LDK Solar Co., Ltd (ADR)(NYSE:LDK)’s net loss for its
fiscal third quarter narrowed, beating Street estimates.
The company, which makes solar modules, reported a net
loss of $95.9 million (loss of $1.08 per diluted share) from $114.5 million
(loss of 87 cents per share) in the same quarter a year earlier.
Revenue fell 38.2 percent to $291.5 million from the
year-earlier quarter.
The results beat the mean analyst estimate of a loss
of $1.30 per share. It beat the average revenue estimate of $225.5 million.
“Over the past several weeks, we have taken a number
of steps to increase operating efficiencies and improve our liquidity,
including realigning the management team and the share purchase agreement with
Heng Rui Xin Energy. We are making progress on our strategy to streamline
operations, prudently manage expenses and diversify our business. We plan to
continue to actively manage our business to adapt to market developments and
position the company for future growth,” Xingxue Tong, President and CEO of LDK
Solar, said.
Shares of the company slumped over 10% to $1.05.
Finisar Corporation(NASDAQ:FNSR) has been upgraded to
Buy from Hold by Needham & Co, which has set a price target of $18 for the
stock.
Needham said, "Upgrading to Buy based on
expectations of improved new product momentum and service provider spending
conditions for CY13. We think Finisar is seeing improved demand for its ROADM
line card and LCoS WSS modules. We think new products such as the LR4 40/100G
offering remain sold out and are producing strong growth."
Shars of the company ended lower by 4.50% to $13, well
off session high of $14.
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