Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

SunPower Declines on Restructuring Charge, Analyst Downgrade

Jan. 14 (Bloomberg) -- SunPower Corp., the solar-panel company majority-owned by Total SA, fell the most in a week after an announcement of higher-than-anticipated restructuring costs and a downgrade by Credit Agricole Securities.

SunPower fell 6 percent to $7.70 at the close in New York. The shares had gained 10 percent in the last year through Jan. 11.

The solar company, based in San Jose, California, said after the close of trading on Jan. 11 that it expected to record a restructuring charge of $33 million to $40 million, higher than a previously estimated $10 million to $17 million. The “majority” of the charge will be recorded in the fourth quarter, the company said in a filing.

While selling two solar projects to Warren Buffett’s MidAmerican Energy Holdings Co. “adds to revenue visibility, we still don’t see meaningful upside to our forecast,” Mark Heller, an analyst at Credit Agricole Securities in San Francisco, wrote in a note to investors today. Heller downgraded SunPower to sell from underperform.

To contact the reporter on this story: Justin Doom in New York at jdoom1@bloomberg.net

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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.