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.