LDK Solar Company Ltd. (NYSE:LDK) shares are being hammered this morning, following yesterday’s announcement that the company expects to report a net loss in the fourth quarter of 2008 and lower revenue for the full year. The company will write down $210 million-$220 million in inventories and, as a result, expects negative gross margins. Negative gross margins. That is worse than just bad.
The solar sector has been in trouble because of lower energy prices and because many buyers for projects have either had to curtail new spending or because their credit to do new projects has been limited. The solar sector seems to be getting divided into two groups: the haves with promises, and the have-nots with hope. You can guess which LDK is looking like. The stock is off nearly 15%, and is sitting at a new 52-week low.
Paul Ausick
February 19, 2009
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