Citing the impact of the weakening of the Euro against the dollar, Susquehanna Investment Group analyst Marianne Wolk this morning trimmed her price targets and estimates for a number of key Internet stocks.
She notes that the Euro is down nearly 15% year-to-date against the dollar, and 9% since mid-April. She [...]
Article courtesy of BARRONS.com: Tech Trader Daily
Auriga USA analyst Mark Bachman this morning cut his estimates on solar stocks across the board to reflect the continued weakness in the Euro against the dollar. Bachman notes that since over 70% of industry demand comes from countries that use the Euro, while most costs are denominated in dollars [...]
Article courtesy of BARRONS.com: Tech Trader Daily
Solar shares are getting hammered today as the sector continues to factor in the impact on financial results of weakness in the Euro. Wells Fargo analyst Sam Dubinksy noted in a research report this morning that most solar vendors generate the majority of sales in Euros, with costs denominated in [...]
Article courtesy of BARRONS.com: Tech Trader Daily
Canadian Solar (CSIQ) shares are down sharply this morning after the company said Q1 gross margin would be below its previous forecast largely due to currency issues.
For the quarter, the company now expects to ship 189 to 191 MW of modules, up from previous guidance of 180 to 190 MW. But the company also said it now sees gross margin of 13% to 13.5%, down from a previous forecast for margins in the mid teens. CSIQ said it expects a net foreign exchange loss for the quarter of $18 million to $20 million due to depreciation of the Euro against the dollar in the quarter.
CFO Arthur Chien said in a statement that the company in the quarter “did not have adequate currency hedging to cover our Euro exposure.”
The company said it expects Q2 gross margin to be comparable to Q1, with a focus on supply cost control, internal process improvement and product pricing adjustments.
CSIQ this morning is down $2.40, or 11.3%, to $18.93.
Article courtesy of BARRONS.com: Tech Trader Daily