SunPower Corporation Layoffs: SPWR to Cut 2500 More Jobs

SunPower (NASDAQ:SPWR) +4.3% premarket after announcing a restructuring plan it says will generate positive cash flow from operations through the end of FY 2017.

The stock is now trading at Distance from 20-Day simple moving Average of 16.36% whereas, Distance from 50-Day Simple moving average is 3.79 Percent and Distance from 200-Day Simple Moving Average of -44.46 percent.

The number of workers at Tesla's giant battery factory in northern Nevada has reached only about one-fifth the level that the Palo Alto company had projected would be in place by the end of this year.

Some analyst provided their insight on Growth Estimates; SunPower Corporation has the Current Quarter Earnings Growth rate of -124.3%. However, the company also predicted that prices will stabilize in the near future.

"As we announced in our third quarter 2016 earnings release, given the current market dislocation, we have made the strategic decision to implement a broad restructuring program to position the company for sustained, long term profitability", said Tom Werner. According to their observations and findings, the stock could provide a high EPS of $-0.06/share and a Low EPS of $-0.63/share. Despite limited domestic subsidies for buying and installing solar power systems, the U.S. Department of Energy stated that Chinese manufacturers have leveraged $30 billion of state support since 2010 to gain control of 70 percent of world solar panel production. Commercial and residential solar combined are a growth story for SunPower, and will be well over half the business from a revenue standpoint next year. The shares have declined 74 percent this year.

The stock gained a consensus recommendation of 2.71 on Zacks Investment Research where the scale runs from 1 to 5, 1 representing Strong buy and 5 showing Strong Sell.

The Relative Volume of the company is 3.21 and Average Volume (3 months) is 3.04 million. The price to earnings ratio for the company is 0 with a beta of 0.

The company's stock soared 14 percent higher in midday trades.

American Apparel set the date for the bankruptcy auction of its manufacturing, retail and wholesale business, probably delaying layoffs that would affect as many as 3,457 employees in Southern California.

Following Earnings result, share price were DOWN 16 times out of last 21 Qtrs.

The company has its Return on Assets (ROA) of -6.5 Percent. (NASDAQ:GILD) is $95.74 while analysts mean recommendation is 2.20. Dimensional Fund Advisors LP now owns 1,532,182 shares of the company's stock valued at $23,732,000 after buying an additional 480,386 shares in the last quarter. The Company has 52-week high of $31.1 and 52-week low of $6.

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