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.

Related News:

  • Microsoft is indeed working on Surface phone

    Microsoft Surface Pro 4 128 GB, 4 GB RAM, Intel Core i5 - Surface Pro 4 powers all that you want to do but it lets you stay light. He also spoke about the mobile division of the company, and how it plans to move forward with new devices.
    After 'Dear Zindagi' release, Alia Bhatt now misses Shah Rukh Khan

    After 'Dear Zindagi' release, Alia Bhatt now misses Shah Rukh Khan

    Dear Zindagi had built a lot of anticipations in the audience from its promotional activities, trailers and songs. Dear Zindagi recived good talk and made decent collection at the worldwide box office on the first day.

    Microsoft Working on Ultimate Mobile Device: Satya Nadella

    Nonetheless, despite being a no-show at last month's Microsoft event , rumors about the Surface Phone continue to grow louder. Stay tuned for more news and updates regarding the Surface phone.
  • Wall Street Wins Again as Trump Picks Bankers, Billionaires

    Wall Street Wins Again as Trump Picks Bankers, Billionaires

    Mnuchin said the changes in the tax codes would be the largest changes since those under President Ronald Reagan in the 1980s. He did not specify what these would be but did say the "absolute level" of upper-class taxes would not go down.
    Football Drops Just Two Spots after Iron Bowl Loss

    Football Drops Just Two Spots after Iron Bowl Loss

    If there's ever another game that the Crimson Tide hold the ball for 40 minutes or more, it is probably a safe bet they will win. But the Tide defense is more than an adamantine wall for offenses to try and penetrate: It is also a safety net for its offense.

    Texas A&M criticizes 'alt-right' leader invited to speak at school

    Shortly after video of the incident emerged, Trump transition spokesman Bryan Lanza issued a statement condemning the alt-right. The right wing media has witnessed a surge in traffic as Donald Trump's campaign and the alt-right movement gained momentum.
  • Crocked Vincent Kompany should hang up boots for good

    Pep Guardiola insists he will need every player in his squad as he embarks on a busy schedule in the Premier League. The result lifted second-placed City to eight points, four behind leaders Barcelona , who won 2-0 at Celtic.

    Murray, Djokovic target year-end top spot

    His joy was short-lived though as Djokovic roared through the second set in a mere 22 minutes, with Thiem winning just ten points. After reaching the semi-finals of the Tour Finals for the last three years, Wawrinka would love to go one better this year.
    This Chrissy Teigen Wardrobe Malfunction Is Legit NSFW

    This Chrissy Teigen Wardrobe Malfunction Is Legit NSFW

    What do you make of her very interesting evening? Her sense of humor certainly comes in handy when dealing with such issues. But there was one other star who was getting her fair share of attention for a rather revealing outfit: Chrissy Teigen.
  • Fivers with Jane Austin engraving could be worth £50000

    The new fivers have been causing online bidding frenzies as they sell for well above the odds for various reasons. He told Sky News: "She had a passion for reverence and ridicule and I think she would really like this idea".
    Rams' Jared Goff gets advanced lesson in National Football League  defense against Patriots

    Rams' Jared Goff gets advanced lesson in National Football League defense against Patriots

    New England's defense isn't as shaky as some would like you to believe, either. "It was a good win against a good football team". The Patriots were bidding to hold an opponent below 100 yards for the fourth time in team history.

    Guardiola: Chelsea are best Premier League team

    This is going to be a real test of their resolve, but we have already seen how frustrating Burnley can be to play against this season.


Most liked

Hurricane Otto leaves at least 9 dead in Costa Rica
Attempts continue to recover the fourth body, according to the representative of the OIJ investigative agency, Guillermo Fonseca. At about the same time the storm hit, a powerful quake shook Nicaragua and El Salvador, briefly triggering a tsunami alert.

Pokemon Sun and Moon: How to Get to Seaward Cave
Nintendo will like share global sales numbers once the European launch of Sun and Moon is in the books, so stay tuned. In comparison Pokemon X and Y reportedly sold 1,866,570 copies in Japan in its first two days on the market.

Clinton now leads Trump with over 2m votes
The Associated Press reported on the content of Trump's message but did not send the video to members of the news cooperative. In such circumstances the Constitution dictates that the House of Representatives would step in and elect the next president.

Opposition calls for 'Bharat Bandh' on November 28 against demonetisation
With Modi opting to keep mum on the issue, Trinamool Congress led by Mamata Banerjee has called a Bharat bandh, next Monday. But with many opposition parties joining the bandh call, normal life is expected to be hit.