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SunPower Shares Fall After Cutting 2012 Sales Forecast

SunPower Falls on Lower 2012 Sales Forecast: San Francisco Mover
SunPower Corp. fell 10 percent to $4.22 at 12:33 p.m. in New York. Photographer: Chip Chipman/Bloomberg

Aug. 9 (Bloomberg) -- SunPower Corp., the solar-panel company majority-owned by Total SA, fell the most in six months after it cut its 2012 sales forecast.

SunPower dropped 10 percent to $4.20 at the close in New York, the most since Feb. 7. The shares have dropped 33 percent this year.

Revenue for 2012 will range from $2.4 billion to $2.6 billion, San Jose, California-based SunPower said in a statement yesterday after the close of regular trading on U.S. markets, compared with a May 3 forecast of $2.6 billion to $3 billion.

The company’s second-quarter loss narrowed to $84.2 million, or 71 cents a share, from $147.9 million, or $1.51, a year earlier. Analysts were expecting a loss of 85 cents, the average of seven estimates compiled by Bloomberg.

To contact the reporter on this story: Ehren Goossens in New York at egoossens1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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