This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

SolarCity Shares Plunge as it Beats 2Q Estimates

Updated from 4:43 p.m. with extended-session trading action and third-quarter guidance.

NEW YORK ( TheStreet) -- SolarCity (SCTY - Get Report) shares were tumbling 12% to $37.40 after the company reported a narrower-than-expected loss of 31 cents a share on revenue of $37.5 million after market close on Wednesday.

Analysts were expecting the company to post a second-quarter loss of 38 cents a share on revenue of $27.44 million, according to a consensus estimate at Yahoo! Finance. For its first quarter of 2013, the company posted a loss of 41 cents a share on $30 million in revenue.

In its press release, the company increased is loss estimate for the third quarter to a range of 50 cents to 60 cents a share, while leaving full-year projections unchanged. For the third quarter, a consensus of analysts cited by Yahoo! Finance were expecting a loss of 38 cents a share, with a range of 22 cents to 49 cents a share.

Shares of SolarCity have risen over 400% since its IPO in December.

Shares of SCTY opened sharply lower Wednesday as solar stocks in general suffered following a weak earnings report from First Solar (FSLR - Get Report) after the market close Tuesday.

Shares of First Solar ended the session down 14.4% on the day at $40.47. Shares of SolarCity recovered from session lows to close down 3.1% at 42.50.

With operations based in California and expanding nationally, SolarCity positions itself as an energy company, buying and leasing solar panels to clients. First Solar is a manufacturer of panels in direct competition with overseas manufacturers and exposed to falling prices for solar hardware.

-- Written by Carlton Wilkinson in Asbury Park.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
FSLR $55.53 -2.60%
SCTY $30.65 -4.90%
AAPL $93.16 -1.80%
FB $116.44 -0.25%
GOOG $690.75 -0.04%


Chart of I:DJI
DOW 17,675.78 -154.98 -0.87%
S&P 500 2,055.75 -20.06 -0.97%
NASDAQ 4,757.17 -48.1210 -1.00%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs