-will-bleed-into-pv/#comments</comments>
		<pubDate>Mon, 14 Sep 2009 20:22:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/cowens_stone_doesnt_think_tariffs_on_tires_will_bleed_into_pv/#When:12:22:00Z</guid>
		<description><![CDATA[September 14, 2009 ndash; Cowenrsquo;s Rob Stone commented this morning that he doesnrsquo;t see any significant impact on the PV markets as a consequence of the Obama administrationrsquo;s announced tariffs on Chinese tire imports ndash; given the PV industry is a smaller, non-union industry. 


Stone also said that PV tariffs would be tougher to implement in Europe, despite recent complaints from European manufacturers that the Chinese have been price dumping. And he weighed in on a potential reduction in the German Feed-in-Tariff (FIT) noting that it will happen, but not likely to be implemented before 2011. nbsp;]]></description>
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		<slash:comments>0</slash:comments>
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		<item>
		<title>Stone’s Recap on This Week’s Alt Energy Conference at Cowen</title>
		<link>http://www.straightstocks.com/investing-lessons/stone%e2%80%99s-recap-on-this-week%e2%80%99s-alt-energy-conference-at-cowen/</link>
		<comments>http://www.straightstocks.com/investing-lessons/stone%e2%80%99s-recap-on-this-week%e2%80%99s-alt-energy-conference-at-cowen/#comments</comments>
		<pubDate>Fri, 11 Sep 2009 19:42:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/stones_recap_on_this_weeks_alt_energy_conference_at_cowen/#When:11:42:00Z</guid>
		<description><![CDATA[September 11, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Rob Stone recapped the Cowen Conference held in NYC this week which focused on the alt energy space. He noted that there are a number of bullish signals for solar: more activity in China, a 1GW U.S. outlook in 2010 and a booming residential market. 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Financing remains an issue, 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Thin-film firms could be facing near-term headwinds


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Demand has picked up in the last month


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Modules in range of $1.70 to $2.00 by Q4


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Near-term China market and FIT policy are still unclear


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; In U.S., stimulus will drive projects in 2010 while utility scale could reach 1GW in 2010 (though transmission could be a challenge in near to mid-term)]]></description>
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		<slash:comments>0</slash:comments>
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		<item>
		<title>Bachman Thinks Module Prices Are Stabilizing and Positive Momentum Still Holds for CSI</title>
		<link>http://www.straightstocks.com/small-cap-and-micro-cap-stocks/bachman-thinks-module-prices-are-stabilizing-and-positive-momentum-still-holds-for-csi/</link>
		<comments>http://www.straightstocks.com/small-cap-and-micro-cap-stocks/bachman-thinks-module-prices-are-stabilizing-and-positive-momentum-still-holds-for-csi/#comments</comments>
		<pubDate>Thu, 03 Sep 2009 23:01:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[CSI]]></category>
		<category><![CDATA[Mark Bachman;]]></category>
		<category><![CDATA[Recent channel]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/bachman_thinks_module_prices_are_stabilizing_and_positive_momentum_still_ho/#When:15:01:00Z</guid>
		<description><![CDATA[September 3, 2009 ndash; Pacific Crestrsquo;s Mark Bachman commented on the California Solar Initiative data for August this morning, concluding that ldquo;positive momentum remains intact.rdquo; Bachman also said he thinks module prices are stabilizing. 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; CSI program is up 23% YTD and has achieved 82% of the total applications submitted in 2008 after only two-thirds of 2009 have elapsedmiddot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Growth in the government and residential sectors is up 124% and 52% respectively, Y/Y, while the commercial sector continues to lag


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Projectnbsp; financing remains key hurdle in the commercial market


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Sharpe, SolarWorld and Suntech continue to gain share in CSI program, while SunPower continues to lose share


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Recent channel checks indicate module prices have neared a bottom (down about 5% from June levels and expected to be flat to down 5% in Q4)


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Reiterated 600MW target for the U.S. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Increasing concern amongst investors and installers about second-tier-quality Chinese modules being dumped in the market


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Believes ldquo;only a handful of companies can ultimately survive this pricing environment over the long-termrdquo;


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Believes Sharpe, Suntech and SolarWorld are best positioned for continued market share wins in the U.S. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Believes that First Solar, Suntech and SunPower are best positioned for utility scale build-out]]></description>
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		<slash:comments>0</slash:comments>
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		<title>Bachman Reigns in Forecasted Growth for U.S. PV Market &#8211; Rates SunPower at UNDERPERFORM</title>
		<link>http://www.straightstocks.com/small-cap-and-micro-cap-stocks/bachman-reigns-in-forecasted-growth-for-u-s-pv-market-rates-sunpower-at-underperform/</link>
		<comments>http://www.straightstocks.com/small-cap-and-micro-cap-stocks/bachman-reigns-in-forecasted-growth-for-u-s-pv-market-rates-sunpower-at-underperform/#comments</comments>
		<pubDate>Wed, 02 Sep 2009 22:19:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/bachman_reigns_in_forecasted_growth_for_us_pv_market_rates_sunpower_at_unde/#When:14:19:00Z</guid>
		<description><![CDATA[August 31, 2009 ndash; Analyst Comments ndash; Pacific Crestrsquo;s Mark Bachman weighed in on SunPower (Nasdaq:SPWRA) this morning, commenting thatnbsp; 2009 estimates remain at risk and that he nownbsp; sees additional risk to 2010 estimates, and is lowing his revenue and EPS forecast. He rates SPWRA at UNDERPERFORM. 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Previous PV demand model from January 2009 ldquo;is unattainablerdquo;


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Lowering expectationsnbsp; for any near-termnbsp; upside for the solar market from the anticipated federal energy bill


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; With respect to state-based initiatives driving PV in the U.S., believes ldquo;overriding delays in both projectnbsp; permitting and financing ofnbsp; large-scale PV projects have made previous model unattainablerdquo;


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Cutting 2010-12 U.S. forecast by almost 50%


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; SPWRA shares remain overvalued and sees downside to $16, using a median multiple of 12x pro forma 2010 EPS estimate ndash; believes an appropriate peak multiple should be 15x, or $20]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Cowen’s Stone Maintains Ascent Solar (Nasdaq:ASTI) at NEUTRAL</title>
		<link>http://www.straightstocks.com/small-cap-and-micro-cap-stocks/cowen%e2%80%99s-stone-maintains-ascent-solar-nasdaqasti-at-neutral/</link>
		<comments>http://www.straightstocks.com/small-cap-and-micro-cap-stocks/cowen%e2%80%99s-stone-maintains-ascent-solar-nasdaqasti-at-neutral/#comments</comments>
		<pubDate>Mon, 31 Aug 2009 23:58:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/cowens_stone_maintains_ascent_solar_nasdaqasti_at_neutral/#When:15:58:00Z</guid>
		<description><![CDATA[August 31, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Rob Stone weighed in on Ascent Solar (Nasdaq:ASTI) stating that progress towards a commercial launch is encouraging but that he is revising estimates to reflect lower ASPs and higher expenses. He maintains a NEUTRAL rating on the stock. 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Company will need to raise funds to support capacity expansion


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Company is developing a customer base in three segments: BIPV, EIPV and military/space


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Cut 2010-12E BIPV ASPs by 8-13%, partially offset by lower cost/watt


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Cut research revenue slightly for H2:09


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Project 2009-12 revenue of $1.3M, $40M, $96M and $186M


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Raised 2009/10E op ex by 14% and 18%


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Project 2009-12 per share results of ($0.94), ($0.87), ($0.45) and $0.07


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Maintaining NEUTRAL on stock]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Cowen’s Stone Cuts Energy Conversion Devices (Nasdaq:ENER)</title>
		<link>http://www.straightstocks.com/investing-lessons/cowen%e2%80%99s-stone-cuts-energy-conversion-devices-nasdaqener-2/</link>
		<comments>http://www.straightstocks.com/investing-lessons/cowen%e2%80%99s-stone-cuts-energy-conversion-devices-nasdaqener-2/#comments</comments>
		<pubDate>Sat, 29 Aug 2009 16:58:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[ASPs]]></category>
		<category><![CDATA[Energy Conversion Devices]]></category>
		<category><![CDATA[F10;]]></category>
		<category><![CDATA[Rob Stone]]></category>
		<category><![CDATA[small cap pulse]]></category>
		<category><![CDATA[Stone Cuts Energy Conversion Devices]]></category>
		<category><![CDATA[USD]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/cowens_stone_cuts_energy_conversion_devices_nasdaqener/#When:08:58:00Z</guid>
		<description><![CDATA[August 28, 2009 ndash; Cowenrsquo;s Rob Stone downgraded Energy Conversion Devices (Nasdaq:ENER) to NEUTRAL from OUTPERFORM this morning, stating that near-term MW shipments lsquo;are even more depressed than we expected, providing little visibility on a steeply back-end loaded year.rsquo; He said that until there is evidence of renewed traction and profits, the stock is likely to remain range bound below 0.8x book. 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; The SIT deal adds expertise but little revenue until H2 ndash; modeling no systems revenue until Q3 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ASP pressure, higher expenses and restructuring likely yield losses until Q4:F10


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Large scale BIPV projects involving re-roofing or new construction appear to be more susceptible to push-outs than standard PV


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Q4 shipments declined about 18% Q/Q to 17MW with ASPs down 7% to $2.68 ndash; expects about 12% growth in Q1 with ASPs of $2.40.


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Modeling FY10 shipments at 135MW, ASPs down 27% and revenue of $340Mnbsp;]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Cowen’s Stone Cuts Energy Conversion Devices (Nasdaq:ENER)</title>
		<link>http://www.straightstocks.com/market-commentary/cowen%e2%80%99s-stone-cuts-energy-conversion-devices-nasdaqener/</link>
		<comments>http://www.straightstocks.com/market-commentary/cowen%e2%80%99s-stone-cuts-energy-conversion-devices-nasdaqener/#comments</comments>
		<pubDate>Sat, 29 Aug 2009 13:58:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/cowens_stone_cuts_energy_conversion_devices_nasdaqener/#When:05:58:00Z</guid>
		<description><![CDATA[August 28, 2009 ndash; Cowenrsquo;s Rob Stone downgraded Energy Conversion Devices (Nasdaq:ENER) to NEUTRAL from OUTPERFORM this morning, stating that near-term MW shipments lsquo;are even more depressed than we expected, providing little visibility on a steeply back-end loaded year.rsquo; He said that until there is evidence of renewed traction and profits, the stock is likely to remain range bound below 0.8x book. 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; The SIT deal adds expertise but little revenue until H2 ndash; modeling no systems revenue until Q3 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ASP pressure, higher expenses and restructuring likely yield losses until Q4:F10


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Large scale BIPV projects involving re-roofing or new construction appear to be more susceptible to push-outs than standard PV


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Q4 shipments declined about 18% Q/Q to 17MW with ASPs down 7% to $2.68 ndash; expects about 12% growth in Q1 with ASPs of $2.40.


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Modeling FY10 shipments at 135MW, ASPs down 27% and revenue of $340Mnbsp;]]></description>
		<wfw:commentRss>http://www.straightstocks.com/market-commentary/cowen%e2%80%99s-stone-cuts-energy-conversion-devices-nasdaqener/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Towards a Better Solar Business Model</title>
		<link>http://www.straightstocks.com/investing-lessons/towards-a-better-solar-business-model-2/</link>
		<comments>http://www.straightstocks.com/investing-lessons/towards-a-better-solar-business-model-2/#comments</comments>
		<pubDate>Fri, 28 Aug 2009 17:18:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[Administration Committee of Baotou National Rare Earth Hi-Tech Industrial  Development Zone]]></category>
		<category><![CDATA[Akeena]]></category>
		<category><![CDATA[amorphous thin film solar product]]></category>
		<category><![CDATA[Aspire Communications]]></category>
		<category><![CDATA[Baotou;]]></category>
		<category><![CDATA[Canadian Solar]]></category>
		<category><![CDATA[cent;]]></category>
		<category><![CDATA[conventional energy sources]]></category>
		<category><![CDATA[Electricity]]></category>
		<category><![CDATA[Electricity Demand]]></category>
		<category><![CDATA[Electricity Prices]]></category>
		<category><![CDATA[electricity sales ndash]]></category>
		<category><![CDATA[electricity utilities]]></category>
		<category><![CDATA[Energy Conversion Devices]]></category>
		<category><![CDATA[Energy Information Association]]></category>
		<category><![CDATA[energy system paybacks]]></category>
		<category><![CDATA[EPOD]]></category>
		<category><![CDATA[France]]></category>
		<category><![CDATA[Ldk Solar]]></category>
		<category><![CDATA[managing partner]]></category>
		<category><![CDATA[manufacturer/independent power producer]]></category>
		<category><![CDATA[Mongolia]]></category>
		<category><![CDATA[Optisolarrsquo;]]></category>
		<category><![CDATA[Raj Seth]]></category>
		<category><![CDATA[Real Goods Solar;]]></category>
		<category><![CDATA[renewable electricity]]></category>
		<category><![CDATA[renewable energy]]></category>
		<category><![CDATA[retail electricity]]></category>
		<category><![CDATA[small cap pulse]]></category>
		<category><![CDATA[Todd Pitcher]]></category>
		<category><![CDATA[Yancheng City of Jiangsu Province]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/towards_a_better_solar_business_model/#When:09:18:00Z</guid>
		<description><![CDATA[August 27, 2009 ndash; LDK Solar (NYSE:LDK) announced an agreement with Yancheng City of Jiangsu Province for the development of a number of PV projects (ground-mount, roof and BIPV) totaling up to 500MW over the next five years. And Canadian Solar (Nasdaq:CSIQ) said it has signed a LOI with the Administration Committee of Baotou National Rare Earth Hi-Tech Industrial Development Zone in Baotou, Inner Mongolia, for rights to design, install, operate and maintain a 500MW solar facilitynbsp; in Baotou. The three-phase project is expected to start in September 2009 and run through December 2011 (phase 1: 100MW; phase 2 and 3: 200MW).


These announcements mark an important trend in the solar markets and one that we have been commentating on a lot lately ndash; the further move by midstream solar firms to vertically integrate downstream and even moving into operations of solar facilities. 


Cowenrsquo;s Raj Seth this morning commented on the LDK announcement stating that it is a positive for the stock (100MW if 6% of 2010 shipment estimate for LDK), but he emphasized that the company remains challenged by falling ASPs, uncertainty about internal poly production and a weak balance sheet. 


Massive oversupply in the upstream and midstream channels exacerbated by tight credit markets and project delays have been a thorn in the side of solar manufacturing firms and have driven ASPs down ndash; pressures persist. As a means of reacting to these pressures, firms like LDK and Energy Conversion Devices (Nasdaq:ENER) have made moves to acquire ownership in integrators. The primary rationale being that this will create further project opportunities, sales channels, and potentially provide some extra operating leverage. 


The strategy makes sense and the risk is largely going to be in execution. But vertically integrating system development and installation will likely not be a silver bullet. Just look at the pure play downstream players like Real Goods Solar (Nasdaq:RSOL), Akeena (Nasdaq:AKNS) and Solar Power (SOPW.OB) who have all struggled with their business models to achieve profitability and operating efficiencies. 


The biggest problems that we see with downstream business is that margins are hard to control/expand (cap intensive and labor intensive) and it is basically a one-off business. Some downstream players are trying to move upstream into manufacturing to create operational leverage of their own (pace Akeena and Solar Power) but it is difficult to compete with the kind of scale that established midstream solar manufacturers have already established, and in the current environment it is no recipe for margin expansion. Frankly, it just adds another layer of execution risk. 


The model that we think is best suited to survive, and thrive, in the current environment is one that newcomer EPOD Solar (EPDS.OB) is implementing. EPOD is totally vertically integrated. It manufacturers amorphous thin film solar product and it pushes that product into solar parks that it designs, engineers, develops and operates. Its projects create the demand for the solar panels that it is making. The challenge to this model is in the financing of projects but EPOD is mitigating that issue through developing projects with partners that can help capitalize them in part, or in certain cases in full (where it sells 100% of the facility). 


Canadian Solarrsquo;s announced LOI above reflects a move to this model, and First Solarrsquo;s (Nasdaq:FSLR) purchase of Optisolarrsquo;s projects does as well (note that EPOD purchased Optisolarrsquo;s manufacturing and Ramp;D facilities). And there are variations on this model ndash; pace French utilityrsquo;s EDF who recently announced a venture with First Solar to build a 100MW thin film manufacturing facility in France whereby it has rights to the facilityrsquo;s entire output for the first 10 years. EDF had 20MW installed at the end of 2008 but has plans to ramp its solar project developments. 


From our perspective, in the current environment where feed in tariffs and long-term PPAs are available, it makes more sense to pursue a strategy in solar to sell electricity instead of panels. Panels will continue to get commoditized and prices will continue to trend lower. Competition will only get more stiff and there will be a shakeout amongst manufacturers. The low cost producers will survive. Attrition will displace the rest. 


This is good news for solar, because lower panel prices translate into lower system costs and the ability to compete on a non-subsidized basis with conventional energy sources. And manufacturing firms that achieve economies of scale and continue to advance their technologies will make up for the lower pricing with greater efficiency. 


The Energy Information Association projects that electricity demand will increase by 26 percent from 2007 to 2030, or by an average of 1.0 percent per year. The largest increase is in the commercial sector (38 percent), where service industries continue to lead demand growth, followed by the residential sector (20 percent) and the industrial sector (7nbsp;percent). Population growth and rising disposable incomes increase the demand for products, services, and floorspace, and ongoing population shifts to warmer regions increase the use of electricity for space cooling.nbsp; The EIA expects real retail electricity prices to rise to 10.4 cents per kWh in its 2030 reference case. 


So with electricity prices expected to remain stable, and with the availability of feed-in-tariffs, which require electricity utilities to buy renewable energy at above market rates (set by the government) from anyone that wishes to produce renewable electricity, the economic advantage of a solar manufacturing firm moving into development and operation of solar parks ndash; electricity sales ndash; is undeniable. Under this model, lower panel costs which translate into lower system costs ultimately result in higher internal rates of return on the solar parkrsquo;s performance. 


The Street may have a difficult time, initially, coming up with a way to value companies moving towards the manufacturer/independent power producer (IPP) model. Under this model, declining ASPs are meaningless. On the other hand, cost-per-watt and system installed costs are critical, as are the net capacity yield of a solar park and energy system paybacks. 


At the end of the day, what matters is profitability, and in our opinion, solar manufacturers that take advantage of current market conditions to build, own and operate solar parks that house their panels will gain an advantage. 


Important Disclosure: SCPEditor is managing partner of Aspire Communications whichnbsp;is engaged by EPOD Solar, and Todd Pitcher has investments in EPOD, LDK and First Solar.]]></description>
		<wfw:commentRss>http://www.straightstocks.com/investing-lessons/towards-a-better-solar-business-model-2/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Pacific Crest’s Bachman Thinks Juwi Solar Project Announcements Bodes Well for First Solar</title>
		<link>http://www.straightstocks.com/investing-lessons/pacific-crest%e2%80%99s-bachman-thinks-juwi-solar-project-announcements-bodes-well-for-first-solar-2/</link>
		<comments>http://www.straightstocks.com/investing-lessons/pacific-crest%e2%80%99s-bachman-thinks-juwi-solar-project-announcements-bodes-well-for-first-solar-2/#comments</comments>
		<pubDate>Fri, 28 Aug 2009 17:14:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Investing Lessons]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[Analyst]]></category>
		<category><![CDATA[First Solar]]></category>
		<category><![CDATA[Mark Bachman;]]></category>
		<category><![CDATA[module supplier;]]></category>
		<category><![CDATA[Pacific Crest]]></category>
		<category><![CDATA[small cap pulse]]></category>
		<category><![CDATA[United States]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/pacific_crests_bachman_thinks_juwi_solar_project_announcements_bodes_well_f/#When:09:14:00Z</guid>
		<description><![CDATA[August 27, 2009 ndash; Analyst Comments ndash; Pacific Crestrsquo;s Mark Bachman weighed in on German installer Juwirsquo;s announcement of 39MWac worth of PV projects in the U.S. He said he thinks First Solar (Nasdaq:FSLR) will be the module supplier. 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Attributes Juwirsquo;s success to development prowess and competitive LCOE offering of utilizing First Solar modules 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Juwi has built some of Germanyrsquo;s largest solar parks utilizing First Solar modules and believes First Solar will continue to be Juwirsquo;s product of choice for U.S. installations


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Juwi plans to install more than 1GW of wind and solar in the U.S.]]></description>
		<wfw:commentRss>http://www.straightstocks.com/investing-lessons/pacific-crest%e2%80%99s-bachman-thinks-juwi-solar-project-announcements-bodes-well-for-first-solar-2/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Towards a Better Solar Business Model</title>
		<link>http://www.straightstocks.com/market-commentary/towards-a-better-solar-business-model/</link>
		<comments>http://www.straightstocks.com/market-commentary/towards-a-better-solar-business-model/#comments</comments>
		<pubDate>Fri, 28 Aug 2009 14:18:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/towards_a_better_solar_business_model/#When:06:18:00Z</guid>
		<description><![CDATA[August 27, 2009 ndash; LDK Solar (NYSE:LDK) announced an agreement with Yancheng City of Jiangsu Province for the development of a number of PV projects (ground-mount, roof and BIPV) totaling up to 500MW over the next five years. And Canadian Solar (Nasdaq:CSIQ) said it has signed a LOI with the Administration Committee of Baotou National Rare Earth Hi-Tech Industrial Development Zone in Baotou, Inner Mongolia, for rights to design, install, operate and maintain a 500MW solar facilitynbsp; in Baotou. The three-phase project is expected to start in September 2009 and run through December 2011 (phase 1: 100MW; phase 2 and 3: 200MW).


These announcements mark an important trend in the solar markets and one that we have been commentating on a lot lately ndash; the further move by midstream solar firms to vertically integrate downstream and even moving into operations of solar facilities. 


Cowenrsquo;s Raj Seth this morning commented on the LDK announcement stating that it is a positive for the stock (100MW if 6% of 2010 shipment estimate for LDK), but he emphasized that the company remains challenged by falling ASPs, uncertainty about internal poly production and a weak balance sheet. 


Massive oversupply in the upstream and midstream channels exacerbated by tight credit markets and project delays have been a thorn in the side of solar manufacturing firms and have driven ASPs down ndash; pressures persist. As a means of reacting to these pressures, firms like LDK and Energy Conversion Devices (Nasdaq:ENER) have made moves to acquire ownership in integrators. The primary rationale being that this will create further project opportunities, sales channels, and potentially provide some extra operating leverage. 


The strategy makes sense and the risk is largely going to be in execution. But vertically integrating system development and installation will likely not be a silver bullet. Just look at the pure play downstream players like Real Goods Solar (Nasdaq:RSOL), Akeena (Nasdaq:AKNS) and Solar Power (SOPW.OB) who have all struggled with their business models to achieve profitability and operating efficiencies. 


The biggest problems that we see with downstream business is that margins are hard to control/expand (cap intensive and labor intensive) and it is basically a one-off business. Some downstream players are trying to move upstream into manufacturing to create operational leverage of their own (pace Akeena and Solar Power) but it is difficult to compete with the kind of scale that established midstream solar manufacturers have already established, and in the current environment it is no recipe for margin expansion. Frankly, it just adds another layer of execution risk. 


The model that we think is best suited to survive, and thrive, in the current environment is one that newcomer EPOD Solar (EPDS.OB) is implementing. EPOD is totally vertically integrated. It manufacturers amorphous thin film solar product and it pushes that product into solar parks that it designs, engineers, develops and operates. Its projects create the demand for the solar panels that it is making. The challenge to this model is in the financing of projects but EPOD is mitigating that issue through developing projects with partners that can help capitalize them in part, or in certain cases in full (where it sells 100% of the facility). 


Canadian Solarrsquo;s announced LOI above reflects a move to this model, and First Solarrsquo;s (Nasdaq:FSLR) purchase of Optisolarrsquo;s projects does as well (note that EPOD purchased Optisolarrsquo;s manufacturing and Ramp;D facilities). And there are variations on this model ndash; pace French utilityrsquo;s EDF who recently announced a venture with First Solar to build a 100MW thin film manufacturing facility in France whereby it has rights to the facilityrsquo;s entire output for the first 10 years. EDF had 20MW installed at the end of 2008 but has plans to ramp its solar project developments. 


From our perspective, in the current environment where feed in tariffs and long-term PPAs are available, it makes more sense to pursue a strategy in solar to sell electricity instead of panels. Panels will continue to get commoditized and prices will continue to trend lower. Competition will only get more stiff and there will be a shakeout amongst manufacturers. The low cost producers will survive. Attrition will displace the rest. 


This is good news for solar, because lower panel prices translate into lower system costs and the ability to compete on a non-subsidized basis with conventional energy sources. And manufacturing firms that achieve economies of scale and continue to advance their technologies will make up for the lower pricing with greater efficiency. 


The Energy Information Association projects that electricity demand will increase by 26 percent from 2007 to 2030, or by an average of 1.0 percent per year. The largest increase is in the commercial sector (38 percent), where service industries continue to lead demand growth, followed by the residential sector (20 percent) and the industrial sector (7nbsp;percent). Population growth and rising disposable incomes increase the demand for products, services, and floorspace, and ongoing population shifts to warmer regions increase the use of electricity for space cooling.nbsp; The EIA expects real retail electricity prices to rise to 10.4 cents per kWh in its 2030 reference case. 


So with electricity prices expected to remain stable, and with the availability of feed-in-tariffs, which require electricity utilities to buy renewable energy at above market rates (set by the government) from anyone that wishes to produce renewable electricity, the economic advantage of a solar manufacturing firm moving into development and operation of solar parks ndash; electricity sales ndash; is undeniable. Under this model, lower panel costs which translate into lower system costs ultimately result in higher internal rates of return on the solar parkrsquo;s performance. 


The Street may have a difficult time, initially, coming up with a way to value companies moving towards the manufacturer/independent power producer (IPP) model. Under this model, declining ASPs are meaningless. On the other hand, cost-per-watt and system installed costs are critical, as are the net capacity yield of a solar park and energy system paybacks. 


At the end of the day, what matters is profitability, and in our opinion, solar manufacturers that take advantage of current market conditions to build, own and operate solar parks that house their panels will gain an advantage. 


Important Disclosure: SCPEditor is managing partner of Aspire Communications whichnbsp;is engaged by EPOD Solar, and Todd Pitcher has investments in EPOD, LDK and First Solar.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Pacific Crest’s Bachman Thinks Juwi Solar Project Announcements Bodes Well for First Solar</title>
		<link>http://www.straightstocks.com/market-commentary/pacific-crest%e2%80%99s-bachman-thinks-juwi-solar-project-announcements-bodes-well-for-first-solar/</link>
		<comments>http://www.straightstocks.com/market-commentary/pacific-crest%e2%80%99s-bachman-thinks-juwi-solar-project-announcements-bodes-well-for-first-solar/#comments</comments>
		<pubDate>Fri, 28 Aug 2009 14:14:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/pacific_crests_bachman_thinks_juwi_solar_project_announcements_bodes_well_f/#When:06:14:00Z</guid>
		<description><![CDATA[August 27, 2009 ndash; Analyst Comments ndash; Pacific Crestrsquo;s Mark Bachman weighed in on German installer Juwirsquo;s announcement of 39MWac worth of PV projects in the U.S. He said he thinks First Solar (Nasdaq:FSLR) will be the module supplier. 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Attributes Juwirsquo;s success to development prowess and competitive LCOE offering of utilizing First Solar modules 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Juwi has built some of Germanyrsquo;s largest solar parks utilizing First Solar modules and believes First Solar will continue to be Juwirsquo;s product of choice for U.S. installations


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Juwi plans to install more than 1GW of wind and solar in the U.S.]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Think Equity’s Woodburn Weighs in on DOE’s Clean Cities Program Grants</title>
		<link>http://www.straightstocks.com/market-commentary/think-equity%e2%80%99s-woodburn-weighs-in-on-doe%e2%80%99s-clean-cities-program-grants/</link>
		<comments>http://www.straightstocks.com/market-commentary/think-equity%e2%80%99s-woodburn-weighs-in-on-doe%e2%80%99s-clean-cities-program-grants/#comments</comments>
		<pubDate>Fri, 28 Aug 2009 13:59:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/think_equitys_woodburn_weighs_in_on_does_clean_cities_program_grants/#When:05:59:00Z</guid>
		<description><![CDATA[August 27, 2009 ndash; Think Equityrsquo;s David Woodburn weighed in on Energy Secretary Steven Chursquo;s announcement of about $300 million to 25 cost-share projects under the DOErsquo;s Clean Cities program which is being funded from ARRA. The DOE estimates the projects will help displace about 38 million gallons of petroleum per year, and are expected to be completed within 2 years of the start date (likely by the end of 2011). 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Projects should put more than 9,000 alternative fuel vehicles on the road (including CNG, LNG, LPG, E85, biodiesel, hybrid and electric technologies) 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Projects includes 542 refueling locations across the country


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Grants should provide lsquo;double boostrsquo; to natural gas (NG) vehicle and infrastructure companies at levels above what Woodburn thinks the market is expecting


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Sees performance of NG projects in DOErsquo;s Clean Cities grants as validation of NG as a way to improved vehicle emissions today. NG burns cleaner than diesel-fueled engines (cuts GHGs and particulate matter emissions by about 50%), is cheaper than diesel fuel (40-50% savings in fuel costs on gallon-per-gasoline equivalent) and meets standards of U.S. governmentrsquo;s call for use of domestic fuel sources


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Looking for two to three announcements from Port of Long Beach and South Coast Air Quality Management District on LNG truck grants before year end


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Legislation (H.R. 1835 and S.1408) would provide several incentives for increasing use of NG as a transportation fuel. Thinks both bills unlikely to be passed on their own but thinks language could get dropped into climate-change legislation]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Cowen’s Stone Maintains Energy Conversion Devices (Nasdaq:ENER) at OUTPERFORM</title>
		<link>http://www.straightstocks.com/market-commentary/cowen%e2%80%99s-stone-maintains-energy-conversion-devices-nasdaqener-at-outperform-3/</link>
		<comments>http://www.straightstocks.com/market-commentary/cowen%e2%80%99s-stone-maintains-energy-conversion-devices-nasdaqener-at-outperform-3/#comments</comments>
		<pubDate>Thu, 27 Aug 2009 13:04:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/cowens_stone_maintains_energy_conversion_devices_nasdaqener_at_outperform/#When:05:04:00Z</guid>
		<description><![CDATA[August 26, 2009 ndash; Cowenrsquo;s Rob Stone weighed in on Energy Conversion Devices (Nasdaq:ENER) this morning, stating that he expects CY09 results to be challenged by low shipment volume exacerbated by bottlenecks in financing for large PV systems and deferred spending for BIPV projects. He maintains an OUTPERFORM rating on the stock and thinks stock is attractive on a 12-month basis (trading about 0.8x book value) but expects it to remain in current range in near-term. Key Takeawaysmiddot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; The SIT acquisition should add opportunities and deliver complete solutionsmiddot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; In line with Street revenue estimates for CY09 ($285M), but projects wider loss/small net income in Q1:F09-Q2:F10 due to higher expensesmiddot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Believes there will continue to be an application segment for flexible PV laminates despite falling ASPs for rigid solar modulesmiddot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; The SIT acquisition should help ENER better position to develop large commercial and utility projects middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Maintains OUTPERFORM rating]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Cowen’s Stone Maintains China Sunergy (Nasdaq:CSUN) at NEUTRAL</title>
		<link>http://www.straightstocks.com/market-commentary/cowen%e2%80%99s-stone-maintains-china-sunergy-nasdaqcsun-at-neutral/</link>
		<comments>http://www.straightstocks.com/market-commentary/cowen%e2%80%99s-stone-maintains-china-sunergy-nasdaqcsun-at-neutral/#comments</comments>
		<pubDate>Thu, 27 Aug 2009 13:03:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/cowens_stone_maintains_china_sunergy_nasdaqcsun_at_neutral/#When:05:03:00Z</guid>
		<description><![CDATA[August 26, 2009 ndash; Cowenrsquo;s Rob Stone commented on China Sunergyrsquo;s (Nasdaq:CSUN) Q2 pre-announcement this morning (reports tomorrow), noting that he thinks CSUN is executing well given tough conditions and its higher efficiency cells should be an advantage. He maintains a NEUTRAL rating and thinks shares are fairly valued at about 1.2x book and 15x St. 2010E E/ADS. 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Estimates Q2 shipments were 41MW 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Thinks 50% sequential growth looks achievable, and assuming ASP declines of 10%, this would result in revenue of about $80M (his estimate is for $58M)


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; If Q4 volume and ASP decline Street consensus revenue of $87M and GM of 14.7% may be at risk


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Maintains NEUTRAL rating]]></description>
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		<slash:comments>0</slash:comments>
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		<item>
		<title>Cowen’s Stone Cuts Suntech (NYSE:STP)</title>
		<link>http://www.straightstocks.com/market-commentary/cowen%e2%80%99s-stone-cuts-suntech-nysestp/</link>
		<comments>http://www.straightstocks.com/market-commentary/cowen%e2%80%99s-stone-cuts-suntech-nysestp/#comments</comments>
		<pubDate>Sat, 22 Aug 2009 12:42:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/cowens_stone_cuts_suntech_nysestp/#When:04:42:00Z</guid>
		<description><![CDATA[August 21, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Rob Stone downgraded Suntech (NYSE:STP) this morning to NEUTRAL, cutting 2009-10E EPS based on lower ASPs and higher operating expenses. He said the stock is likely to be pressured for several quarters by weak earnings, concerns about price competition and A/R exposure to GSF projects that donrsquo;t yet have financing. 


Key Takeaways 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Long-term, Suntech should benefit from large scale, low cost, higher efficiency Pluto technology


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ldquo;Sharply cuttingrdquo; 2009/10E EPS to $0.16 and $0.14 on revenue of $1.447B and $1.650B


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Cut MW shipments by 4% and 2% based on delayed commercial launch of thin-film products


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Cut 2010E ASPs by 10%


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; China policy news could provide near-term triggers but implementation delays and aggressive pricing are risks


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Shipments to GSF project companies were 35MW in Q1 and 5MW in Q2, while it still has $108M out of $128M outstanding in A/Rmiddot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Downgrading stock rating to NEUTRAL]]></description>
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		<title>Cowen’s Rob Stone is Relatively Bullish on SunPower (Nasdaq:SPWRA)</title>
		<link>http://www.straightstocks.com/market-commentary/cowen%e2%80%99s-rob-stone-is-relatively-bullish-on-sunpower-nasdaqspwra/</link>
		<comments>http://www.straightstocks.com/market-commentary/cowen%e2%80%99s-rob-stone-is-relatively-bullish-on-sunpower-nasdaqspwra/#comments</comments>
		<pubDate>Fri, 21 Aug 2009 12:54:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/cowens_rob_stone_is_relatively_bullish_on_sunpower_nasdaqspwra/#When:04:54:00Z</guid>
		<description><![CDATA[August 20, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Rob Stone reported on a recent meeting with SunPower (Nasdaq:SPWRA) management, noting that it ldquo;reinforces confidence in the H2:09 outlook.rdquo; He maintains an OUTPERFORM rating on the stock and sees 50%+ upside for the stock relative to the market in 12 months. 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Said SunPower has built a lsquo;high velocityrsquo; dealer channel that will enable dealers to focus on closing leads and installing systems


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; SunPowerrsquo;s is building its German footprint, and isnrsquo;t seeing any impact from rebates, or any overlap with the thin-film vs. c-Si market


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; The systems business should drive growth in Q4, expects a couple large projects to sell through internal produced modules


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Maintains OUTPERFORM rating and sees 50%+ upside for the stock relative to the market in 12 months]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Pacific Crest’s Bachman Weighs in on First Solar (Nasdaq:FSLR) Announced Project</title>
		<link>http://www.straightstocks.com/market-commentary/pacific-crest%e2%80%99s-bachman-weighs-in-on-first-solar-nasdaqfslr-announced-project/</link>
		<comments>http://www.straightstocks.com/market-commentary/pacific-crest%e2%80%99s-bachman-weighs-in-on-first-solar-nasdaqfslr-announced-project/#comments</comments>
		<pubDate>Thu, 20 Aug 2009 12:50:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/pacific_crests_bachman_weighs_in_on_first_solar_nasdaqfslr_announced_projec/#When:04:50:00Z</guid>
		<description><![CDATA[August 19, 2009 ndash; Analyst Comments ndash; Pacific Crestrsquo;s Mark Bachman commented on First Solarrsquo;s (Nasdaq:FSLR) announced 55MWac utility project with the Los Angeles Department of Water and Power. He maintains an OUTPERFORM rating on the stock and a $227 price target on the stock, which closed at $133 yesterday. 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Project will have initial deliveries by July 1, 2010 and must be fully operational by May 1, 2011. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Signed a 30-year PPA at $0.12/kWh with fixed price escalation between 1.75% and 3.5% annually


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; First Solar will likely sell the project before completion, which for now, it will own through a subsidiary called Niland Solar Farm LLC


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Announcement adds further validity to Optisolar pipeline acquisitionnbsp; (believes about 1,300MW of short-listed projects to be coming from the Optisolar deal)


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; The 55MW project is not accretive to current financial model (EPC revenue for the project is already included in Bachmanrsquo;s FY10 estimates)


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Price target of $227 based on 25x 2010EPS estimate of $9.09]]></description>
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		<slash:comments>0</slash:comments>
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		<item>
		<title>Solar Earnings Snapshots</title>
		<link>http://www.straightstocks.com/market-commentary/solar-earnings-snapshots/</link>
		<comments>http://www.straightstocks.com/market-commentary/solar-earnings-snapshots/#comments</comments>
		<pubDate>Wed, 19 Aug 2009 13:00:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/solar_earnings_snapshots/#When:05:00:00Z</guid>
		<description><![CDATA[Emcore (Nasdaq:EMKR) reported a 49% YY decline in Q3 revenue to $38.5 million, and a net loss of $45.4 million, or $0.57 per share, compared with a net loss of $7.7 million for the same period last year. Management forecast Q4 revenue in the range of $38 million to $43 million. 


Trina Solar (NYSE:TSL) reported a 27% Y/Y decline in Q2 revenue to $150 million, and earnings of $18.9 million, or $0.71 per ADS, compared with the $17.1 million for the same period last year. Trina shipped 64MW of modules during the quarter, up 34.3% Y/Y. Management said it expects to ship 90MW to 110MW of modules in Q4, and 350MW to 400MW this year.]]></description>
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		<item>
		<title>Cowen’s Stone Weighs in on Trina Solar (NYSE:TSL) Q2 Results &#8211; Maintains Outperform Rating</title>
		<link>http://www.straightstocks.com/market-commentary/cowen%e2%80%99s-stone-weighs-in-on-trina-solar-nysetsl-q2-results-maintains-outperform-rating/</link>
		<comments>http://www.straightstocks.com/market-commentary/cowen%e2%80%99s-stone-weighs-in-on-trina-solar-nysetsl-q2-results-maintains-outperform-rating/#comments</comments>
		<pubDate>Wed, 19 Aug 2009 12:59:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/cowens_stone_weighs_in_on_trina_solar_nysetsl_q2_results_maintains_outperfo/#When:04:59:00Z</guid>
		<description><![CDATA[August 18, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Rob Stone commented this morning on Trina Solarrsquo;s (NYSE:TSL) report for Q2 reiterating his OUTPEFORM rating stating that he sees ldquo;40% upside relative to the market in 12 months.rdquo; 


Q2 Results 


Trina Solar reported a 27% Y/Y decline in Q2 revenue to $150 million, and earnings of $18.9 million, or $0.71 per ADS, compared with the $17.1 million for the same period last year. Trina shipped 64MW of modules during the quarter, up 34.3% Y/Y. Management said it expects to ship 90MW to 110MW of modules in Q4, and 350MW to 400MW this year. 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Cost per watt declined faster than ASP, showing benefits of vertical integration


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Q2 GM was 27.4% on lower poly and conversion costs ndash; blended non-silicon conversion costs (mono and multi) declined to $0.85/watt (vs. $0.96 in Q1) and silicon cost was $0.84 (vs. $1.25)middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Capacity expansion being supported by recent equity offering and expanded credit clines


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; H2 orders in hand are 200MW


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Expects ASP declines of 10% to 15% in Q3 and 10% to 12% in Q4, which equates to Q4 ASP of about $1.80/watt


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Raising estimates on higher capacity ndash; Q409 cell/module capacity is expanding to 600MW (vs. 400), raised 2009-12E shipments by 12-18%. Modeling 2009 at 338MW. Q3/Q4. Raising 2009-12E E/ADS to $1.80, $2.30, $3.06 and $4.26, respectively on revenue of $712M, $900M, $1.14B and $1.5B. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Maintaining OUTPERFORM rating seeing 40% upside relative to the market in 12 months nbsp;]]></description>
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		<title>Think Equity’s Woodburn Maintains Verenium at Buy &#8211; Cuts Price Target to $2</title>
		<link>http://www.straightstocks.com/market-commentary/think-equity%e2%80%99s-woodburn-maintains-verenium-at-buy-cuts-price-target-to-2/</link>
		<comments>http://www.straightstocks.com/market-commentary/think-equity%e2%80%99s-woodburn-maintains-verenium-at-buy-cuts-price-target-to-2/#comments</comments>
		<pubDate>Tue, 18 Aug 2009 12:45:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/think_equitys_woodburn_maintains_verenium_at_buy_cuts_price_target_to_2/#When:04:45:00Z</guid>
		<description><![CDATA[August 17, 2009 ndash; Analyst Comments ndash; Think Equityrsquo;s David Woodburn commented on Verenium Corporation (Nasdaq:VRNM) maintained his BUY rating and lowering price target at $2 - still more than 217% higher than Fridayrsquo;s close. What has Woodburn so bullish on Verenium? 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Continues to expect improved visibility on biofuels will come from more from government funding announcements than VRNM-specific milestones in the near term. Looking for loan guarantee on Highlands County commercial facility. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Thinks upfront cash contributions validate Vereniumrsquo;s technology and commercial prospects


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Q1 revenues of $16.3 million beat Woodburnrsquo;s $15.2 million estimate


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Product gross margin of 29% came in below estimated 45.5%; EPS of ($0.14) beat ($0.19) expectations


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Management has been working with energy cane (similar to sugar cane) as feedstock lately and results are positive


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Increasing FY09 revenue forecast to $66 million from $65 million, but reducing GM to 39.4% from 45.5%, and FY09 EPS estimates increase slightly to ($0.64) from ($0.69)


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Decreasing price target to $2 based on NPV calculation of enzyme business at $1.64 per share, and an EV/gallon capacity multiple of $0.20/gallon to cellulosic ethanol capacity of $0.40 per share.]]></description>
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		</item>
		<item>
		<title>Cowen’s Rob Stone Comments on Manufacturing Credits</title>
		<link>http://www.straightstocks.com/market-commentary/cowen%e2%80%99s-rob-stone-comments-on-manufacturing-credits/</link>
		<comments>http://www.straightstocks.com/market-commentary/cowen%e2%80%99s-rob-stone-comments-on-manufacturing-credits/#comments</comments>
		<pubDate>Tue, 18 Aug 2009 00:54:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

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		<description><![CDATA[August 14, 2009 ndash; Cowenrsquo;s Rob Stone commented this morning on the announced $2.3 billion in tax credits for clean energy equipment manufactures from the Treasury Department and the Department of Energy, suggesting that it will help support manufacturing facilities for companies like First Solar (Nasdaq:FSLR), Suntech (NYSE:STP) and Solar World (SWV.DE) which are all expanding facilities in the U.S. Though he said he doesnrsquo;t expect to see any immediate impact on stocks. 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Could support up to $7.7 billion in manufacturing investments


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; The program could make U.S. manufacturing more competitive vs. offshore manufacturing 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Preliminary applications are due September 16 and final applications are due October 16]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Cowen’s Raj Seth Weighs in on LDK Solar Q2 Results &#8211; Maintians at NEUTRAL</title>
		<link>http://www.straightstocks.com/market-commentary/cowen%e2%80%99s-raj-seth-weighs-in-on-ldk-solar-q2-results-maintians-at-neutral/</link>
		<comments>http://www.straightstocks.com/market-commentary/cowen%e2%80%99s-raj-seth-weighs-in-on-ldk-solar-q2-results-maintians-at-neutral/#comments</comments>
		<pubDate>Tue, 18 Aug 2009 00:53:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/cowens_raj_seth_weighs_in_on_ldk_solar_q2_results_maintians_at_neutral/#When:16:53:00Z</guid>
		<description><![CDATA[August 13, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Raj Seth weighed in on LDKrsquo;s (NYSE:LDK) dismal Q2 report yesterday, stating that the stock continues to look rich at 2.5x EV/revs and 2/2x P/TBV. He is lsquo;remaining on the sidelinesrsquo; rating the stock at a NEUTRAL.nbsp;nbsp;


Q2 Resultsnbsp;nbsp;


Reported sales of $228.3 million, compared with $283.3 million in Q109, and $441.7 million for the same period last year. Gross profit was a negative $205.5 million, compared to $4.9 million in Q1 and $112.3 million last year. The reason for such dismal GP was a $175.8 million write down on poly and a $16.7 million loss on firm purchase commitments of poly. Operating margin was a negative 102.9%, and net loss was $216.9 million, or ($2.03) per diluted ADS, compared with a net loss of $22.5 million, or ($0.21) per diluted ADS in Q1 and net income of $49.8 million last year.nbsp; Management guided Q3 revenues in a range of $240 to $270 million and wafer shipments between 260MW and 300MW, with module shipments between 10MW and 20MW.nbsp;nbsp;


Key Takeawaysnbsp;


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Modeling Q3 revenues of $242M (on low end of guidance) on 306MW (+32% Q/Q shipments) and ASPs of $0.90/watt (GM of 8%). 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Book value is down significantly on inventory write-downs


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; LDK currently as about 2300MT of poly inventory at $80/kg (spot at $60)


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; 2010 is hard to model given ASPs, poly prices, internal poly production, etc and model is very sensitive to ASPs ($0.01 change in ASP moves EPS by $0.10)


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ldquo;Tentativelyrdquo; modeling FY10 EPS of $0.24 on $1.2B (+13% Y/Y), assuming ASPs of $0.82/watt, shipments of $1.6GW (+40% Y/Y) and based on about 800MT of internal poly production, expects GMs to come in at 16%


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Thinks LDK will have to restructure weak balance sheet ($439M in cash and $1.8B in total debt), with $1.2B in short term debt


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Maintains NEUTRAL rating]]></description>
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		<item>
		<title>LDK Solar (NYSE:LDK) Results &#8211; Our Take</title>
		<link>http://www.straightstocks.com/market-commentary/ldk-solar-nyseldk-results-our-take/</link>
		<comments>http://www.straightstocks.com/market-commentary/ldk-solar-nyseldk-results-our-take/#comments</comments>
		<pubDate>Tue, 18 Aug 2009 00:50:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/ldk_solar_nyseldk_results_our_take/#When:16:50:00Z</guid>
		<description><![CDATA[August 13 ndash; LDK Solar (NYSE:LDK) reported for Q2 yesterday, and the results were pressured by a $175.8 million write-down which drove operating margin to a negative 102.9% and a net loss to $216.9 million. We expected the write-down given the fact that at the Q1 call management said its poly inventory was priced at about $150/kg and poly prices were then trading at about $75/kg. After the write-down, its inventory is priced at $80/kg while poly prices are at about $60-65/kg, so there is still going to be some margin pressure here, but the write-down will at least get the business back in place to start showing some margin improvement going forward.nbsp;nbsp;


While we are long-term extremely bullish on LDKrsquo;s vertically integrated model and its ability to cope with pricing pressures based on sheer scale, the challenge is getting to that point without completely destroying the balance sheet and managing to do so without continuing to miss guidance. There is good reason to be concerned about these caveats. nbsp;In January, management did warn that it expects FY09 results to be impacted by lower ASPs and lower wafer shipment volumes. 


Its updated outlook for FY09 was:nbsp;nbsp;


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Revenue in a range of $2.3 billion to $2.5 billion


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Wafer shipments in a range of 1.57GW to 1.67GW 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Annualized wafer production capacity to be 2.3GW b the end of FY09


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Gross margin between 22% and 27%; and 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Production between 3,000MT and 5,000MT of polynbsp;


At mid-year, the company has posted:nbsp;nbsp;


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Revenue of $511.6 million


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Wafer shipments of 437.7MW 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Annualized wafer production capacity at about 1.5GW


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Gross margin ranging from 2% in Q1 to -90% in Q2; and 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Poly production of 125MT nbsp;Results as of the end of Q2 are nowhere close to where management guided back in January. Giving management the benefit of the doubt that Q1 was worse than anyone had expected it to be, managementrsquo;s recalibrated guidance for Q2 back on July 24 was that it would post:nbsp;nbsp;


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Q2 revenues in a range of $225 to $235 million


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Wafer shipments between 230 and 240MW; and


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; A write-down of $150 to $160 millionnbsp;The results came closer, but still depress. Revenues came in at $228 million (the low side of guidance), wafer shipments came in at 231.7MW (the low side of guidance) and the write-down was about $16 million more than the high side of guidance. 


Meanwhile with $1.8 billion in debt ($1.2 billion short-term), it looks like the company is going to have to hustle to restructure its balance sheet, casting further uncertainty on the business in the near term. And management hasnrsquo;t exactly demonstrated lately an ability to nail its guidance, so there is a general believability factor.nbsp;nbsp;


So our outlook for the stock in the near-term is that it will underperform its peers until it works some of these issues out and/or trades to low enough levels where the multiples are attractive enough to mitigate the near-term risk.nbsp;nbsp;


Yesterday, in after hours trading the stock traded down to $9.40 (about 1.9x book), and at that level, the stock is trading at about an 11% discount to its peers on a price/book basis. And it is trading at 0.72x sales on a trailing 12-month basis. At our current (and lowered) FY09 revenue estimates for LDK of $1.04 billion, at $9.40 the stock is trading at 1.02x sales.nbsp;nbsp;


Given the fact that quality of revenues has been so poor (negative margins), it is reasonable to put more weight on the price-to-book side of the equation in terms of valuing the stock, and, we think the stock could slip back to a 1 to 1.5x price-to-book range in the near-term (especially if the broader markets pull back the way we think they could and should), which would put the stock in a range of $5 to $7.50.nbsp;nbsp;


In this range, given the companyrsquo;s still leading position in the wafer markets, and opportunity to achieve sheer economies of scale and cost efficiencies through vertically integrating poly production into the process, we think the stock is attractive.nbsp;nbsp;


We have also been using derivatives to strengthen our cost average in the stock ndash; back on May 6, when the stock was trading at $10-$10.87 we sold September 15 callsnbsp; on LDK, at $1.15 and this morning the calls are at $0.05 on the bid. Given that we like the stock in the $5 to $7.50 range, we will be looking at opportunities to sell puts into weakness as a way to own it at lower prices.nbsp;nbsp;


Important Disclosure: SCPEditor is LONG LDK.]]></description>
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		<title>Cowen’s Stone Comments on $2.3 Billion Tax Credit for Clean Tech Manufacturing</title>
		<link>http://www.straightstocks.com/market-commentary/cowen%e2%80%99s-stone-comments-on-2-3-billion-tax-credit-for-clean-tech-manufacturing/</link>
		<comments>http://www.straightstocks.com/market-commentary/cowen%e2%80%99s-stone-comments-on-2-3-billion-tax-credit-for-clean-tech-manufacturing/#comments</comments>
		<pubDate>Sat, 15 Aug 2009 12:58:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/cowens_stone_comments_on_23_billion_tax_credit_for_clean_tech_manufacturing/#When:04:58:00Z</guid>
		<description><![CDATA[August 14, 2009 ndash; Cowenrsquo;s Rob Stone commented this morning on the announced $2.3 billion in tax credits for clean energy equipment manufactures from the Treasury Department and the Department of Energy, suggesting that it will help support manufacturing facilities for companies like First Solar (Nasdaq:FSLR), Suntech (NYSE:STP) and Solar World (SWV.DE) which are all expanding facilities in the U.S. Though he said he doesnrsquo;t expect to see any immediate impact on stocks. 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Could support up to $7.7 billion in manufacturing investments


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; The program could make U.S. manufacturing more competitive vs. offshore manufacturing 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Preliminary applications are due September 16 and final applications are due October 16]]></description>
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		<slash:comments>0</slash:comments>
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		<title>Think Equity’s Woodburn Weighs in on Pico Holdings &#8211; Maintains BUY Rating and $47 Price Target</title>
		<link>http://www.straightstocks.com/market-commentary/think-equity%e2%80%99s-woodburn-weighs-in-on-pico-holdings-maintains-buy-rating-and-47-price-target/</link>
		<comments>http://www.straightstocks.com/market-commentary/think-equity%e2%80%99s-woodburn-weighs-in-on-pico-holdings-maintains-buy-rating-and-47-price-target/#comments</comments>
		<pubDate>Wed, 12 Aug 2009 13:45:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[Analyst]]></category>
		<category><![CDATA[David Woodburn;]]></category>
		<category><![CDATA[Monterey County]]></category>
		<category><![CDATA[Nevada]]></category>
		<category><![CDATA[New Mexico]]></category>
		<category><![CDATA[Pico Holdings]]></category>
		<category><![CDATA[Real Estate]]></category>
		<category><![CDATA[real estate assets]]></category>
		<category><![CDATA[small cap pulse]]></category>
		<category><![CDATA[USD]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/think_equitys_woodburn_weighs_in_on_pico_holdings_maintains_buy_rating_and_/#When:05:45:00Z</guid>
		<description><![CDATA[August 11, 2009 ndash; Analyst Comments ndash; Think Equityrsquo;s David Woodburn said PICOrsquo;s Q2 press release and 10-Q provide several examples of both sides of its value investment efforts: new investments in water and real estate; and monetizations of UCP real estate assets (at greater than 46% IRR) and continued sale of Nevada land. He maintains a BUY rating on the stock and a $47 price target.nbsp;nbsp;


Key Takeawaysnbsp;


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Improvement in equity markets has helped drive $0.65 increase in book value to $24.93 per share


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; In last several months PICOrsquo;s UCP subsidiary acquired 194 finished and 267 unfinished lots, in addition to 1,400 entitled residential lost in Monterey County,nbsp; that it intends to own by foreclosing on a defaulted note


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; The sale of 32 finished lost generated a gain of $543K and strong IRRs


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; The company announced its first water development project in New Mexico with the goal to develop up to 1,500 afa of water


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Maintains BUY rating and $47 price target which is 1.9x PICOrsquo;s June 30 book value]]></description>
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		<slash:comments>0</slash:comments>
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		<title>Think Equity’s Woodburn Raises Price Target on Clean Energy Fuels (Nasdaq:CLNE)</title>
		<link>http://www.straightstocks.com/market-commentary/think-equity%e2%80%99s-woodburn-raises-price-target-on-clean-energy-fuels-nasdaqclne/</link>
		<comments>http://www.straightstocks.com/market-commentary/think-equity%e2%80%99s-woodburn-raises-price-target-on-clean-energy-fuels-nasdaqclne/#comments</comments>
		<pubDate>Wed, 12 Aug 2009 13:29:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[Analyst]]></category>
		<category><![CDATA[Clean Energy Fuels]]></category>
		<category><![CDATA[David Woodburn;]]></category>
		<category><![CDATA[Long Beach;]]></category>
		<category><![CDATA[natural gas truck]]></category>
		<category><![CDATA[natural gas trucks]]></category>
		<category><![CDATA[Port of Long Beach]]></category>
		<category><![CDATA[small cap pulse]]></category>
		<category><![CDATA[USD]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/think_equitys_woodburn_raises_price_target_on_clean_energy_fuels_nasdaqclne/#When:05:29:00Z</guid>
		<description><![CDATA[August 11, 2009 ndash; Analyst Comments ndash; Think Equityrsquo;s David Woodburn weighed in on Clean Energy Fuels (Nasdaq:CLNE) this morning, stating that ldquo;We continue to recommend CLNE shares as cleaner emissions, lower fuel cost than diesel and government incentiveshellip;should continue to drive growthhellip;rdquo; Woodburn rates the stock at BUY and increased his price target to $12.nbsp;nbsp;


Key Takeawaysnbsp;


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Q2 volumes and gross margin increased but upside was offset by non-operational expense


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Modeling profitability in Q4 driven by new contracts and organic growth, not an economic recovery


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Recent $73M raise in secondary and $5.6M in Q2 cashflow should drive growth through the end of 2010


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; 25 stations under construction or being upgraded 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Subsidies for 96 natural gas trucks were recently approved through the Port of Long Beach and between 300 and 500 natural gas truck grants likely to be announced in September through the South Coast Air Quality Management District 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Updating volume estimates and keeping margin estimates the same going forward ndash; FY09 EPS increased to ($0.22) from ($0.25) and FY10 estimate increases to $0.19 from $0.11


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Maintaining BUY rating and increasing price target to $12]]></description>
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		<title>Echelon (Nasdaq:ELON) Rallies on Duke Agreement</title>
		<link>http://www.straightstocks.com/market-commentary/echelon-nasdaqelon-rallies-on-duke-agreement/</link>
		<comments>http://www.straightstocks.com/market-commentary/echelon-nasdaqelon-rallies-on-duke-agreement/#comments</comments>
		<pubDate>Tue, 11 Aug 2009 14:49:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/echelon_nasdaqelon_rallies_on_duke_agreement/#When:06:49:00Z</guid>
		<description><![CDATA[August 10, 2009 ndash; Echelon (Nasdaq:ELON) is trading up 40% this morning after it announced a LT agreement with Duke Energy to supply its Networked Energy Services (NES) system for Dukersquo;s smart grid program.


Duke is planning to launch a five-year mass deployment of smart grid technology later this year in Ohio which will include more than 700,000 smart meters. It is seeking approval from the Indiana Utility Regulatory Commission to install its smart grid technology as well, which would include about 800,000 smart meters. Plans are also underway to bring its smart grid technology to North Carolina, South Carolina and Kentucky.nbsp;nbsp;


Interestingly, Duke also announced this week that it is getting more proactive in terms of extending its reach into China, through an information sharing agreement with China Huaneng Group. It remains to be seen whether Echelon might be able to ride Dukersquo;s coat tails into China as well, but the inference doesnrsquo;t seem to us to be unreasonable.nbsp;nbsp;


Echelonrsquo;s initial order under the Duke agreement is about $15.8 million with deliveries expected to being at the end of the quarter. According to Echelon, full deployment of the NES system to Ohio and Indian would represent revenue to Echelon of more than $150 million.nbsp;nbsp;


Echelon just reported Q2 revenues of $22.6 million, of which $10 million came from the NES division. Management provided guidance of revenue in a range of $21 to $23 million, with NES accounting for about 45%. We looked to Global Hunterrsquo;s Justin Cablersquo;s recent update report (published July 31) to check his estimates for Echelon on the year, and he is forecasting revenues of $88.8 million, and a net loss of $0.92 per share.nbsp;nbsp;


At a $468 million market cap this morning, the stock is trading at about 5.27x Cablersquo;s forecasted revenues, which seems a bit expensive. Granted, revenue estimates are likely to be adjusted higher, but in our opinion, the full value of an Ohio deployment is already priced into the stock.nbsp;nbsp;


The upside that we see in the stock will come from announcements of an engagement with Duke into Indiana, North Carolina, South Carolina and Kentuckyhellip;.and perhaps China? In any case, it is good to see Echelon finally gaining traction in the smart grid sector and are more inclined at this point to accumulate the stock on broader market weakness and a pullback in the stock price (perhaps in the $8-$9 range).nbsp;nbsp;


Note: Justin Cable rates Echelon at a NEUTRAL and a price target of $7. However, we would expect to see Cable increase his target on the news. 


Disclosure: SCPEditor is LONG Echelon.]]></description>
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		<title>Cowen’s Seth Comments on Ener1 (Nasdaq:HEV) Q1 Results &#8211; Rates NEUTRAL</title>
		<link>http://www.straightstocks.com/market-commentary/cowen%e2%80%99s-seth-comments-on-ener1-nasdaqhev-q1-results-rates-neutral/</link>
		<comments>http://www.straightstocks.com/market-commentary/cowen%e2%80%99s-seth-comments-on-ener1-nasdaqhev-q1-results-rates-neutral/#comments</comments>
		<pubDate>Sat, 08 Aug 2009 13:05:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/cowens_seth_comments_on_ener1_nasdaqhev_q1_results_rates_neutral/#When:05:05:00Z</guid>
		<description><![CDATA[August 7, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Raj Seth weighed in on Ener1rsquo;s (Nasdaq:HEV) Q2 results and call last night. He said the 50:50 cost share grant should boost potential customer confidence in HEVrsquo;s ability to scale to meet large orders. Seth maintains a NEUTRAL rating on the stock. 


Q2 Results 


Revenues were $7.5 million, compared with $437 thousand in 2008. Net loss was $12.8 million, or $0.11 per share compared with a net loss of $7.8 million for the same period last year. Management said it has met all of the eligibility requirements for a federal battery production grant, and has been awarded 100% of the amount requested ($118.5 million) on a 50:50 cost-share basis. 


Key Takeaways 


	An announcement on an ATVM loan it has applied for (80:20 cost share) for about $290M could come as early as the next few weeks
	HEV plans to announce additional engagements outside of its lsquo;top-10rsquo; focus list in H209
	Hopes for revs from Think in Q409 and management has begun negotiations on final supply agreement with Fisker
	Expects to sell 10K PHEV packs by 2010 which could represent $150M in FY10 revenues 
	ST financials remain hard to predict, estimate that with EBITDA margins of about 15%, implied earnings power is about $0.70 but wonrsquo;t likely reach these levels until 2012]]></description>
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		<slash:comments>0</slash:comments>
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		<title>Think Equity’s Woodburn Comments on Westport (Nasdaq:WPRT) Q1 Results &#8211; Rates at BUY</title>
		<link>http://www.straightstocks.com/market-commentary/think-equity%e2%80%99s-woodburn-comments-on-westport-nasdaqwprt-q1-results-rates-at-buy/</link>
		<comments>http://www.straightstocks.com/market-commentary/think-equity%e2%80%99s-woodburn-comments-on-westport-nasdaqwprt-q1-results-rates-at-buy/#comments</comments>
		<pubDate>Sat, 08 Aug 2009 13:03:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/think_equitys_woodburn_comments_on_westport_nasdaqwprt_q1_results_rates_at_/#When:05:03:00Z</guid>
		<description><![CDATA[August 7, 2009 ndash; Analyst Comments ndash; Think Equityrsquo;s David Woodburn commented on Westport (Nasdaq:WPRT) this morning, maintaining a BUY rating and a price target of $12. 


Q1 Results 


Revenue for Q1 came in at $24.9 million, compared with $25.5 million for the same period last year. CWI accounted for $23.4 million with shipments of 608 this quarter, down from 1,077 for the same quarter last year. Net loss of $9.2 million, or $0.29 per share, compared with a net loss of $3.5 million, or $0.13 per share last year. Cash and cash equivalents at June 30, 2009 were $63.5 million, compared with $82.6 million on March 31, 2009. 


Key Takeaways 


	Q2 results were mixed, but EPS came in slightly better than expected. ASP for the CWI engines appears to have increased about 1.5% sequentially
	Gross margin of 25.6% was lower than 27% expected
	Expects Port-related truck incentives to create orders in next two quarters
	Growing diesel-related natural gas price spread continues to improve the economic rationale for the use of natural gas as a fuel
	The Federal NATGAS Act could offer significant financial incentives for natural gas vehicles and infrastructure
	EPS estimates for FY10-12 are not changing, and maintaining BUY rating with $12 price target]]></description>
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		<slash:comments>0</slash:comments>
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		<title>Cowen’s Stone Comments on Comverge (Nasdaq:COMV) Q2 Results</title>
		<link>http://www.straightstocks.com/market-commentary/cowen%e2%80%99s-stone-comments-on-comverge-nasdaqcomv-q2-results/</link>
		<comments>http://www.straightstocks.com/market-commentary/cowen%e2%80%99s-stone-comments-on-comverge-nasdaqcomv-q2-results/#comments</comments>
		<pubDate>Sat, 08 Aug 2009 13:02:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/cowens_stone_comments_on_comverge_nasdaqcomv_q2_results/#When:05:02:00Z</guid>
		<description><![CDATA[August 7, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Robert Stone weighed in on Comvergersquo;s (Nasdaq:COMV) Q2 earnings report, raising estimates on higher revenue and lower expenses, noting that his long-term view is positive, but given the stockrsquo;s price increase so far this year, he said investors should look for a pullbacks and is maintaining his NEUTRAL rating. 


Q2 Results 


Comverge reported a 39% Y/Y increase in Q2 revenues to $13.3 million, excluding $20.2 million in deferred revenue on the balance sheet as of June 30, 2009 (compared to $4.3 million at year-end 2008).nbsp; Net loss for the quarter came in at $9.1 million, or $0.43 per diluted share, compared with a net loss of $9.6 million for the same period last year.


Key Takeaways 


	In H1, 178MW were added to long-term contracts, customer acquisition cost has dropped to $35 (vs. $50 in 2008)
	Raised 2009-11E revenue by about 2.5%, 5% and 4% to reflect Camp;I wins
	Raised utility GM about 1 point 
	Partnership with 7-10 utilities for stimulus-funded smart grid projects could boost 2010 results
	Maintains NEUTRAL rating

nbsp;]]></description>
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		<slash:comments>0</slash:comments>
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		<item>
		<title>Pacific Crest’s Mark Bachman Comments on California Solar Initiative &#8211; SunPower Losing Share</title>
		<link>http://www.straightstocks.com/market-commentary/pacific-crest%e2%80%99s-mark-bachman-comments-on-california-solar-initiative-sunpower-losing-share/</link>
		<comments>http://www.straightstocks.com/market-commentary/pacific-crest%e2%80%99s-mark-bachman-comments-on-california-solar-initiative-sunpower-losing-share/#comments</comments>
		<pubDate>Fri, 07 Aug 2009 13:05:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/pacific_crests_mark_bachman_comments_on_california_solar_initiative_sunpowe/#When:05:05:00Z</guid>
		<description><![CDATA[August 6, 2009 ndash; Analyst Comments ndash; Pacific Crestrsquo;s Mark Bachman weighed in on Californiarsquo;s Solar Initiative (CSI) this morning, noting that it continues to gain traction. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; About 20MW of applications were submitted to the CSI program in July


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; YTD, the market is up 24%, and over the trailing six months it is up 50%


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Commercial sector is lagging (down 25% YTD), while government, residential and nonprofit are showing YTD improvement


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Government applications totaled 47.8MW YTD, up 129%over the same period in 2008


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; SunPower (Nasdaq:SPWRA) continues to lose market share, down 32% YTD and 18% on a trailing six months basis


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Lower priced Chinese and Japanese modules have gained traction in the U.S. market]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Cowen’s Seth Comments on DOE Release of Grants &#8211; Ener1 Receives $118.5M</title>
		<link>http://www.straightstocks.com/market-commentary/cowen%e2%80%99s-seth-comments-on-doe-release-of-grants-ener1-receives-118-5m/</link>
		<comments>http://www.straightstocks.com/market-commentary/cowen%e2%80%99s-seth-comments-on-doe-release-of-grants-ener1-receives-118-5m/#comments</comments>
		<pubDate>Thu, 06 Aug 2009 21:22:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/cowens_seth_comments_on_doe_release_of_grants_ener1_receives_1185m/#When:13:22:00Z</guid>
		<description><![CDATA[August 5, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Raj Seth commented on the DOErsquo;s release of recipients under its $2.4B grant program for next generation battery and component suppliers: 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Ener1 (Nasdaq:HEV) will receive $118.5M to produce lithium-ion packs. Other recipients include Johnson Controls (about $300M), A123 ($249M), General Motors ($240M), Ford ($93M) and Chrysler ($70M). These are cost share grants ndash; for every $ of funding received, the recipient will have to put in equivalent $. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Modeling HEVrsquo;s Q2 EPS of ($0.10) based on $8 million


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; HEV has also applied for $480M in low-cost loans under the Advanced Technology Vehicle Manufacturing Incentive Programnbsp;


HEVrsquo;s current capacity is 45,00 EV packs/450,000 PHEV packs]]></description>
		<wfw:commentRss>http://www.straightstocks.com/market-commentary/cowen%e2%80%99s-seth-comments-on-doe-release-of-grants-ener1-receives-118-5m/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Think Equity’s Woodburn Comments on Impact of Fuel Prices and Economy for NG Transport Companies</title>
		<link>http://www.straightstocks.com/market-commentary/think-equity%e2%80%99s-woodburn-comments-on-impact-of-fuel-prices-and-economy-for-ng-transport-companies/</link>
		<comments>http://www.straightstocks.com/market-commentary/think-equity%e2%80%99s-woodburn-comments-on-impact-of-fuel-prices-and-economy-for-ng-transport-companies/#comments</comments>
		<pubDate>Thu, 06 Aug 2009 15:26:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/think_equitys_woodburn_comments_on_impact_of_fuel_prices_and_economy_for_ng/#When:07:26:00Z</guid>
		<description><![CDATA[August 5, 2009 ndash; Think Equityrsquo;s David Woodburn commented on the impact of fuel prices and the economy on natural gas transportation companies. 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Natural gas futures declined 16% during Q2 relative to Q1, while retail diesel prices increased 10%, which should keep customers interested in natural gas engines


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; The economy is still weighing, however, on uptake


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Other incentives from California ports should benefit Westport (Nasdaq:WPRT) and Clean Energy Fuels (Nasdaq:CLNE)


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Q109 revenue forecast for WPRT is C$23 million, with EPS estimate of (C$0.32)


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Volume forecast for WPRT is 19.9M gallon-equivalents sold at effective margin of $0.47 per gallon. EPS estimate is ($0.10).]]></description>
		<wfw:commentRss>http://www.straightstocks.com/market-commentary/think-equity%e2%80%99s-woodburn-comments-on-impact-of-fuel-prices-and-economy-for-ng-transport-companies/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Cowen’s Seth Comments on Reports That $1.2 Billion In Awards for Battery Companies on Tap</title>
		<link>http://www.straightstocks.com/market-commentary/cowen%e2%80%99s-seth-comments-on-reports-that-1-2-billion-in-awards-for-battery-companies-on-tap/</link>
		<comments>http://www.straightstocks.com/market-commentary/cowen%e2%80%99s-seth-comments-on-reports-that-1-2-billion-in-awards-for-battery-companies-on-tap/#comments</comments>
		<pubDate>Thu, 06 Aug 2009 13:00:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/cowens_seth_comments_on_reports_that_12_billion_in_awards_for_battery_compa/#When:05:00:00Z</guid>
		<description><![CDATA[August 5, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Raj Seth weighed in this morning on reports that the Obama administration plans to announce the winners of $1.2 billion in stimulus funds for makers of advanced batteries, and the outlook for Ener 1 (Nasdaq:HEV). 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Ener1nbsp; is one of the 3 main domestic battery players (A123 and Johnson Controls) and has received grants under the USABC program


* Ener1 has also applied for $480M in low-cost loans under the Advanced Technology Vehicle Manufacturing Incentive Program ndash; 3 loans have been announced to date under the $25B program: Ford ($5.9B), Nissan ($1.6B) and Tesla ($465M)]]></description>
		<wfw:commentRss>http://www.straightstocks.com/market-commentary/cowen%e2%80%99s-seth-comments-on-reports-that-1-2-billion-in-awards-for-battery-companies-on-tap/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Think Equity’s Woodburn Maintains PICO at BUY with $47 Price Target</title>
		<link>http://www.straightstocks.com/market-commentary/think-equity%e2%80%99s-woodburn-maintains-pico-at-buy-with-47-price-target/</link>
		<comments>http://www.straightstocks.com/market-commentary/think-equity%e2%80%99s-woodburn-maintains-pico-at-buy-with-47-price-target/#comments</comments>
		<pubDate>Tue, 04 Aug 2009 13:50:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/think_equitys_woodburn_maintains_pico_at_buy_with_47_price_target/#When:05:50:00Z</guid>
		<description><![CDATA[August 3, 2009 ndash; Analyst Comments ndash; Think Equityrsquo;s David Woodburn weighed in on a PICO Holdings (Nasdaq:PICO) this morning, rating the stock at a BUY with a $47 price target. 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; PICOrsquo;s Vidler Water subsidiaryrsquo;s suit filed in federal court to challenge a decision to grant it only 396 acre-feet of water (out of a requested 7,240 a-f) is not out of the ordinary, and if its application for the additional 6,844 a-f is approved, the water will represent an additional $1.25 per share of value to Woodburnrsquo;s asset model.]]></description>
		<wfw:commentRss>http://www.straightstocks.com/market-commentary/think-equity%e2%80%99s-woodburn-maintains-pico-at-buy-with-47-price-target/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Global Hunter’s Justin Cable Maintains NEUTRAL Rating on Echelon &#8211; $7 Price Target</title>
		<link>http://www.straightstocks.com/market-commentary/global-hunter%e2%80%99s-justin-cable-maintains-neutral-rating-on-echelon-7-price-target/</link>
		<comments>http://www.straightstocks.com/market-commentary/global-hunter%e2%80%99s-justin-cable-maintains-neutral-rating-on-echelon-7-price-target/#comments</comments>
		<pubDate>Sat, 01 Aug 2009 15:27:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/global_hunters_justin_cable_maintains_neutral_rating_on_echelon_7_price_tar/#When:07:27:00Z</guid>
		<description><![CDATA[July 31, 2009 ndash; Analyst Comments - nbsp;Global Hunterrsquo;s Justin Cable weighed in on Echelonrsquo;s Q2 financial results, which came in slightly above expectations, ldquo;but down significantly Y/Y.rdquo; Cable is maintaining his NEUTRAL rating and $7 price target on the stock. 


Q2 Results


Revenues were $22.6 million, compared with $18.2 million in Q1 and $32.2 million in Q208. Gross margin was 43.2%, compared with 43.4% in Q1 and 39.6% in Q2. Net loss for Q2 was $9.5 million, or $0.26 per share, compared with a net loss of $10.6 million in Q1 and $7.4 million in Q208. In terms of guidance, management said total revenue for Q3 will be about $21 to $23 million with gross margin in a range of 43% to 45%. Loss per share will be between $0.24 and $0.26.


Cablersquo;s Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Guidance was slightly ahead of estimates. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; It appears Lon Works revenues are stabilizing at about $11M per quarter


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Revised estimates lower for remainder of FY09 and FY10 to reflect continued losses and cash burn. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; An upside to the thesis is any signal that energy efficiency projects are accelerating 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Remaining NEUTRAL until evidence that pipeline activity is transitioning to orders


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; $7 price target based on 2.1 EV/sales multiple against FY10 projections]]></description>
		<wfw:commentRss>http://www.straightstocks.com/market-commentary/global-hunter%e2%80%99s-justin-cable-maintains-neutral-rating-on-echelon-7-price-target/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Caris amp; Company’s Ben Pang Maintains 1*/BUY Rating on First Solar &#8211; $205 Price Target</title>
		<link>http://www.straightstocks.com/market-commentary/caris-amp-company%e2%80%99s-ben-pang-maintains-1buy-rating-on-first-solar-205-price-target/</link>
		<comments>http://www.straightstocks.com/market-commentary/caris-amp-company%e2%80%99s-ben-pang-maintains-1buy-rating-on-first-solar-205-price-target/#comments</comments>
		<pubDate>Sat, 01 Aug 2009 14:17:01 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/caris_companys_ben_pang_maintains_1_buy_rating_on_first_solar_205_price_tar/#When:06:17:01Z</guid>
		<description><![CDATA[July 31, 2009 ndash; Analyst Comments ndash; Caris amp; Companyrsquo;s Ben Pan weighed in on First Solarrsquo;s (Nasdaq:FSLR) Q2 earnings report, maintaining his 1*/Buy rating, but lowering estimates. His target is $205 for the stock.nbsp;nbsp;


Q2 Results 


Revenues were $525.9 million, up from $418.2 million in Q1 and $267 million Q208. Gross margin increased to 56.7%. Net income was $180.6 million, or $2.11 per diluted share, up from $169.6 million in Q1 and $69.7 million for the same period last year. Manufacturing cost declined by 6% to $0.87/watt. 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Commentary suggests pricing and gross margin concerns


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Thinks FSLRrsquo;s cost reduction roadmap and strategic geographic positioning will enable them to capitalize on improving industry conditions


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Q2 results beat Pangrsquo;s estimates


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Market remains constrained


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; New FY09 estimates are $1,944M/$7.00 and FY10 estimates are $2,780M/$9.61


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Price target of $205 is 22x FY10 estimate


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Maintains 1*/Buy rating]]></description>
		<wfw:commentRss>http://www.straightstocks.com/market-commentary/caris-amp-company%e2%80%99s-ben-pang-maintains-1buy-rating-on-first-solar-205-price-target/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>First Solar’s Bachman Maintains OUTPERFORM rating on First Solar, Price Target of $227</title>
		<link>http://www.straightstocks.com/market-commentary/first-solar%e2%80%99s-bachman-maintains-outperform-rating-on-first-solar-price-target-of-227/</link>
		<comments>http://www.straightstocks.com/market-commentary/first-solar%e2%80%99s-bachman-maintains-outperform-rating-on-first-solar-price-target-of-227/#comments</comments>
		<pubDate>Sat, 01 Aug 2009 13:40:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/first_solars_bachman_maintains_outperform_rating_on_first_solar_price_targe/#When:05:40:00Z</guid>
		<description><![CDATA[July 31, 2009 ndash; Analyst Comments ndash; Pacific Crestrsquo;s Mark Bachman weighed in on First Solarrsquo;s (Nasdaq:FSLR) Q2 results, noting that the rebate mechanism is lsquo;detracting from stunning results.rsquo; He maintains and OUTPEFORM rating on the stock and a price target of $227. 


Q2 Results 


Revenues were $525.9 million, up from $418.2 million in Q1 and $267 million Q208. Gross margin increased to 56.7%. Net income was $180.6 million, or $2.11 per diluted share, up from $169.6 million in Q1 and $69.7 million for the same period last year. Manufacturing cost declined by 6% to $0.87/watt. 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Estimates 200 to 300 basis point reduction in gross margin from rebate program in 2H09, modeling more than a 600 basis point decline in Q3 along.He said the rebate level will target the cSi benchmark price at about euro;1.50. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Thinks the Street may be disappointed that company did not increase guidance. Guidance was reaffirmed for FY09 at $1.9 to $2 billion in revenue, 31% to 33% operating margin and about 1.1GW of production. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Line production increased to 51.7MW from 49.4MW up 5% sequentially which will drive higher throughput through 2009 and 2010, offsetting price reductions from the rebate program.


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Total production came in at 289.7MW vs. estimate of 261.3MW. Bachman expects 300.2MW in Q3. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Germany drove revenue upside for the Q. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Module efficiency at 10.9% and expects increases later this year. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Manufacturing cost/watt is $0.87, down from $0.93/watt in Q1. Expect further cost reduction in FY09 to reach $0.78 by year-end. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Thinks ASP declined by 5.5% in Q2 and forecasting another 9% decline in Q3. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Maintains OUTPERFORM rating and $227 price target.]]></description>
		<wfw:commentRss>http://www.straightstocks.com/market-commentary/first-solar%e2%80%99s-bachman-maintains-outperform-rating-on-first-solar-price-target-of-227/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Evergreeen Solar Continues to Face Pricing Pressure &#8211; Ben Pang Cuts Rating, Lowers Target</title>
		<link>http://www.straightstocks.com/market-commentary/evergreeen-solar-continues-to-face-pricing-pressure-ben-pang-cuts-rating-lowers-target/</link>
		<comments>http://www.straightstocks.com/market-commentary/evergreeen-solar-continues-to-face-pricing-pressure-ben-pang-cuts-rating-lowers-target/#comments</comments>
		<pubDate>Sat, 01 Aug 2009 13:14:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/evergreeen_solar_continues_to_face_pricing_pressure_ben_pang_cuts_rating_lo/#When:05:14:00Z</guid>
		<description><![CDATA[July 31, 2009 ndash; Analyst Comments ndash; Caris amp; Companyrsquo;s Ben Pang cut Evergreen Solar (Nasdaq:ESLR) to 3*/Average and lowered his price target to $2.00 after the companyrsquo;s Q2 earnings missed Pangrsquo;s estimates for Q2. 


Q2 ResultsRevenues of $63.8 million, compared with $55.9 million in Q1 and $22.8 million for the same period last year. Gross margin for Q2 was 1.9%, compared with 1.2% in Q1 and 34.7% Y/Y. Net loss was $20.3 million, or $0.11 per share, compared with a net loss of $64.3 million in Q1. ESLR shipped 23.2MW at an average price of $2.70 per watt, compared with 17.3MW at an ASP of $2/watt in Q1. Goal of $2/watt when Devens plant reaches 40MW of quarterly capacity, and $1.50/watt at full factory capacity in next 2 years.


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Doesnrsquo;t think ESLR can overcome pricing erosion in the industry, and doesnrsquo;t think margins will recover in the near term


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Cut FY09 estimates to $284M/($0.39) and FY10 to $398M/($0.16). 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Cut FY10 production estimates to 200MW and expect pricing decline to about $2 in 2010. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Doesnrsquo;t think cost structure of JV is compatible with pricing environment and regional growth expectations 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Doesnrsquo;t think JiaWei cost savings to help profitability in near term ndash; first panels to be produced by Q2 2010 and hitting full capacity of 25MW/quarter in early 2011


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Downgraded shares to 3*/Average rating and cut price target to $2. ESLR trading at 0.75x current book value of $3.20 per share. Price target based on 0.75x projected book value of $2.65 over next 12 months.]]></description>
		<wfw:commentRss>http://www.straightstocks.com/market-commentary/evergreeen-solar-continues-to-face-pricing-pressure-ben-pang-cuts-rating-lowers-target/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Cowen’s Seth Comments on Ener1 Announced Delivery of Li-On Powered Drivetrain to Japan Post</title>
		<link>http://www.straightstocks.com/market-commentary/cowen%e2%80%99s-seth-comments-on-ener1-announced-delivery-of-li-on-powered-drivetrain-to-japan-post/</link>
		<comments>http://www.straightstocks.com/market-commentary/cowen%e2%80%99s-seth-comments-on-ener1-announced-delivery-of-li-on-powered-drivetrain-to-japan-post/#comments</comments>
		<pubDate>Tue, 28 Jul 2009 12:42:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/cowens_seth_comments_on_ener1_announced_delivery_of_li_on_powered_drivetrai/#When:04:42:00Z</guid>
		<description><![CDATA[July 27, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Raj Seth this morning commented on Ener1rsquo;s (Nasdaq:HEV) report that a fully integrated drivetrain developed by Think and powered by Ener1 lsquo;s li-ion batteries has been delivered to Japan Post as part of an on-road testing program to transition the postal service fleet of 22,000 delivery vehicles. 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Encouraged by the testing program and broad-based interest in Ener1rsquo;s batteries (letter of intent with Fisker, delivery of batteries for Volvo demo fleet)


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; In short-term, most important trigger may be announcement of funding under DOE administered $25B ATVM program]]></description>
		<wfw:commentRss>http://www.straightstocks.com/market-commentary/cowen%e2%80%99s-seth-comments-on-ener1-announced-delivery-of-li-on-powered-drivetrain-to-japan-post/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Cowen’s Stone and Caris amp; Co.’s Pang Weigh in on SunPower (Nasdaq:SPWRA) Earnings Report</title>
		<link>http://www.straightstocks.com/market-commentary/cowen%e2%80%99s-stone-and-caris-amp-co-%e2%80%99s-pang-weigh-in-on-sunpower-nasdaqspwra-earnings-report/</link>
		<comments>http://www.straightstocks.com/market-commentary/cowen%e2%80%99s-stone-and-caris-amp-co-%e2%80%99s-pang-weigh-in-on-sunpower-nasdaqspwra-earnings-report/#comments</comments>
		<pubDate>Sat, 25 Jul 2009 12:48:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/cowens_stone_and_caris_cos_pang_weigh_in_on_sunpower_nasdaqspwra_earnings_r/#When:04:48:00Z</guid>
		<description><![CDATA[July 24, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Robert Stone commented on SunPowerrsquo;s earnings report maintaining an OUTPERFORM rating, seeing 50%+ upside vs. the market in 12 months; while Caris amp; Companyrsquo;s Ben Pang increased his price target to $33 and maintained a 2**/AA rating. 


SunPower (Nasdaq:SPWRA) reported Q2 revenues of $298 million, up from $214 the prior quarter, and down from $383 million for the same period last year. Gross margin for Q2 was 19.6%, and net income was $24.1 million, or $0.26 per share on a fully diluted basis. Management raised FY09 guidance to revenues in the range of $1.35 billion to $1.7 billion, and net income per diluted share in a range of $0.45 to $0.90. 


Key Takeaways (Stone)


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; H2 outlook for systems much stronger than expected, sharply raising 2009E cash EPS


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Raised 2009E revenue 26% (components +15% and systems +39%) on about 9% higher MW and slightly lower ASPs to $1.83 and starting 2011/12 at $2.33 and $3.12. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Dealer channel being supported by lower BOS costs


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Maintaining OUTPERFORM rating


Key Takeaways (Pang) 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; SPWRA well positioned to benefit from ongoing political initiatives and to capitalize on opportunities in the U.S. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Q3 revenue guidance up 40% and non-GAAP EPS expected to be up at least 40%


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Expects project announcements in 2H09 to lead to upward estimate revisions 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Raising FY10 estimates (bullish on U.S. opportunities) to $2.4B revenue and $3.00 EPS, New FY09 estimates at $1.46B/$1.21


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Increasing price target to $33 and maintaining 2**/AA rating. Shares trading at 8.3x FY10 EPS estimate and 14x consensus estimate. $33 price target based on 11x new FY10 EPS estimate of $3.00.]]></description>
		<wfw:commentRss>http://www.straightstocks.com/market-commentary/cowen%e2%80%99s-stone-and-caris-amp-co-%e2%80%99s-pang-weigh-in-on-sunpower-nasdaqspwra-earnings-report/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Cowen’s Seth Weighs in on LDK Solar (NYSE:LDK) Guidance &#8211; Maintains Neutral Rating</title>
		<link>http://www.straightstocks.com/market-commentary/cowen%e2%80%99s-seth-weighs-in-on-ldk-solar-nyseldk-guidance-maintains-neutral-rating/</link>
		<comments>http://www.straightstocks.com/market-commentary/cowen%e2%80%99s-seth-weighs-in-on-ldk-solar-nyseldk-guidance-maintains-neutral-rating/#comments</comments>
		<pubDate>Sat, 25 Jul 2009 12:47:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
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		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/cowens_seth_weighs_in_on_ldk_solar_nyseldk_guidance_maintains_neutral_ratin/#When:04:47:00Z</guid>
		<description><![CDATA[July 24, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Raj Seth commented this morning on LDKrsquo;s (NYSE:LDK) revised guidance. Seth maintains a NEUTRAL rating on the stock, noting that he remains cautious on the stock in the near term. 


LDK Solar (NYSE:LDK) updated its Q2 outlook this morning, expecting to report between $225 and $235 million in revenue, above previous guidance, and wafer shipments between 230 and 240MW. It expects to record a write down of $150 to $150 million against inventories. Gross margin is expected to be negative and the company expects to report a net loss of $180 to $200 million for the quarter. 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Book value, which was around $7.1/share should decline to $5.7/shares on the write-off


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; The write-off will enable forward margins to look better as LDK ldquo;flushesrdquo; the older product, but the balance sheet looks worse


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Continues to believe that LDK will need to raise additional capital (perhaps more than $100M) to fund anticipated capex this year


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Ultimately execution of the poly expansion is what will drive value, but still too early to judge success]]></description>
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		<title>Caris amp; Company’s Ben Pang Maintains 3/Average Rating on MEMC and $13 Price Target</title>
		<link>http://www.straightstocks.com/market-commentary/caris-amp-company%e2%80%99s-ben-pang-maintains-3average-rating-on-memc-and-13-price-target/</link>
		<comments>http://www.straightstocks.com/market-commentary/caris-amp-company%e2%80%99s-ben-pang-maintains-3average-rating-on-memc-and-13-price-target/#comments</comments>
		<pubDate>Thu, 23 Jul 2009 12:31:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
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		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/caris_companys_ben_pang_maintains_3_average_rating_on_memc_and_13_price_tar/#When:04:31:00Z</guid>
		<description><![CDATA[July 22, 2009 ndash; Analyst Comments ndash; Yesterday Caris amp; Companyrsquo;s Ben Pang weighed in on MEMC Electronics (NYSE:WFR), maintaining his 3*/Average rating and a $13 price target. nbsp;


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Expects MEMC to meet Pangrsquo;s Q2 estimates of $240M and $0.02 per share. Estimating 13% gross margins. 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Critical that MEMC hasnrsquo;t been providing guidance 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Semi business should ramp, but solar may lag on pricing


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Shares trading at 11.4xnbsp; FY10 EPS estimate of $1.70 and price target of $13 based on 1.3x projected book value.]]></description>
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		<slash:comments>0</slash:comments>
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		<title>Caris amp; Company’s Ben Pang Maintains 2/AA Rating on SunPower and $29 Price Target</title>
		<link>http://www.straightstocks.com/market-commentary/caris-amp-company%e2%80%99s-ben-pang-maintains-2aa-rating-on-sunpower-and-29-price-target/</link>
		<comments>http://www.straightstocks.com/market-commentary/caris-amp-company%e2%80%99s-ben-pang-maintains-2aa-rating-on-sunpower-and-29-price-target/#comments</comments>
		<pubDate>Thu, 23 Jul 2009 12:30:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>
		<category><![CDATA[The Macro Trader]]></category>

		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/caris_companys_ben_pang_maintains_2_aa_rating_on_sunpower_and_29_price_targ/#When:04:30:00Z</guid>
		<description><![CDATA[July 22, 2009 ndash; Analyst Comments ndash; Caris amp; Companyrsquo;s Ben Pang said he expects SunPower (Nasdaq:SPWRA) to meet estimates. He maintained his 2*/AA rating and $29 price target. 


Key Takeaways


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Expects SPWRA to meet estimates of $270M and $0.22 per share (non-GAAP), though revenue guidance may miss estimate for Q3 (estimate of $450M). 


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Channel checks indicate conditions became more stable, including module pricing


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Maintains 2*/Above Average rating and $29 price target. Shares trading at 8.6x FY10 EPS estimate. Price target based on 10.8x FY10 EPS of $2.69. Expects project announcements in 2H09 to lead to upward revisions.]]></description>
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		<slash:comments>0</slash:comments>
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		<item>
		<title>Midstream Solar Firms Adapting Strategies to Cope with Falling ASP Prices and Market Challenges</title>
		<link>http://www.straightstocks.com/market-commentary/midstream-solar-firms-adapting-strategies-to-cope-with-falling-asp-prices-and-market-challenges/</link>
		<comments>http://www.straightstocks.com/market-commentary/midstream-solar-firms-adapting-strategies-to-cope-with-falling-asp-prices-and-market-challenges/#comments</comments>
		<pubDate>Thu, 23 Jul 2009 12:27:01 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
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		<description><![CDATA[Energy Conversion Devices (Nasdaq:ENER) is moving to become more vertically integrated, announcing the acquisition of Solar Integrated Technologies (SIT.L), a solar integration firm. ENER will pay about $11.2 million, and will assume SITrsquo;s debt obligations. Including the debt, the total purchase price is about $16.3 million. The closing date for the transaction is August 20. Credit Suisse served as the financial advisor on the transaction to ENER, while Thomas Weisel served as the financial advisor to SIT. 


It has been interesting to watch midstream solar firms, who have been suffering from significant margin pressure due to falling ASPs on modules, react. Energy Conversion Devices is just the latest to move downstream. Last week, LDK Solar (NYSE:LDK) announced that it has taken a 70% stake in an Italian integrator. Others, like First Solar (Nasdaq:FSLR), have moved to acquire projects. Many are doing both. 


The rationale is easy enough to understand ndash; create more demand for your products by feeding them into your own projects are locking down a new sales channel downstream. On the other end of the spectrum are a few firms, like EPOD Solar (ALRL.OB) which are also vertically integrated, but are not entering the fray of marketing modules they are manufacturing. They are 100% focused on building modules to feed their own projects, where the endgame is to sell electricity and not modules. 


So, while the majority of firms are focused on driving down cost/watt in the manufacturing process to get back to profitability in the midstream sales channel, EPOD is focused on driving down its cost/watt to increase yield and profitability of its solar parks and the electricity it is selling on a long-term PPA basis. This is a smarter approach, in our opinion and is being validated by the move that more solar firms are making to own projects.]]></description>
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		<title>Allora Minerals (ALRL.OB) Receives Preliminary Approval for Euro 23.5 Million Grant</title>
		<link>http://www.straightstocks.com/market-commentary/allora-minerals-alrl-ob-receives-preliminary-approval-for-euro-23-5-million-grant/</link>
		<comments>http://www.straightstocks.com/market-commentary/allora-minerals-alrl-ob-receives-preliminary-approval-for-euro-23-5-million-grant/#comments</comments>
		<pubDate>Wed, 22 Jul 2009 14:29:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
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		<guid isPermaLink="false">http://www.smallcappulse.com/index.php/site/allora_minerals_alrlob_receives_preliminary_approval_for_euro_235_million_g/#When:06:29:00Z</guid>
		<description><![CDATA[Allora Minerals Receives Preliminary Approval for Euro 23.5 Million Grant -nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Funds would be used to develop 30MW solar manufacturing facility in Germany 

July 21, 2009 ndash; Kelowna, BC -- (MARKETWIRE) mdash; Allora Minerals, Inc. (OTCBB.ALRL) (ldquo;Allorardquo; or the ldquo;Companyrdquo;) announced today that EPOD Erneurbare Energien GmbH (ldquo;EEEGrdquo;), an EPOD Solar, Inc. subsidiary which it has agreed to purchase in an Asset and Stock Purchase Agreement executed on June 30, 2009 (the ldquo;Acquisitionrdquo;), has received preliminary approval from Thuuml;ringen Aufbaubank for euro;23.5 million in grants.nbsp;nbsp;


EEEG plans to build a 30MW solar manufacturing facility in Thuuml;ringen, Germany, and had applied for the grants based on the regional development programs defined by the European Commission. On July 13, the Thuuml;ringen Aufbaubank gave its preliminary approval to EEEG for fulfilling basic criteria and therefore being eligible for the grants. 


This preliminary approval has been given under the reservation of further detailed verifications and the following final approval of the grant committee. The verification process has been determined to be closed by the August 10, 2009.nbsp;nbsp;


Michael Matvieshen, President and CEO of Allora, said that ldquo;These non-repayable grants represent a tremendous opportunity for our business and its shareholders. EEEG has an established presence in Germany with five operating solar park projects producing about 1,500 kWp of capacity and projects identified for potential development through acquisitions or Greenfield developments which would consume the planed increase in manufacturing capacity. EEEGrsquo;s 30MW Manufacturing project in Germany is now grant eligible and now orders can be placed for equipment. The new manufacturing capacity will be able to produce Solar modules at approximately $0.70 cent per Watt peak. nbsp;nbsp;


The closing of the Acquisition, which is expected to occur within 45 days of June 30, 2009, is subject to the satisfaction or waiver of certain conditions, including: (i)nbsp;the delivery of the Assets and the Shares, (ii)nbsp;the completion of audited pro forma financial statements of the Company, and (iii)nbsp;other customary conditions.nbsp;nbsp;nbsp;


FORWARD-LOOKING STATEMENTS 


This release contains certain "forward-looking statements" relating to the business of Allora Minerals, Inc.. (ldquo;Allorardquo;), which can be identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to reliance on a limited number of customers, market demand, cyclical nature of our markets, reliance on key personnel, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based on Allorarsquo;s current expectations and beliefs concerning future developments and their potential effects on the company. There can be no assurance that future developments affecting Allora will be those anticipated by Allora. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. Allora undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. nbsp;nbsp;All information in this press release is as of July20, 2009 and Allora undertakes no duty to update this information unless required by law.
nbsp;


Contact:nbsp;


Aspire Clean Tech Communications, Inc.


Todd M. Pitcher, 858-518-1387 or 760-798-4839


Source: Allora Minerals, Inc.]]></description>
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		</item>
		<item>
		<title>Allora Minerals (ALRL.OB) Signs LOI to Purcahse Optisolar Manufacturing Facilities</title>
		<link>http://www.straightstocks.com/market-commentary/allora-minerals-alrl-ob-signs-loi-to-purcahse-optisolar-manufacturing-facilities/</link>
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		<pubDate>Wed, 22 Jul 2009 14:25:00 +0000</pubDate>
		<dc:creator>Small Cap Pulse</dc:creator>
				<category><![CDATA[Market Commentary]]></category>
		<category><![CDATA[Small & Micro Cap]]></category>
		<category><![CDATA[small cap pulse]]></category>
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		<description><![CDATA[Allora Minerals Signs Binding Letter of Intent to Purchase Opti Solar Manufacturing Facilities, Productionnbsp; Lines, Intellectual Property and Ramp;D Facility and Related Assets nbsp;

July 21, 2009 ndash; Kelowna, British Columbia -- (MARKETWIRE) mdash; Allora Minerals, Inc. (OTCBB.ALRL) announced today that is has signed a binding letter-of-intent (ldquo;LOIrdquo;) to purchase manufacturing facilities, production lines, intellectual property and an Ramp;D facility of Optisolar Technologies, Inc. (ldquo;Optisolarrdquo;).nbsp;


Under the terms of the letter of intent, Allora plans to purchase the OptiSolar assets for a value of $260 million in an all stock transaction, priced at $21.66 per share, resulting in the issuance of 12 million shares of Allora common stock to Optisolar shareholders.nbsp;nbsp;


Included in the purchase are:nbsp;nbsp;


middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Hayward, California Ramp;D Facility ndash; 95,000 square foot Ramp;D production level facility including 2 single junction 15MW production lines, proprietary inverter lab and other intellectual property. Allora will take over the lease on the facility.nbsp;


nbsp;middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Sacramento, California Manufacturing Facility ndash; 1 million square foot manufacturing facility that is prepared for up to forty, 20MW dual junction lines (800MW in total) or a similar amount of triple Junction line which would then be capable of expanding to 1,000MW. The facility also includes automated panel manufacturing (APA) technology which enables panels to be assembled in the factory robotically nbsp;as opposed to manually, in the field, which reduces the cost to build Solar park and increases the speed atnbsp; which parks can be built .nbsp;nbsp;


Mike Matvieshen, President and CEO of Allora Minerals, said that ldquo;This acquisition is a significant milestone for our business. We now have a manufacturing facility capable of scaling to 1GW in nameplate production capacity. We have increased our manufacturing capacity immediately from 5MW to 30MW. In the near term we plan to convert our single junction lines to dual junction lines, expanding capacity to 55MW.rdquo;nbsp;nbsp;nbsp;


ldquo;Optisolar had invested about $310 million into the Ramp;D lab, Hayward CA manufacturing Facility and the Sacramento assets which we are purchasing. This is a tremendous value to our business and to our shareholders,rdquo; added Matvieshen. ldquo;The acquisition of Optisolarrsquo;s intellectual property and its state-of-the-art production size Ramp;D facility, Gives us a real advantage because with the on going business because this allows all new developments in production improvement to be immediately implemented in the factory, and its inverter technology will accelerate our path to reducing the cost-per-installed-watt to under $1.35 fully installed. This, in turn, will drive higher profitability to our solar parks when selling electricity.rdquo; 


The product qualification process at the production facility has been completed. It is anticipated that at the start of production, the plant will employ approximately 168 workers. nbsp;In February, Optisolar had submitted a $300 million loan guarantee application to the U.S. Department of Energy for the start of its Sacramento facility. Allora intends to move the loan application along and to open/reopen it, and is currently being advised by its counsel with respect to necessary steps.nbsp;nbsp;nbsp;


FORWARD-LOOKING STATEMENTS 


This release contains certain "forward-looking statements" relating to the business of Allora Minerals, Inc. (ldquo;Allorardquo;), which can be identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to reliance on a limited number of customers, market demand, cyclical nature of our markets, reliance on key personnel, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based on Allorarsquo;s current expectations and beliefs concerning future developments and their potential effects on the company. There can be no assurance that future developments affecting Allora will be those anticipated by Allora. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. Allora undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.nbsp;nbsp; All information in this press release is as of July 8, 2009 and Allora undertakes no duty to update this information unless required by law.




Contact:nbsp;



Aspire Clean Tech Communications, Inc.


Todd M. Pitcher, 858-518-1387 or 760-798-4839Corporate Communicationsnbsp;Source: Allora Minerals, Inc.]]></description>
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